Equitable launches 'digital' Canadian bank for PC, mobile
The Equitable Bank logo is shown in this image from the company's website. (Equitable Bank)
The Canadian Press
Published Thursday, January 14, 2016 7:47AM EST
TORONTO -- Equitable Group Inc. launched EQ Bank on Thursday as a "completely digital" way to save, pay bills and earn interest.
It's covered by the Canada Deposit Insurance Corp., which provides protection to bank customers up to certain limits.
Equitable (TSX:EQB) counts itself as Canada's ninth-largest Schedule 1 bank, with $17 billion in assets under management and 500 employees across the country -- tiny compared with any of the country's Big Six.
It says the branchless EQ Bank is part of a growing trend in financial technology.
EQ Bank's first product is a savings account that provides common types of banking services from a desktop computer or mobile device and pays annualized interest at 3.0 per cent.