Meet EQ Bank’s Notice Savings Account (NSA). This latest savings account offers Canadians access to high regular rates of interest while providing flexible access to their funds. Read on to find out how an NSA can allow you to reach your short, medium and long-term savings goals.
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- Monthly fee: $0
- Interest charges: 4.50% with 10 days notice, 5.00% with 30 days notice. Read all the main points on the EQ Bank website.
- Minimum balance: n/a
- Eligibility for CDIC coverage: Yes
What is a termination savings account?
A notice savings account is an account that provides a superb rate of interest (like a GIC) while allowing you to access your money once you need it (like a HISA). The important difference from an NSA is that you have to give a minimum notice period before you possibly can withdraw funds, hence the name.
If you’ve got never heard of termination savings accounts, you are not alone. While these kind of accounts are common within the United Kingdom and Australia, they’re barely available to most Canadians—and so they’re often limited to business customers or targeted at high-net-worth individuals.
EQ Bank is changing all that. Their latest Notice Savings Account is the primary within the country to supply NSA advantages to all Canadians with no fees and no minimum deposit. Let’s take a more in-depth look.
How does the EQ Bank termination savings account work?
As the name suggests, an NSA is a savings account, meaning you earn interest on the funds you deposit. Typically, the more time customers give their bank before making a withdrawal, the higher the rate of interest.
When you open an EQ Bank notice savings account, you possibly can make a choice from two rates of interest: 4.50% and 5.00%. You can earn 4.50% in your deposit by giving the bank 10 days’ notice before you withdraw funds. If you wish to earn 5.00%, the notice period is 30 days. (Read all the main points on the EQ Bank website.)
Waiting ten or 30 days to withdraw money from a checking account could seem long, but do not forget that an NSA is designed for longer-term savings – and pays higher interest accordingly.
Once you deposit your money, you’ll receive interest each day. Plus, you possibly can proceed to make deposits into the account. The EQ Bank Notice Savings Account just isn’t a registered account, so that you need not track your deposits and there isn’t any paperwork to withdraw funds. Simply make a withdrawal request online or through the EQ Bank mobile app. After 10 or 30 days, depending on the account you selected, your funds can be deposited into the account you chose.
