Notice savings accounts (NSA)—like the one EQ Bank launched in June 2024—are similar to GICs, with a few key differences. Both NSAs and GICs are intended for longer-term savings, and they allow you to earn a healthy interest rate on your deposits. One difference is that when you invest in a GIC, you agree to hold your deposit for the duration of your term, like 1 year or 5 years. With an NSA, you can make a withdrawal at any time, but there’s a holding period (the “notice” you must give to your bank) before the money becomes available. Notice times vary—for example, with EQ, you can choose between a 30-day and 10-day notice period. In general, the more notice you give, the higher your interest rate.