EQ Bank Caps New Sign-ups for Savings Account

Craig Sebastiano
by Craig Sebastiano March 8, 2016 / No Comments

If you want to sign up for EQ Bank’s new high-interest savings account, it may take longer than expected.

The bank is temporarily inviting a select number of new customers to sign up for its Savings Plus Account each week, according to a statement on its website. The account offers 3% interest on savings, which is higher than all of its competitors’ rates. There are also no monthly fees and no minimum balance requirements.

“We underestimated the response from Canadians, and this led to long customer service wait times and delays in account activations,” the bank says.

EQ Bank will focus on bringing on new customer service staff and improving sign-up processes over the next few weeks.

Canadians who want an account can fill out a form on the bank’s website to reserve a spot. New customers will “be notified as soon as we’re ready to welcome you.”

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Flickr: Alex Vakulenko