Allow us to simplify things with this two-question quiz:
- Are you saving for an enormous financial goal in the following few months?
- Would you wish to increase your money and save at the identical time?
If you answered “yes” to those questions, then EQ Bank Notice Savings Account might be the reply. It is the primary of its kind in Canada that requires no fees or minimum balances and is offered to everyone (not only high net value individuals). This account pays as much as seven times as much interest as other bank accounts.
sponsored
EQ Bank Notice Savings Account
- Monthly fee: $0
- Interest rates: 3.50% with 10 days notice, 3.65% with 30 days notice. Read all the small print about it EQ Bank website.
- Minimum balance: n/a
- Eligibility for CDIC Coverage: Yes
Traditional bank accounts pay little to no interest
A recent EQ Bank survey found that 60% of Canadians use traditional checking accounts to save lots of for short- and medium-term goals, and only 19% of them earn interest on their deposits. It’s higher than nothing, but even for these savers, a checking account won’t help their purchasing power sustain with inflation – most traditional checking accounts pay relatively low rates of interest outside of promotional periods. (The survey was conducted by EQ Bank on April 24-26, 2024 in English and French amongst a representative sample of 1,504 online Canadians who’re members of the Angus Reid Forum. A probability sample of this size would have a margin of error of +/ -2.5 percentage points, 19 out of 20.)
Whether you are trying to put aside money for a down payment on your property, save for a family vacation, or replenish for a rainy day, consider upgrading to an EQ Bank Notice Savings Account. With rates of interest of as much as 3.65%, this might get you there much quicker. Let’s take a better look.
This is how the EQ Bank Notice savings account works
Similar to other savings accounts, you deposit your money into the EQ Bank Notice Savings Account and earn interest while your money is parked.
EQ Bank offers two sorts of termination savings accounts to select from. You’ll earn 3.65% interest with the 30-day savings account, which permits you to withdraw your money 30 days prematurely. This account is right for longer-term goals akin to financing a vacation or recent automobile. And for those who’ve maxed out your registered account contribution allowance, it’s even a fantastic option to save for a down payment on your property. If you wish a bit more flexibility within the short term, select the three.50% option, which only requires 10 days’ notice. This account could be very useful for things like constructing an emergency fund or saving for a house improvement project.
You can open an EQ Bank Notice savings account online in minutes with none fees or paperwork.
There aren’t any fees or minimum balance requirements to take care of an EQ Bank Notice savings account, and the identical high rates of interest can be found to everyone, no matter the scale of your deposit (although the more cash within the account, the more interest you’ll earn). It will apply). You can add money at any time and withdraw it inside the agreed period of 10 or 30 days. Once paid out, your funds will probably be made available in either an existing EQ Bank account or an externally linked account of your alternative.
