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The (Equitable Bank) EQ Bank Joint Savings Plus Account is a unique offering in the Canadian banking landscape, designed to enhance the financial journey for couples, families, or groups of friends.
This account combines the accessibility of a chequing account with the benefits of a high-interest savings account, and it can be shared by up to four people.
The EQ Bank Joint Savings Plus Account provides customers with a high-interest, fee-free account ideal for shared savings. It offers unlimited transactions, CDIC insurance, and room for up to four account holders.
Despite potential risks like loss of privacy and possible marital asset division, it’s an excellent choice for trusted individuals seeking to optimize their combined savings. Convenient account management is available via EQ Bank’s online portal or mobile app.
Let’s dive deeper into this joint savings account’s features, pros, cons, and more. We’ll also take you step-by-step through the process of how to open this account both online and via the app.
Features of the EQ Bank Joint Savings Plus Account
The EQ Bank Joint Savings Plus Account includes a robust list of features:
- High-interest rate of 2.50% up to 3% on every dollar
- No monthly fees
- Free and unlimited bill payments, Interac e-Transfers, and Electronic Funds Transfers (EFTs)
- Maximum deposit limit of $500,000
- Deposits are eligible for Canada Deposit Insurance Corporation (CDIC) insurance
- No minimum balance requirements
- Accessible online and via the mobile app
EQ Bank Joint Savings Plus Account pros
High Interest Rates
This savings account offers a competitive interest rate of 2.50% on all deposits. This is significantly higher than many other banks and helps account holders grow their savings quickly.
Plus if you set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits on your Savings Plus Account, Joint Savings Plus Account and EQ Bank Card balance, you’ll be eligible for an increased rate of 3.00% for 12 months!
No Monthly Fees and Unlimited Transactions
With this account, there are no monthly fees to worry about, making it a cost-effective choice for joint banking. Furthermore, it allows for unlimited free transactions, including Interac e-Transfers, bill payments, and EFTs.
CDIC Insurance
The CDIC insurance on deposits up to $100,000 per set of co-holders adds an extra layer of security to your savings. This means your deposits are protected even in the unlikely event that the bank becomes insolvent.
No Monthly Fees
EQ Bank Joint Savings Plus Account customers can look forward to zero monthly account fees. This means you can save more money without worrying about regular costs associated with maintaining the account.
Mobile Banking Convenience
With EQ Bank’s easy-to-use mobile app, you can manage your Joint Savings Plus Account from anywhere at any time.
Whether you want to check your balance, transfer funds, or invite new members to your account, it can all be done with a few taps on your device. This makes banking more convenient and fits today’s fast-paced, digital lifestyle.
EQ Bank Joint Savings Plus Account cons
Trust and Transparency Requirement
Joint accounts necessitate a high level of trust between co-holders, as each party has full access to the account and can view all transactions. Therefore, this account is best suited to individuals who are comfortable with a high level of financial transparency and trust.
Potential Legal Implications
In the case of a relationship breakdown, a joint account can become a disputed asset. This means that the account and its funds could be divided during legal proceedings.
EQ Bank Joint Savings Plus Account fees
While this savings account does not charge monthly fees, it’s essential to be aware of other potential costs. For instance, the EQ Bank might have charges for services not included in the account, like wire transfers or non-sufficient funds (NSF) fees. Always check the bank’s fee schedule for detailed information.
EQ Bank Joint Savings Plus Account special offers
As of writing this, no special offers are associated with the EQ Bank Joint Savings Plus Account. However, the bank’s high-interest rate is a standing offer that applies to all account holders, and it significantly outperforms many other banks.
Other EQ Bank savings account options
EQ Bank offers other savings accounts such as the Savings Plus Account, the TFSA Savings Account, and the US Dollar Account. These accounts offer competitive interest rates, no monthly fees, and varying benefits based on the account type, like tax-free interest or favorable exchange rates.
How to Open the EQ Bank Joint Savings Plus Account
Opening an EQ Bank Joint Savings Plus Account is straightforward and can be done online or through the mobile app. Here is a step-by-step guide:
For Online Account Opening
- Sign into your EQ Bank account. If you are not already an EQ Bank customer, you must first set up an EQ Bank account.
- Once you’re signed in, hover over the “My Accounts” tab at the top of the page.
- Then, choose the “Products” option from the drop-down menu.
- On the Products page, look for the option that says, “Open a joint account”, and click on it.
- You will then be taken to a new screen. Here you can invite friends or family to join the account and input your information as requested.
- Once you’ve completed these steps, your invitation will be sent to the selected individuals to join the account. Once they accept the invitation and complete their portion of the sign-up process, the account will be officially open and ready to use.
For Mobile App Account Opening
- Open the EQ Bank app on your smart device and log in. You’ll need to register for an account if you’re a new customer.
- Tap the menu icon located right at the top on the right-hand side of your screen.
- From the menu that appears, select “Products.”
- Under the “Products” section, select “Open a new account.”
- Next, you’ll be asked to choose type of account you wish to open. Select “Joint Savings Plus Account.”
- You’ll then have the opportunity to invite friends or family to join the account. Follow the prompts, fill out the required information, and send the invitation.
- Once your invitees accept the invitation and complete their part of the sign-up process, your Joint Savings Plus Account will be open and ready for use.
Remember, if you have any query or experience problems you can always contact the EQ Bank Customer Care team. They’re available to assist via phone or live chat for real-time assistance.
EQ Bank Joint Savings Plus Account conclusion
The EQ Bank Joint Savings Plus Account offers a compelling solution for Canadians seeking to maximize their shared savings. It provides a high interest rate, zero monthly fees, unlimited transactions, and the convenience of digital access. As such, it stands out as an attractive choice for up to four trusted individuals.
However, it’s essential to understand that all account holders will have equal access and visibility to the funds. Therefore, trust and open communication are critical. The account’s CDIC insurance offers an additional layer of security. This ensures peace of mind while you watch your savings grow.
That said, carefully reviewing the provider’s terms and conditions is essential before making a commitment. And consider reaching out to EQ Bank’s customer care for any clarification or support. This way, you have the power make an educated decision that aligns your financial goals and circumstances.
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