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Email this7:16 am
January 30, 2021
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Anyone taken advantage of this? Thoughts on how long the rate will stay up?
EQ Bank
"A Notice Savings Account is perfect for those looking for a high interest rate while keeping access to your funds. How it works A Notice Savings Account is perfect for those looking for a high interest rate while keeping access to your funds."
You can choose:
A 4.50% interest rate and withdrawals take 10 days.
A 5.00% interest rate and withdrawals take 30 days.
7:40 am
April 6, 2013
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I did.
Delayed withdrawal can only be requested for the part of the notice account balance not subject to a hold. So, if one pulls funds into the EQ Bank 30-day notice account, one won't be able to request a delayed withdrawal until after the hold expires in five business days. The incoming funds would then be committed for about 37 calendar days.
Like a term deposit, if EQ Bank reduces the rate, one is stuck for the 10 days or 30 days of required notice for withdrawals unless one has requested a withdrawal earlier. Unlike a term deposit, the reduced rate would take effect right away and not when a withdrawal notice period ends.
8:01 am
November 8, 2018
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I use it: 5% interest for funds available on relatively short notice is nothing to complain about these days.
If you are already with EQ, Notice account is easy to set up, easy to move money to, easy to request withdrawal.
Not sure how long will 5% last, but I suspect - not for long. Hopefully, inevitable decline in interest rate of Notice account will be gradual, just like with regular HISA.
9:42 am
January 12, 2019
Online
Cdn Catlady said
. . . Thoughts on how long the rate will stay up? . . .
The present rates (4.50% & 5.00%) are subject to change at 'Any' time.
Your guess is as good a Joe's 
- Dean
" Live Long, Healthy ... And Prosper! "
9:55 am
April 14, 2021
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Don't forget the fact that it may take awhile to empty a 30d account. If you deposit funds Aug 1 and request transfer Sept 1, the interest you earn over the month will deposit on Sept 1. You must then make 30d request for that money to move on Oct 1. Meanwhile, any interest you earn on that interest will arrive on Oct 1 and you cannot move it until Nov 1. So, this nearly endless round-about game can go for several months before all funds are removed from a 30d account.
12:32 pm
November 8, 2018
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If you keep under CDIC insured limit in Notice 30 days account, withdrawing meaningful amounts of interest earned will take just 1 month, even with 5% interest.
Deposit $100K Aug 1 and request withdrawal on Sept 1. Interest income by Sept 1: $416
Request withdrawal of $416 on Oct 1. Interest income by Oct 1: $1.70.
----------------------
I can just ignore $1.70, or wait one more month until it moves to Savings. Interest income on $1.70 is under $.01 and won't be posted. Notice account is empty now.
4:58 pm
August 30, 2023
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My Simplii offer is done today 31 July. I will be moving the funds to EQ 30 Day Notice. Looks like the best option if I cannot put the funds in a 1 year GIC.
Thinking of going above 100K any thoughts?
5:23 am
August 30, 2023
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Norman1 said
I did.Delayed withdrawal can only be requested for the part of the notice account balance not subject to a hold. So, if one pulls funds into the EQ Bank 30-day notice account, one won't be able to request a delayed withdrawal until after the hold expires in five business days. The incoming funds would then be committed for about 37 calendar days.
Do we get the interest for the entire period of about 37 days?
8:26 am
April 6, 2013
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Yes.
The funds notice has been given on remain in the EQ Bank 30-day notice account until the withdrawal actually occurs. The funds continue to earn the expected interest until then.
Some notice accounts move the funds out to a term account, with a different interest rate, when notice is given, and then provide the funds out of the term account when the notice period is over. The EQ Bank notice accounts don't do that.
2:50 pm
August 30, 2023
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Norman1 said
Yes.The funds notice has been given on remain in the EQ Bank 30-day notice account until the withdrawal actually occurs. The funds continue to earn the expected interest until then.
Some notice accounts move the funds out to a term account, with a different interest rate, when notice is given, and then provide the funds out of the term account when the notice period is over. The EQ Bank notice accounts don't do that.
Thank you Norman1. I made my first deposit into the 30 Day.
5:27 pm
December 12, 2009
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Like Norman, I did as well. Nearly all of my non-registered cash is now with EQ Bank Notice Savings Account, with some smaller amounts in the EQ Bank Savings Plus Account. Good product; well-designed and easy to give notice of withdrawal, too. Only gripe is lack of a registered version of the Notice Savings Account.
Registered cash continues to be held in the DYN6001 (BNS).
Cheers,
Doug
6:29 pm
November 3, 2022
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Does the Notice Account count as a different category of savings account for separate 100k CDIC coverage?
I discovered that that EQ's USD and CAD savings accounts did not count as separate accounts and the total funds in both were covered by the CDIC's 100k maximum, which is partly why I shifted my USD savings elsewhere.
7:10 pm
August 30, 2023
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Doug said
Like Norman, I did as well. Nearly all of my non-registered cash is now with EQ Bank Notice Savings Account, with some smaller amounts in the EQ Bank Savings Plus Account. Good product; well-designed and easy to give notice of withdrawal, too. Only gripe is lack of a registered version of the Notice Savings Account.Registered cash continues to be held in the DYN6001 (BNS).
Have you gone over the CDIC limit with the EQ Notice Account or EQ Accounts as a whole?
So Registered cash is all converted to USD? DYN6001
7:27 pm
April 6, 2013
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The EQ Notice accounts don't have a separate CDIC deposit category. They are in category #1 along with other non-registered, non-joint deposits:
- Deposits held in one name
- Joint deposits
- Deposits held in an RRSP
- Deposits held in an RRIF
- Deposits held in an FHSA
- Deposits held in a TFSA
- Deposits held in an RESP
- Deposits held in an RDSP
- Deposits held in trust
8:25 am
January 1, 2018
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Dean said
Cdn Catlady said
. . . Thoughts on how long the rate will stay up? . . .
The present rates (4.50% & 5.00%) are subject to change at 'Any' time.
Your guess is as good a Joe's
Dean
Just got an email from EQ that the 30 Day notice rate has dropped a whopping .75% overnight to 4.25%. We have TFSAs with EQ, and was going to take a serious look at moving a good chunk of our uncommitted Cash into this type of account, but likely not worth the bother now. 🙁
Edit: after reading the 'fine print' looks like they're just playing catch-up, since rates held steady during the prior 2 BofC rate reductions since June. Oh well.
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