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Email this5:19 pm
November 3, 2022
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Now that EQ's rates brought me in for an RRSP GIC, which has a beneficiary option, I'm looking at a non-registered GIC. And I've been reminded that EQ doesn't offer joint GICs, unlike the other FIs that I have accounts with. That makes it slightly less attractive to put a lot of my funds in EQ GICs, since Mrs. Rail Baron could not be a co-owner of them.
Anyone know why EQ would not be offering joint accounts for GICs? It seems like one of the few online banking categories they are not providing.
5:30 pm
October 21, 2013
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It seems they get the business they want without joint GICs.
They've been told numerous times by people on this forum that this is what we want.
I still have an account with them but I have no money there, and this is one of the reasons. I basically don't care what their rates are if they aren't meeting my needs. They also don't offer chequing, which I require, and my experience with customer service has not been exemplary. So, no dice.
6:15 pm
January 12, 2019
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.
Almost every online FI has it's quirks. No joint GICs @ EQ is one of theirs ... it's part of their 'Modus Operandi'.
Another good example would be No registered SAs @ Oaken Financial, in spite of their having registered GICs. It gets people pissed-off, but like EQ they don't seem to care.
'Roll With The Punches' ... and carry on. 
- Dean
" Live Long, Healthy ... And Prosper! "
7:47 pm
November 3, 2022
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While I might buy a small GIC from EQ without the joint account option, it certainly leaves me less likely to move large sums into their GICs, especially for more than one year. Fortunately, their highest interest rate is for a one year GIC, so I will probably tempt fate and buy one as the sole account holder.
Banks set their rules, and if we don't like them, we can shop elsewhere. That was certainly why I avoided Oaken for registered GICs, once it became clear they had no registered savings account to pair with them.
9:07 pm
October 21, 2013
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Spouse and I used to have a fair bit of registered funds at Oaken but have now moved out almost all of it due to lack of reg'd savings and inferior rates. We are just waiting for one very small TFSA to mature next year.
It's up to you, of course, but I wouldn't accept the one year solo from EQ. I just get tired of the games these places play, of being pushed into investments I'm not happy with, and of having to keep track of them all. Something else as good or better will likely come along. Try a deposit broker. As I write, Haventree Bank is offering 5.57 on one year through deposit broker, and I know Ht offers joint.
3:48 am
June 8, 2023
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Rail Baron said
Now that EQ's rates brought me in for an RRSP GIC, which has a beneficiary option, I'm looking at a non-registered GIC. And I've been reminded that EQ doesn't offer joint GICs, unlike the other FIs that I have accounts with. That makes it slightly less attractive to put a lot of my funds in EQ GICs, since Mrs. Rail Baron could not be a co-owner of them.Anyone know why EQ would not be offering joint accounts for GICs? It seems like one of the few online banking categories they are not providing.
Slightly off topic but if you send 10 verification codes to your email in a short period of time your account shuts down and you get locked out of your account online or in the app. The same with verification codes for the EQ bank card.
6:55 am
April 6, 2013
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Loonie said
…It's up to you, of course, but I wouldn't accept the one year solo from EQ. I just get tired of the games these places play, of being pushed into investments I'm not happy with, and of having to keep track of them all. Something else as good or better will likely come along. Try a deposit broker. As I write, Haventree Bank is offering 5.57 on one year through deposit broker, and I know Ht offers joint.
EQ Bank has its challenges. I don't think they are intentional. I suspect their computer staff did a hack to implement joint savings accounts and, for some reason, the hack does extend to the GIC's associated with the joint savings account.
According to the GIC agreement, all EQ Bank GIC's have to be related to a savings account:
You must maintain your status as a Savings Plus Account account holder in order to be or remain eligible to maintain and invest in an EQ Bank GIC. Similarly, you must maintain an RSP Savings Account in order to remain eligible to maintain and invest in an RSP GIC within your RSP Plan, and you must maintain a TFSA Savings Account in order to remain eligible to invest in a TFSA GIC within your EQ Bank TFSA.
But, the GIC's associated with a joint savings account are owned by just one of the joint holders of the related savings account!
7:13 am
April 6, 2013
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One could check with a deposit broker that offers Equitable Bank GIC's instead of going through the EQ Bank site to see if Equitable Bank has challenges issuing joint GIC's too in that channel.
The rates are actually better for 2 year to 4 years via the deposit broker channel!
| Issuer | 1 year | 2 year | 3 year | 4 year | 5 year |
| Equitable Bank (via EQ Bank site) |
5.20% | 5.15% | 5.00% | 4.70% | 5.00% |
| Equitable Bank (via deposit broker) |
5.16% | 5.16% | 5.07% | 4.78% | 4.82% |
9:00 am
January 9, 2011
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Norman1 said
Loonie said
…It's up to you, of course, but I wouldn't accept the one year solo from EQ. I just get tired of the games these places play, of being pushed into investments I'm not happy with, and of having to keep track of them all. Something else as good or better will likely come along. Try a deposit broker. As I write, Haventree Bank is offering 5.57 on one year through deposit broker, and I know Ht offers joint.
EQ Bank has its challenges. I don't think they are intentional. I suspect their computer staff did a hack to implement joint savings accounts and, for some reason, the hack does extend to the GIC's associated with the joint savings account.
According to the GIC agreement, all EQ Bank GIC's have to be related to a savings account:
You must maintain your status as a Savings Plus Account account holder in order to be or remain eligible to maintain and invest in an EQ Bank GIC. Similarly, you must maintain an RSP Savings Account in order to remain eligible to maintain and invest in an RSP GIC within your RSP Plan, and you must maintain a TFSA Savings Account in order to remain eligible to invest in a TFSA GIC within your EQ Bank TFSA.
But, the GIC's associated with a joint savings account are owned by just one of the joint holders of the related savings account!
That's what is so bizarre about EQ. Dictating a dedicated tie in between HISA and GIC, yet not defaulting to the GIC being in the same name(s) as the HISA. As the money must come from, and then go back to, the same HISA, what could be more logical.
I wrote them and phoned at least 2 years ago, and multiple times over the years about their lack of joint GICs (and their refusal to lift holds to buy a GIC for 6 business days). I gave up. Now I just have TFSA GICs with successor holder on the account, waiting until their expiries to most likely transfer elsewhere. No charge for transfers, I believe.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
9:10 am
April 14, 2021
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dougjp said
Now I just have TFSA GICs with successor holder on the account, waiting until their expiries to most likely transfer elsewhere. No charge for transfers, I believe.
EQ does not levy a service charge for TFSA account transfers.
12:58 pm
October 21, 2013
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We shouldn't look for excuses for EQ.
Their system is quite intentional and they are aware of what they are doing.
We do have joint savings account with them.
Nobody has ever reported being able to get a joint GIC, no matter what their circumstances.
In general, I have found EQ to be uncooperative and unfriendly. My impression is that customer service is not at all important to them. So be it. It would take a lot to get me to put any money there, but there is always hope! For 6.5%+, I can be bought - at least today! That allows for my fee for crappy service.
9:35 am
November 3, 2022
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I've decided to forge ahead with a GIC at EQ, despite their quirk of having an individual certificate tied to a joint savings account.
In the three years that I have been investing a growing share of my assets in GICs and ISAs, I have observed that there is no one perfect FI. Each one offers advantages and disadvantages (independent of their rates) and my approach to this diversity is choosing to place different funds and terms that fit best with my investment needs.
So for EQ, I'll place small GICs at 1 year rates, in both an RRSP and non-registered account. If I have more room in the other CDIC insured FIs that I use in a year, I'll probably move that money to a joint GIC then. But for now, the time and effort of moving money into a relatively small EQ GIC fits my needs better than setting up a new account with Motive, which is next on my list of FIs to add - if and when I need to.
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