Equitable (EQ) Bank Launches in Canada and Offers 3% Interest for Savings

A 3% interest rate is the best we know of.  The EQ Bank may not keep this rate forever but they are a new bank and are clearly using this as a way to attract new customers.

They offer options for no monthly fees and no minimum balances and other things that we like to see.  Please note that debit cards are not currently available and this is an online/electronic only bank.

Visit eqbank.ca for more information.

Bank of Canada Cuts Interest Rate and the Dollar Plunges

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The Canadian dollar has dropped to a six-year low at barely above 77 cents US on account of the prime lending rate cut tp 0.5%.

But not all is gloomy, as predictions suggest the real GDP will grow by 1% in 2015 and by about 2.5% in 2016 and 2017.  If the predictions hold true things should be back to normal by 2017, but we don’t have great faith in predictions.

3.00% Interest at Tangerine (July to November)

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Tangerine, one of our favourite banks, albeit still with room for improvement, is offering 3.00% interest on new deposits made into their free Tangerine Savings Account:

New deposits you make to your Tangerine Savings Account(s) from July 2nd to September 30th will earn 3.00% interest* until November 30th.

See their promotional page about this offer.

While we wish banks would just offer a better, all the time interest rate, we will take whatever time-limited increases in interest rates they will throw at us.