Canada gets new digital-only bank

Canada's Equitable Bank has launched a digital-only subsidiary, offering a savings account accessed online and via mobile phones.

  14 Be the first to comment

Canada gets new digital-only bank

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The EQ Bank Savings Plus Account allows customers to pay bills, transfer money to friends and family. It also has a savings goals feature and promises an everyday interest rate of three per cent, far better than the large Canadian providers offer.

Equitable says that it is launching the digital-only service into a market where Canadian Banker's Association data shows that 55% of the population choose to do most of their banking online.

Andrew Moor, CEO, Equitable Bank, says: "Each year, Canadians are leaving billions of dollars of interest on the table. Our goal is to ensure they get the most out of their hard-earned money. Without the cost of traditional branches, we can focus on our customers first, helping them achieve their savings goals faster."

Sponsored [New Impact Study] Are you ready for CBPR+? Accelerating modernisation and efficiency through ISO 20022

Related Company

Channels

Comments: (0)

[On-Demand Webinar] Beyond Open Banking – Exploring the Move to Open FinanceFinextra Promoted[On-Demand Webinar] Beyond Open Banking – Exploring the Move to Open Finance