Canadian Treasurer
 
 

January 22, 2016

Equitable Bank launches EQ Bank

New digital bank offers EQ Bank Savings Plus Account with high 3.00% interest rate and flexibility to pay bills and easily transfer money

TORONTO -- Equitable Bank, a subsidiary of Equitable Group Inc. has announced the launch of EQ Bank, a new completely digital way of banking. EQ Bank offers a seamless online and mobile banking experience, and will help Canadians reach their savings goals faster.

EQ Bank's first product, the EQ Bank Savings Plus Account, allows customers to pay bills, transfer money to friends and family, and also earn a competitive interest rate – all from one account.

"This is an exciting new chapter for Equitable Bank as we launch EQ Bank and bring convenient everyday banking right to the fingertips of our customers," said Andrew Moor, President and CEO, Equitable Bank. "Each year, Canadians are leaving billions of dollars of interest on the table. Our goal is to ensure they get the most out of their hard-earned money. Without the cost of traditional branches, we can focus on our customers first, helping them achieve their savings goals faster."

EQ Bank's entry into the digital banking space comes on the heels of a growing shift towards fintech innovation and digital banking in Canada, where 55 per cent of the population choose to do most of their banking online, according to a report released by the Canadian Bankers Association.

The EQ Bank Savings Plus Account offers:

  • An everyday interest rate of 3.00% – with no teaser promo periods that have an expiry date

  • Interest earned on every dollar, without the hassle of transferring money between a chequing and savings account

  • No monthly fees

  • Unlimited day-to-day transactions

  • No minimum balance requirements

  • Five (5) free Interac e-Transfers® per month

  • Savings goals feature to help save towards that new car, vacation or home

  • No complicated terms or unreasonable conditions

  • Safe and secure banking from your desktop or mobile – Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), therefore deposits in the EQ Bank Savings Plus account are insured up to applicable limits

"The EQ Bank Savings Plus Account will help Canadians earn more money, while still being flexible to meet life's everyday needs – with no surprises," said Dan Dickinson, Vice President, Digital Banking, Equitable Bank. "With our innovative branchless model, we have removed unreasonable and complicated monthly fees, bundles and minimum balances from the banking equation so that we can offer our customers more value. Working with an experienced team at EQ Bank and leading Canadian fintech partners, we are now able to offer Canadians an easy, secure and better savings option."

To sign up or learn more on how EQ Bank is helping Canadians reach their savings goals faster, visit eqbank.ca or download the EQ Bank mobile app (available on the App Store and Google Play).

EQ Bank is brought to Canadian customers by, and is a trademark of Equitable Bank, and offers a branchless, completely digital banking experience. Features of the EQ Bank Savings Plus Account, including the interest rate, are subject to change. Visit eqbank.ca for the latest details

 

 

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