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Disappointed by EQ Bank rate drop
April 19, 2021
5:08 am
Joebart
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To my surprise interest rate in my EQ bank was lowered down to 1.25% right now and not on May 25 as announced. I feel quite stupid for transferring money from tangerine. Time to move again. So disappointed….. PS They still hold my money as a hostage (hold) for one week despite it was pulled to EQ by them.. qqqwww.jpg.png

April 19, 2021
5:26 am
file
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You misunderstood the email or posts. On April 16th the high-interest savings account rate dropped to 1.25%. On May 26th the TFSA interest rate will drop to 1.25%.

I have confirmed that the TFSA interest rate currently remains 2.3%.

The paragraph from the email:

As of Friday, April 16th, 2021, the interest rate on our Savings Plus Account will change from 1.50% to 1.25%*; as of Wednesday, May 26th, 2021, the interest rates on our TFSA Savings Account and RSP Savings Account will change from 2.30% to 1.25%.*

April 19, 2021
5:55 am
hwyc
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...is it really necessary to react in such extreme words ?

April 19, 2021
5:59 am
Bill
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I agree, the title to this thread disparages EQ Bank with no justification, it appears.

April 19, 2021
7:15 am
Peter
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Topic title renamed from "EQ Bank was not honest" to "Disappointed by EQ Bank rate drop".

April 19, 2021
7:29 am
Alexandre
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3 months GIC at 1.5% is still available, for those who are disappointed by rate drop.

I signed for it, because it gives me time to figure what I am going to do next.

April 19, 2021
10:02 am
Rick
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EQ pulled the "This is not a promo rate" when they opened up their HISA accounts. Didn't really expect this rate to last either. Am I disappointed in lower rates? Yes. I am also disappointed with rate drops at:
The Bank of Canada
Motive
Tangerine
Hubert
Cdn Tire
Oaken
AcceleRate Financial
Achieva Financial
Alterna Bank
Bridgewater Bank
Ideal Savings
Implicity Financial
LBC Digital
MAXA Financial
motusbank
Neo Financial (not a REAL bank)sf-confused
Outlook Financial
Peoples Trust
and Wealth One Bank of Canada
Unfortunately, may not be the end of the rate lowering
Welcome to pandemic economics

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