TORONTO, June 10, 2021 / CNW / – EQ Bank, powered by Equitable Bank, from Canada Challenger Bank ™, has added a US dollar account to its ever-expanding line of smarter digital banking products for Canadians looking to make their money work harder for them.

Equitable Bank Logo (CNW Group / Equitable Bank)

Thanks to the bank’s integration with Wise, EQ Bank has made it easier to send US dollars internationally, up to 8x cheaper than other banks.

The new account also offers a great 1% interest rate * on US dollars and, like other EQ bank accounts, avoids the absurdity of annoying monthly fees or high mark-ups. As Canadians are increasingly wary of low rates on US dollars, EQ Bank’s rate is making a real difference in the customer’s pocket.

“Our EQ Bank US dollar account solves several problems for Canadians: from tackling notoriously low interest rates to finding a better way to send money to loved ones or transfer it between families. accounts, ”said Mahima Poddar, Head of the Personal Banking group at EQ Bank. “We wanted customers to have a rewarding, headache-free US account option, and now we’ve done that successfully with another convenient EQ Bank product. We listen to our customers and work hard to provide them with the highest value banking services possible. We are proud of it.

EQ Bank customers can open a US dollar account with just a few clicks. New customers can access quickly by joining EQ Bank. With no paperwork or queues, this means customers can start sending and saving their US dollars in minutes.

The attractive 1% interest rate is also currently available on the recently introduced Equitable Bank US high interest savings account, which is available through fundserv for financial advisors to offer their clients. The introduction of these two new US dollar products is based on the bank’s recognition that Canadians need smarter options to more easily grow their US funds, especially given the strength of the rising Canadian dollar. .

As with all Equitable Bank and EQ Bank account products, deposits in US dollars are eligible for protection from the Canada Deposit Insurance Corporation (CDIC)..

Since its launch in 2016, EQ Bank has questioned the notion of what the bank should be on a daily basis. It paves the way as a bank where Canadians earn more without the complexities and headaches often associated with traditional banking. EQ Bank now has more than $ 6 billion in deposits and more than 200,000 customers.

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◊ Based on research conducted by Equitable comparing exchange rates and transaction fees from Wise, from Canada The “Big 5” banks and Simplii Financial. The research considered comparable global online money transfer services and was conducted using the following transactions to $ 500 CAD: total cost to send CAD to INR in India, total shipping cost from CAD to USD in United States and the total cost to send CAD to EUR in France. Research has taken place on March 25, 2021. Promotions excluded.

* Interest is calculated daily on the total closing balance and paid monthly. Prices are annual and subject to change without notice.

‡ The rate is annual and may be changed at any time without notice. Interest is calculated daily on the closing balance and paid monthly as reinvested distributions.

† Equitable Bank is a member of SADC. EQ Bank is a trading name of Equitable Bank. Deposits made with EQ Bank and Equitable Bank are generally eligible for CDIC protection up to a maximum of $ 100,000, by insured category, by depositor.

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About EQ Bank

EQ Bank, the digital banking platform launched in 2016 by Equitable Bank (a federally regulated Schedule I bank), provides cutting-edge digital banking services. The Savings Plus account reinvents banking by offering a high daily interest rate, as well as the flexibility of a checking account, with free transactions, no current bank charges, no minimum balance, money transfers fast, inexpensive and fully transparent international companies, and much more. from a single account. Its Guaranteed Investment Certificates (GICs) also offer Canadians a wide range of options at competitive rates. EQ Bank continually challenges the status quo to provide better banking solutions for Canadians. For more information, please visit www.eqbank.ca.

About Equitable

Equitable Group Inc. is listed on the Toronto Stock Exchange (TSX: EQB and EQB.PR.C) and serves over a quarter of a million Canadians through Equitable Bank, from Canada Bank Challenger ™. Equitable Bank has become the eighth largest Schedule I bank in the country by market capitalization, with a clear mandate to make real change in the Canadian banking industry to enrich people’s lives. Founded over 50 years ago, Equitable Bank offers diversified personal and commercial banking services and, through its EQ Bank platform (eqbank.ca), is a recognized innovator in digital services. Please visit fairbank.ca for more details.

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