TORONTO, June 10, 2021 /CNW/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank™, has added a US Dollar Account to its ever-expanding suite of smarter digital banking products for Canadians who are looking to make their money work harder for them.
Through the bank's integration with Wise, EQ Bank has made it simple to now send US dollars internationally, at up to 8x◊ cheaper than other banks.
The new account also offers a rewarding 1% interest rate* on US dollars and, like other EQ Bank accounts, avoids the nonsense of annoying monthly fees or high markups. With Canadians growing wary of low rates on US dollars, EQ Bank's rate makes a real difference in the customer's pocket.
"Our EQ Bank US Dollar Account solves several problems for Canadians: from combating notoriously low interest rates to figuring out a better way to send money to loved ones or move it between accounts," said Mahima Poddar, Group Head of Personal Banking at EQ Bank. "We wanted customers to have a US account option that was both rewarding and headache-free, and now we've successfully done that with another no-nonsense EQ Bank product. We're listening to our customers and working hard to bring them the highest value banking possible. We're proud of that."
EQ Bank customers can open a US Dollar Account in just a few clicks. New customers can access quickly by joining EQ Bank. With no paperwork or lineups, it means customers can start sending and saving their US dollars in a matter of minutes.
The attractive 1% interest rate is also currently available on the recently introduced Equitable Bank U.S. High Interest Savings Account, which is available through fundserv for Financial Advisors to offer their clients‡. The introduction of both these new US dollar products is based on the bank's recognition that Canadians need smarter options to more easily grow their US funds, especially given the strength of the rising Canadian dollar.
As with all Equitable Bank and EQ Bank account products, US dollar deposits are eligible for Canada Deposit Insurance Corporation (CDIC) protection†.
Since it launched in 2016, EQ Bank has challenged the notion of what everyday banking should be. It is leading the way as the bank where Canadians earn more without the complexities and headaches often associated with traditional banking. EQ Bank now has more than $6 billion in deposits and over 200,000 customers.
◊ Based on research conducted by Equitable comparing exchange rates and transaction fees from Wise, Canada's 'Big 5' banks and Simplii Financial. Research considered comparable online global money transfer services and was conducted using the following transactions for $500 CAD: total cost to send CAD to INR in India, total cost to send CAD to USD in the United States and total cost to send CAD to EUR in France. Research took place on March 25, 2021. Promotions excluded.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
‡Rate is per annum, and subject to change at any time and without notice. Interest is calculated daily on the closing balance, and paid monthly as reinvested distributions.
†Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor.
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 continually challenges the status quo to bring better banking solutions to Canadians. To learn more, please visit www.eqbank.ca.
Equitable Group Inc. trades on the Toronto Stock Exchange (TSX: EQB and EQB.PR.C) and serves over a quarter million Canadians through Equitable Bank, Canada's Challenger Bank™. Equitable Bank has grown to become the country's eighth largest Schedule I bank measured by market capitalization, with a clear mandate to drive real 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) is a recognized innovator in digital services. Please visit equitablebank.ca for details.
SOURCE Equitable Bank