Today marks an exciting day for shopaholics across Canada. For today is the day of Equitable Bank’s launch of EQ Bank, a new completely digital bank offering Canadians a seamless online and mobile banking experience, with a whopping 3.00% everyday interest rate.
Do you know what this means, fellow lovers of shopping?
EQ Bank will help us make more money every day just by having money in the bank. And when you make money off of your own money, well, you get to treat yourself to pretty things with all of those extra dollars you so savvily-saved thanks to something as simple as a great interest rate. I mean, this is basically free money!
Did I mention the EQ Bank Savings Plus Account also offers no minimum balance requirements, no monthly fees and unlimited day-to-day transactions?
To give you an idea of what it means to have an everyday savings interest rate of 3.00% in terms we can all understand, here’s what you could afford simply based on annual interests:
$150 earned from $5,000 in savings – enough for a new pair of boots or shoes!
$600 earned from $20,000 in savings – enough for a last-minute trip!
As you can see, those are not insignificant amounts, and who wouldn’t want to treat themselves to a new pair of shoes or a spur-of-the-moment trip at the end of the year? It’s often easy to forget just how much something as small as a dollar can add up to, but it doesn’t take long to realise how much we lose from banking fees each day, each month, and each year, and it’s not pretty.
Now I don’t know about you, but I’d much rather keep my hard earned money in an account that will help me make money, rather than lose money. Unlike other banks, the new EQ Bank‘s innovative branchless model enables them to offer Canadian clients more value by eliminating unreasonable and complicated monthly fees, bundles or minimums from the banking equation – hallelujah!
As I’ve grown older, saving my money and how I spend my money has become much more of a concern to me, especially since my interest in investing in shoes has been surpassed by investing in homes. For this reason saving money has become just as thrilling as spending money, and I love anything that makes doing so even easier. Personally, I’m thrilled to discover a bank that allows me to earn interest on every dollar in my account, whether it’s in a Checking or Savings account. That’s right, transferring between your own accounts to capitalize on interest is now a thing of the past!
Today, my savings goals are focused on building up enough to invest in a second property, and I love that EQ Bank offers a savings goals feature for all of their clients to help save towards that new car, designer handbag, vacation, or home.
Take a look at the video below to see just how the savings goals feature works!
I’ve always been very open about my shopping habits and purchases, so whether you’re saving up to buy a designer handbag or your first home, just know that if I can do it, you can do it too. And thankfully, with help from EQ Bank, saving for what your heart desires (no matter how big or small) has never been easier!
*please note this post has been sponsored by EQ Bank, all thoughts and opinions my own*