EQBank
- Thread starter SkyRider
- Start date
They are a member of CDIC, so deposits are insured up to $100k. That's the standard for any Canadian bank, so they are as safe as anyone else.
I'm always wary of financial institutions that offer rates way above the norm. Nobody else is offering anywhere close to 3% to-day. Also, EQBank is not exactly Royal Bank.
Yes they are a real bank. Used to be a small trust company. Their Android app sucks, but I still might open an account since they're undercutting the big ones quite nicely.
I'll have to give them a call. Last I heard was 2.50% on registered plans. I have more faith in PC as they are a division of CIBC.
PC Financial is owned by Loblaw Compananies. The core banking services are provided through a venture with CIBC. As mentioned above, for accounts up to 100K it would not matter which bank they were partnered with as long as they were a member of the CDIC. PC Financial has the same deposit insurance as EQ Bank.
EQ Bank appears swamped likely as a result of above market interest rate currently being offered and favourable write up a couple weeks ago in The Toronto Star. Tried to contact them both by phone and email. No response. So, best of luck if you have a problem and need to get in touch. I'm going to lay low until they get their act in order. But, yes, 3% on savings accounts is very attractive.
Sure 3% is attractive but it's a promotional offer. Combine limited-time-offer with horrible mobile/web app for a supposedly digital bank and it's not worth the effort of signing up.
Yeah, I experienced all kinds of problem using their online (which is the only choice) service. What is bizarre is that the drop down menu for "From" and "To" only works with Chrome but not Firefox.
