{"id":159,"date":"2020-11-29T14:15:42","date_gmt":"2020-11-29T21:15:42","guid":{"rendered":"https:\/\/leonardhendricks.com\/?p=159"},"modified":"2023-10-09T08:32:46","modified_gmt":"2023-10-09T14:32:46","slug":"eq-bank","status":"publish","type":"post","link":"https:\/\/leonardhendricks.com\/index.php\/2020\/11\/29\/eq-bank\/","title":{"rendered":"EQ Bank"},"content":{"rendered":"\n

This post is to review the savings accounts of EQ Bank. Over the years I have tried to find a reasonable High Interest Savings account for any temporary or long term savings I might have. Things like an emergency fund are best kept liquid (in my opinion) in a vanilla account. I have tried quite a few out and ran across EQ Bank<\/a> mainly because they were one of the first cloud core banking (which is what I work in) and they used the Temenos core. They were written up here<\/a>. <\/p>\n\n\n\n

In any event they do have pretty good savings rates<\/a> <\/a>, and had an interesting 3 month GIC rate that was pretty attractive. Their longer term GIC rates weren’t great, but that’s fine. <\/p>\n\n\n\n

Sign Up<\/h2>\n\n\n\n

The sign up was pretty painless as they use Plaid<\/a> <\/a>which connected to my Tangerine<\/a> account quickly and easily. My First Calgary Credit Union<\/a> account is not available in Plaid, but hurrah they had a manual connection option. I entered my transit, branch and account manually, then EQ made a couple of micro deposits. I entered these into the EQ site a couple days later and voila I was connected. For interest you can also connect your high interest savings accounts together, like to Implicity<\/a>, to speed the move of money to better rates<\/p>\n\n\n\n

Account Features<\/h2>\n\n\n\n

Since then I moved some savings in which I plan to split into 2 90 day terms 45 days apart just so I have quicker access to half if it was ever needed. One feature I really like is it shows the interest earned in your GIC as of the night before. <\/p>\n\n\n\n

There were a few things I would improve. There is no way to auto renew a GIC, which would be much better and is pretty standard for sites. <\/p>\n\n\n\n

The account has a few other good features including free eTransfers, no minimum balance and cheaper international transfers. It also has the ability to pay bills, so could be a pretty robust overall account for saving for a larger annual fee (i.e. life insurance) or to put a bonus in and then pay certain bills or eTransfers from. <\/p>\n\n\n\n

Mobile App<\/h2>\n\n\n\n

The site is well designed and I would say a pretty robust mobile app with all the information you need and the ability to deposit cheques.<\/p>\n\n\n\n

Referral<\/h2>\n\n\n\n

Like many new services EQ Bank offers a referral program. Why not use mine here<\/a>! If you use it we both get $20 <\/p>\n\n\n\n

Overall<\/h2>\n\n\n\n

I have moved the bulk of our savings to EQ Bank so I guess I had better give it 5 stars! We’ll see how it goes over the coming months, but for now it seems great.<\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

This post is to review the savings accounts of EQ Bank. Over the years I have tried to find a reasonable High Interest Savings account for any temporary or long term savings I might have. Things like an emergency fund are best kept liquid (in my opinion) in a vanilla account. I have tried quite … <\/p>\n

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