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Email this12:54 pm
February 14, 2023
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https://www.eqbank.ca/match#how-will-the-2-bonus-be-calculated-and-paid-out
Does anyone see a catch?
1:28 pm
December 7, 2023
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I am not interested in it, Term and Condition says you can not invest in GIC. How about after a month, EQ drops its regular rate? Also I prefer the BIG SIX banks, not EQ.
usephrase
6:03 am
January 9, 2011
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I don't see a problem because the combined rate vs. 1 year GICs is better than everybody, and other than Wealth MCan and Saven, is currently over 1/2% better. So even if the core rate drops. the average rate for a year should be favorable.
I found out that the 2% is paid quarterly, June 6, Sept 6, Dec 5 and Mar 7, while the normal interest is monthly. Of course that payment frequency is better than a 1 year GIC, and funds are liquid if need be.
Now I have a question regarding New Money next year before the end of February. Does everybody that already has a TFSA or other registered account with them qualify to get this, or only those who got the e-mail/had a registered GIC with them?
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
8:31 pm
August 29, 2019
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In early January I received an email from EQ with information about this 2% promotion. I have been an account holder with EQ from the very beginning and have had a TFSA open for several years. I wasn't interested in the promotion however and ignored it. Today I received another email stating that I am basically not eligible for the offer for some unknown reason.
AS RECEIVED: On January 2, 2025, you received an email advising that you were eligible for our 2% promotional match based on your registered account activity with EQ Bank.
Unfortunately, at the time this email was sent, you had not yet met the eligibility criteria to qualify for this promotion as outlined in the EQ Bank Registered Season Match Promotion Terms and Conditions.
Even though I'm not interested in the offer it ticks me off that they now state that that I was never "qualified" for it originally for some unknown reason.
Anybody else get the same?
4:35 am
January 9, 2011
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Never heard of this and no other reports of it happening that I could find.
That's quite serious, especially if based on that January 2 unsolicited incoming written offer, you had actually used up 2025 contribution room and deposited there based on that commitment.
Here is the 2% match terms and conditions:
https://www.eqbank.ca/legal/two-percent-match-terms-and-conditions
Under #2 Eligibility, they use the term "Eligible Customer" and that's pretty basic (but hard to find the definition on EQ's site).
By chance was your TFSA open but with no balance or activity for several years? Perhaps it was deemed dormant? Just guessing, but I'm hoping the reason can be found.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
11:00 pm
January 10, 2020
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Lamaison said
In early January I received an email from EQ with information about this 2% promotion. I have been an account holder with EQ from the very beginning and have had a TFSA open for several years. I wasn't interested in the promotion however and ignored it. Today I received another email stating that I am basically not eligible for the offer for some unknown reason.AS RECEIVED: On January 2, 2025, you received an email advising that you were eligible for our 2% promotional match based on your registered account activity with EQ Bank.
Unfortunately, at the time this email was sent, you had not yet met the eligibility criteria to qualify for this promotion as outlined in the EQ Bank Registered Season Match Promotion Terms and Conditions.
Even though I'm not interested in the offer it ticks me off that they now state that that I was never "qualified" for it originally for some unknown reason.
Anybody else get the same?
I received a 2% bonus offer that was contingent on keeping a maturing GIC in the Variable Rate account, and the bonus would then apply to any additional new funds contributed.
Is that what you received?
12:12 am
April 14, 2021
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I'd be very, very cautious about accepting any type of offer that is not straight-forward. All these machinations and conditions cannot bode well. It's as if they are hoping you miss the 'catch' and can screw you on a minor unnoticed clause overlooked. Personal experience speaking.
8:16 pm
January 10, 2020
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HermanH said
I'd be very, very cautious about accepting any type of offer that is not straight-forward. All these machinations and conditions cannot bode well. It's as if they are hoping you miss the 'catch' and can screw you on a minor unnoticed clause overlooked. Personal experience speaking.
I agree.
I opted not to leave my matured GIC in the variable account for that offer.
8:15 pm
August 29, 2019
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So I phoned EQ today to try and sort out the email which stated that I had been declared not eligible for the 2% on new deposits offer to TFSA (as referred to above). The only explanation I could get out of the phone person I spoke with was that the offer was sent in error to me because the offer should only have been sent to those who have already deposited funds into one of the 3 applicable registered funds at the normal rate!! She couldn't answer whether everyone who made such a deposit would later get the offer or not!! So it would seem that only someone buying at their normal pathetic interest rate would have any hope of being later offered the spread out 2% over the next year. She stated this several times when questioned. Their rates and the end of the promotion timing are poor enough if you happen to take a chance and get them - and if by chance you don't get the promotion you're out of luck. Hard to believe but apparently the process. Anyone have any experience in this regard?
4:22 am
January 9, 2011
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Thanks for following up and letting us know.
I know you said earlier that you "have had a TFSA open for several years", and presuming you had ever activated it with any deposit and the account wasn't dormant, you fit within their terms and conditions # 1.a . In other words, if this general condition is taken in exclusion to everything that follows, yes their wording can be read as only applying to existing registered account holders.
But wait.... then EQ really messes that assumption up with " 2. Eligibility", which clearly says " The Promotion is open to all new and existing holders of a Registered Account " !
Further, here is their existing page, for all to see that it says if you don't already have a TFSA then open one and start earning the bonus:
https://www.eqbank.ca/match
What you were told on the phone doesn't make sense. So far, nobody else has chimed in saying they received such a follow up. I know you said you weren't interested in the offer and didn't deposit, but if anyone else did, I would insist on escalating this and getting written confirmation.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
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