EQ Bank launches in Quebec

High interest, no-fee everyday banking now available across Canada

TORONTO, Dec. 8, 2022 /CNW/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank™, announced it has launched its award-winning EQ Bank digital banking platform into the Quebec market, making it available coast-to-coast to all Canadians.

EQ Bank has arrived! (CNW Group/Equitable Bank)
EQ Bank has arrived! (CNW Group/Equitable Bank)

"We're thrilled for EQ Bank to be part of Quebec's financial landscape," said Mahima Poddar, Group Head of Personal Banking. "Canadian society deserves access to the best banking experience, one that works best for them.  We've always challenged the status quo to drive better options in banking – from having one account that combines high interest with everyday chequing features, to never charging fees on everyday transactions, to buying attractive rate GICs with the press of a button. We are so excited to be helping Quebecers make more with their money."

EQ Bank combines a high interest account with features of a chequing account, like an unlimited number of Interac e-Transfers®, free bill payments, and no minimum balance. With the Savings Plus Account, customers can earn up to 250× more interest than at other banks along with the flexibility of a chequing account —and zero monthly fees. The Joint Savings Plus Account does all that along with the ability to share the account with up to three other people. EQ Bank's GICs bring guaranteed returns with some of the best rates in the market, while the TFSA Savings Account offers tax-free interest on every dollar with no minimum balance and zero fees. From high interest everyday banking to seamlessly buying GICs to compartmentalizing your funds to help you manage your budget, EQ Bank is committed to helping customers make more.

EQ Bank launched in 2016 and now has over $7 billion in deposits and more than 290,000 customers. As it continues to expand its digital product offering, today's launch represents a bold new choice for Quebec customers looking for a better way to bank, all backed by an unwavering commitment to customer service. EQ Bank was named the top Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists. To find out more or to sign up, visit our website.

All EQ Bank deposit products are eligible for CDIC deposit insurance

About Equitable Bank

EQB Inc. trades on the Toronto Stock Exchange (TSX: EQB and EQB.PR.C) and serves more than 370,000 Canadians through its wholly owned subsidiary Equitable Bank, Canada's Challenger Bank™. Equitable Bank's wholly owned subsidiary Concentra Bank supports credit unions across Canada that serve more than 5 million members. Equitable Bank has over $100 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Founded over 50 years ago, Canada's Challenger Bank™ provides diversified personal and commercial banking and through its EQ Bank platform (eqbank.ca) and 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.

◊ Based on research conducted by Equitable Bank comparing interest rates of base savings accounts offered by Canada's 'Big 5' banks. Rates were compared using a ratio analysis. Research is based on savings account interest rates taken from public websites as of October 3, 2022. Promotions and Rate Premiums are excluded.

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

™Trademark of Equitable Bank, all rights reserved.

® Trademark of Interac Corp. Used under licence

Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor

Investor contact:
Richard Gill
Vice President, Corporate Development & Investor Relations

Media contact:
Jessica Kosmack
Senior Manager, Communications

EQ Bank Logo (CNW Group/Equitable Bank)
EQ Bank Logo (CNW Group/Equitable Bank)

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SOURCE Equitable Bank


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