EQ Bank combines chequing and savings for the mobile age

Comments

  • deltatux

    Not issuing debit card and no access to ABMs pretty much kills the service for day to day banking. Interbank transfers take up to 3 business days. While the interest rate is alluring, credit unions still offer better solutions. Meridian & DUCA in Ontario offers the best balance between high rates and low fees (or in DUCA’s case no fee chequing accounts with no minimum balance) for traditional banking services which means access to a branch.

    I always thought Tangerine was all I needed but going all digital isn’t all that convenient when you start doing things outside of cash withdrawal and deposit like mortgages & wire transfers. This made me needing to fall back to a traditional service model like Meridian.

    Without at least ABM access via Exchange Network & a debit card, this service is only good for long term savings and that’s about it.

  • “Our EQ Bank Savings Plus Account is not yet available in Quebec”

    Same for PC Financial. The only choice Quebecers have is Tangerine!

    Calisse tabernac de mosu christ!

    • MFido

      Hint …

      I went to Cornwall … and opened a PC Financial account at the store there … few years ago …still doable 🙂

  • Davidyyz

    Pass. If they offered a TFSA with 3% interest I’d park my liquid savings here in a heartbeat. Without a debit card this simply isn’t a viable everyday banking solution. You’d still have to have another account with another virtual bank or pay fees to a traditional bank or have a ridiculous minimum balance with them. Also the hassle of transferring money back and forth and the taxes you’d pay on the interest you’d earn just isn’t worth it.

    • CheeseAvatar

      If you actually do some simple math, the difference b/w 0.80% you get from someone like tangerine TFSA savings vs 3.00% with EQ. Even after taxes (at the highest tax rate) you still win.

    • Davidyyz

      My TFSA with People’s Trust pays 2%, the additional 1% really isn’t worth it. If I was only getting 0.8% that would be a different story.

    • deltatux

      People’s Trust doesn’t offer debit card/ABM access AFAIK as well…

    • Davidyyz

      Nope they do not. My point is EQ bank pretty much requires you to have a bank account with another bank even though they are trying to market themselves as an all in one solution. If I’m going to have multiple accounts I’ll stick to earning 2% at People’s Trust tax free and do my day to day banking with Tangerine. EQ just isn’t a viable solution. They should have just stuck to offering TFSAs at better rates.

  • This bank will do well because most of the money put in, it can use for investments without massive withdrawals since there is no debit.

  • Richard Wangly

    I have an account with Tangerine, and count myself as familiar with most of their offerings. I have never seen any of the limitations alluded to in this article: “since unlike Tangerine customers can hold high balances, generating interest, while using the unlimited transactions for bill payments and transfers.”
    I suppose they could mean you earn “savings”-level interest on your chequeing account, but that’s not exactly a deal-breaker when you mainly pay on credit to take advantage of cashback rewards. The only real limitation I’ve found is that you can only open one account of each type (chequeing, savings and joint).

    • Vince V.

      I agree. Their Director of Marketing and Sales also states it is a “solid digital-only product backed by an established brand.” What established brand? The service is a good pass at being innovative but that quote has used car salesman pitch all over it.

      I ended up checking their website to see if I can learn more about it and it’s even more vague on there. Nothing is clear to the point, and it seems their used car salesman approach extends to their online presence as well.

  • LeMuffin

    There’s no way Equitable Bank is the 7th largest financial institution in Canada. What’s your source for that?

  • MFido

    F$?k …this again:

    “Our EQ Bank Savings Plus Account is not yet available in Quebec”

  • Wilfred Yung

    I think most people are trying to consolidate their bank accounts/investment accounts/credit accounts under 1 bank (which makes life a lot easier) than to have various different types of account scattered all across 6 or 7 different companies and accounts. Its just a time saver and plus you usually get bundle benefits when you consolidate ie. less or no fees etc

  • Dan Dickinson

    Thanks for writing this Dan. I’m glad the key features of the Savings Plus account got your attention.

    Thanks for your comments on the mobile app too. We definitely know about the gaps in this first version, and will tackle them in future updates. In a few cases (like your Interac E-transfer example) we had to make a choice between getting functionality to market now, or waiting until we could control the UX of the entire flow. In future versions it’ll just be an integrated part of the main pay/transfer screens. Bear with us as we get these improvements and new functionality out in 2016, and if you have any other specific feedback in the meantime let us know.

    Dan Dickinson
    VP Digital Banking, Equitable Bank

  • Joe C

    You’ve quoted their Director of Marketing and Sales saying it is a “solid digital-only product backed by an established brand.” What established brand? The service is a good pass at being innovative but got that quote has used car salesman pitch all over it.