Equitable Bank
Equitable Bank is a Canadian bank founded in 1970 by The Equitable Trust Group, Inc. The bank provides residential and commercial real estate lending services. In 2013, it became a Schedule I Bank offering savings products.[1] It is Canada’s ninth largest independent bank, with more than $17-billion in assets under management.[2]
Mortgage lender[edit]
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.
EQ Bank[edit]
In 2016, Equitable Bank launched a digital banking operation, EQ Bank.
EQ Bank is all-digital: it has no branch locations, does not issue ATM cards or cheque books and does not handle physical cash.[3]
When it launched, the bank introduced the EQ Bank Savings Plus Account, a high-interest savings account. It opened in January, 2016, with an initial interest rate of 3.0%. The rate was lowered in mid-2016 to 2.0%.[4]
It has more than $1-billion in deposits.[5]
The bank is a member of the Canada Deposit Insurance Corporation.
References[edit]
- ^ "New bank status may boost shares of mortgage lender Equitable". Retrieved 2016-09-12.
- ^ "Equitable launches 'digital' Canadian bank for PC, mobile.". Retrieved January 14, 2016.
- ^ Alex, Doug; Dscrybe, Er. "Equitable Adds Online Bank to Lure Deposits From Canadian Rivals". Bloomberg.com. Retrieved 2016-09-12.
- ^ "EQ Bank's 3% rate gone in 96 days: Mayers | Toronto Star". thestar.com. Retrieved 2016-09-12.
- ^ "EQ Bank set to lower high-interest savings account rate again, though it's still top of the market: CEO". Retrieved 2016-09-12.
External links[edit]
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