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.”