5 money moving tips to make the most of your EQ Bank account

Everyday Banking

It’s no lie that you and your bank account have a great relationship. It holds your money, builds interest, and doesn’t whisper “groceries in the fridge” when you extract that money for another night of takeout. Despite this, when was the last time you considered the other things your bank account has to offer? With money movement being a huge component of banking, and this digital age making that function easier than ever, here are five money moving tips to make the most out of your EQ Bank account.

In and out of EQ Bank from other financial institutions

Since variety is the spice of life, you may have bank accounts at more than one financial institution. Chances are you will want to move that money from one account to the other. Perhaps you’d like to take cash from your EQ Bank Savings Plus Account and deposit it into your TFSA (Tax-Free Savings Account) at a different bank? Maybe you’d like to set up recurring transfers from a chequing account to your savings account at EQ Bank? By using Electronic Funds Transfers [EFTs] and linking your EQ Bank account to one at another bank, you can move CAD in and out with ease and with zero fees attached. Since we’re a fully digital bank, this is a beneficial money moving option.

To family and friends with International Money Transfers

A wise person once said, “A friend in need is a friend indeed.” It just so happens that sometimes that need is money, and sometimes that friend is a family member. Whether you are helping a loved one during a tough time or paying a back a friend in a pinch, the ability to seamlessly send money to an international location is important. EQ Bank offers International Money Transfers powered by Wise, to send fast and cheap transfers from your EQ Bank Account, through online banking or the mobile app. With funds generally arriving within three business days (and sometimes faster), you can expect your MVP(erson) award shortly thereafter.

Interac e-Transfers®

Isn’t there something so satisfying about the thought of sending or receiving money from the comfort of your couch? With Interac e-Transfers® through your EQ Bank account, you will be able to indulge in that satisfaction - any day, at any time! Not only is an Interac e-Transfer® fast and efficient, but you can rest easy knowing that they are secure and will not cost you a dime. Use  e-Transfers® through your  EQ Bank Savings Plus Account or your Joint Savings Plus Account to pay or get paid.

EQ to EQ transfer to other EQ Bank account holders

Another money moving option is to keep it in the family – the EQ family, that is. At no charge, you can transfer funds from your EQ Bank account to another individual with an EQ Bank account. Simply initiate an EFT through EQ Bank’s mobile or online banking application by clicking the “Transfer” option and then choosing “Transfer to EQ Connection.” You can send up to $30,000 per day (as opposed to a maximum of $3,000 per day for Interac e-Transfers®) and funds will be deposited immediately.

Between your own EQ Bank accounts

If you have more than one account at EQ Bank, you can shift your money from one to the other. In addition to the high-interest savings account (Savings Plus Account and Joint Savings Plus Account), EQ Bank offers a TFSA Savings Account, an RSP Savings Account, GICs (Guaranteed Investment Certificates), and a US Dollar Account. You can safely and seamlessly move money for one-time only transfers or set up recurring transfers between accounts. For instance, if you would like to make monthly contributions to your TFSA Savings Account from your Savings Plus Account, you can do so at no expense. Just sit back watch that rainy-day fund pile up!

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