TORONTO, April 11, 2022 /CNW/ – Equalization Bankpowered by Equitable Bank, from Canada Challenger Bank™, announced it was raising its interest rate by 25 basis points to 1.50%1efficient monday april 11. This increased rate applies to the EQ Bank Savings Plus Account, as well as RSP and TFSA Savings Accounts.
EQ Bank remained committed to delivering smarter banking solutions to Canadians, focused on delivering far more value than traditional banks while eliminating day-to-day banking complexities such as the need for separate savings and checking accounts. With over $7 billion in deposits and more than 250,000 customers, EQ Bank was named the No. 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 provide Canadians with the best value since launching in 2016,” says Mahima Poddar, Head of Personal Banking Group for EQ Bank. “The increase in our interest rate to 1.50%, combined with a growing range of everyday banking products, means customers can earn more on their money while still transacting with ease and transparency through a exceptional digital experience.”
A higher interest rate of 1.50% is just one way EQ Bank is improving the banking experience for Canadians. No regular bank fees, unlimited transactions, unlimited free bill payments and Interac Electronic transfers®Free and seamless transfers between Canadian banks, fast international transfers and GICs that can be purchased at the touch of a button are just a few of the reasons more and 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 improvements planned to continue to make banking smarter for Canadians.
The new interest rate of 1.50% is now available to all current and new customers and applies to EQ Bank Plus Savings 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 reinvents banking by offering a high everyday interest rate, plus the flexibility of a checking account, with free transactions, no daily bank fees, no minimum balance, transfers fast, cheap and fully transparent international money transfers, and more. from a single account. Its Guaranteed Investment Certificates (GICs) also offer Canadians a wide range of options at 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. is listed 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, from Canada 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 offers diversified banking services to individuals and businesses and, through its EQ Bank platform (eqbank.ca), has been named the #1 bank in Canada on the Forbes World’s Best Banks 2021 list. Please visit equitablebank.ca for more details.
1 Interest is calculated daily on the total closing balance and paid monthly. Rates are annual and subject to change without notice.
† Equitable Bank is a member of SADC. EQ Bank is a trading name of Equitable Bank.
SOURCE Equitable Bank
For further information: Investor Contact: Richard Gill, Vice President, Corporate Development and Investor Relations, [email protected], 416-513-3638; Media Contact: Jessica Kosmack, Senior Manager, Communications, [email protected]647-600-2512