This 33-year-old analyst makes $100,000 a year including bonus. She paid off her student loans and wants to buy a home. Is now the right time? + MORE Jul 25th

Like many millennials, Anna’s main long-term goal is to save up for a down payment. Now, because of the pandemic, she’s looking to buy sooner than later because of the real estate market.

Financial planners suggest putting 15 to 20 per cent of CERB in a separate savings account to avoid any surprises when filing returns next year.

Table of contents

Who is EQ Bank?
EQ Bank—quick review
How to make deposits and access funds with an online EQ Bank account
What you need to know about the EQ Bank Savings Plus high-interest savings account
GICs at EQ Bank
How EQ Bank’s international money transfers, powered by TransferWise, work
What you need to know about signing up for an EQ Bank account

Sign-up requirements
Sign-up process

No-fee digital bank accounts have grown in popularity and availability in recent years. It’s easy to understand why: You can always access them from the comfort of your home; they charge few to no fees because they don’t need to cover the costs of brick and mortar locations; and these high-interest savings accounts usually come with great rates, which makes them perfect for building your savings.
EQ Bank’s Savings Plus Account is a fantastic offering in this category (for personal banking only; they don’t offer business accounts). This account charges zero fees for everyday services, and it’s flexible, allowing you to transfer money and pay bills (so it operates similarly to a chequing account)…

If you’re among the fortunate Canadians whose income has remained constant during the extended COVID-19 lockdown, all this staying at home should mean more money in your pocket. It’s been so long since I had to drive anywhere, my car’s side mirrors are literally gathering cobwebs; we eat out much less; and we can’t yet go to movies, sports events or the theatre.
What to do with this bonanza of found savings? We asked four experts what they recommend clients do with an extra $500, $1,000 and $10,000. 
Adrian Mastracci, portfolio manager with Vancouver-based Lycos Asset Management Inc., suggests any extra savings should be “parked out of sight” for a month or two while you analyze your needs and options: “Don’t rush into anything, no matter how appealing.”
Parking extra cash in a savings account is a starting point, and couples need to figure out whose money it is for tax purposes. Of course, savings accounts pay almost nothing, so the tax burden will be relatively light for the partner who elects to claim it…

Financial planners suggest putting 15 to 20 per cent of CERB in a separate savings account to avoid any surprises when filing returns next year.