EQ Notice Savings Account

EQ Notice Savings Account Overview

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EQ Notice Savings Account is an account provided by EQ Bank that offers Canadians to save their money with rather high interest rates. Launched in 2024, this account provides features of a savings account along with better rates that one gets with GICs.

With this, EQ Bank offers a chance to gain up to 2.50% interest on savings while maintaining access to funds with advance notice.

EQ Notice Savings Account features

The EQ Notice Savings Account has considerably higher interest rates than conventional saving accounts or frequently, even surpasses many GIC rates.

You can opt for 10 days’ notice period at an interest rate of 2.35% or 30 days for 2.50%. These rates give higher returns as compared to prime if savers are willing to get higher earnings on their savings.

Another major selling point for this account is the fact that it does not attract any fees or any minimum balance fees.

This makes the account friendly to all savers by not fixing a certain amount that one must save before joining the plan. It helps you begin earning good interest on their savings without the burden of minimum balance requirements or monthly charges.

The account is flexible for deposit so you can decide the amount they wish to add to the savings. This feature enables you to maintain a steady saving process, more so where the cash flow is normal or abnormal.

Interest is compounded daily on the total closing balance and paid monthly which affords additional value to the account holder.

The process of withdrawal is also made to be quite unrestrictive and even enjoyable to the client. You are free to withdraw as many times as they would like provided they selected their preferred time period of 10 or 30 days.

Crucially, funds remain on deposit and interest is earned in the course of this notice period, therefore, savings can continue accumulating even when withdrawal is planned.

Being an online bank, the account, and everything related to it are operated through the internet and a mobile app. This is because the presence of such access and management helps in servicing customers who prefer to do their banking activities online.

It also collaborates harmoniously with other EQ Bank services, including their Personal Account, which is also efficient in banking.

The other striking feature of the EQ Notice Savings Account is the product’s focus on efficiency and predictable earnings. The high interest rates are not promotional, thus offering a stable and consistent return that savers can rely on.

Rates are known and equal for all the customers, no differentiation according to the deposit given or customer type.

This account is beneficial if you have short to mid-term targets you wish to save for. It is perfect if you’re saving for holidays, home repairs/remodeling, cars or when dealing with irregular paycheques.

It can be considered as a perfect savings tool mainly due to high interest rates along with the option to have the access to the funds at any given time.

From the insurance aspect, protection of customers is accorded priority through CDIC insurance coverage. Money deposited in the EQ Notice Savings Account is insured by the CDIC, whereby the insured amount is limited up to hundred thousand US dollars. This enhances the security for customers’ savings to another level.

Another aspect of flexibility is that you have the ability to cancel withdrawal requests at their convenience. You have the option of lifting any standing withdrawal instructions by the day of the transfer or transaction without incurring any punitive measures.

This feature is useful and gives the assurance that adjustments in the aspect of business financial planning can be affected.

EQ Bank service areas

Available across Canada, except in Quebec.

EQ Bank services

High-interest savings account
Online banking
Mobile banking
Electronic fund transfers

EQ Bank years in business

EQ Bank launched in 2016, with the Notice Savings Account introduced in 2024.

FAQs about the EQ Notice Savings Account

What is the EQ Notice Savings Account?

The EQ Notice Savings Account is a unique savings product offering high interest rates in exchange for advance withdrawal notice. It provides up to 2.50% interest, combining the flexibility of a savings account with GIC-competitive rates. This account is designed to help Canadians maximize their savings while maintaining access to funds with proper planning.

How does the withdrawal notice period work?

When requesting a withdrawal, customers must wait either 10 or 30 days, depending on their chosen option. During this notice period, the funds remain in the account and continue to earn interest. After the notice period ends, the requested amount is automatically transferred to the specified destination account.

Can I change my notice period option after opening the account?

EQ Bank has not explicitly stated whether changing between 10-day and 30-day options is possible after account opening. For the most current information on this feature, it's advisable to contact EQ Bank directly. Customer service representatives can provide specific details about account flexibility and potential changes to notice periods.

Is there a limit to how much I can deposit in the EQ Notice Savings Account?

EQ Bank does not specify a maximum deposit limit for the Notice Savings Account, allowing flexibility for savers. However, it's important to note that CDIC insurance covers deposits up to $100,000 per account. For those planning to deposit more than $100,000, considering multiple accounts or consulting with EQ Bank for guidance is advisable.

How does the interest rate on the EQ Notice Savings Account compare to other banks?

EQ Bank's rates of 2.35% and 2.50% are among the highest in Canada for savings accounts. These rates are often up to seven times higher than those offered by traditional banks. The Notice Savings Account provides a competitive edge for savers looking to maximize their returns in the current market.

Can I open an EQ Notice Savings Account within my TFSA or RRSP?

The Notice Savings Account is not available within registered accounts like TFSAs or RRSPs. EQ Bank may introduce this feature in the future, so it's worth checking for updates. For tax-advantaged savings, consider exploring EQ Bank's other registered account options or consulting with them directly.