- EQ Bank Business Account transforms Canadian business
banking with high interest, no fees, unlimited transactions* and
access to Business GICs, supported by an entirely digital
onboarding experience
- Beta phase of launch provides account access to
existing EQ Bank customers
TORONTO, Sept. 19,
2024 /PRNewswire/ - EQ Bank, the digital arm of
Canada's Challenger Bank™
with a mission to drive change in banking and enrich people's
lives, today announces the beta launch of its Business
Account, a high-interest, no-fee everyday bank account uniquely
designed to suit Canadian small business owners' banking needs. The
EQ Bank Business Account is available to existing EQ Bank customers
during the beta phase, with roll-out to all Canadian business
owners expected in the coming months.
"Small businesses are the backbone of the Canadian economy, and
they deserve better banking options. EQ Bank is proud to support
entrepreneurs with a modern banking experience that addresses their
unique needs," said Mahima Poddar,
SVP and group head, personal banking, EQ Bank. "The beta launch of
our new Business Account offers traditionally underserved business
owners a valuable platform that removes common pain points, such as
high fees and complex, time consuming and in-person onboarding, and
instead allows them to focus on what matters most – growing
their business."
Available today, the EQ Bank Business Account provides business
owners with a new, innovative solution that addresses their
specific needs by offering:
- Free unlimited transactions*
- Competitive 2.50% interest rate on the
entire balance∞
- No fees – monthly, hidden or otherwise
- No minimum balance requirements
- Option to purchase EQ Bank Business GICs
- Fully digital online sign-up and onboarding
- Easy, streamlined access to both personal and business accounts
for EQ Bank customers
- Convenient platform to manage customer payments, bill payments
and deposits
- Dedicated business customer service agents based in
Canada, available 8:00a.m. to 12:00a.m. ET
Small business owners face many hurdles in their banking
experience and can find their needs unmet. Despite representing a
core pillar of the Canadian economy, they are often faced with
onerous, in-person onboarding processes and earn little-to-no
interest rates on deposits paired with high fees and minimum
balance requirements. The new Business Account helps transform the
world of business banking with a stress-free way to save and
transact, setting a new standard in business banking efficiency and
convenience.
The beta phase roll-out comes after close collaboration with
early pilot program customers. It is currently available on desktop
and mobile for iOS, with Android expected to follow in the coming
weeks. The account offering will further evolve for small business
customers as critical developments like open banking and real-time
rail infrastructure become a reality in Canada.
To open an EQ Bank Business Account today, or to join the
waitlist to learn when this account will be available to all
Canadian business owners, visit
eqbank.ca/business-bank-account.
About EQ Bank
Equitable Bank has a clear mission to
drive change in Canadian banking to enrich people's lives.
As Canada's Challenger Bank™ and seventh largest bank by
assets, it leverages technology to deliver exceptional personal and
commercial banking experiences and services to over 670,000
customers and more than six million credit union members through
its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX:
EQB and EQB.PR.C), a leading digital financial services company
with $125 billion in combined assets under management and
administration (as at July 31, 2024). Through its digital EQ
Bank platform (eqbank.ca), its customers have named it one
of the top banks in Canada on the Forbes World's Best
Banks list since 2021.
To learn more, please
visit eqb.investorroom.com or connect with us
on LinkedIn.
* Transactions are subject to certain dollar limit maximums.
∞ Interest is calculated daily on the total closing balance and
paid monthly.
Media Contact:
Maggie
Hall
Director, PR & Communications
maggie.hall@eqbank.ca
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SOURCE EQ Bank
