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EQ Bank vs Equitable Bank (Same Company Different Products)
December 19, 2023
5:46 pm
maxifunds
Quebec
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Was looking at Equitable Bank , owners of EQ Bank which is their banking branch/brand.

Equitable Bank seems to also offer "fund-like" HISA account.
https://www.equitablebank.ca/invest-and-save/high-interest-savings-accounts

Wonder if anyone looked into that, or just getting feedback from users of EQ Bank or Equitable Bank.
Anyone experienced or tried opening an account at Equitable (instead or as well as EQ)

I see it could be a good alternative for me (in Quebec) in moving out of Tangerine now that they have gone on the cheaper side of things.

Few things noted :

  • EQ and Equitable being the same institution, they are "aggregately" covered by CDIC.
  • Their Concerta Acquisition seems to have been bundled up into some Equitable products
  • Equitable Trust seems to be yet another division but they talk about Concerta in their Trust section.
  • They seem to have been fast in their assimilation/acquisition as everyone seems to have @EqBank.ca e-mail's (adding to the confusion of Equitable vs EQ)
  • They have a USD HISA at 4.65 % ! Wow!
    • December 19, 2023
    6:32 pm
    Norman1
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    Equitable Bank does not offer their Equitable Bank-branded deposit products directly to consumers. Those products are offered only through deposit brokers, investment dealers, and advisors.

    That Equitable U.S. High Interest Savings Account is only available through an advisor or dealer who is on the FundSERV mutual fund ordering system.

    December 19, 2023
    7:05 pm
    AltaRed
    BC Interior
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    I might add that Concentra Bank is a separately insured CDIC entity and its products, like Equitable Bank, are also offered only through deposit broker, investment dealers, and advisors. Their GIC rates, as an example, mirror Equitable Bank GIC rates, at least at Scotia iTrade.

    I am not sure what EQB is going to do with Equitable Trust but it still appears to underwrite mortgages and market the EQT ISA. Most of the 'trust' business seems to be conducted via the Concentra Trust entity.

    In any event, EQB now has 4 separate CDIC insured entities.

    December 20, 2023
    7:08 pm
    maxifunds
    Quebec
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    Great feedback from greatly informed people.
    I appreciate the feedback.

    Since you mentioned that Scotia ITrade carried it, i just checked Desjardins' Disnat and those HISA's are available there.

    Both EQB and ETR versions (although the US ones are not under ETR).

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