Equitable Launches Digital Bank

Equitable Bank is getting into the online banking business with the launch of EQ Bank.

Its EQ Bank Savings Plus Account offers 3% interest on savings, which is more than what other banks are offering. The account has no minimum balance requirements or monthly fees.

Customers can bank online or through their mobile device. They’ll also be able to use their account to make bill payments and be given five free Interac e-Transfers a month.

Ratehub.ca’s Digital Money Trends Report, released earlier this week, found 63% of Canadians don’t believe they’re being offered the best rates from their primary financial institution and 57% shop around for better rates and promotions.

You can compare the best savings accounts in Canada to see how EQ Bank’s interest rate stacks up to its competitors.