EQ Bank Personal Account
If you’re looking for a chequing-style account that you can use daily and use to save while also earning interest, consider EQ Bank’s Personal Account. You’ll earn 2.25% interest, or you can bump that up to 4.00% if you direct deposit your paycheques. There are no fees or minimum balance requirements, and account holders get unlimited transactions (yes, really).
You can also take advantage of the EQ Bank Card with this account. You can use it to withdraw from any ATM in Canada, and EQ will reimburse the fees. Plus, when you use this card, you’ll pay no foreign transaction fees for purchases made in currencies other than Canadian dollars. And, last but not least, you’ll earn 0.5% cash back when you use this card. And that’s not a promotion—that’s the everyday return.
For the EQ Bank Card, interest is paid into the linked Personal Account and cash back is paid into the Card, both paid out monthly. (See the EQ Bank Card Agreement for details on earning cash back and other terms and conditions that apply to the EQ Bank Card.)
EQ Bank Joint Account
If you want to share all the benefits of the Personal Account with up to three people, check out the EQ Bank Joint Account. It’s got the same high interest rates with no fees on everyday banking. Joint accounts are a great way to manage money between spouses, roommates, family or even friends when you share finances. Having the same goal, such as saving up for a trip or even paying rent, is a breeze when there’s a single account between you.
EQ Bank Notice Savings Account
If you’re looking for a safe, high-interest account and you’re comfortable planning your withdrawals in advance, the EQ Bank Notice Savings Account might be just the thing.
Here’s how it works: You deposit your funds into your EQ Bank Notice Savings Account and agree to give the bank notice (hence the name) before making a withdrawal. There are two different Notice Savings Accounts: With 10 days’ notice, you’ll earn 4.00% on your deposits, and with 30 days’ notice, you’ll earn 4.25%. There are no fees, minimum deposits or balance requirements, and you can make as many withdrawals as you want—a bonus is that you continue earning that high interest through the withdrawal period, too.
EQ Bank US Dollar Account
If you need an account for U.S. dollars, EQ Bank’s US Dollar Account may be a good option. It has highly competitive exchange rates and no monthly fees, and it offers an extraordinary 3.00% interest rate. (Foreign currency transactions will be subject to the Mastercard Currency Conversion rate. EQ Bank does not charge any additional FX fee or markup.)
If you’re looking for ways to get more out of your money, promotional interest rates can be tempting—but don’t forget to weigh your options. Accounts with lasting high rates, plus other benefits and no fees, might offer a better alternative.
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