EQ Bank Savings Plus Account
Interest rate of 1.5%
- Zero everyday banking fees
- Free transactions
- No minimum account balance
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Updated . What changed?
|Transaction Fee||free and unlimited|
|Interac e-Transfer Fee||free|
|ATM Out of Network Fee||$1.50|
|Interac e-Transfer Fee||unlimited|
|Interac e-Transfer Fee||not supported|
|Transaction Fee||You’ll get an additional load of interest at regular intervals within your first year. This payout will occur at 90 days (0.30%), 180 days (0.40%), 270 days (0.50%) and 360 days (0.60%).|
|ATM Out of Network Fee||$1.50|
|Transaction Fee||1 free transfer out per month|
There are a few simple steps you can take to ensure you choose the best high interest savings account for your needs:
Switching to a high interest savings account can earn you more money with a higher interest rate and save you more money with lower fees. It’s a win-win.
The table below shows how much money you’d earn by switching from a savings account with a 0.01% interest rate to one with a 1%, 2% or 3% rate.
|Account balance||0.01%||1%||2%||3%||First-year benefit (3% vs. 0.01%)|
If you’re considering a high-interest savings account, consider the following advantages and disadvantages:
High interest savings accounts are just as safe as traditional accounts as long as they’re federally insured. If you get an account at a bank, it’ll be CDIC insured. This means you’ll get your money back if the financial institution goes bankrupt.
Opening a high interest savings account can help you take advantage of getting the highest return on your money even when the market rates shift. They’re also a good option if you’re looking to earn more money without losing easy access to your savings in case of an emergency. To get the most out of your account, shop around for the terms and conditions that will save you the most.[/single_call_shortcode]
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