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TORONTO, June 24, 2022 /CNW/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank™, announced it is increasing its interest rate by 0.15% to 1.65%¹, effective Friday, June 24, 2022.

"We're committed to providing Canadians with more banking value," said Mahima Poddar, Group Head of Personal Banking. "Ease of sign up, no everyday 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. This higher 1.65% everyday non promotional interest rate is another step towards enriching the lives of our customers."

There are many enhancements planned to keep making banking smarter for Canadians. Later this year EQ Bank will launch its first payment card, creating more convenient access to funds and greater ease for point of sale payments. 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.

The new 1.65% interest rate is now available to all current and new customers, and applies to EQ Bank Savings Plus Accounts, TFSA accounts and RSP accounts.

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 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.

† Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

SOURCE EQ Bank