While this isn’t a personal finance blog, managing your money is always very important when it comes to collecting points.
Credit cards can provide you with a lot of miles. However, if you budget poorly and incur interest on your balances, you waste your time and effort. I’ve written a few posts before about bank account bonuses. These are all about the deal and benefits, similar to selecting cards to apply for. I’ve been using EQ Bank for the past few months, and love it. Currently, they have a great offer for signing up.
EQ Bank Review – Earn $25 and 2.3% interest!
Until June 20, 2017, you can earn $25 by using promo code REF021476980095 for simply opening an account. There’s no minimum balance or direct deposit requirements. You can access the application page here. Opening this account also doesn’t incur a hard inquiry, and you’ll start earning 2.3% interest as soon as your account is set up!
To get the $25 bonus, you have to reply to the welcome email that EQ Bank sends you with the promo code before July 7, and then bonus will post within five business days.
My welcome email looked like this:
It’s very odd that there isn’t a box to put the promo code in when you’re signing up. Either it’s because they didn’t plan this well, or hope for increased breakage with
dummies people who forget to follow up for the bonus. 😉
EQ Bank Review – Savings Plus Account
EQ bank is a direct bank, meaning they don’t have branches. All customer service is online or by phone – that way, they’re able to provide higher interest rates and lower fees.
There are a few things I like about EQ Bank:
- 5 Free Interac E-Transfers monthly
E-transfers are not my preferred way to send money, but there really aren’t any good alternatives. To my knowledge, this is the only free bank account with no minimum balance that lets you do this. I really would like a Venmo or Square Cash equivalent would come here, but I guess that’s Canada.
- Linked Bank Accounts
There aren’t too many ways to send money between your accounts at different banks virtually. EQ Bank allows you to link many bank accounts (I have six linked) so this functions really well as a “hub” account if you need to move money around.
- 2.3% Savings Interest
2.3% is one of the highest rates in Canada and excellent relative to current rates. There’s no minimum balance or direct deposit transactions to qualify. It’s also not a “promotional” or time-limited rate, and making this an great account to use long-term.
All of these benefits make it a really attractive savings account, but especially the 2.3% interest, given that the major banks don’t really have the best rates – and that might be the understatement of the century. The interest rate EQ Bank is offering is the main draw, while the signup bonus is icing on top.
While EQ Bank isn’t a well known name, all deposits up to $100,000 are covered by the CDIC. Equitable Group, a large alternative mortgage lender in Canada, owns EQ Bank.
Apply for the EQ Bank Savings Plus Account today, using promo code REF021476980095 to earn $25!