EQ Bank Notice Savings Account review

How does the EQ Bank Notice Savings Account work?

The Notice Savings Account is an EQ Bank high interest savings account, but it works a little differently to a regular high interest savings account. While it pays a high interest rate on your balance, you can’t access your funds instantly when you want to make a withdrawal. Instead, you’ll have to give either 10 or 30 days’ notice before making a withdrawal.

The longer the notice period you select, the higher interest rate your account offers — 3.65% vs 3.5%. Of course, the downside is that you’ll need to wait an extra 20 days before you can access your money.

Who is the EQ Bank Notice Savings Account best for?

The EQ Bank Notice Savings Account is best for anyone who:

• Wants a high savings account interest rate
• Doesn’t mind waiting 10 or 30 days before making a withdrawal

In other words, you’ll need to be able to cope financially for a short period if an unexpected but urgent bill comes in, such as if your car breaks down and needs immediate repairs to get back on the road. If you’ll be able to manage in the meantime until the 10- or 30-day notice period ends, the high interest rate of this account makes it a good choice to help you reach your savings goals sooner.

What we like about the EQ Bank Notice Savings Account

• Competitive interest rates

You can earn either 3.5% or 3.65% interest with the Notice Savings Account. That’s one of the best rates on the Canadian market compared to other ongoing savings account interest rates available.

The high interest rate on the EQ Bank Notice Savings Account doesn’t just apply for a short introductory promotional period — the rate is ongoing while your account remains open. Interest rates aren’t calculated using a tiered structure either, so the same rate will apply regardless of whether you have $5 or $5,000 in your account.

• No monthly fee

There is no monthly or annual fee attached to this account, and there are no fees for making deposits or withdrawals. This means you don’t have to worry about bank fees chipping away at your savings and offsetting the interest you earn.

• No minimum balance requirement

There’s no minimum balance required to open an account or earn the maximum interest rate. The maximum combined amount you can hold in your EQ Bank Notice Savings Account, US Dollar Account and Personal Account is $200,000.

• Unlimited deposits and withdrawals

Unlike a GIC, which typically doesn’t allow you to make extra deposits, you can deposit funds into the EQ Bank Notice Savings Account at any time.

When you need to access your money, it’s free to withdraw funds from your account at any time, and you can also make unlimited withdrawals as needed.

• CDIC protection

EQ Bank is a trade name of Equitable Bank, which is a member of the Canada Deposit Insurance Corporation (CDIC). As a result, deposits you make to your account are eligible for CDIC protection up to $100,000.

• Manage your money via online and mobile banking

It’s easy to check your savings balance, make deposits and give notice of a withdrawal using EQ Bank’s online and mobile banking platforms.

Dive deeper: Compare all EQ Bank savings account options

What are the downsides?

• You’ll need to wait to access your money

You’ll need to provide 10 or 30 days’ advance notice to make a withdrawal from your account. So if you want to be able to access your money instantly at any time if a financial emergency arises, you’ll need to consider other account options.

• Not suitable for day-to-day banking

You can’t use the Notice Savings Account to send and receive e-Transfers, pay bills, withdraw cash at ATMs or pay for purchases. You’ll need to consider your chequing and hybrid account options instead if you need an account to manage everyday transactions.

• Hold on external deposits and withdrawals

If you deposit money into your Notice Savings Account from an external linked account, a 5-business-day hold applies. This hold does not apply if you send a deposit from an EQ Bank Personal Account or Joint Account.

An additional 2-3 day processing period applies when you withdraw funds to an externally linked account.

• No physical branches

EQ Bank is a digital bank with no physical locations. So if you like the flexibility of being able to pop into your nearest branch and access face-to-face customer service, you’ll need to choose a savings account from another bank.

• You also need to open an EQ Bank Personal Account

You’ll need to open an EQ Bank Personal Account before you can open an EQ Bank Notice Savings Account. This won’t be a problem if you’re searching for a hybrid account that offers unlimited transactions and also pays interest on your balance, but it may not suit your needs if you already have a chequing account you’re happy with.

• Not available in Quebec

The Notice Savings Account is not available in the province of Quebec, so Quebecois will need to consider other high interest savings accounts.

Related: Best high interest savings accounts

Compare other savings accounts

What is the interest rate for the EQ Bank Notice Savings Account?

The interest rate you get depends on whether you choose a 10 Day or 30 Day Notice Savings Account. The longer the notice period you choose, the higher the interest rate you’ll get:

• 10 Day Notice Savings Account: 3.5%
• 30 Day Notice Savings Account: 3.65%

The interest rate applies to every dollar in your account, and you’ll continue to earn interest during the notice period. Interest is calculated daily on the total closing balance and paid monthly.

Does EQ Bank still offer the Savings Plus Account?

Yes, the Savings Plus Account still exists, but with a different name. As of January 2024, the EQ Bank Savings Plus Account was renamed the Personal Account.

The Personal Account combines the features of a savings account and a chequing account. It has no monthly fee or minimum balance requirement, and it pays 2% interest as standard. However, you can earn as much as 3.75% interest for up to 12 months if you direct deposit your pay of at least $2,000 per month.

At the same time, the EQ Bank Personal Account also supports unlimited monthly transactions, free e-Transfers, and free withdrawals at any ATM across Canada. Find out more in our Personal Account review.

EQ Bank Personal Account

EQ Bank Personal Account

Earn up to 3.75% interest on your balance for 12 months and enjoy no fees on everyday banking plus unlimited transactions and no minimum balances. Sign up online in minutes.

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Does the EQ Bank savings account have a minimum balance requirement?

No. The EQ Bank Notice Savings Account does not have a minimum balance requirement. You also don’t have to keep your balance above a certain level to earn the maximum advertised interest rate — the same rate applies regardless of whether your balance is $10 or $10,000.

EQ Bank Notice Savings Account fees and access

Type of fee	Fee details
Monthly fee	$0
Deposit fee	$0
Withdrawal fee	$0
Interac e-Transfers	Not available
ATM withdrawals	Not available
Bill payments	Not available
Preauthorized debits or credits	Not available
Cheque deposits	Not available

Is EQ Bank legit?

EQ Bank is a digital bank that was launched in 2016. It has no physical branches and is owned by Equitable Bank, which was founded in 1970 and manages over $74 billion in assets.

EQ Bank is also a member of the Canada Deposit Insurance Corporation (CDIC), so eligible deposits of up to $100,000 in a Notice Savings Account are covered by CDIC insurance.

EQ Bank customer reviews and ratings

EQ Bank reviews are generally quite mixed. The bank receives positive feedback for its high savings account interest fees, no fees and excellent customer service. However, customers who left negative reviews mentioned factors such as the difficulty of changing the phone number linked to their account, poor customer service and having their account blocked for security reasons.

BBB accredited	No (Equitable Bank)
BBB rating	A+ (Equitable Bank)
BBB reviews	1 out of 5 stars, based on 4 Equitable Bank customer reviews
Trustpilot	2.6 out of 5 stars, based on 124 EQ Bank reviews
Apple App Store	4.9 out of 5 stars, based on 317 EQ Bank Mobile Banking reviews
Google Play	3.9 out of 5 stars, based on over 8,900 EQ Bank Mobile Banking reviews
Reviews verified as of	6 November 2024

What do people on Reddit say about EQ Bank?

Reddit users generally have positive things to say about EQ Bank on the PersonalFinanceCanada Subreddit. The digital bank commonly comes in for praise for its user-friendly platforms, competitive rates and the fact that it offers the security of being CDIC insured.

There’s also a thread about the launch of the Notice Savings Account that has received hundreds of upvotes. Commenters praise the high interest rates on offer, the innovative approach to a savings account, and the flexibility to cancel a withdrawal request if needed. However, there was a little bit of negative feedback later on in the piece when EQ Bank lowered its savings account rates.

How do I open an EQ Bank Notice Savings Account?

You can open an EQ Bank Notice Savings Account by completing the following steps:

1. Head to the EQ Bank website and click “Open account”.
2. Enter your name and email address.
3. Verify your email address.
4. Enter and verify your mobile number.
5. Provide your residential address, date of birth and SIN.
6. You may be asked to provide proof of ID.
7. Provide your employment and account usage details to open an account.

Bottom line

The EQ Bank Notice Savings Account is well worth a look if you’re searching for some of the highest savings interest rates around, but with the added flexibility of being able to access your money. This account can help you reach your savings goals sooner and has no fees or minimum balance requirements.

But just be aware that you’ll need to wait at least 10 days to access the funds in your account, so you’ll need to have a contingency plan in place to deal with any financial emergencies that may arise.