TORONTO, May 11, 2022 /CNW/ - EQ Bank, powered
by Equitable Bank, Canada's
Challenger Bank™, announced it has increased its USD account
interest rate by 25bps to 1.25%1. The new rate is now in
effect.
Increasing the rate on US dollar accounts is just another way of
providing more value to Canadians. By reimagining what a US account
can be, EQ Bank's US Dollar Account takes leading interest rates
and combines it with one of the lowest exchange rates in the
Canadian market2. Add to that no monthly fees and no
minimum balances and you have the best place to manage your US
dollars. Through its integration with Wise, EQ Bank has also made
it simple to send those US dollars internationally, at a fraction
of the cost of other banks, and without having to convert your
funds to CAD first.
Faced with dismally low interest rates in the broader market,
today's rate increase brings an instant boost to Canadians'
pockets.
"When we launched US dollar accounts, we wanted to give our
customers a far better alternative to what was available in the
market," says Mahima Poddar, SVP
and Group Head of Personal Banking for EQ Bank. "It's not just
about a great rate, but it's truly the best account for people who
want to grow and send US dollars."
EQ Bank customers can open a US Dollar Account in just a few
clicks, and with no paperwork or lineups, customers can start
sending, saving and converting their US dollars in a matter of
minutes.
EQ Bank has remained committed to bringing smarter banking
solutions to Canadians, focused on providing far more value than
traditional banks while removing everyday banking complexities such
as the need for separate savings and chequing accounts. With over
$7B in deposits and more than 250,000
customers, EQ Bank was named the top Schedule I Bank in
Canada on the Forbes World's Best
Banks 2022 and 2021 lists.
The new 1.25%1 interest rate is now available to all
current and new customers and applies to EQ Bank US Dollar
Accounts. All EQ Bank deposit products are eligible for CDIC
deposit insurance†.
About EQ Bank
EQ Bank, the digital banking platform launched in 2016 by Equitable
Bank (a federally regulated Schedule I bank), provides
state-of-the-art digital banking services. The Savings Plus Account
reimagines banking by offering an everyday high interest rate, plus
the flexibility of a chequing account, with free transactions, no
everyday banking fees, no minimum balances, fast, cheap, and fully
transparent international money transfers, and more—all from one
account. Its Guaranteed Investment Certificates (GICs) also offer
Canadians a wide range of options with competitive rates. EQ Bank
has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2022
and 2021 lists. To learn more, please visit www.eqbank.ca.
About Equitable Bank
Equitable Group Inc. trades on
the Toronto Stock Exchange (TSX: EQB, EQB.PR.C and EQB.R) and
serves more than 340,000 Canadians through its wholly owned
subsidiary Equitable Bank, Canada's Challenger Bank™. Equitable Bank has
a clear mandate to drive change in Canadian banking to enrich
people's lives. Founded over 50 years ago, Equitable Bank provides
diversified personal and commercial banking and through its EQ Bank
platform (eqbank.ca) has been named the top Schedule I Bank in
Canada on the Forbes World's Best
Banks 2022 and 2021 lists. Please visit equitablebank.ca for
details.
Investor
contact:
Media
contact: Richard Gill
Jessica Kosmack
Vice President, Corporate Development & Investor
Relations
Senior Manager, Communications
investor_enquiry@eqbank.ca
jkosmack@eqbank.ca
416-513-3638
647-600-2512
|
|
1 Interest is
calculated daily on the total closing balance and paid monthly.
Rates are per annum and subject to change without
notice.
2 Based on research
conducted by Equitable Bank comparing non-cash foreign currency
exchange rates for transfers where no physical foreign cash is
exchanged from Tangerine, Royal Bank of Canada, Bank of Nova Scotia
and TD Canada Trust. Research is based on the sum of the exchange
rate spread using publicly available information taken from public
websites on January 21, 2022. Foreign currency exchange rates are
subject to change at a moment's notice. Rates can only be
guaranteed at the time the purchase or sale is
conducted.
† Equitable Bank is a
member of CDIC. EQ Bank is a trade name of Equitable
Bank.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/eq-bank-increases-interest-rate-on-us-dollar-accounts-to-1-25-301545249.html
SOURCE Equitable Group Inc.