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Email this8:43 am
November 3, 2022
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EQ dropped their 1 year GIC rate from 5.25 to 5.1% overnight.
I moved my annual RSP contribution into EQ last week, and the funds have been embargoed for five business days.
I recall reading that one could get a GIC rate adjusted to the prior one, if the rate goes down while one's funds are on hold.
Has anyone done this, and if so what is way to accomplish this rate adjustment?
9:00 am
January 12, 2019
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That ⬆ would involve a telephone call. It won't hurt to try !
Good Luck ... and may 'The Force' be with you. 
- Dean
" Live Long, Healthy ... And Prosper! "
9:19 am
January 12, 2019
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Rail Baron . . .
Please let us know how it went.
Fingers crossed,
- Dean
" Live Long, Healthy ... And Prosper! "
10:02 am
November 3, 2022
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Still waiting for my funds to clear the hold period at EQ. Once that happens, I shall engage with them and report back.
12:27 pm
January 12, 2019
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It's your call ... but I wouldn't wait !
It won't hurt to call while your funds are still on hold, and it would show sincere interest. And the more time that passes, the less they may be able to do for you.
Remember ... 'The Early Bird Gets The Worm' & 'He Who Hesitates Is Lost'. 
- Dean
" Live Long, Healthy ... And Prosper! "
3:16 pm
January 9, 2011
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Completely agree with that. And tell them you moved the money to them solely to get that rate + all other banks but them would have allowed the purchase without this wait, because they totally control the funds.
You should get a written commitment to pay a supplement interest payment on maturity representing the difference in rates, as their system doesn't allow them to just change the rate showing. Yes it is possible to get what is logical, and we hope you do!
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
4:47 pm
March 30, 2017
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Last time when I asked to try to do the same, they won’t budge on the mandatory hold, and won’t hold GIC rates either. I have written them off as a potential bank to use the future, even tho I have been a customer for a few years. There are other banks who welcome my money more than EQ.
5:04 pm
April 14, 2021
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savemoresaveoften said
Last time when I asked to try to do the same, they won’t budge on the mandatory hold, and won’t hold GIC rates either. I have written them off as a potential bank to use the future, even tho I have been a customer for a few years. There are other banks who welcome my money more than EQ.
I received the same negative response from EQ, so have written them off, for the same reason.
5:16 pm
October 27, 2013
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It is pretty clear some folks like them though as they reported for the 3 months ending Jan 31, 2024......
EQ Bank customer base grew +6% q/q and +38% y/y to 426,000. EQ Bank launched its "Second Chance" campaign across English Canada on January 4, and "Deuxième chance" across Québec on February 6, encouraging Canadians to move on from their first-ever bank accounts to EQ Bank/Banque EQ's Personal Account that combines the best features of chequing with no fees and high interest
with deposits of $8.3B. And that only counts their retail offering, not deposits through the brokerage channel where I suspect most of the business is.
My spouse just last week bought a 1 year GIC from Equitable Bank in her discount brokerage RRIF @ 5.13%.
8:18 pm
July 6, 2017
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I transferred funds into EQ on the first of the month. I then called to ask if I could buy a GIC then, or if not, how I could ensure that I got the May 1st rate. The CSR said I would have to wait until the hold was over, but that I should call if rates had gone down and they should honour the original rate. I have done that and was told that they couldn't change the rate, but that they would deposit the difference into my savings account when the GIC matures, as a "good will gesture", so that for all intents I will be getting the May 1st rate. They also asked me to call on the maturity date to, I guess, confirm their confirmation.
9:37 am
November 3, 2022
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Rob59 said
I transferred funds into EQ on the first of the month. I then called to ask if I could buy a GIC then, or if not, how I could ensure that I got the May 1st rate. The CSR said I would have to wait until the hold was over, but that I should call if rates had gone down and they should honour the original rate. I have done that and was told that they couldn't change the rate, but that they would deposit the difference into my savings account when the GIC matures, as a "good will gesture", so that for all intents I will be getting the May 1st rate. They also asked me to call on the maturity date to, I guess, confirm their confirmation.
I got a similar reply when I made my query today, but with a twist. The agent said that the good will gesture was NOT guaranteed, and would only be approved at the maturity of the GIC. So it's a game of chance!
I am not interested in playing such games with EQ, and will be transferring my RSP over to Oaken as a result.
9:43 am
January 9, 2011
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Rail Baron said
I got a similar reply when I made my query today, but with a twist. The agent said that the good will gesture was NOT guaranteed, and would only be approved at the maturity of the GIC. So it's a game of chance!
I am not interested in playing such games with EQ, and will be transferring my RSP over to Oaken as a result.
Totally unacceptable. I would phone back and insist it be escalated. Banking isn't like a roulette wheel.
My outcome was identical to what Rob59 got (and explained a whole lot better than I did), so there's two you can quote. 
Once properly fixed, insist on a confirming e-mail (I got one).
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
12:48 pm
November 3, 2022
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dougjp said
Totally unacceptable. I would phone back and insist it be escalated. Banking isn't like a roulette wheel.
My outcome was identical to what Rob59 got (and explained a whole lot better than I did), so there's two you can quote.
Once properly fixed, insist on a confirming e-mail (I got one).
Good points, but the level of effort needed to get EQ to do the right thing here is greater than the stakes for this small amount of residual RSP contributions.
Now that my employer has a DB pension plan up and running, I only get $600 a year in RSP contribution room. It's just not worth haggling with EQ over a few dollars in interest.
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