Equitable Bank, a subsidiary of Equitable Group Inc. Today announced the launch of EQ Bank, a new completely digital way of banking. EQ Bank offers a seamless online and mobile banking experience, and will help Canadians reach their savings goals faster.
EQ Bank’s first product, the EQ Bank Savings Plus Account, allows customers to pay bills, transfer money to friends and family, and also earn a competitive interest rate – all from one account.
“This is an exciting new chapter for Equitable Bank as we launch EQ Bank and bring convenient everyday banking right to the fingertips of our customers,” said Andrew Moor, President and CEO, Equitable Bank. “Each year, Canadians are leaving billions of dollars of interest on the table. Our goal is to ensure they get the most out of their hard-earned money. Without the cost of traditional branches, we can focus on our customers first, helping them achieve their savings goals faster.”
EQ Bank’s entry into the digital banking space comes on the heels of a growing shift towards fintech innovation and digital banking in Canada, where 55 per cent of the population choose to do most of their banking online, according to a report released by the Canadian Bankers Association.