Digital Banking

EQ Bank intros savings account

Photo: Adobe Stock

June 10, 2024

EQ Bank, the digital banking arm of Equitable Bank, introduced its Notice Savings Account, with no minimum balance requirements and no fees. With this account, customers can choose between 10- and 30-day notice periods for withdrawing money to earn 4.50% and 5.00% APY respectively, according to a press release.

All customers can receive the rates and can deposit whenever they want. The bank created this account to provide Canadian customers access to rainy day funds or short to mid-term savings.

"The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," Mahima Poddar, SVP and group head, personal banking, EQ Bank, said in the release. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no-fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want."