Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this3:36 pm
September 30, 2017
Offline
EQ currently featured rates - 4% for 3-months registered GIC
Not a bad choice for TFSA
7:20 pm
January 30, 2009
Offline
hwyc said
EQ currently featured rates - 4% for 3-months registered GICNot a bad choice for TFSA
They also have a bonus 2% offer on new money in registered accounts that is paid quarterly. Assuming their rate stays at 2%, that’s a total of 4% - potentially for the year. Warning that this is only on the portion of your balance that is new money to EQ. GICs are not eligible.
3:07 pm
March 26, 2018
Offline
"New money to EQ".
Would that mean that if I have money in a GIC that's about to mature and I decide to add a part of that money to my existing TFSA savings account that it wouldn't be eligible for the 2% bonus that's being offered?
7:22 am
September 30, 2017
Offline
hwyc said
EQ currently featured rates - 4% for 3-months registered GICNot a bad choice for TFSA
... This 4% offer is no longer seen today on EQ
7:31 am
January 30, 2009
Offline
pianoman8849 said
"New money to EQ".
Would that mean that if I have money in a GIC that's about to mature and I decide to add a part of that money to my existing TFSA savings account that it wouldn't be eligible for the 2% bonus that's being offered?
Unfortunately, that is correct. EQ has chosen to punish existing loyal customers by not allowing them to access this offer or worse, to hope to trick customers who don’t read the full terms of the offer.
7:38 am
March 26, 2018
Offline
I was just chatting with EQ. "New money" just means additional funds deposited or transferred from a HISA account to a new or existing TFSA account would qualify for the 2 per cent bonus being offered. It doesn't have to be additional money deposited or transferred to EQ from an outside source. Glad I asked to clarify that.
2:10 pm
March 3, 2022
Offline
I was told the 2% offer will pay every quarter for one year, must be essentially locked in, and any withdrawn amount will nullify the offer for the entire amount.
Also, any GIC maturing during the time must be kept as cash in TFSA, because reinvesting them would count as a debit from the account and would then again cancel the deal.
This is all on top of 2% rate, which won't be affected.
Convoluted and bizarre deal overall, IMHO. Expected somewhat better (and simpler) from EQ.
9:02 am
February 22, 2024
Offline
iotama said
I was told the 2% offer will pay every quarter for one year, must be essentially locked in, and any withdrawn amount will nullify the offer for the entire amount.Also, any GIC maturing during the time must be kept as cash in TFSA, because reinvesting them would count as a debit from the account and would then again cancel the deal.
This is all on top of 2% rate, which won't be affected.
Convoluted and bizarre deal overall, IMHO. Expected somewhat better (and simpler) from EQ.
According to the EQ website only complete withdrawals disqualify you from the bonus, with partial withdrawals you still get the bonus for the remaining amount. From their website:
"Partial Withdrawals: if funds are partially withdrawn before February 28th, 2025, or during the 12-month bonus payout period, the bonus will be calculated and paid on the remaining amount only.
Complete Withdrawals: if funds are withdrawn entirely and not reinstated before February 28th, 2025, you will no longer be eligible for the 2% bonus.
If funds are entirely withdrawn during the 12-month bonus payout period and not reinstated before the next payment calculation date (dates mentioned above), you will also become ineligible for further bonus installments."
So it seems what you were told is incorrect
7:06 pm
April 6, 2013
Offline
itsme said
According to the EQ website only complete withdrawals disqualify you from the bonus, with partial withdrawals you still get the bonus for the remaining amount. …
That's also what the fine print of the offer says as well. The balances on those four calculation dates are what matter, not the withdrawals:
EQ Bank Registered Season Match Promotion Terms and Conditions
…
3. Match BonusThe Match Bonus will be calculated based on the total New Deposits credited to your Registered Account during the Promotional Period [November 1, 2024, at 12:01 a.m. ET to February 28, 2025, at 11:59 p.m. ET]. New Deposits held in GICs within your Registered Account will not be eligible for the Match Bonus.
The Match Bonus will be calculated at the end of each Hold Period quarter. For clarity, the Match Bonus will be calculated based on your Registered Account’s balance less any interest paid by us into the account during the Promotional Period and Hold Period (your “Balance”) on May 31, 2025, August 31, 2025, November 30, 2025, and February 28, 2026 (each a “Calculation Date”) as follows:
- If your Balance on the Calculation Date is greater than or equal to your Balance at the beginning and end of the Promotional Period, the Match Bonus payable with respect to that quarter will equal 0.5% of the New Deposits.
- If your Balance on the Calculation Date is less than your Balance at the end of the Promotional Period, but greater than your Balance at the beginning of the Promotional Period, the Match Bonus payable with respect to that quarter will equal 0.5% of the amount by which your Balance on the Calculation Date exceeds your Balance at the beginning of the Promotional Period.
- If your Balance on the Calculation Date is less than your Balance at the beginning of the Promotional Period, no Match Bonus amount will be payable that quarter.
…
Please write your comments in the forum.