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Email this7:33 am
August 1, 2015
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The money is indeed "there" in my account. It's just not available. I'd expect it will accrue interest.
I use Interac e-Transfer for right now, I get them for free. (I have an account with a major five, I've reduced pricing as much as I can based on my needs).
7:38 am
January 20, 2016
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Loonie said
Shame on them for saying that it's not a promo rate on their website and then turning around and admitting to the media that it is - and before anyone's seen a penny of it. Misleading advertising.
It also doesn't inspire confidence that they'd be so.. well, stupid! ... as to admit this contradiction, in advance, no less! It doesn't look good on them.
What other ill-considered moves are they going to make while dancing around with our money?
I recommend that everyone who is interested in them open a $5 account, until they smarten up.
You are quite right, they seem a little clumsy but a promo rate can be extended, right? I don't remember if Peoples Trust initially 3% rate was a promo, but I was reluctant to open an account with them (no logical reason - just scared that it sounded too good to be true) and that lasted a few years... I just got it for 1 year only and then, they started to lower it. I still work with them and everything is well!
Meanwhile, I opened my new account with $1 
7:41 am
February 14, 2014
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file said
Linking another account requires contacting them which I need to do.
Please let us know how the "linking another account" procedure goes, and if they have a limit to the number one can link.
7:44 am
January 17, 2016
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I received the acceptance email this morning and can see my initial deposit now posted in the account but on the account screen I cannot see any link for transferring money back and forth whether from or to EQ - at Tangerine for example, it's a simple process with a "Move My Money" link but I see nothing at EQ that approximates this - does anyone know how to move money on the on line screen?
7:45 am
January 20, 2016
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reality said
I don't know, I'll have to see how long I have to wait before they will accept it. At my age I could be dead by the time they get my account open
Someone here had it open right on time 
7:52 am
February 14, 2014
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Brand loyalty, loyalty to banks, stores and even employers has long been sucked out of my life. I feel no ill will to any of these but just go where I get the most for my time and money. They treat me that way and I do the same and no longer feel resentment about it.
Compared to 1.75% elsewhere, EQ is giving me $58 more per month on the $50k I'm moving there. Even if it only lasts for 1 month, it's worth the few minutes that I spent opening the account and moving the money. I've spent _way_ more time and effort just reading and posting to this thread than I have moving my money there and moving it out again later if and when they no longer have the highest rate.
Unlike other banks, their web pages don't say when deposited funds start earning interest. I've asked the question via email just now and suggested they add the answer to their web site.
7:54 am
August 1, 2015
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netpi said
I received the acceptance email this morning and can see my initial deposit now posted in the account but on the account screen I cannot see any link for transferring money back and forth whether from or to EQ - at Tangerine for example, it's a simple process with a "Move My Money" link but I see nothing at EQ that approximates this - does anyone know how to move money on the on line screen?
You click the "Pay & Transfer" button at the top. It's used for transfers between EQ Bank accounts, between linked accounts, and for bill payments.
7:54 am
January 9, 2011
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netpi said
I received the acceptance email this morning and can see my initial deposit now posted in the account but on the account screen I cannot see any link for transferring money back and forth whether from or to EQ - at Tangerine for example, it's a simple process with a "Move My Money" link but I see nothing at EQ that approximates this - does anyone know how to move money on the on line screen?
Hopefully their system is good enough where that EFT transfer option will automatically appear once the hold funds period has ended.
EDIT: Ignore. Thanks above for the clarification.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
7:55 am
January 20, 2016
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file said
I use Interac e-Transfer for right now, I get them for free. (I have an account with a major five, I've reduced pricing as much as I can based on my needs).
Excuse my ignorance, I never used this kind of transfer, what is the difference to an EFT?
7:57 am
August 1, 2015
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An Interac e-Transfer is instant (well, can be up to 15 minutes or more). It also has different limits on sending.
7:59 am
January 17, 2016
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file said
netpi said
I received the acceptance email this morning and can see my initial deposit now posted in the account but on the account screen I cannot see any link for transferring money back and forth whether from or to EQ - at Tangerine for example, it's a simple process with a "Move My Money" link but I see nothing at EQ that approximates this - does anyone know how to move money on the on line screen?
You click the "Pay & Transfer" button at the top. It's used for transfers between EQ Bank accounts, between linked accounts, and for bill payments.
I see that link but when I access it, it provides no additional link for making a transfer
8:01 am
August 1, 2015
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You don't see your bank account in the From and To drop-downs? When I say it's all the same I really mean, it's all the same. There's no extra link. All are in the drop-downs.
8:04 am
January 20, 2016
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RicksBank said
Brand loyalty, loyalty to banks, stores and even employers has long been sucked out of my life. I feel no ill will to any of these but just go where I get the most for my time and money. They treat me that way and I do the same and no longer feel resentment about it.
Compared to 1.75% elsewhere, EQ is giving me $58 more per month on the $50k I'm moving there. Even if it only lasts for 1 month, it's worth the few minutes that I spent opening the account and moving the money. I've spent _way_ more time and effort just reading and posting to this thread than I have moving my money there and moving it out again later if and when they no longer have the highest rate.
Unlike other banks, their web pages don't say when deposited funds start earning interest. I've asked the question via email just now and suggested they add the answer to their web site.
Totally agree with your opinions
The interest should be earned starting the same day of the transfer initiation regardless when the money arrive or how long the holding period is... or else 
8:10 am
January 20, 2016
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file said
An Interac e-Transfer is instant (well, can be up to 15 minutes or more). It also has different limits on sending.
I see, thanks! But why do you need to send the money in when you can 'ask' for them from EQ for free... there is a limit but it is pretty high, if I remember well it's 30k...
8:13 am
August 1, 2015
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There's a 5 day hold, I'm going to see if I can use my EQ Bank also for bills. Money flowing in and out. Maximizing interest on my cash on hand as well as liquid savings and emergency.
8:22 am
February 14, 2014
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https://www.eqbank.ca/personal-banking/features-rates/savings-plus-account-fees-and-features
Have a look at the dollar limits, which vary from $2500 for an Interac e-Transfer to $30,000 for an outbound EFT. No limit on inbound EFT. Interac e-Transfer limits are daily ($2.5k), weekly ($10k) and monthly ($20k)
8:47 am
January 20, 2016
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RicksBank said
https://www.eqbank.ca/personal-banking/features-rates/savings-plus-account-fees-and-features
Have a look at the dollar limits, which vary from $2500 for an Interac e-Transfer to $30,000 for an outbound EFT. No limit on inbound EFT. Interac e-Transfer limits are daily ($2.5k), weekly ($10k) and monthly ($20k)
Clearly EFT is way better!
They say also: It typically takes one to two business days for funds to arrive in your EQ Bank account or to your external account after the EFT request is made.
I hope, as I already said earlier, we should get interest regardless. The hold period should also start right away...
8:52 am
January 20, 2016
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file said
There's a 5 day hold, I'm going to see if I can use my EQ Bank also for bills. Money flowing in and out. Maximizing interest on my cash on hand as well as liquid savings and emergency.
The possibility to pay bills from the savings account is also a way of getting more interest, usually you have to waste a day if you want to pre-authorize a bill payment. That's the reason I don't use the feature anymore!
10:49 pm
January 22, 2016
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I am sure they are profitable as they used your money to fund secure mortgages and HELOC at 7.5 - 10%, some at 12 %. Therefore, by paying you 3%, they still make the spread of 2-3% after broker commissions and Admin costs.
They also have commercial properties for earning additional income and commercial clients that can fund them for new construct projects / bridge loans too. Those rates can be high / very high based on risk profile. In addition, these kind of lending usually are secured by the land and down payment locked in at their bank.
They are just another Home Trust but new player in retail banking.
3:56 am
January 22, 2016
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I am also appalled that an upper official of the EQ team would publicly announce that it is a special offer. When I called in I was told that it is their interest rate and not a special offer to lure money.
I did, however, send them three $1.00 cheques which they will set up for transfers.
Here's hoping their lower rate, in whatever time, is still higher than others. I cannot see them going less than 2 1/4 or 2 percent and be able to save face.
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