Home / Financial crisis / Equitable launches ’digital bank’ with 3% interest savings account to lure deposits from Canadian rivals
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Equitable launches ’digital bank’ with 3% interest savings account to lure deposits from Canadian rivals

EQ Bank's first product is a savings account that provides common types of banking services from a desktop computer or mobile device and pays annualized interest at 3.0 per cent.

Equitable Bank, the Canadian alternative-mortgage provider, is jumping into the online banking business with a savings account that pays more than triple the interest rate of other branchless rivals.

Equitable started signing up customers this week for its EQ Bank, offering 3 per cent interest on savings with no fees or minimum balance requirements. The account allows daily transactions including bill payments, e-transfers and moving money via computer or mobile phone.

“We’re certainly seeking to shake up the marketplace a bit,” Chief Executive Officer Andrew Moorsaid in a phone interview. “This is a digital bank built from the ground up, born in the mobile age of smartphones.”

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