EQ Bank Notice Savings Account review

The basics

• High interest rate of up to 5%. The EQ Bank Notice Savings Account pays up to 5% interest on your savings. Interest is earned daily, and the interest rate you get varies depending on the withdrawal notice period you choose.
• 10- or 30-day notice period. When you sign up for an account, you’ll need to specify how much advance notice you will give EQ Bank before making a withdrawal:
  • If you choose a 10-day notice period, you get a 4.5% interest rate.
  • If you choose a 30-day notice period, you get a 5% interest rate.
• No fees. There is no monthly or annual fee attached to this account, and there are no fees for making deposits or withdrawals.
• No minimum balance requirements. You don’t need to keep your account balance above a certain threshold to earn the maximum rate of interest. There are also no minimum monthly deposit requirements with this account.

The perks

• High interest rate always applies. The high interest rate on the EQ Bank Notice Savings Account doesn’t just apply for a short introductory promotional period — the rate is ongoing while your account remains open. Interest rates aren’t calculated using a tiered structure either, so the same rate will apply regardless of whether you have $5 or $5,000 in your account.
• You can deposit money whenever you like. Unlike a GIC, which typically doesn’t allow you to make extra deposits, you can deposit funds into the EQ Bank Notice Savings Account at any time.
• Unlimited withdrawals. It’s free to withdraw funds from your account at any time, and you can also make unlimited withdrawals as needed.
• Earn interest during the notice period. Once you request a withdrawal, the funds will stay in your account and continue to earn interest until the notice period ends and the money is transferred out of your account.
• CDIC protection. EQ Bank is a trade name of Equitable Bank, which is a member of the Canada Deposit Insurance Corporation (CDIC). As a result, deposits you make to your account are eligible for CDIC protection up to $100,000.

What to watch out for

• You can’t access your money instantly. You’ll need to provide 10 or 30 days’ advance notice to make a withdrawal from your account. So if you want to be able to access your money instantly at any time, you’ll need to consider other account options.
• Not available in Quebec. The Notice Savings Account is not available in the province of Quebec.
• Not available in registered accounts. At the time of writing, the EQ Bank Notice Savings Account cannot be held inside a registered account such as a TFSA or RRSP.
• Need to open an EQ Bank Personal Account. You’ll need to open an EQ Bank Personal Account before you can open an EQ Bank Notice Savings Account.

What should I know before I apply?

The EQ Bank Notice Savings Account is available to residents of Canada, but it’s not available in Quebec. You’ll also need to open an EQ Bank Personal Account in order to open a Notice Savings Account.

EQ Bank is an online-only bank, which means you’ll need to be comfortable managing your account through online and mobile banking. EQ Bank does not have any physical branches, so you’ll need to consider other options if you want to deal with a bank that offers in-person customer service.

How do I open an EQ Bank Notice Savings Account?

You can open an EQ Bank Notice Savings Account by completing the following steps:

1. Head to the EQ Bank website and click “Open account”.
2. Enter your name and email address.
3. Verify your email address.
4. Enter and verify your mobile number.
5. Provide your residential address, date of birth and SIN.
6. You may be asked to provide proof of ID.
7. Provide your employment and account usage details to open an account.

Bottom line

The EQ Bank Notice Savings Account is well worth a look if you’re searching for some of the highest savings interest rates around, but with the added flexibility of being able to access your money. This account can help you reach your savings goals sooner and has no fees or minimum balance requirements.

But just be aware that you’ll need to wait at least 10 days to access the funds in your account, so you’ll need to have a contingency plan in place to deal with any financial emergencies that may arise.