Log In
Sign Up

EQ Bank GIC: Review

Rachel Surman

Mar 06, 2018 3 min read

Share on Facebook
Share on Twitter
Share on Linkedin
EQ Bank GIC: Review

If you’re thinking about opening a Guaranteed Investment Certificate (GIC) in Canada, there has never been a better time! Canadians have a lot of choices when it comes to GICs, however, the newly-launched EQ Bank GIC is currently offering some of the most competitive interest rates in Canada. 

What is a GIC?

New to GICs? Let’s take a quick crash course. A GIC is an investment that secures 100% of the money you put into it while earning a fixed or variable interest rate. 

Usually, you will have to agree to invest your money for a certain amount of time in exchange for the interest rate. It’s considered to be a safe investment because you’ll always get the principal (the amount you put into your account) back, despite market trends. 

What do we love about EQ Bank’s GIC?

EQ Bank shocked Canada when it launched its Savings Plus Account with a 2.30% everyday interest rate (currently one of the highest in Canada). Now, EQ Bank is making waves again with its new high-interest GIC offering of 2.60% on its 15-month GIC option.

That said, here are the top 3 reasons why we recommend the EQ Bank GIC to help you save for the future and generate substantial interest on those savings. 

1. Competitive interest rate

EQ Bank’s 2.60% interest rate for the 15-month product is highly competitive and the interest is calculated on a per annum basis. Simply put, this means the interest is calculated yearly and paid solely at maturity. In all cases of the EQ Bank GIC option, interest is accrued for the entire GIC term.

2. A competitive term

A competitive time period is another reason why we’re excited about EQ Bank’s GIC. In the grand scheme of things, 15 months (one year and 3 months) really isn’t that long. Some GICs from other banks with this return on interest will require you to purchase a GIC with a much longer 4-6 year term.

EQ Bank does have different GIC options: 1 year, 15 months, 2 years, 27 months, 3 years, 4 years, and 5 years – all with varying interest rates. However, if you’re looking for a short-term investment and a great interest rate to earn some cash, the 15-month option may be an ideal option for you. We encourage you to browse the options yourself here.

3. Only a $100-dollar minimum investment required (!)

Historically, GICs require an investment of at least $500. EQ’s GICs are making it easy to invest when you don’t have a lot of extra cash to spare. For all of the GIC options, the minimum required investment is only $100. At Borrowell, we’re all about helping people make great decisions when it comes to their finances. By lowering the minimum investment, EQ Bank is making it easier for everyone to invest, save, and reap the benefits.

A final word

You might still be thinking, “Why do I need to start saving and investing?” Investing in a GIC is important because it’s guaranteed – a word that is hard to come by these days!

A GIC can help you save for life’s experiences, life’s goals, and life turns. Whether it’s a trip, or a mortgage, or even an unforeseen setback – life is worth saving for. An EQ Bank GIC can help you get there.

Have you got your credit score and report from Check your credit score in under 2 minutes today!

Rachel Surman
Rachel Surman
External Link
Share on Twitter
Share on Linkedin

Rachel Surman is a digital writer at Questrade and a former content marketing specialist at Borrowell. Rachel is passionate about helping educate others about credit. She's also a big fan of budgeting and saving - mainly so she can visit all the places on her bucket list.

Similar Topics

8 Tips to Improve Your Credit Score

How To Improve Your Credit Score in Canada

Here are eight tangible steps you can take to improve your credit score. Your credit score directly impacts your ability to get approved for financing, including credit cards, loans, and mortgages.

The Borrowell Team

Feb 04, 2021

Learn More

Can You Build Credit by Paying Rent?

Thanks to rent reporting services, you can now build your credit score by paying your rent on time every month.

Janine DeVault

Sep 27, 2022

Read More

Loan vs line of credit

With all the different credit options available in Canada, it’s important to understand the differences between each one so that you can find the right product for your needs. Credit can be useful to help you establish a history and finance purchases, but should be used mindfully.

In this Borrowing 101 article, we’ll give you an overview of personal loans and lines of credit to help you understand how they work, when to use them, and what to be careful of in order to protect your credit score.

The Borrowell Team

Feb 28, 2023

Learn More