EQ Bank personal account
If you're looking for a checking-style account that you can use every day and use to save while earning interest, consider the EQ Bank Personal Account. You will earn 2.25% interest, or you can increase it up to 4.00% when you make your payment deposit. There are no fees or minimum balance requirements, and account holders get unlimited transactions (yes, really).
You can also use EQ Bank Card with this account. You can use it to withdraw from any ATM in Canada, and EQ will refund the fees. Also, if you use this card, you won't pay foreign transaction fees for purchases made in currencies other than Canadian dollars. And, lastly, you will earn 0.5% of the money when you use this card. And that's not a promotion—that's a daily return.
On the EQ Bank Card, interest is paid to the linked Personal Account and cash is returned to the card, both paid monthly. (See the EQ Bank Card Agreement for refund details and other terms and conditions that apply to the EQ Bank Card.)
EQ Bank joint account
If you want to share all the benefits of a Personal Account with up to three people, check out the EQ Bank Joint Account. It has the same high interest rates without the daily banking fees. Joint accounts are a great way to manage money between spouses, roommates, family or friends when you share finances. Having a common goal, like saving for a trip or paying the rent, is a breeze when there's one account between you.
EQ Bank Notice Savings Account
If you're looking for a safe, high-interest account and you're comfortable planning your withdrawals in advance, the EQ Bank Notice Savings Account may be just the thing.
Here's how it works: You deposit your money into your EQ Bank Notice Savings Account and agree to give a bank notice (hence the name) before withdrawing the money. There are two different Fixed Notice Accounts: With 10 days notice, you will earn 4.00% on your deposits, and with 30 days notice, you will earn 4.25%. There are no fees, minimum deposit or balance requirements, and you can make as many withdrawals as you want—the bonus is that you continue to earn that high interest during withdrawals, too.
EQ Bank US Dollar Account
If you need an account in US dollars, the EQ Bank US Dollar Account may be a good option. It has very competitive exchange rates and no monthly fees, and offers an extraordinary 3.00% interest rate. (Foreign currency transactions will be subject to Mastercard's Currency Conversion rate. EQ Bank does not charge any additional FX fee or markup.)
If you're looking for ways to get more for your money, promotional interest rates can be tempting—but don't forget to weigh your options. Accounts with high fixed rates, along with other benefits and no fees, may offer a better alternative.
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