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Gabby’s May Challenge: Money Well Banked

Hey y’all!

My May challenge was something I’ve wanted to do for a long time: look into EQ Bank.

EQ Bank is basically a supercharged savings account at (currently) 2.25%, which is way better than anything else out there at the moment.

When I first heard of them, their interest rate was 3% (WOW), but because demand was so high, they had to lower it slightly. No biggie!

I read all the information on the site. Every bit. Here’s the (no b.s.) breakdown:

  • 2.25% interest rate on your $$$.
  • No hidden fees.
  • 24/7 customer service.
  • Five free Interac e-transfers every month. It only costs you $1.50 if you go over five, which is fair.
  • They’re 100% digital. No bank branches. No debit/credit cards. No paper mail. Awesome.
  • You can set savings goals.
  • If something happens, you’re insured up to $100,000.
  • You don’t need a minimum balance.
  • You can’t go into overdraft. They believe it counters their philosophy of helping you save money, so they just won’t process the transfer. So cool of them.

The only drawback was that I had to go on a waiting list for about five days. Then I got to take a picture of my cheque to deposit, and now I’m just waiting another day or so until my account becomes active!

All in all, I’m really excited to start super saving and getting to check out my personal account!

If you’re interested, here is the link to the EQ bank site. I encourage you to give it a read just to learn more, but the main thing you need to know is that they’re never trying to pull a fast one on you. Totally Canadian.

Now get saving!
-Gabby

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