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Email this5:49 pm
August 18, 2024
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Just came across this. The 30-day notice is an interesting concept, and I'm just wondering if it should be added to the chart? I feel like that could be a relatively popular product.
7:27 pm
August 30, 2023
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Looks like more people have started talking good about it lately. Encouraging.
9:18 pm
July 9, 2020
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I vote for EQ's Notice 30 (and Notice 10) rates be added to the HISA chart.
10:02 am
December 12, 2009
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I don't think it should be added to the HISA chart. Notice deposits are not demand deposits/savings accounts; thus, it doesn't meet the codified qualification criteria of the comparison chart.
We could, however, add it to the GIC comparison chart, as ultra short-term deposits of 10 day and 30 day terms, if others feel it would be useful.
I am actually exiting my Notice Savings Account and will be closing it. I can do better in a Scotiabank Investment Savings Account earning 3.2% with no withdrawal restrictions, and the spread between the 10- and 30-day is too tight. There's no compelling reason to go with a 30-day deposit anymore.
1:21 pm
August 30, 2023
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Doug said
I am actually exiting my Notice Savings Account and will be closing it. I can do better in a Scotiabank Investment Savings Account earning 3.2% with no withdrawal restrictions, and the spread between the 10- and 30-day is too tight. There's no compelling reason to go with a 30-day deposit anymore.
10-day could be useful as ultra-short GIC. It's current rate is 3%.
With regards to the Scotiabank account does it have a minimum amount to be kept? Like 10K, than the comparison is not correct. It might not be applicable directly to the ISA but to the account but still it is a cost for us.
3:53 pm
July 9, 2020
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Doug said
I am actually exiting my Notice Savings Account and will be closing it. I can do better in a Scotiabank Investment Savings Account earning 3.2% with no withdrawal restrictions, and the spread between the 10- and 30-day is too tight. There's no compelling reason to go with a 30-day deposit anymore.
I was surprised too the spread was so tight (3.0% and 3.05%, respectively) following their change after the recent BoC rate drop. Agreed there are higher rates, currently. But this changes frequently...hence the usefulness of this site! Before this change EQ was higher than very many. For example it was higher than Saven for months.
On that note, their personal savings account, with the Bonus rate, is higher at 3.5%. Using the account as an everyday banking account can get this. Sadly I cannot qualify for either the New Bonus Interest Rate nor the equivalent Recurring Deposits Bonus Interest Rate. Though I've read some people have contacted EQ and received an exception. I wonder what works for that beyond having a low income...
I still strongly support EQ Bank's disruption to the banking industry. Keep it up; we need change!
4:01 pm
July 9, 2020
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Doug said
I don't think it should be added to the HISA chart. Notice deposits are not demand deposits/savings accounts;
Philosophically it is a savings account.
I recognize the grey area of it belonging on the GIC chart instead. EQ bank likely implements it as a very short term GIC.
Doug said
thus, it doesn't meet the codified qualification criteria of the comparison chart.
I'm curious. Do you have a link to this? I cannot find it.
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