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Canada gets new digital-only bank

15 January 2016  |  7368 views  |  0 toronto

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

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."

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