If you're like more than half of Canadians, you're currently saving for your next big trip.1 Whether your plans involve zip-lining through the jungles of Costa Rica, kicking back on the French Riviera, road-tripping the California coast, or something else entirely, your travel savings are a super important part of making those dreams come true.
But are you leaving money on the table, even as you save? If your travel funds are sitting in your everyday chequing or savings account, earning little (if any) interest, you might be. In fact, 60% of Canadians typically use regular chequing accounts to save for big expenses like travel2 — passing up a super easy way to boost their savings.
Luckily for your vacation plans, there's a savings account in Canada that pays out up to a massive 5.00% interest,5 charges no fees and requires no minimum balance. Brought to you by the bank that said "we gotchu" about ATM fees, EQ Bank's new Notice Savings Account3 is set up to help you save for big things sooner — like that hiking trip to Machu Picchu.
A tourist sits on a peak overlooking Machu Picchu. Cristobal Escobar | Pexels
This no-fee savings account is a game-changer if you love to travel. With up to 5.00% interest paid on deposits,5 it outperforms other Canadian options by potentially earning you up to three times more than typical savings accounts.4
It also works in a simple way that's ideal for keeping your savings on track. Deposit your money whenever you want and start earning that sweet interest. When you know you'll need to access your cash, just notify EQ Bank in advance.
The longer the notice period you choose when you set up your account, the higher the interest rate you'll get. You can open a Notice Savings Account with a 10-day notice period at 4.50%5 interest or one with a 30-day notice period at 5.00%5 interest.
If you put your travel savings in a chequing account, they'll generally just sit there. In a Notice Savings Account, you'll accrue interest at a rate that could help you pay for an experience when you're away — like bungee jumping in New Zealand or trekking in Thailand.
A person smiles at the camera before doing a canyon swing over a ravine in New Zealand. ChelseaSuzanne | Dreamstime
The Notice Savings Account is available to EQ Bank customers, and it's easy to become one. Plus, as a customer, you can score another boon for travellers: the EQ Bank Card.
If you've ever struggled with a travel money card or have been bamboozled by foreign transaction (FX) fees on your credit card bill, you must check out the EQ Bank Card.
Welcome everywhere Mastercard is accepted, this everyday card is a fantastic solution for accessing your money abroad. The EQ Bank Card charges no FX fees, and you still get 0.5% cash back on all purchases, even if you're out of the country.6,7
Back home, you get that 0.5% cash back, plus EQ Bank will reimburse your ATM fees no matter where you take out cash in Canada. All in all, this little card is the perfect travel companion.
Products like the Notice Savings Account and EQ Bank Card make EQ Bank a standout choice for any Canadian who loves to travel. They make it easier to put away money for your adventures (by rewarding you with more money), and they solve the headache of spending money abroad with an everyday card that just takes care of business.
Canadians love to travel because of everything you get to make when you're adventuring: memories, friendships, mischief. And with EQ, you can also make bank.
To learn more about EQ Bank's Notice Savings Account, check out their website or follow them on Instagram, Facebook, X and YouTube.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.
1. Based on findings of a survey conducted by EQ Bank from April 24 to 26, 2024 among a representative sample of 1,504 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.
2. As above.
3. Not available in Quebec.
4. Comparison is based on the amount of interest earned over a 12-month period starting April 23, 2024 when holding $10,000 in the EQ Bank Notice Savings Account at 5.00% interest per annum, compared to holding $10,000 over the same period in a high interest savings account from each of Canada’s ‘Big 5’ banks, Tangerine Bank and Simplii Financial. Promotions excluded. Comparison assumes that no deposits, withdrawals or fees are made during the 12 month period. Interest calculated daily on the total closing balance and paid monthly. Most saving accounts in Canada allow the accountholder to access funds in the account at any time, whereas the EQ Bank Notice Savings Account requires 30 days advance notice.
5. *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
6. Foreign currency transactions will be subject to the Mastercard Currency Conversion rate. EQ Bank does not charge any additional FX fee or markup.
7. Cash back will be paid monthly. See the EQ Bank Card Agreement for details on earning cash back and other terms and conditions that apply to the EQ Bank Card.
You can earn huge interest with this Canadian bank and beef up your summer travel budget
Source: News Article Viral
0 Comments