Equitable Bank is a Canadian bank founded in 1970. The bank provides residential and commercial real estate lending services. In 2013, it became a Schedule I Bank offering savings products. It is now Canada's ninth largest independent bank, with more than $17 billion in assets under management. As of June 2017, the bank had over $10 billion in deposits. Equitable Bank, including its EQ Bank digital banking service, is a member of the Canada Deposit Insurance Corporation.
Video Equitable Bank
Mortgage lender
Equitable Bank provides mortgages, commercial lending services and deposit services. It has offices in Calgary, Halifax, Montreal and Vancouver, with its corporate headquarters located in Toronto.
Equitable Bank is one of nine Schedule I banks listed on the Toronto Stock Exchange, it is listed through its parent company Equitable Group (TSX: EQB).
Maps Equitable Bank
EQ Bank
Equitable Bank launched a direct banking operation branded as EQ Bank on January 14, 2016. As a completely online bank, EQ Bank has no branch locations and also does not provide debit cards or cheques to its consumers.
EQ Bank's only product is the Savings Plus Account, a high-interest and no fee savings account. At launch the bank attracted customers with an interest rate of 3.0%. The rate was lowered on April 18, just 96 days later, to 2.25%. The rate was lowered again to 2.0% on August 25, 2016. In May 2017 the rate was raised to 2.3%.
As of August 2016, the EQ Bank division alone had over $1 billion in deposits and 24,000 customers.
References
External links
- Official website
- EQ Bank website
Source of the article : Wikipedia
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