Saving
August 2, 2017
Review of EQ bank high-interest savings account

This is a NON-SPONSORED review of EQ Savings High Interest Savings Account

 

I decided to open a high-interest savings account at EQ Bank because of their 2.3% interest rate. I believe money is just math so I follow interest rates like a stoner follows the smell of skunk on April 20th.

I maxed out my tax-sheltered accounts and thankfully, have some money to stash that I’m not ready to invest in the stock market yet. I’m playing with the idea of owning a property some day and for now, I want to keep my options open.  A high-interest savings account or GIC is pretty much my only bet for a conservative investment. However, even at 2.3% I’m just breaking even with my money. I’m not making any money through banking with EQ since inflation is at 1.7% and I’ll be taxed on any interest at about 20%, . BUT, unlike every other bank in Canada, at least I’m not losing it!

 

  • Customer Service 11/10

OMG guys, this was amazing. I called their hotline to test out their customer service and holy shit not only was there NO TOUCH BUTTON MENU, but they transferred me STRAIGHT to a representative who DID NOT HAVE AN ACCENT. Enough said.

They also respond very fast on Twitter and apparantly will send you dog gifs which does nothing to earn you money but some people are super into that.

 

  • Ease of creating an account: 5/10

Canada is in the dark ages, no question about it. EQ isn’t special in this respect, I just wish companies here could figure out how to streamline this process. Banking is so regulated here though so I doubt we’ll see that anytime soon.

Creating an account at EQ was similar to creating one at any other branchless banks: I had to give my information online, than mail in a cheque. EQ said I could upload the cheque through their app. I downloaded their app on my laptop but it didn’t work. This could easily have been my fault instead of theirs, maybe I did something wrong? Anyway so I decided to go the analog route and I simply mailed in a cheque.

About 5 days later they sent me an email saying my account was active and the money was in there.

They changed this process the week after I signed up, however. Now you don’t have to mail in a cheque, a nod to millennials who apparently don’t have cheques, instead you have to answer all these hard questions about your identity  and credit history,  sign into an authorized online account (like the CRA) and email them statements.  I was helping my brother out with this and it was pretty annoying. However, it may be easier for people who live their whole lives online and enjoy paperwork.

 

  • Ease of transferring funds 9/10

As soon as the account is up and running it’s super easy to transfer funds from my normal Tangerine Chequings account. Just a few clicks of the button.

 

  • Website aesthetics 9/10

Unlike PC Financial, which offers some great services but has a disgusting looking website, EQ is pretty! It’s streamlined and modern.

 

  • Website layout 9/10

It’s pretty, funcitional and simple. I haven’t tried their app since I don’t do my daily banking on there I don’t need it.

 

  • Overall impression

EQ is a solid bank for stashing money if you’ve maxed out your tax-shelters (they don’t offer TFSAs yet) Once you’re signed up the website is intuitive and transferring money in and out from your main bank is easy. Their customer service is great and I’ve already recommended my brother open an account there.

 

I want to improve my financial literacy without hating my life

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3 Comments 0

There are 3 comments

  • […] both non tax-sheltered and tax-sheltered (TFSA, RSP, RIF) accounts. This gives it a leg up over a bank like EQ, which although has an extremely high interest rate, does not offer tax-sheltered […]

  • Ruj Stuart says:

    “no accent”!!? Strikes me as a bit racist….

  • Thoughts?

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