In today’s fast-paced world, we all need to manage our money wisely. Whether you’re saving up for a down payment on a house, planning a trip, or simply trying to build an emergency fund, having a solid financial plan is essential. However, with so many financial products and services available, it can be challenging to know where to start.
One option to consider is EQ Bank Savings Plus, a digital savings account offered by EQ Bank, a subsidiary of Equitable Bank. EQ Bank Savings Plus is an online-only savings account that offers a competitive interest rate, no fees or minimum balance requirements, and unlimited free transactions. It’s a great choice for those who prefer the convenience of online banking and want a simple way to save money.
In this blog post, we’ll take a closer look at EQ Bank Savings Plus and explore its features, benefits, and potential drawbacks. We’ll also discuss how to open an account and share some tips on how to make the most of your savings. Whether you’re new to online banking or just looking for a better way to save, this post will give you all the information you need to decide if EQ Bank Savings Plus is right for you.
About EQ Bank
EQ Bank is a Canadian online bank that offers a range of financial products and services to customers across the country. It is a subsidiary of Equitable Bank, which is one of Canada’s leading alternative mortgage lenders.
EQ Bank operates exclusively online, which means it does not have any physical branch locations. This allows customers to manage their banking needs entirely through its website or mobile app, providing convenience and flexibility.
One of the main products offered by EQ Bank is a high-interest savings account, which provides competitive interest rates on deposits. The savings account does not have any monthly fees or minimum balance requirements, and it offers features such as unlimited transactions and free electronic funds transfers.
In addition to the savings account, EQ Bank also provides other banking services, including guaranteed investment certificates (GICs), which are fixed-term investments that offer a fixed interest rate over a specific period of time.
EQ Bank prioritizes security and privacy, employing various measures to protect customer information and transactions. It is a member of the Canada Deposit Insurance Corporation (CDIC), which means that deposits held at EQ Bank are eligible for CDIC insurance, up to applicable limits.
As with any financial institution, it’s always recommended to review the most up-to-date information on EQ Bank’s products, services, and terms directly from their official website or by contacting their customer support.
Is EQ A Digital Bank?
Yes, EQ Bank is a digital bank that offers online-only banking services. This means that you can only access your EQ Bank accounts through their website or mobile app, and there are no physical branches or ATMs.
EQ Bank was launched in 2016 as a subsidiary of Equitable Bank, a Canadian financial institution that has been in operation since 1970. EQ Bank’s focus is on providing simple, high-interest savings accounts and other digital banking products to Canadians. As a digital bank, EQ Bank is able to offer competitive interest rates and low fees, as they don’t have the same overhead costs as traditional banks with brick-and-mortar locations.
About EQ Bank savings plus account
EQ Bank Savings Plus is an online-only savings account offered by EQ Bank, a subsidiary of Equitable Bank, a Canadian financial institution. Here is a brief review of the account:
Competitive interest rate: EQ Bank Savings Plus offers a high-interest rate that is currently among the best available in Canada.
No monthly fees: There are no monthly fees or minimum balance requirements, making it easy to maintain the account.
Unlimited transactions: You can make unlimited free transactions, including bill payments and transfers to other accounts.
Convenience: The account is fully online, so you can access it from anywhere with an internet connection.
Limited account options: EQ Bank only offers savings accounts, so you won’t be able to access other banking products such as credit cards or loans.
No physical branches: If you prefer to do your banking in person, EQ Bank may not be the best option for you.
No ATM access: You can’t withdraw cash from an ATM using the EQ Bank Savings Plus account.
Overall, EQ Bank Savings Plus is a good option for those who are looking for a high-interest savings account with no fees or minimum balance requirements. However, if you need access to other banking products or prefer in-person banking, you may want to consider other options.
EQ Bank Savings Plus Account Additional Indo
Here are some additional details about EQ Bank Savings Plus:
Interest compounding: Interest is compounded daily and paid monthly, which means you earn interest on your interest.
Deposit insurance: EQ Bank Savings Plus is a member of the Canada Deposit Insurance Corporation (CDIC), which means eligible deposits are insured up to $100,000 in case of a bank failure.
Account opening: You can open an EQ Bank Savings Plus account online in just a few minutes. All you need is a valid email address, a Canadian social insurance number (SIN), and a Canadian bank account to link to your EQ Bank account.
Additional features: EQ Bank Savings Plus also offers features like free Interac e-Transfers, automatic savings tools, and the ability to create and manage multiple savings goals within one account.
Overall, EQ Bank Savings Plus is a simple and straightforward savings account that offers a competitive interest rate and a range of convenient features. If you’re comfortable with online banking and want a no-fee savings account with a good interest rate, EQ Bank Savings Plus may be worth considering.
Is EQ Bank the best online bank in Canada?
Determining the “best” online bank in Canada is subjective and can depend on individual preferences and specific banking needs. While EQ Bank is a reputable online bank in Canada, there are other online banks that also offer competitive products and services. Some popular online banks in Canada include Tangerine, Simplii Financial, and Alterna Bank, among others.
To determine which online bank may be the best for you, consider factors such as:
Account offerings: Assess the types of accounts and financial products offered by different banks, such as high-interest savings accounts, chequing accounts, GICs, and investment options. Consider the features, interest rates, fees, and any limitations associated with these accounts.
Fees and charges: Evaluate the fee structure of each bank, including monthly account fees, transaction fees, ATM fees, and any other charges. Look for banks that have low or no fees that align with your banking habits.
Interest rates: Compare the interest rates offered on savings accounts and other deposit products. Look for banks that offer competitive rates to help grow your savings.
Online banking features and usability: Consider the user interface, functionality, and convenience of the online banking platform or mobile app. Look for features like mobile cheque deposit, bill payments, fund transfers, and other services that align with your banking needs.
Customer service and support: Assess the availability and quality of customer support, including options for contacting customer service and the responsiveness of the bank’s support channels.
Security and reliability: Research the security measures and protocols implemented by each online bank to protect your personal and financial information. Look for banks that are regulated by relevant financial authorities and provide strong security features.
It’s advisable to research and compare multiple online banks, read customer reviews, and consider your personal financial goals and preferences before determining which online bank is the best fit for you.
In conclusion, EQ Bank Savings Plus is a great option for those who want a simple, high-interest savings account with no fees or minimum balance requirements. Its online-only format and unlimited transactions make it convenient to use, and the competitive interest rate can help your savings grow faster.
While EQ Bank Savings Plus may not be the best option for those who need access to other banking products or prefer in-person banking, it’s a solid choice for those who are comfortable with digital banking and want to focus on saving money. Additionally, EQ Bank Savings Plus is backed by Equitable Bank, a well-established Canadian financial institution, and is insured by the CDIC, which means your deposits are protected up to $100,000 in case of a bank failure.
If you’re interested in opening an EQ Bank Savings Plus account, the process is quick and easy. Simply visit the EQ Bank website, provide some basic information, and link your Canadian bank account. Once your account is set up, you can start making deposits and earning interest right away.
We hope this post has been helpful in introducing you to EQ Bank Savings Plus and its features. Remember, saving money is an important part of financial wellness, and EQ Bank Savings Plus is just one tool you can use to help you achieve your goals. Happy saving!
Sagar Sridhar is an accomplished personal finance blogger hailing from Canada. With a unique blend of quirkiness and enthusiasm, he has established himself as a prominent figure in the personal finance industry. Sagar’s passion for finance, coupled with his engaging writing style, sets him apart from his peers. While he has a background in computer engineering and a Master’s in Project Management, Sagar’s true passion lies in helping others manage their money. His writing has been featured in several top Canadian finance publications, solidifying his status as a sought-after voice in the field. Despite juggling his work and blogging schedule, Sagar remains resolute in his mission to make a lasting impact on the personal finance world.