- 3 months: 1.50%
- 6 months: 1.45%
- 9 months: 1.40%
- 1 year 1.20%
- 15 months: 1.20%
- 2 years: 1.30%
- 27 months: 1.30%
- 3 years: 1.40%
- 4 years: 1.50%
- 5 years: 1.70%
- 6 years: 1.60%**
- 7 years: 1.70%**
- 10 years: 2.00%**
** EQ Bank GICs with a term greater than 5 years are not insured by CDIC until April 30, 2020.
Get more information about EQ Bank GICs*
How EQ Bank’s international money transfers, powered by TransferWise, work
To facilitate international money transfers for its clients, EQ Bank has partnered with TransferWise, a third-party money transfer platform. Everything is integrated, so you can easily create a TransferWise account through your EQ Bank online banking account or mobile app, provided you have an EQ Bank Savings Plus Account*. And you can check the status of your transfer on the International Transfer dashboard on the site or the app.
Even though EQ Bank works with a third party to process transfers, the bank is committed to low pricing and pricing transparency. You’re only charged once, and the exchange rate is calculated on what’s called the real exchange rate, which you can look up on a calculator on the EQ site. There is no markup or commission charged on this rate. Based on these factors, EQ Bank says, their international money transfers are up to ‘8 times cheaper than other banks’.
There are some restrictions. Currently, you can send a maximum of $9,500 (CAD) per transaction every 24 hours, to your choice of 70 countries and regions in 32 currencies.
What you need to know about signing up for an EQ Bank account
If EQ Bank’s high-interest savings account, GICs and international money transfers are tempting you, read on to find out what the requirements are to sign up for an account, as well as the process, which is quite straightforward.
Sign-up requirements
Opening a Savings Plus Account* at EQ Bank is fairly simple; however, in order to sign up, you need to be a Canadian resident, be of the age of majority where you live, and have a Social Insurance Number (SIN). Unfortunately, Quebec residents aren’t able to bank with EQ Bank.
You will also need government-issued photo ID, and if that piece of ID doesn’t list your current address, you will have to provide a proof of address document, such as a recent utility bill or your most recent income tax assessment (a full list of options is posted on the EQ Bank site).
No joint accounts – always planning… never doing!
It is unfortunate that EQ doesn’t have joint accounts. We were going to transfer money several months ago, but due to no facility for a joint account, didn’t proceed.
Can you please provide an alternative option for Quebec residents since EQ Banking is not available for Quebec residents.
Hi Guys
It is much better for you to place your money in a mutual fund – much higher interest and you can get your money back at any time with 24 hr notice. I found EQB’s service terrible. They are trying to increase their liquidity by taking your money. Put your money elsewhere. There are better options.
It is inappropriate to compare a Savings account at EQ Bank with a Mutual Funds account at a regular bank. Savings account carries no risk and no fees. Mutual funds carry risk and the fees are generally around 2.5%. It is actually not appropriate to invest in mutual funds these days and EQ Bank does have a Joint Account. Simplify your life by:
1. Banking: Do all your banking at an online-only bank like EQ Bank, but maintain a cheap regular bank account for cash withdrawals
2. Investing: Invest your savings at a Robo advisor (like Nestwealth or Wealthsimple) if you need someone to hold your hand or go with QuestTrade or QTrade. After you Emergency Fund is funded contribute to the fullest in RRSPs, RESPs, TFSas and invest only using index-based ETFs
3. Credit Card: Have only one credit card that pays cash-back
Kim – comparing mutual funds to EQ’s HISA is like comparing apples to oranges. Mutual funds often come with high MERs (2-2.5%) that eat away at any return one may make, which is not guaranteed. EQ’s HISA on the other hand has no fees, so a person can easily calculate their return using 2% and this return is not as volatile. I can only assume you are a financial advisor or some other broker who makes money by selling people mutual funds. Btw, Balanced ETF Portfolios (VBAL and XBAL) are far better than mutual funds, since their MERs are often cheaper (VBAL = .25% and XBAL = .20%), which makes ROIs higher.
Sumar – completely agree!
Is there a minimum time the money has to be in your account to earn the 1.7% rate and is there a penalty or fee for withdrawing at any time.
Early redemption of GIC’s due to Compassionate Reasons.
Warning about EQ Bank
I checked with my different banks about early redemption of GIC’s for care and living expenses of this awful, terminal disease called Cancer.
Being terminally ill with Cancer means nothing to EQ Bank, and they will not redeem your GIC early.
My first reach out to all the banks was in June and the EQ Bank response was this:
“Thank you for being a valued customer at EQ Bank.
Sorry to read about your recent health concerns. For early GIC redemptions, customers would need to send us any details regarding their hardship in a cover letter or e-mail format to “[email protected]”. All GIC redemption requests are reviewed and determined by our management team. ”
Looked promising right?
They have finally (after many emails on my part, they tend to ignore a lot) 4 months later made their decision: “Our Management has reviewed your request for premature termination of your GIC, but unfortunately has declined your request.” They knew in advance they were going to deny my request!
So just a heads up for ANYONE, EQ Bank DOES NOT HAVE COMPASSION FOR DYING PEOPLE. Do not give them your money, because if you die sooner than expected, you will never see the money you put in their care. It is not as if I was asking for a loan or charity, THIS IS MY MONEY TO BEGIN WITH. I was prepared to pay an early redemption fee.
How sad and pathetic is a company that won’t allow you to redeem early for medications and living expenses when you are terminal. If they are in financial difficulty and just don’t have it, just be honest with people and let them know. Supposedly they are very well funded, so why won’t they let me have my money back to live on? Of all the banks I checked with they are the only ones who don’t care if you are dying or not, and will not early redeem! Their email address is [email protected] Please stay away from this bank!!
Do you have a similar situation with your bank, please post it so we know who to stay away from!
Stuart Martin
Something to keep in mind if jumping into this. Be very aware of the amounts of money you are transferring. If you are like me you have a reoccurring deposit transfer amount (from another bank) which is kept ON HOLD for a few days. Triple… quadruple check that none of the total amount funds you wish to transfer is on hold. Otherwise you will get an NSF. Rookie mistake I know, but hope to save someone the $45 Tangerine just charged me for my own money. 20 months of interest lost just in that little caricature action by Tangerine. Tangerine (Owned by Scotiabank now) sucks, big, big, big time! EQ Bank has great rates.
How can nobody even answer a damn email…chat doesnt work…and I have been on the Phone for 90 mins and counting…this is soo bad.I just need help cancelling a etransfer..(code 000014061410).
Terrible service I will be closing my account after I get my $1000 E-transfer back unreal