5 benefits of a Savings Plus Account
Last updated: February 3, 2021
So you’re considering getting yourself a Savings Plus Account… That’s a smart step toward making the most of your money.
Let’s take a look at five quick and easy ways you can earn time and money when you sign up.
1. Just say no to fees
Some banks charge monthly fees on their bank accounts—to use your own money.
And even if some of those banks are willing to waive their monthly fees, conditions may apply, like maintaining a minimum balance (that earns little to no interest).
Not us! We believe your money is your money (radical, but true), and if you were to cut the cord with your existing account provider , all of your money could earn a lot more interest.
2. Multi-task all in one place
Shouldn’t banking be a do-everything-in-one-place experience? Like, why split and transfer money between chequing and savings accounts?
On top of that inefficiency, a traditional chequing account usually offers low to no interest, while a run-of-the-mill savings account is often super restrictive, with limits on transactions or withdrawals.
Here at EQ Bank, we keep it simple with our hybrid Savings Plus Account that does away with the hassle of shuffling money between chequing and savings, while offering a pretty sweet interest rate.
You get the best of both worlds by having an account that pays you high interest on every dollar and offers an unlimited number of transactions—so you can pay bills and send free Interac e-Transfers® all from a single account. That’s time and money in the bank.
3. Make your money moves—easily
Speaking of Interac e-Transfers®, did you know they’re a free, fast, and secure way to move money between EQ Bank and your other bank accounts?
You can use the same email address or cell (SMS) number to send and receive money this way, provided you don’t have auto deposit enabled (if you do, you may need to disable it first to be able to send money to yourself).
If you’re looking to move larger amounts (as in more than $3,000/day), you can send it to or from one of your linked external bank accounts with your EQ Bank account—existing customers can simply sign in and click on the "Transfer" button to get started.
By the way, should you ever get stumped on which money move is right for you, don’t worry, we’ve got you.
4. Compound that interest
Let’s be real, interest is what you came here for. And a good way to earn as much as you can is to keep money in your account for as long as possible.
Why? Because interest on your account is compounded, meaning what you earn in interest is continually added to your savings. So as you continue to earn interest on your total savings, the interest you earn also earns interest—like a snowball.
One way you can try to keep as much money in your Savings Plus Account for as long as possible is to use a credit card for your everyday spending.
Then before your credit card balance due date, you can withdraw money from your account to pay off your credit card balance in full. Your money doesn’t leave your account immediately, like it would with a debit card, allowing you to keep it in your account for longer—which earns you more interest.
5. Interest for everyone, every day
Have you ever been with a bank since forever, only to see new customers lured in by great promotional rates that don’t apply to you?
Or even if you can snag that promotional rate, it may come with plenty of caveats, like the rate only applies to some of the money (typically new deposits) in your bank account, and only for a brief window of time.
At EQ Bank, our brand-new and long-term customers get the same great rate, even-steven, on every dollar, not just new deposits.
We may be biased, but we think opening a Savings Plus Account is pretty smart banking. Knowing how to get the most out of it? That’s just plain savvy.
Any information provided in this article is for information purposes only and is not intended to constitute financial advice. You should seek the advice of a qualified professional or undertake your own research before making financial decisions.