EQ Bank Raises Savings Interest to 4% (For 12 months, Direct Depsoit Required)

[computergeek541]

EQ Bank has started offering a promotional interest rate of an additional 1.50% on top of the usual 2.50% (total 4.00%) for those who direct deposit (pre-authorized debit) at least $500 per month. The promotional interest rate lasts for 12 months. Personally, I'm not a fan of this as you can get this rate at other online banks without that requirement, but if you're already going to sign up to EQ anyway or already have an account, why not?

Terms and conditions are on the EQ Bank website: https://www.eqbank.ca/legal/Bonus-Interest-Offer-Terms-Conditions

[Shwa Girl]

Thanks.

Simplii Financial offering 5.5% for 3 months.

[lilo0003]

Thanks.

Simplii Financial offering 5.5% for 3 months.

But sadly only for new clients, so Tangerine has my money because they offered me 6% as an existing client for 6 months.

[computergeek541]

Thanks.

Simplii Financial offering 5.5% for 3 months.

I suppose that people could just switch or use a different bank every few months, but eventually, you'd run out of banks. After a while, you'd have to pick wihch servcie you like the best. Even with this EQ offer, I don't like how it's only for 12 months.