Banking with Better Benefits
- joannedodd9
- Jun 5, 2021
- 2 min read
Updated: Apr 23, 2023
EARN HIGH INTEREST WITH YOUR SAVINGS!
Did you know that there is an online bank that offers one of the highest rates for interest on your savings? The company is EQ Bank, rated #1 Bank in Canada on Forbes 2023 list of World's Best Banks.
Who is EQ Bank?
EQ Bank is a trademark of Equitable Bank, and is an online banking service that offers amazing personal banking options such as the "joint savings plus account" that my husband and I share.
You can have up to 3 people on a joint savings plus account, which is also great for families that want to contribute to a savings fund for the kids 😉.
Why EQ Bank?
The EQ Bank’s Savings Plus Account helps you get the most out of your money, with no monthly fees, no minimum balances and free transactions.
But how do they do it?
The bank is solely online, there isn't a building with a teller.
By not having office space, it significantly reduces the company's overhead, and they can then pass on those savings on to you! In the form of a savings plus account where they offer one of the highest interest rates for example.
I use my "joint plus savings account" to send free Interac e-Transfers®, bill payments and it's where I place all our emergency savings to grow interest.
In 2023 EQ Bank created the EQ Bank Card. I'm in the process of completely switching banks because of this new product! No monthly fees, free withdrawals from any ATM within Canada (they reimburse fees), cash back on all purchases and you continue earning interest until you spend! What is not to get excited about here!
Did I mention I love this bank?
Here are some of my favorite highlights about EQ Bank
Earn 2.50%* everyday interest
$200,000 Maximum balance (per customer)
No Monthly Fees
FREE Electronic Funds Transfers
Everyday High Interest Rate*
FREE Interac e-Transfers®
FREE EQ to EQ Transfers
Zero Minimum Balance
FREE Bill Payments
Cheap International Money Transfers
Secure banking, CDIC protection up to $100,000
NEW* EQ Bank Card!
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
While 2.50%* will hardly make you rich overnight, it is still a great way to earn a little extra cash in your sleep, and many banks can't beat it.
Want to Open an Account?
Follow my link to EQ Bank website for more information and to open an account:
There's more! They now offer investment services such as;
GIC (guaranteed investment certificate) 2.65-5.00%* depending on the term
TFSA (tax free savings account) 3.00%*
RSP (retirement savings plan) 3.00%*
The interest rates are based on the time of this writing (updated April 23, 2023).
Stay tuned for future posts on GIC's, TFSA's and RSP's!
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