If you are saving for a defined goal—whether a vacation, future vet bills or simply a rainy-day fund—you’ve likely used a regular chequing account, a high-interest savings account (HISA), a guaranteed investment certificate (GIC) or invested in a money market fund (MMF) or an exchange-traded fund (ETF) focused on low-risk debt securities. Until recently, those options represented most Canadians’ choices for short- and medium-term cash holdings. EQ Bank’s Notice Savings Account (NSA) introduces a different option that blends strong interest with controlled access to funds.
The EQ Bank Notice Savings Account offers competitive interest rates while allowing access to deposits after a short notice period. The account is designed to sit between a traditional HISA and a GIC: it pays higher rates than many savings accounts but retains more flexibility than most fixed-term investments. Below we explain how the account works, how it compares to other savings vehicles and why it may suit particular saving goals.
EQ Bank Notice Savings Account
- Monthly fee: $0
- Interest rates: Rate options are tiered by notice period. Published summaries and detailed product pages have listed different advertised figures; rates are subject to change.
- Minimum balance: n/a
- Eligible for CDIC coverage: Yes
What is a notice savings account?
A notice savings account is a type of deposit account that pays an attractive interest rate while requiring you to give the bank advance notice before you withdraw funds. In design, it sits between a GIC and a HISA: it aims for higher rates than typical savings accounts but preserves the ability to access funds after a predefined notice period rather than locking them away for a fixed term.
Notice accounts are common in some other markets, including the United Kingdom and Australia, but they have been uncommon for most Canadian retail customers. EQ Bank’s new NSA is notable for making this model available to everyday savers with no minimum deposit and no monthly fees.
How does the EQ Bank Notice Savings Account work?
When you open an EQ Bank Notice Savings Account, you select a notice period that determines the interest rate you receive. You earn interest daily on your closing balance, interest is paid monthly, and you can continue to add deposits at any time. To withdraw funds, you submit a withdrawal request online or through the mobile app; the bank then releases the funds after the agreed notice period has elapsed.
The account is non-registered, which means you do not need to track contribution room as you would with registered products. There is no minimum balance requirement and no monthly fee. Because the model is intended for short- to mid-term savings, the required notice (for example, 10 or 30 days) is part of the trade-off for higher rates than many everyday savings accounts.
How do NSAs compare to GICs, HISAs and MMFs?
Notice savings accounts can complement existing savings tools. They are often a better fit than a HISA when savers want higher interest and are willing to wait a short time to access money. Compared with GICs, NSAs give better liquidity (after notice) and avoid locked terms. Compared with MMFs, NSAs may offer simpler account access and CDIC deposit insurance.
| EQ Bank NSA | HISA | GIC | MMF | |
|---|---|---|---|---|
| Interest rate or yield | Tiered by notice period; advertised rates vary and are subject to change | Rates vary widely across providers | Varies by term and flexibility; longer locked terms generally pay more | Market-driven yields; may be competitive for cash management |
| Withdrawal terms | Withdrawals after the chosen notice period (e.g., 10 or 30 days) | Cash withdrawals generally immediate; electronic transfers may take a few days | Access at maturity unless the GIC is cashable or redeemable | Usually takes a few days for settlement |
| Minimum balance | No | No for many providers | Varies; some providers require a minimum investment | Minimums vary by fund |
| Maximum contribution | Account limits may apply; check institution terms | No general maximum for non-registered accounts | Depends on account type; registered accounts have contribution limits | No general maximum |
| Fees | None for the EQ Bank NSA | Sometimes | Typically none at purchase | Management fees may apply |
| CDIC coverage (up to $100,000) | Yes (for eligible deposits) | Yes (for eligible deposits) | Yes (for eligible deposits) | No |
Why consider the EQ Bank Notice Savings Account?
EQ Bank designed the NSA to give savers a middle ground between immediate-access savings accounts and locked-in investments. According to a survey conducted by EQ Bank, many Canadians use chequing accounts for short-term savings and value both transparency and consistent interest rates for all customers. The NSA addresses those needs by offering a no-fee account with competitive rate options and straightforward access after a short notice period.
- Flexible access: You can access funds after the agreed notice period—useful for emergency reserves, planned expenses and travel savings.
- Uniform rates: The account offers the same rate options to all customers rather than promotional or tiered rates limited to certain balances.
- No account maintenance fees: The product carries no monthly fees and has no minimum balance requirement.
- Deposit insurance: Eligible deposits are protected by CDIC coverage up to applicable limits.
How to open an EQ Bank Notice Savings Account
The account is available to existing and new EQ Bank customers. Opening the NSA can be completed through the EQ Bank website or mobile app, and the process typically takes only a few minutes.
A useful addition to Canada’s savings options
Notice savings accounts offer a practical balance of yield and accessibility. For Canadians saving for short- to mid-term goals—vacations, large purchases, emergency funds—or for those who have maximized registered accounts such as TFSAs or RRSPs, an NSA can be a convenient, insured place to hold cash while earning a higher return than many everyday savings accounts.
Interest on the EQ Bank Notice Savings Account is calculated daily on the total closing balance and paid monthly. Rates are quoted per annum and are subject to change without notice.
About the survey
The survey referenced in this article was conducted by EQ Bank from April 24 to 26, 2024, among 1,504 online Canadians who are members of the Angus Reid Forum. It was conducted in English and French and, for comparison purposes, a probability sample of this size would carry a margin of error of ±2.5 percentage points, 19 times out of 20.
This article is sponsored.
This is a paid post that is informative and features a client’s product. It was written and produced by MoneySense with contributions from assigned freelancers.
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