Discover a potent online savings solution boasting one of Canada’s highest interest rates.

Key Features:

No Everyday Banking Fees: Bid farewell to monthly fees, hidden charges, initial deposit requirements, or minimum account balances. Additionally, enjoy fee-free account closures whenever you wish.

1.25% Everyday Interest Rate: With an interest rate ranking among Canada’s highest, the Savings Plus Account serves as an ideal repository for emergency funds, savings earmarked for significant purchases, and funds allocated for bills and expenses.

Flexibility: Relish in free, unlimited bill payments and Interac e-Transfers®, invest in Guaranteed Investment Certificates (GICs), link up to ten external bank accounts, and effortlessly deposit cheques via the mobile app.

What is EQ Bank?

EQ Bank, a trademark of Equitable Bank, the ninth-largest Schedule I bank in Canada, has been revolutionizing online banking since its inception in 2016. Founded in 1970, Equitable Bank currently manages over $31 billion in assets. EQ Bank operates exclusively online, devoid of client cards, ATMs, or physical branches, thereby minimizing costs and enabling the provision of exceptionally high interest rates to customers.

Account Security:

As a member of CDIC, Equitable Bank ensures eligible funds are protected by deposit insurance. Additionally, robust security measures such as strong password requirements, encryption, security questions, and fraud monitoring and detection mechanisms are in place to safeguard deposits.

Invest in GICs:

The Savings Plus Account facilitates direct investment in GICs, offering guaranteed and often higher interest rates on funds earmarked for future endeavors.

Functional Design:

The Savings Plus Account boasts an intuitive and user-friendly interface accessible via PC, tablet, or phone. Opening additional accounts is a breeze, with the option to assign nicknames and savings goals.

7 Days a Week Canadian-Based Customer Service:

EQ Bank offers customer support every day of the week, from 8 AM to midnight Eastern time, accessible via mail, telephone, email, or live chat.

Fees and Interest:

Bid adieu to everyday banking fees, as the Savings Plus Account comes with zero fees, regardless of account activity. Furthermore, interest is calculated daily and paid monthly, ensuring account holders receive the posted rate on deposits, irrespective of their duration.

Who Should Open an Account?

A savings account is indispensable for all Canadians, providing an opportunity to earn interest while funds await allocation to other investment avenues. Whether setting aside money for bills, emergencies, or significant purchases, the Savings Plus Account offers an optimal solution.

The Signup Process:

Opening a Savings Plus Account is swift and hassle-free, typically completed within minutes. Canadian residents over the age of majority, excluding Quebec, can initiate the process with minimal documentation requirements.

Using Your Account:

Accessing the Savings Plus Account is convenient, with both desktop and mobile options offering clean and functional interfaces. The desktop version provides a snapshot of account activity, while the mobile app facilitates cheque deposits via smartphone cameras.

Limitations:

Despite its myriad benefits, the Savings Plus Account has a maximum balance limit of $200,000, excludes registered accounts like TFSAs and RRSPs, and is unavailable in Quebec.

In conclusion, EQ Bank’s Savings Plus Account stands out as a robust savings solution, offering competitive interest rates, fee-free banking, and a user-friendly experience tailored to Canadian savers’ needs.