Additionally, you can set and track the progress of up to four goals with their online tool, which is free for account-holders to use.
This account is also flexible in that, while it doesn’t offer the ability to write cheques or spend with a debit card, it does operate as a hybrid account since you can use it for such daily transactions as paying bills or transferring or receiving money, while earning a high rate of interest. It’s the best of both worlds.
Another handy feature of the Savings Plus Account* is how little it costs to bank with one. In fact, there are no fees for everyday banking like paying bills, transferring money by Electronic Funds Transfers or sending or receiving funds via Interac e-Transfer. And there’s no minimum balance required to avoid fees, either.
Using this account is convenient. It’s accessible from anywhere in the world via online banking or its mobile app, and you can use the latter to deposit cheques directly into your account.
EQ Bank offers joint accounts
A relatively new feature with EQ Bank, the Joint Savings Plus Account allows you to add up to three people to one account. This means that you can simplify your shared saving or spending and, as with all EQ savings accounts, there are great interest rates with no fees.
EQ Bank Savings Plus high-interest savings account fast facts:
- Current interest rate: 1.70%
- Cost of everyday transactions: Free
- Minimum balance: None
- Number of transactions allowed: Unlimited
- Unlimited bill payments: Free
- Cost to send and receive money via Interac e-Transfer or Electronic Funds Transfer: None
- Access to inexpensive international money transfers: Yes
- Mobile app: Yes
- Savings goal tool: Yes, you can track up to four savings goals
- Direct deposit allowed: Yes
- Cheque deposits: Yes
- Restrictions: No paper statements (they’re available online); no overdraft; maximum balance of $200,000, no joint accounts; no RRSPs; no TFSAs; dollar limits on amounts of money transfers, bill payments and cheque deposits
GICs at EQ Bank
EQ Bank’s Guaranteed Investment Certificate (GIC) rates are among the best in the industry—the 3-month GIC rate is currently at 1.50%—but only people who’ve opened an EQ Bank Savings Plus Account can buy them.
Aside from that one condition, EQ Bank GICs* are very accessible, since the minimum amount is just $100 per GIC (the maximum amount is $100,000). You can buy up to 20 GICs, choosing in an array of term lengths (the minimum is 3 months, the maximum is 10 years), so you can choose one that suits the timeframe of your investing goals, or put together several to create a GIC ladder.
It’s important to note that EQ Bank’s GICs are non-redeemable, which means you’ll pay a penalty if you cash them out early.