EQ Bank's new Notice Savings Account offers 4.50% to 5% interest with no fees or minimum balance
EQ Bank, a challenger bank, is enhancing Canadians' savings options with the new Notice Savings Account.
With no minimum balance requirements and no fees, this account is a first-of-its-kind in Canada. Customers can choose between 10 and 30-day notice periods to withdraw their money, earning 4.50 percent* and 5.00 percent*, respectively.
The competitive interest rates and flexible access make Notice Savings Accounts ideal for rainy day funds and short to mid-term savings goals.
“The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks,” said Mahima Poddar, SVP and group head, personal banking.
“Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want.”
Notice Savings Accounts are designed to maximize earning potential while maintaining liquidity. They offer:
- Flexibility: Customers can deposit funds anytime and withdraw with 10 and 30-day notice periods, ensuring liquidity while increasing savings.
- High interest rates: Attractive interest rates of 4.50 percent* or 5.00 percent* on every dollar, including during the withdrawal notice period, offer a secure way to grow savings.
- Equal access: All customers receive the same rate with no fees, no minimum balance requirements, and no preferential treatment.
- Security and stability: Backed by EQ Bank, the digital arm of Equitable Bank, the account benefits from the bank’s commitment to security and stability. All deposits are eligible for CDIC deposit insurance.
In support of the Notice Savings Account launch, EQ Bank conducted a survey through the Angus Reid Forum, revealing that 89 percent of Canadians are saving for short and mid-term goals, but many are not maximizing their savings potential.
The survey found that Canadians are primarily saving for travel (61 percent), home renovations/repairs (41 percent), car purchase/repair (36 percent), managing irregular income (25 percent), and home purchase/down payment (22 percent).
Additionally, 55 percent of Canadians contribute to a rainy-day fund, with younger Canadians (ages 18-34 at 60 percent and ages 35-54 at 63 percent) saving more than those 55+ (45 percent).
Canadians use various products for these goals, with 60 percent using traditional chequing accounts, despite only 19 percent earning interest on these accounts.
The survey indicated a preference for banks offering higher interest rates to all customers equally (57 percent) or the same rate to all (25 percent), rather than higher rates for more deposits (13 percent) or periodic promotions (5 percent).
“We recognize that every dollar counts for many Canadians, no matter your walk of life or personal circumstances. Whether you're saving for a holiday or school, contributing to rainy day emergency funds, or managing irregular income, our promise at EQ Bank is to help Canadians make bank on their terms with products that help get you there faster,” continued Poddar.
“Our Notice Savings Account is the next extension of our mission to drive change in Canadian banking, and we're proud to bring it to market.”
