EQ Bank Charges Less and Pays More

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I can’t remember the last time I stepped into my local bank. Perhaps to use the bank machine, but hardly ever to see the teller. So much of my family’s financial life happens online, yet I still seem to be supporting an antiquated banking system.

If you’re like me and 79% of the Canadian population, you conduct most of your banking online, maybe visiting your bank once a month or as little as a few times a year. With paychecks direct deposited, transferring money electronically and paying bills online, you may be interested in knowing about the new digital EQ Bank from Equitable Bank, a subsidiary of Equitable Group Inc. (TSX: EQB and EQB.PR.C). With no physical branches, this means EQ Bank can offer its customer more, like no fees … who isn’t tired of bank fees?

EQ Bank Products

With EQ Bank’s first product, EQ Bank Savings Plus Account, you can deposit funds, pay bills, even transfer money from one account while earning a pretty competitive interest rate of 3.00%. Add to that no monthly fees and you’re saving even more.

“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.”

Even signing-up is easy, all done through a simple and secure 5-minute form on their website or through their mobile app. No need to wait in a bank line with the kids or use up your precious lunch hour waiting to talk to a teller. Sign-up whenever it’s most convenient for you.


Along with no monthly fees and an everyday interest rate of 3.00%, the EQ Bank Savings Plus Account also offers:

  • Interest earned on every dollar, without the hassle of transferring money between a chequing and savings account.
  • Unlimited day-to-day transactions
  • Five (5) free Interac e-Transfers® per month
  • Safe and secure banking from your desktop or mobile – Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC), therefore deposits in the EQ Bank Savings Plus account are insured up to applicable limits.

EQ Bank makes saving even easier with their Savings Goals feature. Set your goal, like a new car or your next family vacation, and EQ Bank will track your progress, showing how you’re doing in the Savings Goal progress bar on your account. Think of it like a digital piggy bank but without you having to count all those pennies.

If you’re already doing most of your banking online, why not benefit from less fees and more interest. Maybe the EQ Bank Savings Plus Account is perfect for you? It only takes 5 minutes to get set-up and if you have questions EQ Bank is there for your too. Your question may already be addressed on their site or just call their Customer Care Centre 24/7.

Visit www.eqbank.ca to learn how you can start paying less and earning more on your savings account. You can also find EQ Bank on Twitter as well as Facebook.

This post was sponsored by EQ Bank, however the thoughts expressed here are my own. Images source EQ Bank.

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