Update: The rate has gone from 2.8% to then 2.5% as of March 24th 2020. 2.5% is still pretty good considering my benchmark bank – EQ Bank is offering 2%.
Update: Dropped to 2.02% as of May 30th 2020.
- The rate is 3.3%. This is not a promotion, seems to be permanent, like EQ Bank at 2.3%.
- They do not have an app yet. WTF. But you need to log in online through their website – LBC Digital.
- No monthly account fee – obviously if you do insufficient funds charges you will get charged, but it is a NO FEE online digital banking account
- No minimum balance required – another biggie, you can keep $0 in there.
I signed up for their chequing and their high interest savings account, only so I can set up bank-to-bank transfers with my other banks, and move money easily to all my other accounts, pay bills, etc.
I know it sounds like a lot of work (ANOTHER BANK ACCOUNT, SHERRY?) … but 3.3% is really REALLY good. That’s pretty much covering average inflation.
It is super easy to sign up, and easy to link banks as well, although you have to do one by one, you can’t do 3 banks at once (but then again who has three bank accounts that they use regularly except insane people like myself…)
I stuck all of my emergency fund money in there (around $73K), because I have invested the bulk of my savings as I am on a contract right now.
What are you waiting for? SIGN UP!