EQ Bank Savings Plus Account

- Earn 2.5% interest
- Free transactions
- Zero everyday banking fees
Minimum deposit or balance requirements can apply to savings accounts, chequing accounts and GICs and affects everything from the interest rate on your account to whether you have to pay a monthly fee. Choose the right account for your budget to keep your savings on track.
An account minimum is the amount of money you need to open or maintain an account. The requirements can apply to savings accounts, chequing accounts and GICs. How they affect fees, APRs and the status of your account depends on the type of account and bank.
Savings accounts often either require a minimum deposit to open an account or an ongoing minimum balance to earn maximum interest or avoid fees.
For savings accounts that require a minimum opening deposit, you’re required to open the account with a certain amount of money. Some banks give you a grace period to meet that minimum, and will close your account if you come up short.
Some savings accounts require regular ongoing deposits, monthly or quarterly, to earn a higher interest rate or avoid a fee. You can often meet this requirement by depositing once or twice a month.
Some savings accounts require that your accounts always stay above a minimum balance. Falling below that balance can cost you in fees or interest rates.
Chequing accounts can also come with minimum requirements, both when you open an account and throughout the life of the account.
The minimum opening deposit is the amount you need to open an account. If you can’t meet this requirement, your application will be denied or the bank can recommend a different account that better fits your finances.
If your account dips below the minimum balance requirement, you’ll typically incur a fee. Some banks waive this fee if you have a certain number of transactions monthly. For example, a bank might charge $29 monthly for you to hold an account. However, with a minimum daily balance of $5,000 or at least minimum balance of $5,000 at the end of each month, you’re off the hook.
Balance requirements, monthly deposit requirements and fees vary wildly depending on your accounts, so read the fine print before signing on with a new bank.
If you want the security of guaranteed returns that only a Guaranteed Investment Certificate (GIC) can provide, you’ll need to meet the minimum deposit amount. The minimum deposit amount is the initial investment amount that grows over time.
How much you’ll earn in interest depend on how long you invest. Deposits held for longer periods of time lead to earning larger amounts interest income.Back to top
Deposit requirements can determine the interest-earning power of your savings account or GIC and the ongoing cost of your chequing account. Consider these restrictions along with the other features and fees of different bank accounts before making the final decision about the right product for you.
Earn interest on your savings, avoid ATM and foreign transaction fees and get cashback on every purchase.
Learn how to save, earn and invest with our list of the best finance blogs for women.
Majority of Canadians’ (55%) top New Year’s financial resolution is to save more money in 2023.
Here’s our list of the best kids bank accounts and money management apps based on critical features, fees, accessibility and ease of use.
Fast-track your child’s financial literacy by learning how to teach your kids about money.
To help teach financial literacy to kids means parents have to find ways to help kids learn the connection between time and money and the importance of saving and budgeting. Find out what are good, age-appropriate chores for kids, plus average allowance and per chore price lists.
Earn interest on your everyday balance, plus enjoy free daily banking and unlimited transactions with this fee-free chequing account.
Pay zero fees and get a solid return on your savings when you put money away with this popular virtual HISA from Simplii Financial.
Get competitive exchange rates and pay no foreign transaction fees when you spend money internationally with this fee-free Visa debit card.
Let your child earn a taste of financial freedom with Mydoh, an innovative prepaid Visa card for kids.