The demand for digital banking continues to grow at an unprecedented pace as witnessed by the growth of deposits in EQ bank, Equitable Bank’s digital, branchless platform.
The bank has announced it has surpassed $4 billion in assets, just three months after attaining the $3-billion milestone.
But EQ Bank says not only does it offer digital banking but also offers a greater value for Canadians who want to bank differently.
Digital bank means more flexibility
"The criteria people look at when considering where to manage their money are different than they were just a few years ago," said Mahima Poddar, senior vice president, Digital Banking and Strategy. "Consumers can now choose a bank that offers them a meaningful interest rate, the ability to bank with no monthly fees, all with the flexibility to move money easily and headache-free. That hasn't always been the case and we're proud to be able to support Canadians as they take ownership over the kind of relationship they want with their bank.”
The bank says its interest rate – currently at 1.7 per cent for its Savings Plus Account – is a significant draw for many Canadians. It's the holistic EQ Bank experience, however, that is challenging the status quo of banking and how people think about their personal finances. With sign-ups for new accounts up more than 140 per cent in the past year, reaching this milestone is further proof of the shift taking place, said the bank.
EQ Bank says it aims to make banking easier, such as having one bank account that acts as both a chequing and a savings account and the ability to open an account without any paperwork or branch visits.
