TORONTO, April 11, 2022 /PRNewswire/ - EQ
Bank, powered by Equitable Bank, Canada's Challenger Bank™, announced it is
increasing its interest rate by 25bps to 1.50%1,
effective Monday, April 11. This
increased rate applies to the EQ Bank Savings Plus Account, as well
as RSP and TFSA Savings Accounts.
EQ Bank has remained committed to bringing smarter banking
solutions to Canadians, focused on providing far more value than
traditional banks while removing everyday banking complexities such
as the need for separate savings and chequing accounts. With over
$7B in deposits and more than 250,000
customers, EQ Bank was named the #1 Bank in Canada on the Forbes World's Best Banks 2021
list.
"It's always been about smarter banking and EQ Bank has been on
a mission to give Canadians the very best value since we launched
in 2016," says Mahima Poddar, Group
Head of Personal Banking for EQ Bank. "Increasing our interest
rate to 1.50%, combined with a growing suite of everyday banking
products, means customers can earn more on their money while
continuing to make transactions with ease and transparency through
a great digital experience."
A higher 1.50% interest rate is just one of the ways EQ Bank is
bettering the banking experience for Canadians. No everyday banking
fees, unlimited transactions, unlimited free bill payments and
Interac e-Transfers®, seamless free transfers
between Canadian banks, fast international money transfers, and
GICs that can be purchased at the touch of a button are just some
of the reasons more people are choosing EQ Bank.
Later this year, EQ Bank will launch its own card, making point
of sale payments and access to funds even more convenient. This is
just one of many enhancements planned to keep making banking
smarter for Canadians.
The new 1.50% interest rate is now available to all current and
new customers, and applies to EQ Bank Savings Plus Accounts, TFSA
Savings Accounts and RSP Savings Accounts.
All EQ Bank deposit products are eligible for CDIC deposit
insurance†
About EQ Bank
EQ Bank, the digital banking platform launched in 2016 by
Equitable Bank (a federally regulated Schedule I bank), provides
state-of-the-art digital banking services. The Savings Plus Account
reimagines banking by offering an everyday high interest rate, plus
the flexibility of a chequing account, with free transactions, no
everyday banking fees, no minimum balances, fast, cheap, and fully
transparent international money transfers, and more—all from one
account. Its Guaranteed Investment Certificates (GICs) also offer
Canadians a wide range of options with competitive rates. EQ Bank
was named #1 Bank in Canada on the
Forbes World's Best Banks 2021 list. To learn more, please visit
www.eqbank.ca.
About Equitable Bank
Equitable Group Inc. trades on the Toronto Stock Exchange (TSX:
EQB, EQB.PR.C and EQB.R) and serves more than 325,000 Canadians
through its wholly-owned subsidiary Equitable Bank, Canada's Challenger Bank™. Equitable Bank has
a clear mandate to drive change in Canadian banking to enrich
people's lives. Founded over 50 years ago, Equitable Bank provides
diversified personal and commercial banking and through its EQ Bank
platform (eqbank.ca) has been named #1 Bank in Canada on the Forbes World's Best Banks 2021
list. Please visit equitablebank.ca for details.
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1 Interest is
calculated daily on the total closing balance and paid monthly.
Rates are per annum and subject to change without
notice.
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† Equitable Bank is a
member of CDIC. EQ Bank is a trade name of Equitable
Bank.
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SOURCE Equitable Bank