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Many Canadians use a regular savings account to put money toward financial goals. But there’s a better way that pays more interest and charges no fees.
You work hard, follow a budget and put away some money, but now what do you do with it? Most savings tools available to Canadians are underwhelming, either returning low interest, locking in funds for long periods or charging onerous fees—or some combination of the these.
Allow us to make things simple with this two-question quiz:
If you answered “yes” to these questions, an EQ Bank Notice Savings Account might be the answer. It’s the first of its kind in Canada with no fees or minimum balance requirements to be available to everyone (not just high-net-worth individuals), this account pays up to seven times the interest of other bank accounts.
A recent EQ Bank survey found that 60% of Canadians use traditional chequing accounts to save for short- and mid-term goals, and only 19% of them receive interest on their deposits. It’s better than nothing, but even for those savers, a chequing account won’t help their purchasing power keep up with inflation—most traditional chequing accounts earn relatively low interest outside of promotional periods. (The survey was conducted in English and French by EQ Bank from April 24 to 26, 2024, among a representative sample of 1,504 online Canadians who are members of the Angus Reid Forum. A probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.)
Whether you’re setting aside money for a home down payment, saving up for a family vacation or building up your rainy day fund, consider upgrading to an EQ Bank Notice Savings Account. With interest rates up to 3.00%, it could help you reach your goal much faster. Let’s take a closer look.
Similar to using other savings accounts, you deposit your funds into the EQ Bank Notice Savings Account, and while your money is parked, you earn interest.
EQ Bank offers two notice savings account types to choose from. You earn 3.00% interest with the 30-day Notice Savings Account, where you give 30 days’ notice to withdraw your funds. This account is ideal for longer-term goals like a vacation or new car fund. And, if you’ve maxed out your contribution room for registered accounts, it’s even great for saving for a home down payment. If you need a bit more flexibility in the short term, choose the 2.85% option, for which you need only give 10 days’ notice. This account makes a lot of sense for building a rainy day fund or saving up for a home reno project, for example.
You can open an EQ Bank Notice Savings Account online in minutes, without any fees or paperwork.
There are no fees or a minimum balance to hold an EQ Bank Notice Savings Account, and the same strong interest rates are available to everyone, no matter the size of your deposit (although the more money in the account, the more money in interest you will accrue). You can add money anytime and withdraw with the agreed-upon 10 or 30 days’ notice. Once withdrawn, your funds will be made available in either an existing EQ Bank account or an externally linked account of your choice.
If you’re interested in exploring other offerings from EQ Bank, its Personal Account also has no fees on everyday banking and earns you high interest—even more if you direct-deposit your payroll.
The EQ Bank Notice Savings Account pays up to seven times the interest of other bank accounts, based on research conducted by Equitable Bank comparing base interest rates of savings accounts offered by Canada’s “Big 5” banks, Tangerine Bank, and Simplii Financial and the EQ Bank Notice Savings Account at 3.00% interest per annum. Research is based on savings account interest rates taken from public websites as at December 17, 2024. Promotions and rate premiums are excluded. Interest calculated daily on the total closing balance and paid monthly. Most savings accounts in Canada allow the account holder to access funds in the account at any time, whereas the EQ Bank Notice Savings Account at 3.00% interest per annum requires 30 days advance notice.
Finally, everyday Canadians have access to a no-fee, high-interest savings account that doesn’t lock their money in long-term. Put your vacation savings, down payment money, rainy day fund and more into an EQ Bank Notice Savings Account to reach your financial goals faster. Interest on the EQ Bank Notice Savings Account and EQ Bank Personal Account is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers.
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