The Notice Savings Account is an EQ Bank high interest savings account, but it works a little differently to a regular high interest savings account. While it pays a high interest rate on your balance, you can\u2019t access your funds instantly when you want to make a withdrawal. Instead, you\u2019ll have to give either 10 or 30 days\u2019 notice before making a withdrawal.<\/p>
The longer the notice period you select, the higher the interest rate your account offers\u20142.75% versus 2.35%. Of course, the downside is that you\u2019ll need to wait an extra 20 days before you can access your money.<\/p>
The EQ Bank Notice Savings Account is best for anyone who:<\/p>
In other words, you\u2019ll need to be able to cope financially for a short period if an unexpected but urgent bill comes in, for example, if your car breaks down and needs immediate repairs to get back on the road. If you\u2019ll be able to manage until the 10- or 30-day notice period ends, the high interest rate with this account makes it a good choice to help you reach your savings goals sooner.<\/p>
You can earn either 2.35% or 2.75% interest with the Notice Savings Account. That\u2019s one of the best rates on the Canadian market compared to other ongoing savings account interest rates available.<\/p>
The high interest rate with the EQ Bank Notice Savings Account doesn\u2019t just apply for a short introductory promotional period\u2014the rate is ongoing while your account remains open. Interest rates aren\u2019t calculated using a tiered structure either, so the same rate applies regardless of whether you have $5 or $5,000 in your account.<\/p>
There is no monthly or annual fee attached to this account, and there are no fees for making deposits or withdrawals. This means you don\u2019t have to worry about bank fees chipping away at your savings and offsetting the interest you earn.<\/p>
There\u2019s no minimum balance required to open an account or earn the maximum interest rate. The maximum combined amount you can hold in your EQ Bank Notice Savings Account, US Dollar Account and Personal Account is $200,000.<\/p>
Unlike a GIC, which typically doesn\u2019t allow you to make extra deposits, you can deposit funds into the EQ Bank Notice Savings Account at any time.<\/p>
When you need to access your money, it\u2019s free to withdraw funds from your account any time, and you can also make unlimited withdrawals as needed.<\/p>
EQ Bank is a trade name of Equitable Bank, which is a member of the Canada Deposit Insurance Corporation (CDIC). As a result, up to $100,000 of deposits you make in your account are eligible for CDIC protection.<\/p>