TORONTO, May 11, 2022 /CNW/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank™, announced it has increased its USD account interest rate by 25bps to 1.25%1. The new rate is now in effect.
Increasing the rate on US dollar accounts is just another way of providing more value to Canadians. By reimagining what a US account can be, EQ Bank's US Dollar Account takes leading interest rates and combines it with one of the lowest exchange rates in the Canadian market2. Add to that no monthly fees and no minimum balances and you have the best place to manage your US dollars. Through its integration with Wise, EQ Bank has also made it simple to send those US dollars internationally, at a fraction of the cost of other banks, and without having to convert your funds to CAD first.
Faced with dismally low interest rates in the broader market, today's rate increase brings an instant boost to Canadians' pockets.
"When we launched US dollar accounts, we wanted to give our customers a far better alternative to what was available in the market," says Mahima Poddar, SVP and Group Head of Personal Banking for EQ Bank. "It's not just about a great rate, but it's truly the best account for people who want to grow and send US dollars."
EQ Bank customers can open a US Dollar Account in just a few clicks, and with no paperwork or lineups, customers can start sending, saving and converting their US dollars in a matter of minutes.
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 top Schedule I Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists.
The new 1.25%1 interest rate is now available to all current and new customers and applies to EQ Bank US Dollar 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 has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists. 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 340,000 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 the top Schedule I Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists. 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.
2 Based on research conducted by Equitable Bank comparing non-cash foreign currency exchange rates for transfers where no physical foreign cash is exchanged from Tangerine, Royal Bank of Canada, Bank of Nova Scotia and TD Canada Trust. Research is based on the sum of the exchange rate spread using publicly available information taken from public websites on January 21, 2022. Foreign currency exchange rates are subject to change at a moment's notice. Rates can only be guaranteed at the time the purchase or sale is conducted.
† Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.
SOURCE Equitable Group Inc.