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The best overall GICs in Canada
About EQ Bank
EQ is one of Canada’s leading online-only banks and trusted with over $4 billion in deposits. Launched in 2016, EQ Bank is owned by Equitable Bank Group Inc., the country’s ninth-largest Schedule 1 Bank established over five decades ago with a combined $35 billion in assets under management.
EQ is a CDIC Member Institution, just like the big banks, and the deposits you hold at the digital bank are federally insured up to $100,000 per eligible account. As a digital bank, EQ doesn’t operate physical bank branches, and in turn, passes on the savings to its customers in the form of higher interest rates and no fees.
About EQ Bank GIC
EQ Bank offers some of the highest rates on GICs in Canada. The digital bank offers a range of short and long-term GICs from 3 months up to ten years. A low minimum deposit of $100 is required to open a GIC (considerably below the average $1,000 required by most other banks), up to a maximum of $100,000 per GIC. A mix of unregistered, TFSA, and RRSP GICs are available. All of EQ Bank’s GIC are non-redeemable, which means you can’t access your deposit until the term ends (if you choose to cancel your GIC deposit before the term ends, you’ll get your initial deposit back but won’t collect any interest.
EQ Bank other products
Aside from GICs, EQ Bank offers three savings accounts products: a high-interest account, a TFSA, and an RSP.
Natasha is the Business Director of Everyday Banking at Ratehub.ca. With over a decade of business, strategy and execution experience in the financial services industry, Natasha has worked with numerous public and private enterprises across North America. Her passion for finance and education brought her to Ratehub.ca, where she works closely with Canada’s top financial institutions - from banks to credit unions - to help ensure our over 1,200,000 monthly users get matched with the right credit cards and personal financing accounts.read linkedin bio
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