2/16/2016

EQ Bank

Has anyone heard of these guys yet?

EQ Bank is a branch of Equitable Bank that has been around for some time in Canada.  It has been a mortgage lending facility and through the EQ branch will now be offering an online only savings account with only online access (no debit cards).  So much the way that ING (now Tangerine) started out in Canada, with plans to have increased offerings as time goes on. They are giving five free interact transfers, and unlimited day to day (bill paying) transactions.  So their could be delays in accessing your cash due to these restrictions, and the restrictions of each transfer.
They are offering 3% interest for all accounts.  
This is apparently not an introductory offer, though like all banks they reserve there right to change the interest rate at any time....so it's their opening offer, who knows where it'll wind up as new accounts get opened.

So far online forums, and direct feedback on their Facebook page would indicate they have been overwhelmed with new account openings and their customer support isn't able to keep up.  Again, that's much like ING when they started out, and even Tangerine had hiccups after ING was bought by Scotia Bank in Canada.

So I'm super interested to know if anyone is planning on opening an account to stash some cash and capitalize on the 3% for as long as it's offered.  I'm thinking about it, especially with the proceeds from the sale of our home.  It could make a difference for sure.

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4 comments:

  1. I certainly heard about this, and I'm in the process of making decisions about new banking solutions for my family. 3% interest sounds fabulous... but I'm inherently skeptical about brand new services, and I'm also inherently lazy, so I don't want to move all my accounts more than once. I will likely keep looking around and go with someone more established. I know I need to move somewhere other than where I am though- not at all happy with my current situation!

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    Replies
    1. EQ only has the one product, so wouldn't be good for an all in one banking solution. I'm looking forward to reading about what you decide.

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  2. This is a new one for me... will look into it. Been with ING since 2003, I'd hate to leave but 3% is a really nice incentive!

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    Replies
    1. I'm thinking we might just stash the proceeds from the sale of the house but keep using Tangerine as our daily bank.

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