EQ Bank: presentation of its financial products

EQ Bank offers 6 savings account solutions. To learn more about the definition of a savings account, please refer to our article: Banking: What is a savings account in Canada?

The EQ Bank Personal Account is a no-fee account that offers a generous 4% interest rate to all users. Note that this offer is valid for the entire year and has no time restrictions.

This account also offers several free features such as Interac transfers, regular transactions, bill payments, transfers between EQ accounts, deposits and withdrawals among others.

Finally, there is no minimum balance required for this type of account.

The EQ Bank Joint Account offers its users an interest rate of 4%. Its advantages are the same as the savings account, while many free financial services are offered.

It is also essential to specify that a few criteria must be met to benefit from the advantages mentioned above. These are the criteria:

• Canadian Resident
• Age of majority in the province
• Have a social insurance number

The EQ Bank TFSA account offers an interest rate of 3%. There are no management fees. The free features are the same as the two previous accounts. It is also possible to purchase GICs (Guaranteed Investment Certificates) for your TFSA.

Guaranteed investment certificates are safe, low-risk investments with stable returns. It should be noted, however, that once the money is deposited in this account, it is advisable to keep it there until the end of the GIC, otherwise you will be subject to penalties.

The EQ Bank RRSP Savings Account offers a 3% return and no management fees. The free services are the same as the three previous accounts. GICs can also be purchased through this account.

There are no monthly fees and a generous interest rate of 3% on all U.S. cash. In addition, several interesting features are offered. These include a competitive exchange rate, fast international money transfers via the Wise interface, and a deposit guarantee similar to that offered for Canadian dollar transactions. Finally, it’s easy to use the digital platform for currency transfer.

Finally, EQ Bank offers a wide range of Guaranteed Investment Certificates.

Note that it is possible to invest cash in both registered (TFSA and RRSP) and non-registered accounts. The terms of this financial vehicle are very flexible as EQ Bank offers no less than 13 different options. The interest rates offered are also attractive.

Note that a minimum deposit of $100 is required to purchase GICs. Finally, it is important to note that users will benefit from Canada Deposit Insurance Corporation protection when purchasing guaranteed investment certificates with EQ.

EQ Bank offers an international money transfer service via the Wise digital platform.

This interface allows the fast sending and receiving of different currencies. The exchange rate is updated regularly and there are no hidden management fees.

Here is an overview of the fees charged by EQ (depending on the currency) for 500 CAD compared to other Canadian banking institutions.

Finally, EQ offers a free digital mortgage service. The process can be summed up in four main steps as follows:

1) Online application: Simply register online and answer a few questions that will determine the best mortgage for your situation.

2) Exploration of options: A mathematical algorithm will do an exhaustive search based on your criteria and present you with the best mortgage choices.

3) Involvement of a broker: A broker will be assigned to you once all the options advanced by the computer software are revealed. The broker will answer your questions and advise you on the best mortgage option.

4) Finalize the application: Your broker will send a mortgage application when your choice is made. He will remain involved in your case until the conclusion of the process.

The EQ savings accounts are all very attractive in terms of returns while offering a generous 2% interest rate. This rate is favourably different from other major Canadian cities.

What’s more, we like the fact that this offer is available for a full year and not for a promotional period like Tangerine Bank. We also like the multitude of free services offered by the EQB.

The US Dollar savings account is in our opinion one of the best on the market because of the absence of monthly costs and the interest rate of 1.40%. Transactions in U.S. currency are also very simple thanks to “Wise.

Finally, we find the GICs offered by EQ to be very attractive, especially because of the multiple terms (13 options) and high-interest rates. We also like the fact that these GICs are available for registered accounts like TFSAs and RRSPs.

All in all, our review of the EQ Equitable Bank savings accounts is very positive. We would have liked to see personalized promotional offers for specific groups such as seniors, students or young families.

Offering chequing accounts and credit cards could also be considered in order to diversify the financial products offered to users.

We find that the EQ Bank offers exceptional service for international transfers.

As mentioned earlier, the Wise platform is easy to use and transactions are completed quickly. The transaction fees are very low and are currently the best on the market. Exchange rates are reviewed regularly to provide the best possible return for users of the interface.

In light of the observations made in this paper, we note that EQ Equitable Bank is making a strong showing in the Canadian banking landscape with its attractive interest rate savings accounts and innovative international currency transfer platform. In addition, a multitude of free services (day-to-day transactions, Interac bill payment) and personalized services, mortgages) make the customer experience a pleasant one.

While we like the current financial product offering of Equitable Bank’s current financial product offering, we would like to see a greater diversity of financial products, including chequing accounts and credit card . We believe that this initiative would allow EQ to compete very seriously with its biggest competitor, Tangerine. However, we are aware that designing these products requires time and energy.

In conclusion, we observe a great progression of the Equitable Bank and hope that it will continue in the coming years. However, the game is far from won given the competitiveness of the various Canadian banking institutions.

Equitable Bank will also need to be on the lookout for the rise of new digital banks such as Simplii, Motusbank and Alterna, which may come to encroach on their turf by soliciting their users. The next few years will be crucial for EQ.

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