Video: 4 things to consider before putting your money in a TFSA or RRSP

Stay FAR away from Eq Bank. They just ruined a little girl’s 16th birthday, and it’s all their fault.
I now realize that their interest rates are higher than everyone else and they have no fees because if they weren’t paying you to let them hold your money you’d never tolerate all the issues that come with trying to work with EQ Bank.
I found a list where EQ was listed as the second best bank in Canada. Whoever made that list must be drunk, high or stupid.
To begin with, If you don’t have Android 8 or better running on your phone the App will not work. So my phone, only released in 2017, can’t use it. Every time there is any issue with the website you completely lose access to your money and they are constantly having issues. From not being able to sign in, to E-transfers just failing for no reason, to being kicked off in the middle of a session, even if your in the middle of typing.
I’ve put up with this for over a year mainly because when it does work it is quite convenient, but this time their mistakes have hurt my little girl.
For several weeks, and for no reason, they began sending a “Verification Code” to my email, or said they did, and when it didn’t arrive in my email folder there was no way to login to my account. I was not overly concerned however since I was still able to use my phone to sign in. I didn’t think it was that big a deal. I did contact a “live chat” support worker who walked me through a bunch of steps until we finally knew for certain the issue is on their end. Then he gave me a phone number to call. I called it, set up a call back and to this day have never received that call. Then my phone started requiring the same verification code. From then on I’ve had no access to my money.
I then phoned customer service. They walked me through every step I went through with the live chat agent, once again realized the issue is on their end, sent in a complaint, and told me I’d receive a call within 2 days. That call never came. A third time I phoned. I was again made do all the same things and told I will receive a phone call. I don’t expect to get that call and I don’t know what to do next.
It should be noted, I have never forgotten my credentials. I have never, not even mistakenly, entered the wrong email username or password. I answered every security question correctly every time, and was even able to tell them when the last transaction was and for how much because I still receive those emails. I receive every email from EQ Bank except when they say they send a verification code, including the ticket that was sent in by the agents I spoke to. There is no question and they have no doubt that I am who I say I am, but they refuse to remedy the situation, sending me in a never ending circle of waiting for phone calls that, just like the verification codes, never come.
The money in this account is all the money I was able to save up to give my daughter a hopefully enjoyable 16th birthday. Her birthday is today and because of that, even though I live in New Brunswick, yesterday I offered to drive to the actual bank in Toronto (a 15-hour drive one way) to show them my ID and close the account, but was told that even if I did that, they still would not give me my money.
It’s almost like all the other failings of this bank stopped getting to me so they did this.
I can’t afford a lawyer. I know by reading other reviews that they’ve been reported to the Better Business Bureau in the past, and I know if I call again they’ll just do the same thing and I’ll wait another 2 days for a phone call that never comes.
As it stands, I am starting to think I will never see that money again. Whether I get it back someday or not though, she only turns 16 once. Her birthday is today. It’s ruined, and it’s all their fault.

Your videos are very well made, easy to understand and informative. Great à out of information. Keep up the good work!

You say an RRSP is best for long term savings and retirement. Well maybe, should you live into your nineties but in most cases maybe not.
What was not mentioned is having after saving for RRSP until retirement you would have accumulated several hundreds of thousands of dollars. When you later pass away at 70 or 80 you are forced to pay up the remaining hundreds of thousands remaining in your RRIF ( converted from RRSP at 71) to the government in taxes at the highest tax bracket. Unfortunately these losses cannot be spread over a few years. Yes, you can transfer to your spouse, usually around the same age will later will also be stuck with the same dilemma.
In other words you will most likely have to repay more than what you thought to have saved in taxes.
I know, because over the years I maxed out in both TFSA and RRSP and am presently in thus predicamen.

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