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EQ Bank Launches Innovative Business Account

Transforming Banking for Canadian Businesses

The EQ Bank Business Account is set to revolutionize the way Canadian businesses manage their finances. It features high interest rates, no fees, unlimited transactions, and access to Business GICs, all facilitated through a fully digital onboarding experience. This product represents a significant step forward in meeting the needs of small business owners who require efficient and user-friendly banking services.

Exclusive Beta Launch for Existing Customers

Currently, the beta phase provides select account access exclusively to existing customers of EQ Bank, with plans for a wider rollout to all Canadian business owners in the upcoming months. This initial phase allows EQ Bank to gather feedback and make necessary adjustments to better serve the diverse landscape of Canadian entrepreneurship.

A Commitment to Small Business Success

Located in Toronto, the bank continues to serve as a challenger in the Canadian financial market. On September 19, 2024, Mahima Poddar, Senior Vice President and Group Head of Personal Banking at EQ Bank, stated, “Small businesses are the backbone of the Canadian economy, and they deserve better banking options.” She emphasized that the new Business Account directly addresses common pain points, such as high transaction fees and complicated onboarding processes that often frustrate business owners. With this initiative, EQ Bank aims to empower entrepreneurs by providing a seamless banking experience that allows them to concentrate on their primary goal: growing their business.

Comprehensive Features Designed for Businesses

The EQ Bank Business Account provides business owners with a range of innovative features:

• Unlimited Free Transactions: Enjoy no limits on the number of transactions, allowing for hassle-free banking.
• Competitive Interest Rate: A remarkable 2.50% interest rate applies to the entire account balance, providing valuable earnings on deposits.
• No Hidden Fees: Benefit from an account with no monthly or surprise fees, relieving the financial burden often associated with banking.
• No Minimum Balance Requirement: Maintain financial flexibility without the stress of needing to keep a certain amount in your account.
• Option to Purchase EQ Bank Business GICs: Take advantage of additional investment options to grow your savings.
• Fully Digital Onboarding: Experience a straightforward, online process for setting up and managing your account.
• Integrated Access to Personal and Business Accounts: Simplify your financial management with easy access to both account types.
• Convenient Payment Management: Efficiently manage customer payments, bill payments, and deposits in one place.
• Dedicated Customer Service: Get support from business customer service agents located in Canada, available from 8:00 a.m. to 12:00 a.m. ET.

Addressing Common Challenges in Business Banking

Small business owners often encounter several challenges that hinder their banking experience. Many find that their needs go unmet; they are subjected to burdensome in-person onboarding processes, low-interest rates on deposits, and high fees. The EQ Bank Business Account stands out as a transformative solution tailored to alleviate these common frustrations, offering a more streamlined and user-friendly banking experience.

Future Developments on the Horizon

The beta phase is the result of close collaboration with initial pilot program participants, aiming to tailor the account features to better serve small businesses. The account can be accessed via desktop and is currently available on iOS, with plans for an Android version in the coming weeks. The EQ Bank team also envisions further evolution in account offerings as developments like open banking and real-time rail infrastructure come into play in Canada.

A Resource for Navigating Banking Legalities: AI legalese decoder

As business owners navigate new banking solutions, understanding the legal jargon associated with financial products can often be a roadblock. This is where AI legalese decoder excels by breaking down complex legal language into simpler terms, ensuring business owners fully comprehend their banking agreements. This intuitive tool helps clarify the terms and conditions, empowering entrepreneurs to make informed decisions regarding their financial partnerships.

Take Action Today

To explore the benefits of the EQ Bank Business Account, visit eqbank.ca/business-bank-account to either open an account today or join the waitlist for when this innovative banking solution becomes available to all Canadian business owners.

About EQ Bank

EQ Bank, the digital arm of Canada’s seventh-largest bank by assets, is committed to driving change in the Canadian banking landscape. With a customer base exceeding 670,000 and more than six million credit union members, EQ Bank uses technology to deliver outstanding personal and commercial banking experiences. The bank is a wholly-owned subsidiary of EQB Inc. (TSX: EQB and EQB.PR.C), a prominent digital financial services provider managing over $125 billion in assets as of July 31, 2024. EQ Bank has consistently been recognized as one of Canada’s top banks by Forbes since 2021.

Connect with EQ Bank

For more information about EQ Bank or to stay updated, please visit eqb.investorroom.com or follow them on LinkedIn.

Note: Transactions might be subject to certain dollar limit maximums, and interest is calculated daily on the total closing balance and paid monthly.

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