TORONTO, Sept. 6, 2022 /CNW/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank™, announced it is increasing its interest rate by 0.35% to 2.00%1, effective September 6, 2022.
"Being able to offer meaningful value on an everyday bank account can be a real benefit to the average customer," said Mahima Poddar, Group Head of Personal Banking. "When we look at the rates offered on accounts in the market, EQ Bank stands out as providing Canadians one of the best values, both now and long term. With a high everyday interest rate, customers can earn on their balances when money comes in and before it goes out, whether it's for bills, their mortgage or other daily spending needs. We also stay away from promo rates; always offering our best rates to everyone, not just new or preferred customers. It's all part of what we're doing to create a banking experience that allows our customers to get ahead while they meet their everyday banking needs."
In addition to the 2.00% non-promotional rate, EQ Bank's easy sign-up process, no daily banking fees, unlimited transactions, seamless free transfers between Canadian banks, fast international money transfers, and great rates on GICs that can be purchased at the touch of a button are just some of the reasons more people are choosing EQ Bank as their primary bank. There are also more enhancements planned to keep pushing the boundaries of what smart, value-first everyday banking can be. In the coming months, EQ Bank will launch its first payment card, creating more convenient access to funds and providing rewards for point-of-sale purchases.
The new 2.00% interest rate is available as of September 6, 2022, to all current and new customers, and applies to EQ Bank Savings Plus Accounts, TFSA Savings Accounts and RSP Savings Accounts. With over $7 billion in deposits and more than 250,000 customers, EQ Bank was named the top Bank in Canada on the Forbes World's Best Banks 2021 and 2022 list.
All EQ Bank deposit products are eligible for CDIC deposit insurance†
EQB Inc. trades on the Toronto Stock Exchange (TSX: EQB, EQB.PR.C and EQB.R) and serves more than 360,000 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.
† Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.
SOURCE Equitable Bank