The EQ Bank Notice Savings Account is a unique new product from one of Canada's favourite challenger banks. This account rewards clients for planning ahead by offering impressively high interest rates. The details? Give 10 or 30-days’ notice before withdrawing funds and you'll earn 2.6% or 2.75%, respectively.
This is an excellent account choice for anyone saving for a short or mid-term goal, but isn't necessarily a good fit for an emergency fund. It's a uniquely valuable product within the Canadian banking industry and it remains to be seen whether the EQ Bank Notice Savings Account is as popular as EQ Bank believes it will be.
EQ Bank Notice Savings Account features
The EQ Bank Notice Savings Account has plenty of noteworthy features – take a look:
Why You Want It
Earn up to 2.75% interest + Unlimited withdrawals with advanced notice.
Special Features
- Agree to give 10 or 30 days notice before withdrawing funds in return for a higher interest rate
- No monthly fee or minimum balance requirements
Eligibility
- Age of majority
- Canadian resident
- Have a SIN
Provinces
ALL
Interest Rates
10 Days Notice
2.6%
30 Days Notice
2.75%
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
EQ Bank Notice Savings Account product rating: 4.3 stars
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of EQ Bank Notice Savings Account
Here’s what we like best about the EQ Bank Notice Savings Account:
Pros
Some of the highest interest rates available
If you thought the EQ Bank Personal Account's 3% interest rate was impressive, you'll like what the Notice Account offers. When you agree to give 10 days’ notice before withdrawing funds, you'll earn a 2.6% interest rate, and if you give 30 days’ notice, you'll earn 2.75%.
No minimum account balance
You even don't have to worry about maintaining a certain amount within your savings account to earn these interest rates. It's not uncommon for banks to require a minimum balance that’s up to $1,000,000 to earn the max interest with a HISA, this EQ account doesn't require any such thing.
Flexible and accessible
You have to give 10 or 30 notice before doing so, but EQ Bank Notice Savings Account holders can withdraw funds whenever they want, however often they want, for as much as they want. You simply make a transfer into your other EQ Bank account and the requested amount will be deposited as soon as your notice period ends. And you'll still earn interest on your full balance during that notice period.
Significant focus on saving vs. spending
Having no limits on when or how much you can withdraw is excellent, but the point of a savings account is (surprise, surprise) to save your money. This account requires that you plan your withdrawals ahead of time, which really does force you to focus on saving. The EQ Bank Notice Savings Account makes you plan before you spend.
The cons of EQ Bank Notice Savings Account
Of course, there's always room for improvement. Here's where we think the EQ Bank Notice Savings Account could use some work:
Cons
Requires opening an EQ Bank Personal Account
In order to even open a EQ Bank Notice Savings Account, you first have to be an EQ Bank client, which means opening a EQ Bank Personal Account. However, still have the freedom to transfer the funds in your EQ Bank Notice Savings Account to an externally linked account if you like. EQ says it's working on developing a method of opening a new EQ Bank Notice Savings Account without first needing a Personal account.
Takes a while to access your funds
Having to give notice before withdrawing money can be both a pro and a con. It does force you to consider your intentions before acting, but it also places a barrier between you and your money when you need funds ASAP. Therefore, it's best not to use a EQ Bank Notice Savings Account for an emergency fund.
EQ Bank Notice Savings Account alternatives
Wondering how the EQ Bank Notice Savings Account holds up against its competitors? Here's all the important info at a glance:
 |  |  |  | |
|---|---|---|---|---|
| Account | EQ Bank Notice Savings Account | Neo Cash | Scotiabank Money Master Savings Account | Canadian Tire High Interest Savings Account |
| Genius Rating | ||||
| Why You Want It | Earn up to 2.75% interest + Unlimited withdrawals with advanced notice. | Earn one of the best rates in Canada (2.25%) + No balance requirements. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn an interest rate of 2.4% + Make withdrawals anytime you need. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | Unlimited | N/A | 0 | 0 |
| # Of Free Interac E-Transfers | 0 | N/A | 0 | 0 |
| Max Promotion Rate | N/A | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A | N/A |
| Open an account See more EQ Bank products Compare | Open an account See more Neo Financial products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more Canadian tire products Compare |
Comparison to other EQ Bank products
Here's how the EQ Bank Notice Savings Account compares with some of EQ Bank's other account offerings:
| | | |
|---|---|---|---|
| Account | EQ Bank Personal Account | EQ Bank TFSA Savings Account | EQ Bank US Dollar Account |
| Genius Rating | |||
| Why You Want It | One of the highest interest rates at 3%* + Free Interac e-Transfers. | Earn 1.5% interest + Grow your money tax free + Unlimited free withdrawals. | Earn 2.75% interest + Send international money transfers using Wise. |
| Interest Rates |
|
|
|
| # Of Free Transactions | Unlimited | Unlimited | 0 |
| # Of Free Interac E-Transfers | Unlimited | N/A | 0 |
| Max Promotion Rate | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A |
| Open an account See more EQ Bank products Compare | Open an account See more EQ Bank products Compare | Learn More See more EQ Bank products Compare |
FAQ
What is the Notice Saver Account?
The EQ Bank Notice Savings Account is a savings account that offers high interest rates in exchange for the user providing significant notice before withdrawing funds. You earn 2.6% for giving 10 days notice or 3% for 30 days.
What's the difference between the EQ Bank Notice Savings Account and their other accounts?
The difference is that you're required to give either 10 or 30 days notice before withdrawing funds from a EQ Bank Notice Savings Account and earn high interest in return. Similar notice periods are not required with most other accounts.
Does EQ Bank have a mobile app?
Yes, the EQ Bank mobile app is available via Apple's App Store (4.8 stars) and the Google Play Store (4.3 stars). It allows you to both open new accounts and manage current ones all in one place.
Is it safe to keep money in EQ Bank?
EQ Bank is a respected Canadian financial institution that was founded over 50 years ago. It's trusted by 39,000+ customers and more than 6 million credit union members. As a CDIC member, funds are insured up to $100,000.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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