TORONTO, Oct. 17, 2022 /CNW/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank™, announced it is increasing its interest rate by 0.50% to 2.50%1, effective October 17, 2022.
"We want to give our customers the chance to get more out of every dollar with an everyday account that also earns high interest," said Mahima Poddar, Group Head of Personal Banking. "Not only does our everyday account offer high and growing interest, it also has features of a chequing account, without the fees on transactions in Canada. From paying your bills, sending Interac e-Transfers® or international money transfers, buying GICs, and even compartmentalizing your funds to help you manage your budget, we're committed to changing the way people bank while helping them make more."
The new 2.50% interest rate is available as of October 17, 2022, to all current and new customers, and applies to EQ Bank Savings Plus Accounts, Joint Savings Plus Accounts, TFSA Savings Accounts and RSP Savings Accounts. At the same time, EQ Bank is increasing its US Dollar Account interest rate from 1.40% to 2.00%1, and in the coming months it will launch its first payment card. 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.†
About Equitable Bank
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.
® Trade-mark of Interac Corp. Used under licence.
SOURCE Equitable Bank