Equitable Bank, a Canadian alternative-mortgage provider, has introduced its new digital-only subsidiary that will allow daily transactions through computer or mobile phone.
The new EQ Bank includes the Savings Plus Account that offers 3% interest on savings with no fees or minimum balance, which is over thrice the interest rate of other digital competitors.
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The account also allows customers to make bill payments and transfer money via computer or mobile phone.
Equitable Bank CEO Andrew Moor said: "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."
Equitable Bank digital banking vice president Dan Dickinson added: "With our innovative branchless model, we have removed unreasonable and complicated monthly fees, bundles and minimum balances from the banking equation so that we can offer our customers more value."
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