TORONTO, April 11, 2022 /CNW/ - 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†
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.
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.
1 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.
SOURCE Equitable Bank