EQ Bank is of one of Canada’s leading digital banks, launched in 2016 with a mission to help Canadians get the most out of their money. EQ Bank has no branches or costly overhead, which allows the bank to provide their customers with one of the highest interest rates in Canada. Best known for their Savings Plus Account, the no-fee product features a 2.3% everyday interest rate* and free, unlimited day-to-day transactions. Other high-value products include their wide range of GICs.
EQ Bank was launched by Equitable Bank, which manages over $33 billion in assets and is a wholly-owned subsidiary of Equitable Group Inc. It was founded in 1970 as The Equitable Trust Company and has become Canada’s ninth largest Schedule I bank. Equitable Bank offers a diverse suite of residential lending, commercial lending, and savings solutions, including high-interest savings products and GICs.