EQ Bank launches first-of-its-kind Notice Savings Account to help Canadians make more

JUN. 4, 2024

  • New, flexible savings account offers high interest rates to all customers equally, with convenient access to funds
  • The more notice, the better the savings rate – EQ Bank customers earn 4.50%* or 5.00%* with 10 or 30-day withdrawal notice periods
  • With no fees and no minimum balance requirements, this first-of-its-kind account in Canada is perfect for rainy day funds and short to mid-term savings goals
  • New EQ Bank survey highlights missed opportunity – 60% of Canadians use chequing accounts to save, but only 19% earn interest on these deposits

TORONTO, June 4, 2024 /CNW/ - EQ Bank, Canada's Challenger Bank driving change in banking to enrich lives, is helping Canadians make the most of their savings with the launch of its new Notice Savings Account. With no minimum balance requirements and no fees, the EQ Bank Notice Savings Account is a first-of-its-kind account in Canada. Customers can choose between 10 and 30-day notice periods to withdraw their money to earn 4.50%* and 5.00%*, respectively. The ability to earn competitive interest paired with easy, flexible access to money makes Notice Savings Accounts an optimal choice for rainy day funds and other short to mid-term savings goals.

"The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, SVP and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want."

Notice Savings Accounts are the optimal vehicle to park savings, maximize earning potential and maintain liquidity  

Designed to accommodate Canadians' diverse savings goals, the EQ Bank Notice Savings Account offers:

  1. Flexibility: You have the freedom to deposit funds when you want while enjoying the flexibility to withdraw at 10 and 30-day notice periods, increasing savings while ensuring liquidity in an all-digital experience opened in minutes.  
  2. High interest rates for saving goals of any horizon: With attractive interest rates that help you earn 4.50%* or 5.00%* on every dollar, including through the withdrawal notice period, the EQ Bank Notice Savings Account offers a secure and rewarding avenue to grow savings over time – no matter your goal.
  3. Equal access: All customers receive the same rate with no limited time offers, no fees, no minimum balance requirements and no preferential treatment. This means you can take control of your finances and save how you want, knowing you earn consistently high rates.
  4. Security and stability: Backed by EQ Bank, the digital arm of Equitable Bank, and its proven track-record and commitments to security and stability, customers can trust that their savings are safeguarded by Canada's seventh largest bank. All EQ Bank deposit products, including the Notice Savings Account, are eligible for CDIC deposit insurance†.

EQ Bank survey finds Canadians are saving, but saving method calls for mindset shift

In support of the Notice Savings Account launch, a new survey – conducted by EQ Bank among members of the online Angus Reid Forum – uncovered that the majority (89%) of Canadians are saving towards short and mid-term goals, but many aren't reaching their full savings potential.

Today, Canadians are the most likely to save for travel (61%), home renovations/repairs (41%), car purchase/repair (36%), managing irregular income (25%) and home purchase/down payment (22%) in the short and mid-term. Additionally, the survey found that just over half (55%) of Canadians contribute to a rainy day fund, with younger Canadians 18-34 (60%) and 35-54 (63%) outpacing those 55+ (45%).  

Canadians use a variety of products to reach these short and mid-term goals, but traditional chequing accounts took the top spot – 60% of Canadians use these accounts to save. However, when only 19% of Canadians reap the benefit of earning interest on money held in chequing accounts, it's clear they could be taking advantage of better options to reach their short and mid-term goals faster.  

The survey also found that Canadians far prefer banks that offer all customers the chance to earn higher interest due to loyalty or engagement (57%) or the same interest rate to all customers (25%) rather than higher rates for more deposits (13%) and periodic promotions even when it means they may miss out (5%).

"We recognize that every dollar counts for many Canadians, no matter your walk of life or personal circumstances. Whether you're saving for a holiday or school, contributing to rainy day emergency funds or managing irregular income, our promise at EQ Bank is to help Canadians make bank on their terms with products that help get you there faster," continued Poddar. "We've heard loud and clear that Canadians prefer equal access to the same opportunity rather than promotional or preferential rates offered to only a select group of customers. Our Notice Savings Account is the next extension of our mission to drive change in Canadian banking, and we're proud to bring it to market."  

To learn more about EQ Bank's Notice Savings Account and whether it's the right fit for your goals, visit eqbank.ca/notice-savings-account.

To learn more about EQ Bank, including its Personal Account that offers high interest and no fees on everyday banking, a full range of registered products and the EQ Bank Card that reimburses all ATM fees across Canada, visit eqbank.ca.

About EQ Bank

Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. As Canada's Challenger Bank™ and seventh largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to over 639,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX: EQB and EQB.PR.C), a leading digital financial services company with $123 billion in combined assets under management and administration (as at April 30, 2024). Through its digital EQ Bank platform (eqbank.ca), its customers have named it one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

To learn more, please visit  eqb.investorroom.com or connect with us on LinkedIn.

About the survey

These are the findings of a survey conducted by EQ Bank from April 24-26, 2024, among a representative sample of 1,504 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

† Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Media contact:

Maggie Hall
Director, PR & Communications
maggie.hall@eqbank.ca
437-214-2442

SOURCE EQ Bank

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