{"id":399257,"date":"2024-07-30T09:53:00","date_gmt":"2024-07-30T13:53:00","guid":{"rendered":"https:\/\/milesopedia.com\/?p=399257"},"modified":"2025-02-04T13:52:27","modified_gmt":"2025-02-04T18:52:27","slug":"review-eq-bank-notice-savings-account","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/reviews\/products\/review-eq-bank-notice-savings-account\/","title":{"rendered":"My Review of the EQ Bank Notice Savings Account"},"content":{"rendered":"

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In Canada, there are several savings options, each with its own advantages and disadvantages. In most cases, the most important criteria are the interest rate and the availability of funds. This is why EQ Bank (Equitable Bank) has created a savings product that combines these two criteria: the EQ Bank Notice Savings Account<\/a>. In this article, we explain how this savings account works and how you can maximize your savings.<\/p>\n

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Unfortunately, the EQ Bank advance notice savings account is not currently available in Quebec.<\/p>\n

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The EQ Bank (Equitable Banking) Notice Savings Account<\/a> is a savings account that offers one of the best rates in Canada. Its operation is relatively simple. In exchange for 10 or 30 days’ notice of withdrawals, you get a higher rate than with other banks.<\/p>\n

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This savings account has no monthly fees or minimum balance requirements, and your money is protected by CDIC<\/a> up to $100,000.<\/p>\n

Currently, you can earn up to 3.05%<\/span> interest, depending on the notice period you choose. The notice period is the number of days your funds will be held in your EQ Bank Notice Savings Account<\/a> following a withdrawal request.<\/p>\n

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The Notice Savings Account<\/a> and the Personal Account<\/a> are two different savings accounts offered by EQ Bank (Equitable Bank) for which you earn interest on your account balance. In both cases, you can withdraw your money. However, the main difference is that you must give notice before making a withdrawal with the Notice Savings Account. In fact, it’s this notice requirement that enables you to obtain a higher interest rate.<\/p>\n

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The process of opening an EQ Bank Notice Savings Account<\/a> is very simple. First, you must register to become an EQ Bank customer. Then you choose the notice period that best suits your needs from the two available options (10 or 30 days). Once your account is open, you can make deposits and start earning interest. If required, you can request withdrawals (free and unlimited) for which your funds will be available after the notice period.<\/p>\n

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You can make unlimited free withdrawals from your EQ Bank Notice Savings Account<\/a> by transferring funds to a Personal Account<\/a>, Joint Account<\/a> or linked external account. As soon as your notice period is over, your money will be available in the selected account.<\/p>\n

Interesting fact: When you request a withdrawal, the funds remain in your EQ Bank Notice Savings Account<\/a> until the end of the notice period. Meanwhile, you continue to earn interest!<\/p>\n

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The interest rate you earn on your savings depends on the notice you give for your withdrawals. You have two options: 10 or 30 days’ notice. The earlier you give notice, the higher your rate.<\/p>\n