EQ Bank increases its daily interest rate to 2.00%

TORONTO, September 6, 2022 /PRNewswire/ – EQ Bank, powered by Equitable Bank, from Canada Challenger Bank™, announced it is raising its interest rate from 0.35% to 2.00%1efficient September 6, 2022.

“Being able to deliver significant value in an everyday bank account can be a real benefit to the average customer,” said Mahima Poddar, Head of the Individual Banking Group. “When we look at the rates offered on accounts in the market, EQ Bank stands out as offering Canadians some of the best value, both now and over the long term. With a high daily interest rate, customers can earn on their balances when the money comes in and before it runs out, whether it’s for bills, their mortgage, or other day-to-day expenses.We also avoid promotional rates; always offering our best rates to everybody, not just new or preferred customers. It’s part of what we do to create a banking experience that keeps our customers moving forward while meeting their everyday banking needs. »

In addition to the non-promotional rate of 2.00%, EQ Bank’s easy sign-up process, no daily bank fees, unlimited transactions, free and seamless transfers between Canadian banks, money transfers Fast international deals and great rates on GICs that can be purchased at the push of a button are just a few of the reasons more and more people are choosing EQ Bank as their primary bank. Further enhancements are also planned to continue to push the boundaries of what intelligent, value-driven everyday banking can be. In the coming months, EQ Bank will launch its first payment card, creating more convenient access to funds and offering rewards for point-of-sale purchases.

The new interest rate of 2.00% is available from September 6, 2022, to all current and new customers, and applies to EQ Bank Plus Savings Accounts, TFSA Savings Accounts and RSP Savings Accounts. With over $7 billion in deposits and over 250,000 customers, EQ Bank was named the best bank in Canada on 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, from Canada Challenger Bank™. Equitable Bank has a clear mandate to drive change in Canadian banking to enrich people’s lives. Founded more than 50 years ago, Equitable Bank offers diversified personal and commercial banking services and, through its EQ Bank platform (eqbank.ca), was named the best Schedule I bank in Canada on 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 annual and subject to change without notice.

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

Investor contacts:
Richard Gil
Vice President, Corporate Development and Investor Relations
[email protected]

Media contact:
Jessica Kosmak
Senior Manager, Communications
[email protected]

SOURCE Equitable Bank

Stephen V. Lee