[Equitable Bank] Get 4% Interest in the Personal Account (with min $2000/month Direct Deposit) – starting Feb 4

I received an email from EQ today about their interest rates, expecting an announcement that their rates are going to be reduced. While most of their rates are going down, the email said that the rate for the Personal Account is actually going up from 3.5% to 4% beginning Feb 4, if you have a qualifying direct deposit set up with them. A qualifying DD is $2,000 min per month. I don’t have a DD set up with them but 4% is a really good rate and may be the worth effort of setting one up.

Here are the relevant FAQs from the email:

Will I still earn bonus interest with qualifying direct deposit transactions?

While the base rate for Personal Accounts and Joint Accounts will be 1.50%*, the bonus interest rate for customers with eligible direct deposits will increase to 2.50%*. Customers who continue to meet the requirements of the offer will earn a total of 4.00%* interest.

Is there anything I have to do?

There’s no action required on your end. The new rates take effect on February 4, 2025, and will be automatically applied to your account. Your interest payment on March 1, 2025, will be reflective of the current rate from February 1 to 3 and the new rates from February 4 to 28.

Statistics: Posted by frugal1 — Jan 30th, 2025 4:55 pm

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