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

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.”

Related

Check Also

poloz2.jpg

Oil plunge spurs bold call that Bank of Canada will cut rates next week

Oil’s plunge to below $31 Monday has spurred a bold call from one financial giant …

Leave a Reply

Your email address will not be published. Required fields are marked *