The Race to FIRE - Financial Independence, Retire Early

Where We Stash our Cash

Where We Stash our Cash

When it comes to affiliate marketing, I’m like the opposite of Nike. I JUST DON’T DO IT.

My readers are too smart to fall for that stuff. They can tell when I’m honest and writing from the heart. Disingenuous recommendations won’t cut it.

So, before I would ever recommend a product, I want to make sure it meets my standards. My very picky (the kids are nodding their heads and rolling their eyes now) standards.

And I’ve found an online bank that meets those standards: EQ Bank.

If you click on the links anywhere in this post, I’ll get a few extra dollars added to my EQ Bank Savings Plus Account, at no additional cost to you.

Remember, I would never recommend a product that I wouldn’t recommend to my family members.

In fact, I did. EQ Bank is where my kids keep their savings accounts.

Early Adoption of Online Banking

I was an early adopter of online banking. Like VERY early. When dial-up was a thing. Yes, it would take several minutes to complete a transaction, but it was still faster than driving to the bank.

The only good thing about dial-up was that it made bidding on eBay much more interesting. Not only were you at the mercy of other bidders, you were also at the mercy of your modem speed.

I’ve been a big fan of online banking ever since. But the online banks I used in the past have been associated with large banks. With brick and mortar locations.

I knew that if anything ever went wrong, I could go down to the local bank and speak with someone in the flesh.

But things have changed.

Today’s online banks typically have NO brick and mortar locations. All transactions are conducted via the Internet.

The advantage of these online banks is that by eliminating the expenses associated with a storefront, they can pass on the savings to the customers in the form of higher savings rates. Much higher.

But before I was ready to recommend an online bank to my readers, I wanted to make sure it was the very best place for us to stash our cash.

The 5 criteria I used to evaluate EQ Bank

1) Outstanding Customer Service

Often, it’s necessary to get a hold of customer service very quickly, either on the phone or online.

While some sites are better than others with the speed and knowledge of the online chat representatives, EQ Bank is awesome.

In my first chat session, I asked about a range of topics. I even tried to stump the rep by asking about their rate history for the past 3 years.

I was sure that it would take a while to get an answer.

It  was very impressive when, within a matter of seconds, the rep listed the rates and coordinating dates for the past 3 years.

Since then, I’ve chatted several times with EQ’s team of online representatives. They have all been some of the most professional, knowledgeable and courteous customer service reps I’ve encountered.

2) One of the highest savings rates available ANYWHERE

Currently, the EQ Bank Savings Plus Account is offering a 2.30% everyday* interest rate*.

Without a doubt, that’s a hard deal to beat!

3) No hidden fees

Ugh! I hate it when offers seem too good to be true. But that’s not the case with EQ. They offer: no monthly fees, no minimum account size required, unlimited bill payments and 5 free Interac e-Transfers® per month.

4) The user interface is easy to use and lightning fast

With EQ, it’s easy to manage your money wherever you go. There’s even a tool that lets you track your progress toward your customized savings goals.

5) The bank should value my business and keep my money safe

EQ doesn’t try to be all things to all people. EQ’s main goal is to help their customers save money. They don’t offer any fancy investment products (like TFSAs, RRSPs or RESPs) OR lend money.

They concentrate on one thing and one thing only: growing their customers’ savings.

EQ offers GICs (Guaranteed Investment Certificates), in addition to their EQ Bank Savings Plus Account. All EQ deposit accounts are covered by CDIC deposit insurance. Equitable Bank is a member of the CDIC. EQ Bank is a trademark of Equitable Bank.

Our Personal Experience with EQ Bank

We’ve been banking at EQ since May 2018.

I wanted to wade into the digital banking water very slowly. My first transaction was to link our bank account at our good ole brick and mortar bank to EQ. I transferred $400 into our EQ Bank Savings Plus Account.

I transferred a relatively small amount, because if I can’t trust you to take care of a little money, how can I trust you to handle a lot of money?

The transfer was easy. No problems. EQ makes it easy to move money between EQ accounts and linked bank accounts.

Then I waited.

The wait was pretty short. I transferred the money on May 30, I received the interest on May 31. The interest – 5 cents. Yep, that’s one day of interest on $400.

But at EQ’s awesome savings rate, it’s way more than I was making on that $400 in the ole brick and mortar bank. And interest starts accruing the moment you initiate the transfer, not when the funds are actually received. Another great advantage of banking with EQ!

Then we decided to transfer a lot of money into EQ. It’s been smooth sailing ever since.

The Results

Like I said, I’m not much on affiliate marketing. I’ve only got one affiliate for Pete’s sake. But it’s a good one. So, it’s my privilege to recommend EQ to my readers.

If you live in Canada and are looking for an online bank that offers excellent customer service, worry-free banking and one of the highest rates around, give EQ a try. You’ll be glad you did!

Canadian Personal Finance Conference

Are you interested in learning about personal finance and the future of money? If so, then you should attend the 2018 Canadian Personal Finance Conference.

This year’s conference will take place on November 4th and 5th at the Design Exchange in Toronto. The event focuses on pushing personal finance boundaries and rethinking your approach to money. There will be networking and Q & A sessions, as well as a wide range of presentations on the latest financial tools, news and trends.

Hope to see you there!

 

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

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