An automatic savings plan is a must for people that want to build savings on a regular basis. Whether it’s for a vacation, emergencies or Christmas, setting up an automatic savings plan is the way to go.

But you don’t want just any savings account. If you are going to be stockpiling money, you should be getting the best interest rate on your money and not eroding your savings with fees.

This is where EQ Bank comes in. EQ Bank is an online bank that strives to make banking more simple and also offers one of the best high interest rates on the market.

Take a closer look at their no fee, high interest savings account. It offers:

  • 2.00% every day interest rate*
  • $0 monthly fee
  • Unlimited bill payments
  • Recurring transfers
  • Ability to set up and track 5 savings goals
  • Convenient award-winning mobile app
  • Unlimited Free Interac e-Transfers® per month
  • GIC investments 

 

EQ Bank Savings Plus Account

What We Love

Aside from the fantastic interest rate, we love that there are no fees, even with a zero balance.

The recurring transfers feature allows you to schedule when you will move money into your EQ Bank Savings Plus Account each month, setting you up for success by not having to remember to transfer money every month.

Unlimited free bill payments and unlimited free Interac e-Transfers® per month is also a nice bonus, for when it’s time to use your savings money.

EQ Bank also offers the ability to invest all or part of your savings into a GIC at an even higher rate, allowing you to lock in your savings to ensure it doesn’t get spent and also makes the most interest possible. It’s great that you can choose GIC terms for as little as 3 months.

GIC rates are current as of March 10th 2020.

 

What Could Be Better

The only improvements I would like to see added in the future are:

  • Ability to create joint accounts
  • Tax free savings accounts

The Time Is Now

If you haven’t set-up an automatic saving plan to prepare for a rainy day or unexpected expenses, you need to do this ASAP. Remember: it’s your money and you can always access it if you need it, but tucking it away at a really great interest rate just makes sense.

Sign-up today using any of our links in this article! BillCrush.ca receives a referral fee to help offset the costs involved in providing free money saving information.

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.