In this video, we take a look at the new interest rate offers by the EQ Bank Savings Account, and discuss why this account is now the best bank account in Canada in 2023. We also look at all the other major banks in Canada and their best high interest savings accounts in order to see how they compare against the EQ Bank account.
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A couple of months ago I made a video about the best savings account in Canada 2023 when Neo Financial increased the interest rate of their account to 2.25%, which at the time was the highest interest rate of any bank account across Canada. This remained the case, until just recently when EQ Bank announced that they are going to offer 2.5% interest on their savings account, which now makes the EQ Bank Savings account the best bank account in Canada 2024.
In this video, we will follow up an EQ Bank review 2023 with a look at the best savings account of every major bank in Canada, and compare them to the EQ Bank Savings account. Therefore if you have one of these accounts, you will be able to observe the differences between the accounts, and discover why the EQ Bank high interest savings account is the best savings account in Canada 2024.
We first take a look at the BMO Savings Builder Account, which offers a base interest rate of 0.5%, as well as an additional 1.4% if you increase the balance of your account by at least $200 every months. Although it is nice to have ab incentive for saving on a regular basis, this interest structure is unnecessary and inconvenient, specially when compared to the eq bank account Canada which offers a straightforward 2.5% interest rate. As a result, there is no reason to opt for the BMO account instead of the
The next account we look at is the RBC High Interest eSavings Account, which for the first 3 months, offers a generous 4% interest rate. After the first 90 days, the interest rate drops to only 1.1%, which is less than half of what the EQ Savings Account is offering. So even though this account is wonderful for the first 3 months, it falls incredibly short in comparison with the EQ Savings Account after the first 90 days.
Next up is the TD ePremium Savings Account, which offers no interest on the first $10,000 in your account, and then offers a 1.25% interest rate on the rest of your balance. This is a very odd payment structure, but the truth is, even if TD offered the 1.25% interest on your entire balance, it would still be only half of what you can get from the EQ Bank account 2024.
Next is the CIBC eAdvantage Savings Account, which offers a 1.25% base interest rate, although it will go up to 2% as long as you increase the balance in your account by at least $200 every month. As well as this, you will receive an additional 2.25% interest in the first 4 months, for a max total of 4.25%. This account is actually not too bad, and given that you get somewhere between 1.25-2% interest after the first 4 months, it doesn't fall too short of the EQ Bank Savings Account. If you live in Quebec, where EQ Bank is not available as of yet, then this account is likely the best option for you.
Last but not least we have the Scotiabank Momentum PLUS Savings Account, which offers a base interest rate of 1.35%. You will also receive an additional 1.7% for the first 5 months, and if you lock in your deposit for a year, Scotiabank will also offer an additional 1.1% for the first 5 months alone. Also if you opt for the Scotiabank Ultimate Package which includes the chequing account and a credit card, you will also receive another additional 0.1%. All in all, you can get a maximum of 4.25% for the first 5 months, and a maximum of 1.45% afterwards. Once again, EQ Bank offers much higher rates after the first 5 months.
Overall, this EQ Bank savings account review demonstrates the jaw dropping gap between what the major banks offer, and what the EQ Bank Savings Account 2023 offers. The EQ Bank Savings Account review thus concludes with a plea to every Canadian to take advantage of this amazing, and completely free to own account as soon as possible. This will be a great wealth building tool for every Canadian, and you will be able to earn the highest possible interest rate on your money as you save for the future.
0:00 Intro - EQ Bank Savings Account
2:30 BMO Savings Builder Account
3:48 RBC High Interest eSavings Account
4:50 TD ePremium Savings Account
5:52 CIBC eAdvantage Savings Account
7:12 Scotiabank Momentum PLUS Savings Account
8:33 Motive Financial Savings Account
8:47 Follow Me on Instagram!