Yes, it is legitimate to open an account with EQ bank in all the provinces of Canada. Let's grab some more important information on EQ bank, advantages and disadvantages of opening an account with the digital bank.
Traditional banking is where there are branches across the country where the bank has acquired its license. Whereas, digital banking offers all the products offered by a traditional bank in online mode which can be accessed round the clock via your phones, tablets and laptops. EQ bank is the first digital bank launched in Canada back in 2016 by Equitable bank.
Here's a list of banking products that EQ Bank offers you:
This is offered at @1.65% per annum interest rate, where you don’t have to pay any account keeping fee. In addition, e-transfers, EFTs and bill payments are of no cost. There is no minimum balance that should be retained, but one can maintain only c$200,000
This offers all the features of a savings account and the account can be maintained by a maximum of three people.
You can get a US Dollar account @ 1.40% per annum with competitive exchange rates.
Yes, EQ bank is legitimate and it is authorized in all the provinces of Canada. It is protected by Canada Deposit Insurance Corporation (CDIC) and the digital bank already has nearly $7 billion funds under management. The bank has in fact received the following awards and recognitions:
It is common for people to question the legitimacy of EQ bank as it is fully digital. However, digital banks are in vogue now. There are some more digital banks competing with EQ bank in Canada such as SIMPLII Financial and Tangerine bank.
Yes, it is safe to open an account with EQ bank and park your funds there. Let's dig into some more details why this Canadian bank is deemed safe for its account holders.
Are you intrigued by the fact who owns the Canadian EQ Bank? With it's own cutting-edge strategy to banking and passion for offering consumers exceptional rates and service, this digital bank has indeed been making headlines in the financial world. Who, however, is the bank's backer and what do they think about the direction of banking in Canada?
Based on our analysis of interest rate, fees charges, ease of managing the account and safety of funds, EQ bank is the best option in Canada to open a RRSP account.
Yes, you need a current a valid Social Insurance Number (SIN) to open a bank account in Canada, unless you are a tourist with a ‘Temporary Resident Visa’ (TRV), who wants to have an interest-free bank account.
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Based on the bank’s presence in the US, fees, types of accounts, its security and reputation, Royal Bank of Canada seems to offer one of the best USD based bank account in Canada.
No, Neo financial is not a traditional bank. It is a Fin-tech company that aims at improving and revolutionizing the way in which financial services are offered.
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