When did a savings account become an “I can do it all” account?

October 1st, 2018

Saving for a rainy day

When did you open your first savings account? When you were a kid and your parents told you that you needed to save half of your birthday money for a rainy day or a big purchase? Whether it was a new bike, a new car or your education, that money was set aside for the long-term and you didn’t touch it until you’d reached your goal. That’s what a savings account was for. Accumulating money for a purpose and earning interest on the growing balance.

Convenience at a price

And when did you open your first chequing account? When you got your first job? By now you may have had regular expenses that needed to be paid, and you needed to access the money regularly.  Yes, you had to pay fees, and there was little to no interest, but you needed those services that made your life more convenient. Pay your bills, make e-transfers, set up pre-authorized payments, maybe a transfer to the savings account if you had a little extra.

You can’t have it all?

But what if yesterday’s savings and chequing accounts could be combined into one account, with the ability to pay those bills, make those transfers and manage those payments, all while earning an everyday high interest rate? And what if you didn’t have to pay monthly fees to manage your own money? Why can’t you have it all, in one flexible, digital, mobile-friendly solution? Is that too much to ask?

The features you need, the interest you want

We don’t think it is, and we’ve created one best-in-class account that has all of the features you need for your day-to-day banking, while also building your account balance with great interest rates. The EQ Bank Savings Plus Account has it all – the services you need, the interest you want, and unlimited transactions* with no monthly fees.

You can manage your money effortlessly.  Make deposits on the go, with our mobile cheque deposit feature. Pay your bills seamlessly with unlimited bill payments. Move your money to where you need it, when you need it, with free electronic funds transfers and unlimited EQ to EQ account transfers. And did we mention the five free Interac e-Transfers® each month? The Savings Plus Account has all this with no minimum balance and no monthly fees.

It’s a win-win

And while you’re managing your day-to-day finances, the Savings Plus Account is still working for you to earn higher interest on your balance. With its everyday high interest rate, your balance is growing, rather than being eaten up by fees. You can also set up savings goals within the account, and track your progress against them. It’s a win-win for the side of you that likes convenience and flexibility and the side of you that knows you need to save.

*Does not include Interac e-Transfers®, which are limited to five per month.