EQ Notice: NEW Account from EQ Bank

Item: EQ Notice
Rating: 4.8
Author: FT

May 30, 2024/FT//Last Updated June 1, 2024

EQ Bank Notice Account Review

Best Interest in Canada
Ease of Use
Safety (CDIC Insured)
No Fees
Customer Service
Account Options

4.8

EQ Bank Notice Account Review Summary:

There is only one place to go if you want the best interest rate in Canada: The EQ Notice Account!

Sure, you can try shuffling your money around every three months to take advantage of teaser rates (enjoy the hours of paperwork and onboarding each time).

The EQ Notice Account is fully CDIC-insured and is the best place in Canada to save up for your next trip or a new vehicle. Just be prepared to give 10-days notice to get your cash out (sort of like a mini-GIC) and in return EQ gives you the best high interest savings rate in Canada. No automatic deposit required, no hoops to jump through.

See my full EQ Bank Review for more details on why I still love EQ Bank after becoming one of their first customers eight years ago.

Pros

Best Interest Rate in Canada
CDIC Insured = Ultra Safe
No Minimum Account Balance
Very Easy to Use
Excellent Mobile App
#1 Online Bank in Canada by Forbes

Cons

Not yet available for FHSA, RRSP, and TFSA (they’re working on it)
No Corporate or Business Accounts

The NEW EQ Notice Account: 5% Interest Savings Account!

What is the EQ Notice Account?

There are three things you need to know about the NEW EQ Notice Account:

1) It’s a brand new product in Canada – no other bank has it. It’s based on a model that has been around for decades over in the UK.

2) Your money will be fully insured by the government of Canada under the CDIC – it’s the safest possible standard for a bank account in Canada.

3) It’s the highest long-term interest rate in the country – and it’s likely to stay that way!

See the NEW EQ Notice Account: 5% Interest Savings Account!

Is It a GIC or an HISA?

If you’re wondering how EQ can suddenly offer rates so much higher than those in other high interest savings accounts, it’s due to the nature of this new “Notice Account.”

The “Notice Account” is like a GIC and a regular high interest savings account had a child together. In order to lock in these high interest rates you have to give EQ at least 10 days notice before you withdraw money. So in some ways it’s like a 10-day or a 30-day GIC – but much easier to use.

You just send some cash from your regular EQ account to your new Notice Account and *voila* you’re now getting the highest interest rate in Canada (and it’s not a teaser rate that will disappear in 3 months). It’s the perfect place to save for a down payment, a new car, or your next big trip.

Even if you wanted to use the new account for something like your emergency fund, you could always store a third of your cash in your everyday EQ account, and then put the rest in the 30-day Notice Account to max out the interest earned.

Can I Use the EQ Notice Account for my RRSP, TFSA, or FHSA?

As of today the EQ Notice Account cannot be used inside of a Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), or First Home Savings Account (FHSA).

Mahima Poddar, senior vice-president and group head of personal banking at EQ stated in a recent interview with the Globe and Mail that EQ is considering whether to offer these registered account versions of the EQ Notice Account.

Consequently, I’d definitely let EQ know that this is something that you’re interested in! (I have.)

EQ Notice vs Other Interest Rates

	EQ Notice Account	Neo Financial	Tangerine	Wealthsimple Cash	RBC High Interest eSavings	TD ePremium Savings Account
Interest Rate	5%	4%	0.7%	4%	1.7%	0%-1.85%
CDIC (Government Insured)
Paycheque Deposit Required?	No	No	No	No	No	No
Fees	$0	$0	$0	$0	$0	$0
Visit	Visit EQ label	Visit Neo label	Visit Tangerine label	Visit Wealthsimple label	Visit RBC label	Visit TD label

EQ Notice High Interest Account FAQ

How easy is it to withdraw money from the EQ Notice Account?

It’s very easy to take money out of the EQ Notice Account. After your notice period is done (either 10 days or 30 days – which you select at the beginning), then you can simply send the funds back to your regular EQ account, or any other account for that matter. Long story short: After your 10 days or 30 days are up, your cash is ready to go!

What if I need my money out sooner than 10 days?

You can still get your money out of the EQ Notice Account sooner than the 10 days by calling EQ – but don’t expect them to pay you interest in this case.

What’s the difference between the EQ Notice Account and their other accounts?

With the EQ Notice Account you need to wait a minimum of 10 days before you access your cash to pay for something (sort of like a super easy to use 10-day GIC). You can get your money out before the 10 days are up, but then you forfeit the interest you would’ve earned. In return for that small sacrifice, you get the best high interest savings rate in Canada.

How much notice does the EQ Notice Account need? How do I “give notice” that I want to take money out?

You simply select the 10-day or 30-day option when you deposit the money. Once those days are done – the money can be transferred in twenty seconds via a few online banking clicks.

Is the EQ Notice Account CDIC insured?

Yes, the Notice Account is insured by the Canadian Deposit Insurance Corporation. That means your cash is protected by the federal government (up to $100,000 per account). That means the Notice Account is just as safe as any other bank account in Canada.

See the NEW EQ Notice Account: 5% Interest Savings Account!

Posted in Banking, General Finance, Product Reviews

FT

FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

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Chris

1 month ago

Hello, thanks for the write-up. What are your views on self-directed savings accounts such as RBF2010? It has a 1 day withdrawal notice (T+1), and is currently offering 4.55%.