Allow us to make things simple with this two-question quiz:
- Are you saving for a big financial goal in the next few months?
- Do you want to grow that money while you save up?
If you answered “yes” to these questions, an EQ Bank Notice Savings Account might be the answer. It’s the first of its kind in Canada with no fees or minimum balance requirements to be available to everyone (not just high-net-worth individuals), this account pays up to seven times the interest of other bank accounts.
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EQ Bank Notice Savings Account
- Monthly fee: $0
- Interest rates: 3.50% for 10-day notice, 3.65% for 30-day notice. Read full details on the EQ Bank website.
- Minimum balance: n/a
- Eligible for CDIC coverage: Yes
Traditional bank accounts pay little to no interest
A recent EQ Bank survey found that 60% of Canadians use traditional chequing accounts to save for short- and mid-term goals, and only 19% of them receive interest on their deposits. It’s better than nothing, but even for those savers, a chequing account won’t help their purchasing power keep up with inflation—most traditional chequing accounts earn relatively low interest outside of promotional periods. (The survey was conducted in English and French by EQ Bank from April 24 to 26, 2024, among a representative sample of 1,504 online Canadians who are members of the Angus Reid Forum. A probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.)
Whether you’re setting aside money for a home down payment, saving up for a family vacation or building up your rainy day fund, consider upgrading to an EQ Bank Notice Savings Account. With interest rates up to 3.65%, it could help you reach your goal much faster. Let’s take a closer look.
How the EQ Bank Notice Savings Account works
Similar to using other savings accounts, you deposit your funds into the EQ Bank Notice Savings Account, and while your money is parked, you earn interest.
EQ Bank offers two notice savings account types to choose from. You earn 3.65% interest with the 30-day Notice Savings Account, where you give 30 days’ notice to withdraw your funds. This account is ideal for longer-term goals like a vacation or new car fund. And, if you’ve maxed out your contribution room for registered accounts, it’s even great for saving for a home down payment. If you need a bit more flexibility in the short term, choose the 3.50% option, for which you need only give 10 days’ notice. This account makes a lot of sense for building a rainy day fund or saving up for a home reno project, for example.
You can open an EQ Bank Notice Savings Account online in minutes, without any fees or paperwork.
There are no fees or a minimum balance to hold an EQ Bank Notice Savings Account, and the same strong interest rates are available to everyone, no matter the size of your deposit (although the more money in the account, the more money in interest you will accrue). You can add money anytime and withdraw with the agreed-upon 10 or 30 days’ notice. Once withdrawn, your funds will be made available in either an existing EQ Bank account or an externally linked account of your choice.