- New, flexible savings account offers high interest rates to
all customers equally, with convenient access to funds
- The more notice, the better the savings rate – EQ Bank
customers earn 4.50%* or 5.00%* with 10 or 30-day withdrawal notice
periods
- With no fees and no minimum balance requirements, this
first-of-its-kind account in Canada is perfect for rainy day funds and
short to mid-term savings goals
- New EQ Bank survey highlights missed opportunity – 60% of
Canadians use chequing accounts to save, but only 19% earn interest
on these deposits
TORONTO, June 4, 2024
/PRNewswire/ - EQ Bank, Canada's
Challenger Bank driving change in banking to enrich lives, is
helping Canadians make the most of their savings with the launch of
its new Notice Savings Account. With no minimum balance
requirements and no fees, the EQ Bank Notice Savings Account is a
first-of-its-kind account in Canada. Customers can choose between 10 and
30-day notice periods to withdraw their money to earn 4.50%* and
5.00%*, respectively. The ability to earn competitive interest
paired with easy, flexible access to money makes Notice Savings
Accounts an optimal choice for rainy day funds and other short to
mid-term savings goals.
"The launch of our EQ Bank Notice Savings Account brings
much-needed product innovation to Canadians who deserve the best
from their banks," said Mahima
Poddar, SVP and group head, personal banking. "Notice
savings accounts maintain a balance between flexibility and great
interest rates, making them a perfect choice for Canadians who are
willing to plan their withdrawals in advance to maximize their
savings growth. Our no fee, no minimum balance and all-digital
account offers all EQ Bank customers access to the same rates so
they can save as much or as long as they want."
Notice Savings Accounts are the optimal vehicle to park
savings, maximize earning potential and maintain liquidity
Designed to accommodate Canadians' diverse savings goals, the EQ
Bank Notice Savings Account offers:
- Flexibility: You have the freedom to deposit funds when
you want while enjoying the flexibility to withdraw at 10 and
30-day notice periods, increasing savings while ensuring liquidity
in an all-digital experience opened in minutes.
- High interest rates for saving goals of any horizon:
With attractive interest rates that help you earn 4.50%* or 5.00%*
on every dollar, including through the withdrawal notice period,
the EQ Bank Notice Savings Account offers a secure and rewarding
avenue to grow savings over time – no matter your goal.
- Equal access: All customers receive the same rate with
no limited time offers, no fees, no minimum balance requirements
and no preferential treatment. This means you can take control of
your finances and save how you want, knowing you earn consistently
high rates.
- Security and stability: Backed by EQ Bank, the
digital arm of Equitable Bank, and its proven track-record and
commitments to security and stability, customers can trust that
their savings are safeguarded by Canada's seventh largest bank. All EQ Bank
deposit products, including the Notice Savings Account, are
eligible for CDIC deposit insurance†.
EQ Bank survey finds Canadians are saving, but saving method
calls for mindset shift
In support of the Notice Savings Account launch, a new survey –
conducted by EQ Bank among members of the online Angus Reid Forum –
uncovered that the majority (89%) of Canadians are saving towards
short and mid-term goals, but many aren't reaching their full
savings potential.
Today, Canadians are the most likely to save for travel (61%),
home renovations/repairs (41%), car purchase/repair (36%), managing
irregular income (25%) and home purchase/down payment (22%) in the
short and mid-term. Additionally, the survey found that just over
half (55%) of Canadians contribute to a rainy day fund, with
younger Canadians 18-34 (60%) and 35-54 (63%) outpacing those 55+
(45%).
Canadians use a variety of products to reach these short and
mid-term goals, but traditional chequing accounts took the top spot
– 60% of Canadians use these accounts to save. However, when only
19% of Canadians reap the benefit of earning interest on money held
in chequing accounts, it's clear they could be taking advantage of
better options to reach their short and mid-term goals faster.
The survey also found that Canadians far prefer banks that offer
all customers the chance to earn higher interest due to loyalty or
engagement (57%) or the same interest rate to all customers (25%)
rather than higher rates for more deposits (13%) and periodic
promotions even when it means they may miss out (5%).
"We recognize that every dollar counts for many Canadians, no
matter your walk of life or personal circumstances. Whether you're
saving for a holiday or school, contributing to rainy day emergency
funds or managing irregular income, our promise at EQ Bank is to
help Canadians make bank on their terms with products that help get
you there faster," continued Poddar. "We've heard loud and clear
that Canadians prefer equal access to the same opportunity rather
than promotional or preferential rates offered to only a select
group of customers. Our Notice Savings Account is the next
extension of our mission to drive change in Canadian banking, and
we're proud to bring it to market."
To learn more about EQ Bank's Notice Savings Account and whether
it's the right fit for your goals, visit
eqbank.ca/notice-savings-account.
To learn more about EQ Bank, including its Personal Account that
offers high interest and no fees on everyday banking, a full range
of registered products and the EQ Bank Card that reimburses all ATM
fees across Canada, visit
eqbank.ca.
About EQ Bank
Equitable Bank has a clear mission to drive change in Canadian
banking to enrich people's lives. As Canada's Challenger Bank™ and seventh largest
bank by assets, it leverages technology to deliver exceptional
personal and commercial banking experiences and services to over
639,000 customers and more than six million credit union members
through its businesses. It is a wholly owned subsidiary of EQB Inc.
(TSX: EQB and EQB.PR.C), a leading digital financial services
company with $123 billion in combined assets under
management and administration (as at April 30, 2024). Through
its digital EQ Bank platform (eqbank.ca), its customers have
named it one of the top banks in Canada on the Forbes
World's Best Banks list since 2021.
To learn more, please
visit eqb.investorroom.com or connect with us
on LinkedIn.
About the survey
These are the findings of a survey conducted by EQ Bank from
April 24-26, 2024, among a
representative sample of 1,504 online Canadians who are members of
the Angus Reid Forum. The survey was conducted in English and
French. For comparison purposes only, a probability sample of this
size would carry a margin of error of +/-2.5 percentage points, 19
times out of 20.
* Interest is calculated daily on the total closing balance and
paid monthly. Rates are per annum and subject to change without
notice.
† Equitable Bank is a member of CDIC. EQ Bank is a trade name of
Equitable Bank.
Media contact:
Maggie Hall
Director, PR & Communications
maggie.hall@eqbank.ca
437-214-2442
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SOURCE EQ Bank