What you need to know about hybrid bank accounts

Feb 28 20:02 2020 Print This Article

Hybrid bank accounts are the latest offering in a series of fintech rollouts that have shaken up Canada’s staid banking sector over the past few years. These accounts provide a single place to hold and use your money, allowing you the flexibility to withdraw and deposit as you please while still earning a high interest rate.

The best hybrid bank accounts in Canada

There’s no standard hybrid bank account so each choice must be examined carefully. Here are a few options to consider:

EQ Bank Savings Plus*

EQ Bank*—an online-only subsidiary of Equitable Bank, which has been around since the 1970s—launched in 2016 with a bang, offering such a high interest rate that it literally couldn’t keep up with demand. The current rate on its hybrid account is an excellent 2.45% (with no minimum deposit required), and it offers unlimited free transactions including transfers to linked external accounts, e-transfers, mobile cheque deposit, bill payments, as well as cheap international money transfers. 

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Money Sense

MoneySense is a Canadian personal finance and lifestyle magazine published by Rogers Publishing Limited, a division of Rogers Communications.Written for Canadians who want to take financial control of their lives, MoneySense is Canada's best-selling investment and lifestyle magazine, helping readers make smart, informed decisions about how to get the most from their money. The magazine has received many awards, including multiple National Magazine Awards and CFA Society Toronto Awards.

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