Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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EQ Bank Review: The Best Place to Save Your Money?
– canadianfinanceblog.com
It’s been a few short years since EQ Bank emerged onto the landscape of Canadian online banks. But while they may seem like the new kid on the block, their roots run much deeper.
Who Owns EQ Bank?
EQ Bank is brought to you by Equitable Bank, which has been providing residential and commercial lending services in Canada for over 40 years. Today, they are a Schedule I bank, with over $25 Billion in assets under management. Since its launch in 2016, deposits at EQ Bank have grown to over $2 billion.
EQ Bank Interest Rates
EQ Bank is not a full service online bank, their appeal lies in the high interest rates they offer on savings accounts and GICs.
EQ Bank doesn’t issue debit cards, accounts come without cheque writing privileges, and transferring money to and from your primary bank account can take time. You can’t even open an RRSP or TFSA account through EQ Bank.
But what they lack in services, they make up for with some of the highest savings rates available today.
At a 2.30% everyday interest rate*, their current savings account rate is much higher than anything offered by most banks, and their 1 Year GIC rate of 3…
Who Owns EQ Bank?
EQ Bank is brought to you by Equitable Bank, which has been providing residential and commercial lending services in Canada for over 40 years. Today, they are a Schedule I bank, with over $25 Billion in assets under management. Since its launch in 2016, deposits at EQ Bank have grown to over $2 billion.
EQ Bank Interest Rates
EQ Bank is not a full service online bank, their appeal lies in the high interest rates they offer on savings accounts and GICs.
EQ Bank doesn’t issue debit cards, accounts come without cheque writing privileges, and transferring money to and from your primary bank account can take time. You can’t even open an RRSP or TFSA account through EQ Bank.
But what they lack in services, they make up for with some of the highest savings rates available today.
At a 2.30% everyday interest rate*, their current savings account rate is much higher than anything offered by most banks, and their 1 Year GIC rate of 3…
