Is EQ Bank Notice Savings Right for You? Ask These 2 Questions

You work hard, follow a budget and set money aside — but what should you do with those savings next? Many common options available to Canadians feel underwhelming: low interest, long lock-in periods, high fees, or some combination of the three.

To help narrow things down, try this quick two-question quiz:

Are you saving for a significant financial goal in the next few months?
Do you want your savings to grow while you build them?

If you answered “yes” to either question, the EQ Bank Notice Savings Account could be worth a look. Designed to be accessible to everyday Canadians, this notice-style account offers competitive interest without monthly fees or a minimum balance requirement, making it a practical upgrade from a standard chequing account for short- and mid-term goals.

EQ Bank Notice Savings Account

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Monthly fee: $0
Interest rates: 2.60% for 10-day notice, 2.75% for 30-day notice. Read full details on the EQ Bank website.
Minimum balance: n/a
Eligible for CDIC coverage: Yes

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Traditional bank accounts often earn little to no interest

Many Canadians rely on chequing accounts for short- and mid-term savings. According to a recent survey conducted for EQ Bank, a large share of people use chequing accounts to stash money — but most of those accounts pay very little interest outside of promotional periods. That low return makes it difficult for your savings to keep pace with inflation, which erodes purchasing power over time.

Whether you’re saving for a home down payment, a family vacation or a rainy day fund, moving some of that cash into a higher-yielding, no-fee savings option can help you reach your goal faster. The EQ Bank Notice Savings Account is one such option that provides higher rates while allowing you access to funds with advance notice.

How the EQ Bank Notice Savings Account works

The EQ Bank Notice Savings Account operates like a regular savings account but with a simple twist: you agree to give advance notice before withdrawing funds. EQ Bank currently offers two notice periods. One option requires 10 days’ notice, and the other requires 30 days’ notice. Both let you earn interest while your money sits in the account; the longer notice period typically carries a higher rate.

Opening an account is quick and online — there are no monthly fees, no minimum balance and no complicated paperwork. You can add funds any time, and when you request a withdrawal, your money will be transferred to an EQ Bank account or an externally linked bank account after the agreed-upon notice period.

Because the account is available to all customers with the same published rates regardless of deposit size, it provides a straightforward way to earn more on savings such as vacation funds, a down payment, or a renovation budget. And if you want a no-fee day-to-day banking option, EQ Bank’s Personal Account also offers fee-free transactions and competitive interest, with extra incentives for direct deposit.

How EQ Bank Notice Savings Account interest rates compare to other savings accounts

EQ Bank markets its notice savings account as offering higher interest than many typical bank savings products. Comparative research referenced by the provider looked at base savings rates from Canada’s major banks and a handful of national retail banks to highlight the relative advantage of a notice-style account. Interest is calculated daily on the closing balance and paid monthly. Unlike most conventional savings accounts that permit immediate access to funds, a notice savings account requires advance notice to withdraw — a trade-off for higher rates.

Grow your savings while keeping access with notice periods

The EQ Bank Notice Savings Account gives you a middle ground between instant-access savings and long-term locked products. By agreeing to a 10- or 30-day notice window, you can earn a more meaningful return without committing your money for months or years. This can make it easier to achieve short- and medium-term objectives while keeping funds more accessible than traditional term products.

If you’re considering a switch, review the account details, current rates and any product terms on the provider’s page. Interest is calculated daily on the total closing balance and paid monthly; rates are shown as annual percentages and may change over time.

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