Canadian challenger lender EQ Bank has announced the launch of its digital banking platform in the Quebec market.
With the launch, customers in Quebec will now have access to the services of EQ Bank, which claims to offer a high-interest account with the features of a checking account.
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According to EQ Bank, users can earn up to 250 times more interest with its Savings Plus Account than they could at any other bank while still having the flexibility of a chequing account and paying no monthly fees.
Other offerings include a joint savings account, GICs and TFSA Savings Account, which offers ‘tax-free interest on every dollar’.
Equitable Bank group head of personal banking Mahima Poddar said: “We are thrilled for EQ Bank to be part of Quebec’s financial landscape. Canadian society deserves access to the best banking experience, one that works best for them.
“We have always challenged the status quo to drive better options in banking – from having one account that combines high interest with everyday chequing features, to never charging fees on everyday transactions, to buying attractive rate GICs with the press of a button.”
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By GlobalDataEquitable Bank launched the digital banking platform EQ Bank in 2016 and it now has more than C$7bn ($5.1bn) in deposits and caters to over 290,000 customers.
In February this year, Equitable Bank signed a C$470m ($370.26m) deal to buy local digital rival Concentra Bank.
In July, the lender formed a three-year cloud partnership with Microsoft Azure.
