NEW EQ Bank Card Overview - How Does It Work With The Savings Plus Account?

[@stephandden]

Any questions about the new EQ Bank Card? Ask away!

[@mariod383]

@wealthsimple Cash offers 4% - for those with accounts greater then $100,000. And has CIDC insurance up to $300,000.

[@kj4547]

Can you do a video on wealth simple

[@hornedlobster]

My fiance and I are getting married on July 29th, and we're looking for an option to combine finances for shared expenses (while retaining our personal credit cards for personal purchases). Do you think this EQ card is a good option for us? We have a joint EQ account now, is it possible to have 2 EQ cards for a shared account?

[@imkriswithak1135]

How does cash back work is it instant, weekly, monthly?

[@stephandden]

@@imkriswithak1135 It's paid monthly 😊

[@ConstanzaMaass1]

We met at UOttawa, Dennis! Very cool to see what you've created. I've been binging your videos, so much good info, thank you both!

[@nicolasclermont893]

Users should be aware of the following 3 things with this account: 1 - This is not a tax sheltered account. You must pay taxes on any money earned by interest to the government come income tax time. 2 - The current interest rate is 2.5% for this account, this is the annual rate which is calculated daily and paid monthly (end of month). For example lets say you hold $1000 in your account from January 1st to January 31st. 1000 x 0.025 (2.5%) = 25 25 / 365 (1 year) = 0.068 cents 0.068 cents x 31 days (entire month of January) $2.10 is earned per month and paid out to you at the end of the month. The Canadian government will tax you on this $2.10 at the end of the year. 3 - There is no overdraft protection All in all a good account to hold. It can give you some flexibility and earning any interest money even if you are taxed is better than earning no interest money. Another great video thanks guys.

[@hornedlobster]

Great to know 👍

[@am24526]

But you pay taxes on interest for any regular account that is not a TFSA right? So this is not a drawback? (Just to be clear since I just started learning about this stuff)

[@ipataraynachannel1929]

It'a a prepaid credit card unless people wants to use it as a bank account.

[@imkriswithak1135]

I’d like to add that the cashback is 0.5% on everything and that you can’t use atm to deposit money. You need to link it to an account that can fund it. Also interest is on your total balance so whatever you have in your savings plus and cash card is what it’s based on.

[@stephandden]

Thanks for this 😊 and for watching!

[@adamm784]

I've been using EQ Bank awhile now thanks to you guys bringing awareness of it. Although BMO is where my direct deposit goes to, I pass emergency savings and funds for bills to EQ bank. Only reason I hold on to BMO is to show a good history with them - I feel it helps with getting loans and lines of credits if need be. I have the card but I use my visa for everything and pay it off at the end of the month lol...only time I use it is if credit cards aren't accepted. IT IS MY FAVORITE LOOKING CARD THOUGH. I love the design.

[@stephandden]

We love to hear it! That sounds like a great set up. 👏🏿👏🏻 and ha, agreed - the most fun card in our wallets!

[@JohnHobbs-o3z]

im 63,love the card,good by rbc bank card.

[@Jibril_Abdulkadir]

Never heard of the eq bank card will go check it out thanks to y’all 🤩

[@stephandden]

🙌🏿🙌🏻 thanks for watching!

[@derrenlouis4756]

it is just a great shit

[@ericonca]

It works with Apple Pay now!

[@lyg]

Does the waiving/reimbursement of ATM machines apply to any ATM machine? Does it matter the ATM machine is not from one of the Big Banks? The waiving of ATM withdrawals sounds very appealing.

[@valeriobritodossantos6288]

Hi. I have a question. Can I withdraw money at any ATM even the ones that belong to other banks, like RBC or Desjardins, for exemple ?

[@navumra]

Maybe you should use CAD Bills vectors instead of USD bills in the video. Just a suggestion.

[@stephandden]

Hi! Our audience is global, so we often use what’s considered the global symbol for dollars (US dollars) - because of that, it’s the same money images we use in all of our videos (even though in some we like to focus on Canadian specific topics, like this one!). Hopefully you found value in this Canadian specific money video beyond this. 😊

[@brankazoric249]

Question: when you are actually paying with the EQ bank card, do you select credit card or Interac as a type of payment? I selected Interac and it didn’t work?

[@joseraulmachadofernandez9744]

Yeap, I already have my EQBank savings account in Quebec. Looking forward to getting the checking as well.

[@stephandden]

Love it! Thanks for watching 😊

[@NorthernTherapyClinic]

Question- can you pull the money back from the eq bank card to the account?

[@smahajan_11]

Just a quick question since they allow withdrawals from any ATM in Canada. Is there a way to deposit cash using EQ card?

[@abenaoteng2912]

Just ordered my card thank you 🎉🎉

[@stephandden]

Yay! We hope this video was helpful! 😊

[@michaelssali]

Den and Steph, I am so glad you guys are back. I liked this video. But I have a question: Say you wanna buy a car and the car costs $44,000; would they stop you from buying it because that's over the $5000 daily limit?

[@stephandden]

Hi! Us too 😊 and good question - yes, you wouldn't be able to purchase something that's over the limit (this would be the same with any card that has a set limit!). However, if you aren't buying the car outright (ie. in full), then that hopefully wouldn't be an issue.

[@michaelssali]

@@stephandden ok, thanks

[@DEEJAYLEO509]

Can I send money and recieve money from other banks in Montreal ?

[@ipataraynachannel1929]

Does the back of the EQ Bank Card says the first and last name of the customer?

[@denickniikoteyamon6405]

Thanks a lot for the video. It was very informative. Please do you need a real bank account before you get the EQ savings plus account? or can you just get the EQ account from the get go?

[@stephandden]

What do you mean by ‘real’ account? You can open up a personal account (formerly the savings plus account) and get going right away. 😊

[@denickniikoteyamon6405]

Ow cool. Thanks for your reply. I noticed on the website that EQ does not offer a number of financial products to Quebec residents. For someone who will be based in that province is there a better alternative to EQ or is there a way to go around the fact that for instance you can't do international money transfers from Quebec?

[@ludo_]

Is there anything new about the EQ Bank card apart from the fact that it’s available on apple and google pay now?

[@jennCreates5]

Hi, really enjoyed this informative video! Can you please elaborate more on how the cash back system works?

[@j3nny983]

Hello! What if I only want to use this banking account for savings and not touch the money but only add to it. That means I wouldn’t be getting the cash back perk if I don’t purchase the card?

[@negriu]

Hi, Im an international student moving to Canada in 2 weeks. Would you recommend this account to start my banking journey?

[@ashleynorthover5084]

are you going to do a mid month financial goals check in?

[@stephandden]

We're planning on doing an update on our financial goals / budget for the year soon 😊

[@dancadi]

Please help I just opened a eq bank account and I'm a little confused I got a question if I use the EQ banking card only within Canada do I have to worrie about the Mastercard rate like you said in the video or that only applys outside of Canada plz write back and thank you ahead of time good day

[@eunicemashack1568]

Can I used the to withdraw money when am in Asia?

[@jackieqiu7139]

Love that cash back!!!

[@stephandden]

Agreed! 🙌🏿🙌🏻

[@denisbussiere7442]

Can you transfer money on your card back to your savings account?

[@Krish._b-kb]

Yes

[@Mavkor]

Hi. Did you guys cover how to deposit cash to this card? Is it cibc atm, or is it only digital transfer from an existing bank acc

[@denisbussiere7442]

Digital from your EQ account, it can be done from your cell phone or online.

[@StudyVibes4]

wealthsimple savings is 4 to 5.5% and 1% cash back

[@almitasweetandspicy2258]

is it free to any guichet in canada? zero transaction fees? i check and it;s say 1.5% interest rate annually

[@YoursTruly44]

And is not cdic insured…

[@StudyVibes4]

@@YoursTruly44 it is, by law it has to have insured

[@StudyVibes4]

@@almitasweetandspicy2258 it is free.

[@carkarlaw]

​@@YoursTruly44 it is, but I read the its total $100k for all accounts.

[@bhuvnesh5099]

Is there any referal or any promotions for a new account?

[@jysk1287]

How about ATM fees *abroad*...? Does anyone have any experience or knowledge on this one?

[@cryptkam9218]

This is awesome thank you so much

[@stephandden]

Thank you for watching! 😊

[@MFTW]

Can you deposit cash into any ATM with EQ without any fees?

[@stephandden]

Hi 😊 Good question - it doesn't look like you can directly deposit cash into the EQ Bank Savings Plus account at the moment. Instead, there are three ways to deposit funds into your account: via Interac e-Transfer®, via Electronic Funds Transfer (EFT) through your linked accounts, or via Mobile Cheque Deposit through the EQ Bank mobile app.

[@itz.mariavicz]

how do you know if you have the Savings Plus account? is that the standard account, or is it another one? I'm trying to see if that's what I have, cuzzzzz all the perks sound amazing and if I dont have it, I'd love to get it within my EQ bank accounts and even simply switch all my income to go to that one! Thanks for the video as always, you two!

[@stephandden]

Hi! Good question - you likely do have the Savings Plus account! The other options are a TFSA or a USD account. A good way to see is to log in, and on the main 'Dashboard' it should say 'Savings Account' and show how much money you have in yours. You should then be able to find the section where you can order your free card from 😊 Let us know if you have any issues finding that! And thank you so much for watching!

[@garymcneil2216]

Awesome 👍 love it.

[@stephandden]

We’re glad you liked it! 😊

[@smallmj2886]

What are the fees for merchants like compared to a regular bank debit card? I use my debit card for certain merchants when I don't want to saddle them with high credit card fees. Also, can I use this at Costco?

[@imkriswithak1135]

Mastercards are accepted at costco. So yes. And since its technically not a “real” credit card. Merchants view them as debit so no fee.

[@stephandden]

Hi! Good question - from our understanding, because the card is using the Mastercard system to process transactions, the merchants would be charged fees like a regular Mastercard. We'll let you know if we hear any differently! Also, yes - you can use it at Costco 😊

[@j3nny983]

I can’t deposit money on the card via atm? Only withdraw?

[@joelarc7635]

I was trying to figure this out too. I'm a new resident and it seems the only way to deposit into the EQ card is link it to your checkings or savings account. Highly doubt you can deposit cash at an atm into your EQ Card because there are no EQ banks or atms around.

[@wds3222]

The thing with the card is you can only withdraw from the AMT. If you want to make a physical cash deposit then it wont work.

[@hermom1114]

How do you stop payment on an unauthorized withdrawal and how did this company access my account. I never gave them my information?

[@lisaschaedler8185]

Is this a US option?

[@stephandden]

No, it's in Canada only 😊

[@kshitijmittal91]

8:51 but how like a Credit Card?

[@SamZedder]

I tried only once to use the EQ bank card to withdraw from a TD ATM, and it asked which type of account to withdraw from. I tried all 3, Chequing, Savings, some Debit option, and none worked. I haven’t tried an another ATM since.

[@aRealParadise]

Its credit

[@kaycolbourne4717]

I just like to get the card

[@Jessica-kk5td]

That EQ bank card is not available in Quebec.

[@stephandden]

Not, it isn't yet! The EQ Bank Savings Plus account became available in Quebec last year, so hopefully the card will be in the future, as well. 😊

[@Jessica-kk5td]

@@stephandden Yes hopefully :) i feel like a lot of things in general are allowed in Canada except QC :(

[@morganslife2580]

I’m not getting the card cause then I might easily spend on it. It’s not easy access if I have to wait a few days for transfer. Edit: also I rarely use my debit card like I use my CC for pretty much all my purchases. It’s a bad habit even though I pay them in full every month. I feel I could save more if I don’t go out but hey one life.

[@stephandden]

Hey Morgan! You actually can't use the card until you've loaded money onto it, and the transfer happens very quickly. In this case it's your money, unlike a credit card. 😊

[@cisco4766]

Do not go with EQ. They act like an insurance company and will do everything possible to weasel their way out of paying compensation, even if you lose money due to their security breach. They have good interest rates but that is not worth risking the security of your money. Stick to a top 5 bank, atleast your money will be safe

[@lasmileyo]

Thank you

[@AxeCheeks]

The savings account is bullshit. You have to pay tax on the interest. Just do tfsa and rsp, and you can purchase gic's in both with higher interest earned. And tax-free in the tfsa.

[@TesUnConSphérique]

Banque d'EQ, drôle de nom, ça prend des anglais pour donner un fu*king nom comme ça !

[@ahmedgharbi1635]

Quebec 🤬

[@AmanBhimani]

Seems a bit outdated now. Eq only has 2.5% interest and 0.5% cashback. Wealthsimple Cash gives you 4% interest rate and has a cash card too; with 1% cash back. That’s objectively better for every single audience watching this video, since WS is almost double the advantage.

[@hornedlobster]

Don't you need more than 100k cash deposited to get the 4% interest?

[@AmanBhimani]

@@hornedlobster no, you just need a direct deposit enabled from employer. They increased it recently.