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TORONTO, Jan. 11, 2023 /CNW/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank™, has partnered with Mastercard to launch the EQ Bank Card*. The card is an innovative new way for customers to withdraw cash for free at any ATM in Canada, all while earning cash back on their spending and high interest on their balance.

"Introducing a payment card for our customers is a game-changer," said Mahima Poddar, Group Head of Personal Banking. "There is growing demand for an everyday bank that offers the benefits of a chequing account with the high interest of a savings account. We listened to our customers and built in their feedback when we developed the EQ Bank Card, which allows them to earn 2.5%^∞ interest right up until they spend, earn cash back when they spend, and avoid ATM fees or other hidden charges. This is the card you want – whether you're managing your day-to-day or travelling."

"Canadians have diverse needs and expectations when it comes to managing their payments," said Balinder Ahluwalia, Senior Vice President and Group Head, Market Development, Mastercard in Canada. "We're proud to offer a convenient solution that gives Canadians greater flexibility and security for their everyday banking needs."

The EQ Bank Card offers several distinctive features for an everyday bank card:

• Free cash withdrawals from any ATM in Canada
• Whether it's via an ATM at another bank, grocery store, or even an independent ATM at a convenience store, customers can withdraw cash for free anywhere in Canada and EQ Bank will reimburse any ATM fees incurred.
• Cash-back rewards
• With the EQ Bank Card, customers load and spend their own money while earning 2.5%^∞ interest right up until they spend and 0.5% cash** back on every purchase, online or in-store.
• No foreign currency conversion fees***
• Most card providers charge a foreign currency conversion fee on international purchases that can add up to 3% of the purchase amount. The EQ Bank Card does not charge any foreign currency conversion fees; customers only pay Mastercard's competitive foreign exchange rate while travelling outside of Canada.
• More from Mastercard
• From culinary lessons to museum visits, cardholders will be able to access Mastercard Priceless® Experiences through Priceless.com, as well as having Mastercard's Zero Liability Protection against unauthorized or fraudulent charges.

To get the new EQ Bank Card, new customers can sign up to EQ Bank in a matter of minutes and open a Savings Plus Account. From there, they can fund their account and order a free card in just a few quick clicks. Once they receive and activate the card, they can load it up in seconds by moving money from their Savings Plus Account or Joint Savings Plus Account. The EQ Bank Card is not yet available in Quebec.

EQ Bank launched in 2016 and now has more than $7 billion in deposits and more than 290,000 customers. It combines a high interest account with features of a chequing account, like an unlimited number of Interac e-Transfers®, free bill payments, and no minimum balance. With the Savings Plus Account, customers can earn up to 250×^◊ more interest than at other banks along with the flexibility of a chequing account—and zero monthly fees. The Joint Savings Plus Account does all that and offers the ability to share the account with up to three other people. EQ Bank's GICs bring guaranteed returns with some of the best rates in the market, while the TFSA Savings Account offers tax-free interest on every dollar with no minimum balance and zero fees. EQ Bank was named the top Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists.

All EQ Bank deposit products are eligible for CDIC deposit insurance^†.

EQB Inc. trades on the Toronto Stock Exchange (TSX: EQB and EQB.PR.C) and serves more than 370,000 people across Canada through its wholly owned subsidiary Equitable Bank, Canada's Challenger Bank™. Equitable Bank's wholly owned subsidiary Concentra Bank supports credit unions across Canada, which collectively serve more than 5 million members. Equitable Bank has more than $100 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Founded more than 50 years ago, Canada's Challenger 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.

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

SOURCE Equitable Bank