EQ Bank Savings Plus Account
Interest rate of 1.5%
- Zero everyday banking fees
- Free transactions
- No minimum account balance
Updated . What changed?
Some savings account types provide total access to your money while others are created to help you keep your hands off. Explore our guide on the different types of savings accounts to find which one is best for you.
There are 12 types of savings accounts that you can consider for depositing your money:
The right savings account for you depends on your savings goals and how much you have to save. While traditional savings accounts are a great way to start, GICs can earn higher interest rates if you don’t need access to your money, and money market accounts can come with higher interest rates if you meet the minimum balance and/or monthly deposit requirements. If you’re saving for retirement, specialized retirement accounts often come with tax advantages. These prompts could help you decide:
Every dollar counts at this stage. Whether you’re studying, interning or simply waiting to turn 18, you’ll find a range of accounts designed just for you.
Developing a strategy to get to your set goal might be easier than you think. Options like automatic transfers can help. But take note of the interest rate, and understand the features that come with your account.
Whether you love the convenience of the Internet and prefer to chat up a branch rep face-to-face, banks and credit unions offer a range of options for the older set.
Learning to save is an important skill for the future, and most parents want to teach their kids to manage money responsibly. Help your child’s savings grow by choosing a starter account.
If you’re moving to Canada for work or study, your covered with a wide range of banking options. Look for a standard bank account like a chequing account for everyday banking needs, and a savings account to grow surplus cash.
A bank account that’s fee-free puts every dollar you deposit closer to your savings goal. Plus, online accounts typically offer strong interest rates.
Savings accounts, money market accounts, GICs, cash management accounts and retirement accounts each have specific structures and features to help you save. To find the right one for you, consider the monthly fees, interest rates and requirements to withdraw your cash. Use the table to compare account:
|Traditional savings account||High-yield savings account||Money market account||Guaranteed investment certificate (GIC)||Cash management account|
|Best for||Those who want a basic account that earns a modest interest rate, but may come with in-person banking||Those who want to earn an interest rate higher than the national average, but may not have in-person banking||Those who want a checking and savings hybrid that earns interest but is accessible||Those looking for a short-term investment with a locked in interest rate||Those who invest regularly and want to keep their bank account at their brokerage firm|
|Average interest||~0.60% APR||~1.30% APR||~0.09% APR||~0.06–0.51% APR||~0.15–1.20% APR|
monthly fees – included in GIC rate
|Minimum deposit||$0 to $100||$0 to $100||$2,500 to $10,000||$500 to $10,000||$0 to $50|
|Withdrawal limits||Depends on banking plan||Depends on banking plan||Depends on banking plan||Can’t withdraw until maturity||Depends on banking plan|
There are several types of savings accounts — each with their own features, pros and cons. Each one is unique and serves a different purpose in helping you reach your savings goals. As always, compare savings accounts to find the best option for you.
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