Comments on: EQ Bank Tax Free Savings Account Review

By: Barry Choi

Barry Choi — Mon, 05 Sep 2022 18:57:33 +0000

In reply to John. John, Yes, you can withdraw any amount from your TFSA.

By: John

John — Mon, 05 Sep 2022 14:49:45 +0000

If I were to purchase a $100,000.00 two year term GIC and when it came due and the money was put in a saving account , could I withdraw the total amount at one time?

By: Barry Choi

Barry Choi — Sat, 31 Jul 2021 21:14:12 +0000

In reply to Sus.

Sus,

If the funds are currently in your TFSA, then it wouldn’t be considered a new contribution if you’re buying another GIC within your TFSA.

By: Sus

Sus — Sat, 31 Jul 2021 16:57:40 +0000

Seems there’s no terms to choose from for your TFSA in EQ..like 1 yr 2 yr etc. My TFSA gic matured after 3 month promo rate and now sits in savings. So if I put that back into TFSA again would it be considered whole new TFSA contribution? And not renewal

By: Barry Choi

Barry Choi — Sat, 02 Jan 2021 19:40:37 +0000

In reply to Gregory Jones. Gregory, There's a 100% chance that the interest rate will drop. That said, EQ Bank does typically have a higher interest rate than most banks so this is still handy for people who want to keep their TFSA in cash.

By: Gregory Jones

Gregory Jones — Sat, 02 Jan 2021 18:22:09 +0000

I would be worried that the interest rate can change at any time as i don’t see any guarantee for the rate