Last Updated on March 31, 2021 by Borche Stefanov
The face of the banking industry is undergoing major changes. Banks are working hard to provide a wide array of products and at the same time improve their customer service. Every banking institution wants to preserve its piece of the financial pie in this highly competitive environment.
Thanks to modern technology, bank clients can do business from anywhere in the world at the touch of their computer. Customers can make deposits, do withdrawals, pay bills, negotiate loans, and discuss investment options without visiting their bank’s physical building. Equitable Bank has capitalized on this, passing savings on to their customers.
Advantages of an EQ Bank Savings Account
EQ Bank is proud to offer its customers high-interest rates and no fees. Presently, the interest rate on your balance is 2.3%. This is higher than that at most—if not all—Canadian banks. Unlike many savings and chequing accounts at other Canadian banks, EQ charges no fees to open an account. There is no monthly minimum balance. You may make unlimited transactions with no fees for any of them.
EQ Bank Savings Plus Account
With an EQ Savings account, you can bring savings and chequing activities into one all-purpose account.
This easy-to-use banking account earns high interest and allows you to pay your bills as well. Each month, you may make as many withdrawals as you need to. You will never be charged a user fee. There are no hidden costs. Write cheques. Pay bills. Make electronic transfers and withdrawals—all at no cost.
Returns on Savings
For over forty-five years, EQ has been serving its valued customers as a Canadian-based bank. It offers the highest return on savings of any Canadian financial institution. There are no fees for any of its varied services. There are no risks. All EQ deposit, savings accounts, GICs, and other products are backed by CDIC deposit insurance.
How Realistic is Digital Banking?
EQ Digital banking is not just an attractive website. Every step of what you used to do by physically going into the bank, depositing or withdrawing, cashing cheques, negotiating a loan and selecting investment options is now done online. New products, customer service? It is all automated!
Mostly, people mistrust digital banks because they don’t understand them. Think about it this way: digital banks connect those paying to those who are receiving payment.
Some people don’t trust what they can’t see. They feel dissatisfied with digital responses to their questions and concerns. Others who feel more comfortable with digital transactions appreciate the ease of doing banking this way.
In digital banking customers have the same—or more—choices. For those who are not close to a branch facility or for whom getting there during business hours is a hardship digital banking is a boon.
About EQ bank
Founded in 1970, Equitable Bank is now Canada’s ninth largest independent bank. Its assets exceed twenty-nine billion dollars. It was originally The Equitable Trust Company. Since its inception, Equitable Bank has been a subsidiary—and completely owned by—Equitable Group Inc.
By 2013, EQBank began to offer its customers Schedule 1 savings products. Headquartered in Toronto, EQ Bank employs over seven hundred and fifty staff. EQ is a digital bank. Thus, there are no branch offices. That’s why EQ Bank can offer its client perks because of low overhead.
Critics have examined the client and potential customer concerns about EQ Bank. Let’s look at questions most frequently asked:
Is EQ Bank trustworthy?
Everyone has heard horror stories about banks that cease to exist leaving trusting investors penniless. Naturally, how trustworthy the bank is a major concern. Remember: EQ has been around for nearly a half-century. It is backed by twenty-nine billion dollars in assets.
Is EQ Bank another short-lived venture?
Although EQ Bank in its digital form has been around only since 2018, EQ is far from a new banking institution, EQ Bank has been around since it was founded in 1970. This institution is not going to be short-lived. Equitable Bank products including mortgages and home equity lines of credit have been offered for forty-five years. Thousands of satisfied customers give EQ their stamp of approval.
Are these high-interest rates just too good to be true?
Some clients and potential customers are suspicious of the high rates being offered on EQ Savings Accounts. Since EQ does not have the significant costs of bricks and mortar branch offices and multi-bank staffing, EQ is in a position to offer 2.30% interest and no fees on savings accounts.