4% chequing account? | Page 2 | EQ Bank | Discussion forum

I walk over to the cash machine at the bank a few minutes away, a nice walk, can go 24/7, never a wait, grandchildren very much like dealing in cash when I slip them some without their parents seeing, I use cash a lot at the businesses on my rambles around my neighbourhood, everybody seems to like getting it.

Doug, I have had a TD account for decades that I always get a fee rebate for (every month) when I keep the required minimum balance, CIBC account is not the only account doing that.

In banking fee terms, Interac and cheque payments are the same everywhere I've looked. (Except in a few cases where there are high withdrawal fees)

I use about 25 cheques a year, a dozen of them for rent. I buy by cheque when mail-ordering, and have used cheques to purchase large GICs (as much as $90K). I sometimes transfer funds by cheque out of an account that receives Direct Deposit from a payer (when I am forced to use it) because it's faster than transferring with a phone order - the cheques are credited on deposit. On the other hand, some outfits lift holds quicker one way or the other.

For clients, I only accept cash (with paired receipts to file) or cheques. The cheques are copied to attach copies to my tax returns.

Until there are more changes in our banking system to allow for easier electronic movement of large sums of money without 'percentage' transaction fees, cheques will likely stay with us for some time to come.

From a consumer's point of view, handling cheques has become a lot easier though with 'photo deposit' via phone apps or ATMs. There is no need any longer to leave the comfort of one's home to deposit a cheque.

The problem is that cost of some of those electronic payments solutions. Not all of them are as cheap as the ones in places like China and India.

I remember one critic of our cheque clearing system writing on RedFlagDeals.ca that in one European country he spent time in, cheques could be collected in real time!

He went into the bank with a cheque from another bank and the teller could confirm that the cheque was good on the spot! The cheque could then be deposited with no hold.

It all sounded good until someone asked how much that real-time cheque collection option costs. The answer was €10.

green1 said
Got an email today offering an EQ bank chequing account at 4% if you have your payroll deposited there (2.5% otherwise, and after first 12 months)

Seems like a pretty amazing rate (near the top of the HISA chart) for a chequing account.  

They have changed conditions for that offer: used to be $500 payroll/pension deposit monthly to qualify for 4% interest rate, it is $2,000 monthly now.

Interest paid at 4% (the “New Bonus Interest Rate”), which will be paid on an ongoing basis to customers who set up automatic and recurring payroll direct deposits of $2000 or more per month which qualify as Recurring Deposits (as defined below) and who comply with the requirements set out in these Terms.

NorthernRaven said
EQ used to have a smaller 3% rate, for a $500 monthly preauthorized debit/PAD. They rolled that into the 4% direct deposit at the beginning of the year - I'm not sure if the DD was ever at $500 or not, I don't think so thought. The current terms are here - note that is a 12 month promo, not a permanent feature like Wealthsimple Cash.  

The difference now is a DD of $2000 monthly gets 4% and it doesn't expire, whereas the previous offer was for 12 months with a monthly DD of $500.

According to Wealthsimple: 0.5% Interest Rate Boost with Direct Deposits, any direct deposit type counts:

What type of direct deposits are eligible for the boost?

Any direct deposit type will count towards the $2,000/month minimum. This includes payroll, pension, social assistance, and insurance direct deposits.

Hubert uses "Misc. Payments" on their direct deposits. Tangerine Bank uses "Investment".

For once my procrastination pays off... I was pondering switching my DD to WS, but didn't feel like nagging our payroll person at work... $100 is good motivation to do so though. Sucks that the ½% gain has been offset by their rate cut last week, but the other FIs will probably follow in time.