EQ Bank (Canada) - 3% interest, No fees?

[tomatops]

EQ Bank is marketing pretty hard in Canada and is offering a Savings Account with the following benefits:

- 3.0% interest, calculated daily, paid monthly (currently not part a promotion, rather an every day banking rate)
- 5 Interac E-transfers a month
- No minimum balance commitments
- Free Electronic Fund Transfers to and from different bank accounts

But just like Tangerine, there are no physical locations and you cannot go to an ATM and withdraw funds directly from EQ, nor can you write a check from EQ.

Thoughts? Too good to be true? Sure beats the weak 0.5% interest offered in most other savings accounts.

[drone]

 Seems like a good place to park emergency funds.  It is also a member of CDIC, so pretty safe.
 The rate won't last forever though.

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/eq-banks-3-per-cent-savings-account-offers-attractive-but-temporary-return/article28326447/

[Koogie]

Yeah, I like what I've seen of it but don't expect that 3% to last very long.   They're just trying to build up their deposit base and brand recognition.

Don't forget ZAG Bank also has their 2.5% promo on as well.  Also CDIC.   I'm going to snag their 2 yr GIC at 2.5% when one of my GIC ladder rungs matures.

[urover]

Opened an EQBank account. Looks like they can't get their IT right. My profile page won't load and the site won't "Remember me". Their IT dept has not fixed it or responded in the 3 weeks I've been with them.

Closing the account now.

[urover]

Closed the account. Apparently need 5 biz days for them to actually close it.

During the chat I found out that once I close the account, there's no way I can re-open an account with them, ever. Sounds even more fishy to me and all the more reason to stay away from EQBank !

[Koogie]

I've now been with EQ Bank for about 2.5 years, on their HISA.

Works smooth as butter once it is set up.  Remittances to TD are there the next morning.

There is lots of competition out there now though, so you aren't missing anything.  Oaken is probably a better bet.