EQ Bank GIC rates: Among the highest in Canada

EQ Bank GICs are gaining in popularity. Thanks to their high rates, they’re a good choice for securing your money without taking unnecessary risks. EQ Bank (Equitable Banking) offers products that are simple and accessible online. Their GICs are suitable for both personal and business accounts. In this article, find out about EQ Bank’s GIC rates, the different types of GICs and how these financial products can help your savings grow safely.

Why should you choose an EQ Bank GIC?

Guaranteed investment certificates (GICs) are secure, fixed-return investments. They allow you to plan your finances without being exposed to stock market fluctuations. EQ Bank offers GICs that are easy to open, entirely online. As a virtual bank, no paper forms are required. Everything is done on your phone or computer.

You can open a personal or joint account, depending on your needs. Then open GICs or other investments according to your strategy.

Unlike the Personal Account, where interest is calculated daily, interest on EQ Bank GICs varies according to the term of the product chosen. For GICs with terms of less than one year, interest is calculated daily and paid at maturity. However, for GICs longer than one year, interest is calculated on an annual basis and paid either annually or at maturity.

EQ Bank GICs are not redeemable.

They are insured by CDIC, up to $100,000 per account type. So security is not an issue.

EQ Bank GIC Interest Rates

The interest rates offered by EQ Bank vary according to the length of the term, the type of account and the product chosen.

For non-registered GICs, known as EQ Bank GIC Savings Accounts, rates generally range from 2% to 4%. These are flexible, short- or long-term products.

Registered GICs include the RSP GIC and the FHSA GIC. These products also offer high rates of between 2% and 4%.

Finally, Business GICs are designed for SMEs. They provide short- to medium-term liquidity with stable returns.

Unfortunately, RSP GICs, FHSA GICs and Corporate GICs are not currently available in Quebec. However, other EQ Bank GICs are available to Quebec customers.

GIC Savings Account: For stable, accessible savings

The EQ Bank GIC Savings Account is a non-registered GIC available to everyone. You can choose the term, generally between 3 months and 10 years. GIC rates vary according to the period, but remain very competitive.

It’s an ideal investment for those who want to grow their money without risk, while keeping their cash separate from their registered accounts. The GIC savings account is easy to open and fully guaranteed by CDIC.

RRSP GICs: For a secure retirement

The RSP GIC, also known as the RRSP GIC, is a tax-sheltered investment. It allows your retirement savings to grow on a predictable basis. You can choose the term that suits you, from 3 months to 10 years. Interest rates are guaranteed throughout the term.

The funds are held in a registered account. This means you pay no tax while the money remains in the RRSP.

You can also transfer an existing RRSP to EQ Bank, free of charge. It’s a simple way to take advantage of high rates. But it’s also a way to stabilize your portfolio and guarantee future income.

FHSA GICs: For first-time home buyers

The FHSA GIC is a new product designed for first-time homebuyers in Canada. It combines security, yield and tax benefits. The FHSA allows you to save up to $40,000, tax-free. The FHSA GIC protects this money with a fixed rate.

You can choose a term that matches your purchasing horizon. Interest rates are stable and competitive. This financial product is ideal for securing your downpayment over a few years.

Business GICs: Make the most of surplus cash

EQ Bank also offers Business GICs. These products are designed for businesses that want to grow funds over the short term, in complete security.

Interest rates are attractive, and are also available for terms of 3 months to 10 years. These GIC investments offer better returns than regular savings accounts. Like the other accounts mentioned above, corporate accounts can be opened online. You can then open one or more Business GICs, in addition to the other banking services available to businesses.

Comparison with other financial institutions

EQ Bank often offers higher rates on these GICs than the major Canadian banks. What’s more, their products are flexible and easy to access online.

Compared with Laurentian Bank, Tangerine or Simplii Financial, EQ Bank often stands out for its more advantageous GIC interest rates, both short- and long-term.

What’s more, account opening is fast and 100% digital. No need to make an appointment at a branch.

In short, it’s an excellent solution for savers who want to take advantage of the best rates on the market, while keeping their money safe.

EQ Bank GIC rates – Conclusion

In summary EQ Bank GICs are ideal for those seeking security and simplicity, without sacrificing performance.

Whether it’s for a personal or joint account, an RRSP, a FHSA or a business account, you’ll find a product to suit your needs. With EQ Bank, you can save with confidence, at one of the best rates in Canada.

Discover other EQ Bank products in our guides:

EQ Bank GIC rates – FAQs

What is EQ Bank?

EQ Bank, or Equitable Banking, is a Canadian online bank. It offers several financial products for individuals and businesses, including a personal account, savings accounts (GICs, TFSAs, FHSAs and RRSPs) and a prepaid card.

Is EQ Bank safe?

Yes. EQ Bank is a member of CDIC. Your eligible deposits are protected up to $100,000 per account category.

How do I open a GIC at EQ Bank?

To open a GIC at EQ Bank, create an account online, then select the type of GIC and the amount to invest. Account opening is fast and 100% digital.

Does EQ Bank have a credit card?

No, EQ Bank does not offer credit cards. But it does offer a prepaid card called EQ Bank Card.

Who owns EQ Bank?

EQ Bank is a trade name of Equitable Bank.

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