EQ Bank Savings Plus Account
Interest rate of 1.25%
- Zero everyday banking fees
- Free transactions
- No minimum account balance
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When you’re saving up for a goal, you don’t want to end up losing any money to fees. Most banks offer free savings accounts — but you have to know how to find them. Here’s what to look for when shopping around for and how to compare free savings account. rate With no everyday banking fees and free transactions, open an EQ Bank Savings Plus Account and get an interest rate of 1.25%.
EQ Bank Savings Plus Account
With no everyday banking fees and free transactions, open an EQ Bank Savings Plus Account and get an interest rate of 1.25%.
Both online banks and brick-and-mortar financial institutions offer savings accounts with no monthly account maintenance fees:
When weighing the benefits of a free savings account, look at such factors beyond the monthly fee:
Compare free savings accounts by sorting the table by APY and minimum deposit. View your favorites side-by-side by clicking the “Compare” box next to each one.
Savings accounts are designed to help you save money, but you won’t be able to avoid all fees. Depending on your bank, you could face:
Your bank may require you to link your free savings account to a chequing account, which could have monthly fees. When comparing savings accounts, make sure you understand the fees that may come with the chequing account you link it to:
James has $10,000 set aside and wants to open a high-interest savings account to grow his money, but he’s stuck between 2 different accounts. After weighing his options, here’s what he finds:
|Account #1||Account #2|
|Fees||$23 monthly fee + $2 paper statement fee = $25 per month||$0 monthly fee, enrolled in e-statements|
|Balance after 1 year||$9,898.57||$10,201.84|
|Total interest earned||$198.57||$201.84|
If James chooses the second option, he’ll earn over $300 more given monthly service fees and paper statement charges.
But what about minimum balance requirements and the fees that come with failing to meet them? Let’s say account #1 requires a $10,000 monthly minimum balance or else James has to pay a $15 fee. Now take a look at how fees would impact James’ savings:
|Account #1||Account #2|
|Interest rate (compounded monthly)||2.00%||2.00%|
|Fees||$23 monthly fee + $2 paper statement fee + $15 balance requirement fee = $40 per month||$0 monthly fee, enrolled in e-statements, balance requirement met|
|Balance after 1 year||$9,716.61||$10,201.84|
In this case, James would earn nearly $500 more by choosing account #2, which would allow him to avoid monthly fees, statement fees and a minimum balance requirement.
Interest earned from a savings account balance counts as part of your taxable income, which means you’ll need to declare this along with the rest of your income on your personal tax return. You won’t pay tax on the balance in your account — only on the interest you earned in that year. For example, if your income is taxed at 25% and you earn $200 in interest, you’ll pay $50 in taxes.
Free savings accounts are a solid option for growing your money. You’ll likely find the highest rates and lowest fees at online banks — but that doesn’t mean you should avoid brick-and-mortar institutions, which may provide better access to your money. Compare savings accounts until you find one that balances cost with the features you need to manage your money.
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