Equitable Bank

Equitable Bank was founded under the name The Equitable Trust Company in 1970 in Hamilton, Ontario, Canada.{{Cite web |last=Bank |first=Equitable |title=Equitable Bank at 50: Canada's Challenger Bank™ celebrates milestone with a view to the future |url=https://www.newswire.ca/news-releases/equitable-bank-at-50-canada-s-challenger-bank-tm-celebrates-milestone-with-a-view-to-the-future-853523414.html |access-date=2023-02-22 |website=www.newswire.ca |language=en}} The Trust company was headquartered at 1 James Street South. By 1990, The Equitable Trust Company became an operating company with $50 million in assets and four employees in its Toronto office.

In 2004, Equitable Group Inc. was created as the holding company of The Equitable Trust Company and was listed on the Toronto Stock Exchange.{{Cite web |title=Equitable Bank moving closer to opening new trust company this year |url=https://financialpost.com/news/fp-street/equitable-bank-moving-closer-to-opening-new-trust-company-this-year |access-date=2023-02-22 |website=financialpost |language=en-CA}}

Andrew Moor was appointed president and chief executive officer in March 2007.{{Cite web |title=Andrew Moor, Equitable Group Inc: Profile and Biography |url=https://www.bloomberg.com/profile/person/1887021 |access-date=2023-02-22 |website=Bloomberg.com |language=en}}

On July 1, 2013, The Equitable Trust Company was renamed Equitable Bank and became a Schedule I Bank offering savings products such as Guaranteed Investment Certificates, Tax-Free Savings Accounts, and High Interest Savings Accounts.{{Cite news |date=July 8, 2013 |title=New bank status may boost shares of mortgage lender Equitable |website=The Globe and Mail |url=https://www.theglobeandmail.com/globe-investor/investment-ideas/new-bank-status-may-boost-shares-of-mortgage-lender-equitable/article13081818/ |access-date=September 12, 2016}}

On June 6, 2022, Equitable Group, the holding company for Equitable Bank, changed its legal name to EQB, aligning itself with its subsidiaries.{{Cite web |date=2022-06-06 |title=Equitable Group Inc. is now EQB Inc. |url=https://eqbank.investorroom.com/2022-06-06-Equitable-Group-Inc-is-now-EQB-Inc |access-date=2022-01-28 |website=Equitable Bank Investor Relations |language=en}}

In July 2022, Equitable Bank announced it would migrate its banking systems onto Microsoft Azure cloud infrastructure, following its digital banking platform EQ Bank. The company aims to completely transition to the cloud by 2026.{{cite web |title=Equitable Bank will be first cloud-only bank with Microsoft Azure as its preferred cloud vendor |url=https://eqbank.investorroom.com/2022-07-12-Equitable-Bank-will-be-first-cloud-only-bank-with-Microsoft-Azure-as-its-preferred-cloud-vendor |website=Equitable Bank Investor Relations |access-date=2022-01-28 |date=2022-07-12}}

Equitable Bank launched a direct banking operation branded as EQ Bank on January 14, 2016.{{Cite news |last=Mayers |first=Adam |date=May 11, 2016 |title=EQ Bank's 3% rate gone in 96 days |work=Toronto Star |url=https://www.thestar.com/business/personal_finance/2016/05/11/eq-banks-3-rate-gone-in-96-days-mayers.html |access-date=September 12, 2016}} As a completely online banking service, EQ Bank has no branch locations.{{Cite news |last=Alexander |first=Doug |date=January 14, 2016 |title=Equitable Adds Online Bank to Lure Deposits From Canadian Rivals |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2016-01-14/equitable-adds-online-bank-to-lure-deposits-from-canadian-rivals |access-date=September 12, 2016}} At launch the bank attracted customers with the Savings Plus Account, a high-interest savings account with interest rate of 3.0%.{{cite news |last1=Carrick |first1=Rob |date=January 21, 2016 |title=EQ Bank pitches attractive (but temporary) 2.5% return on savings |work=The Globe and Mail |url=https://beta.theglobeandmail.com/globe-investor/personal-finance/household-finances/eq-banks-3-per-cent-savings-account-offers-attractive-but-temporary-return/article28326447/ |access-date=October 10, 2017}}

On January 1, 2019, Equitable Bank completed its acquisition of Bennington Financial Services Corp, a growing privately owned company serving the brokered equipment leasing market in Canada.{{Cite web |title=News Details |url=https://www.eqbank.ca/about-us/news/news-details?title=equitable-completes-strategic-acquisition-of-bennington-financial-services-corp |access-date=2023-01-28 |archive-url=https://web.archive.org/web/20220925201743/https://www.eqbank.ca/about-us/news/news-details?title=equitable-completes-strategic-acquisition-of-bennington-financial-services-corp |archive-date=2022-09-25 |website=EQ Bank |language=en}}

In November 2022, EQB closed its acquisition of Concentra Bank (majority then owned by SaskCentral) in a deal worth $495 million, which, according to Equitable Bank, made it Canada's seventh largest bank. Concentra operated under the Wyth Financial brand, which will be replaced by the EQ Bank brand.{{Cite web |last=Bickis |first=Ian |date=November 1, 2022 |title=EQ Bank closes $495 million takeover of Concentra Bank |url=https://www.thestar.com/business/2022/11/01/eq-bank-closes-495-million-takeover-of-concentra-bank.html |access-date=November 8, 2022 |website=thestar.com |language=en}}

• Reverse mortgage
• Home Equity Line of Credit (HELOC)

• Business mortgage lending

• Term deposits and Guaranteed Investment Certificates (GIC)
• High-Interest Savings Accounts (HISA)

• The Equitable Bank CSV FLEX Line of Credit
• The Equitable Bank Immediate Financing Agreement

{{Infobox brand

| name = EQ Bank

| logo = Logo of EQ Bank.svg

| logo_upright =

| logo_alt =

| logo_caption =

| producttype = Direct banking

| currentowner = Equitable Bank

| country = Canada

| introduced = {{Start date|2016|01|14}}

| website = {{URL|https://eqbank.ca/}}

}}

EQ Bank launched on January 14, 2016, as a direct banking operation of Equitable Bank. As a completely online banking service, EQ Bank has no branch locations. It does not offer cheques to its customers. EQ Bank is CDIC insured under Equitable Bank.{{Cite web |title=CDIC Deposit Insurance |url=https://www.eqbank.ca/legal/deposit-insurance-information |access-date=2023-02-28 |website=EQ Bank |language=en}}

The primary product offered by EQ Bank is the Savings Plus Account, a high-interest savings account with no monthly fees. All of EQ Bank's products require a Savings Plus Account.

At launch the bank attracted customers with an interest rate of 3.0% on its Savings Plus Account. The rate was lowered on April 18, just 96 days later, to 2.25%. The rate was lowered again to 2.0% on August 25, 2016.{{cite news |last1=Shecter |first1=Barbara |date=August 18, 2016 |title=EQ Bank set to lower high-interest savings account rate again, though it's still top of the market: CEO |work=Financial Post |url=http://business.financialpost.com/news/fp-street/eq-bank-set-to-lower-high-interest-savings-account-rate-again-though-still-best-on-the-market |access-date=October 10, 2017}} In May 2017 the rate was raised to 2.3%.{{Cite web |title=Savings Plus Account Features & Rates {{!}} EQ Bank Canada |url=https://www.eqbank.ca/personal-banking/features-rates |access-date=August 30, 2018 |website=www.eqbank.ca |language=en}} From January to March 2020, the rate peaked at 2.45% before being reduced to 2.0% in response to reductions of the Bank of Canada interest rates due to the economic impact of the COVID-19 pandemic.{{cite news |last1=Alini |first1=Eric |date=March 12, 2020 |title=Say goodbye to high interest rates on savings accounts as lenders cut rates |language=en |work=Global News |url=https://globalnews.ca/news/6661296/high-interest-savings-account-rates-cut/ |access-date=March 14, 2020}} The Savings Plus Account interest rate continued to reduce periodically, hitting a low of 1.25% in July 2021.{{Cite web |date=2021-07-04 |title=Reduce Bank Fees In Canada - Best Free Bank Accounts 2023 |url=https://milliondollarjourney.com/no-fees-banking-canada.htm |access-date=2023-02-28 |website=milliondollarjourney.com |language=en-US}} In April 2022, EQ Bank began incrementally increasing its interest rate over a period of several months.{{Cite web |title=EQ Bank |url=https://www.highinterestsavings.ca/profile/eq-bank/savings-account-rate-history/ |access-date=2023-02-28 |website=Canadian High Interest Savings Accounts |language=en-US}} As of October 2022, the interest rate for the Savings Plus Account is 2.50%.{{Cite web |title=EQ Bank increases its interest rate to 2.50% on everyday banking |url=https://ca.movies.yahoo.com/eq-bank-increases-interest-rate-182900032.html |access-date=2023-02-28 |website=ca.movies.yahoo.com |language=en-CA}}

EQ Bank began offering guaranteed investment certificates (GICs) in May 2018.{{cite web |title=Canadians' big money dreams not backed up by effective saving habits: EQ Bank poll |url=https://www.newswire.ca/news-releases/canadians-big-money-dreams-not-backed-up-by-effective-saving-habits-eq-bank-poll-683921621.html |publisher=Cision}} The bank offers GICs from 3-month to 10-year terms.{{Cite web |title=GICs |url=https://www.eqbank.ca/personal-banking/investments/gics |access-date=2023-02-28 |website=EQ Bank |language=en}}

EQ Bank moved its core banking system onto Microsoft Azure cloud infrastructure in November 2019. EQ Bank is the first bank in Canada to be hosted in the cloud.{{Cite web |title=EQ Bank moves core banking system to the cloud |url=https://eqbank.investorroom.com/2019-11-21-EQ-Bank-moves-core-banking-system-to-the-cloud |access-date=April 25, 2022 |website=Equitable Bank Investor Relations |language=en}}

In 2019, it launched an international money transfer service in partnership with TransferWise (now known as Wise).{{cite web |title=EQ Bank partners with TransferWise on international money transfers |url=https://www.newswire.ca/news-releases/eq-bank-partners-with-transferwise-on-international-money-transfers-823459639.html |publisher=Cision}} On February 6, 2020, the bank announced the addition of 15 new currencies, allowing conversions of over 40+ countries.{{Cite web |title=News Details |url=https://www.eqbank.ca/about-us/news/news-details?title=2020-02-06-eq-bank-expands-international-money-transfer-service |access-date=April 25, 2022 |website=EQ Bank |language=en}}

The Joint Savings Plus Account, which allows customers to invite up to three other people, for a total of four account co-holders, was introduced in July 2020.{{Cite web |title=News Details |url=https://www.eqbank.ca/about-us/news/news-details?title=2020-07-09-eq-bank-launches-new-joint-savings-plus-account |access-date=April 25, 2022 |website=EQ Bank |language=en}}

The EQ Bank Tax-Free Savings Account (TFSA) and the EQ Bank Retirement Savings Plan (RSP) were introduced in December 2020. Both products have no fees and can be opened online.{{Cite web |title=News Details |url=https://www.eqbank.ca/about-us/news/news-details?title=2020-12-08-eq-bank-launches-tfsa-and-rsp-savings-accounts |access-date=April 25, 2022 |website=EQ Bank |language=en}}

In May 2021, EQ Bank announced the launch of its Mortgage Marketplace, a digital service that will allow customers to shop over 2,000 mortgage products offered by various Canadian lenders. In partnership with nesto, a digital mortgage brokerage, users can be pre-qualified for a mortgage online and receive regular digital updates on the status of their application.{{Cite web |title=News Details |url=https://www.eqbank.ca/about-us/news/news-details?title=2021-05-03-eq-banks-new-mortgage-marketplace-revolutionizes-mortgage-shopping-with-a-smarter--digital-first-approach |access-date=April 25, 2022 |website=EQ Bank |language=en}}

EQ Bank launched the EQ Bank US Dollar Account in June 2021. The no-fee account gives EQ Bank customers the ability to send US dollars internationally.{{Cite web |title=News Details |url=https://www.eqbank.ca/about-us/news/news-details?title=2021-06-10-eq-bank-launches-us-dollar-account-for-canadians-looking-to-get-the-most-out-of-their-money |access-date=April 25, 2022 |website=EQ Bank |language=en}}

In January 2023, EQ Bank announced the launch of the EQ Bank Card, a prepaid reloadable Mastercard. The card features no foreign exchange fee and free ATM withdrawals within Canada; fees are refunded within 10 business days. At launch, the EQ Bank Card offered a 0.5% cashback rate, with the card balance earning interest at the same rate as the Savings Plus Account.{{cite web |date=2023-01-11 |title=New EQ Bank Card gives customers the ability to save, earn, and spend their money |url=https://eqbank.investorroom.com/2023-01-11-New-EQ-Bank-Card-gives-customers-the-ability-to-save,-earn,-and-spend-their-money |access-date=2023-01-28 |website=Equitable Bank Investor Relations}}

As of February 2023, EQ Bank has over 308,000 customers and $7.9B in deposits.{{Cite web |title=EQB reports Q4 and 2022 guidance achieved and a 6% dividend increase |url=https://eqbank.investorroom.com/2023-02-16-EQB-reports-Q4-and-2022-guidance-achieved-and-a-6-dividend-increase |access-date=2023-02-28 |website=Equitable Bank Investor Relations |language=en}} This follows the milestones of $5 billion in February 2021, preceded by $3 billion and $4 billion of deposits, both achieved in 2020.{{Cite web |title=News Details |url=https://www.eqbank.ca/about-us/news/news-details?title=2021-02-23-eq-bank-kicks-off-2021-by-surpassing-5b-in-deposits-following-a-year-of-record-growth |access-date=April 25, 2022 |website=EQ Bank |language=en}}

• Personal Account (Previously, High Interest Saving Account)
• Joint Account (Previously, Joint Savings Plus Account)
• EQ Bank US Dollar Account
• Mortgage Marketplace
• EQ Bank Tax-Free Savings Account
• EQ Bank Retirement Savings Plan
• EQ Bank First Home Savings Account
• EQ Bank Card
• International money transfers
• Guaranteed Investment Certificates (GIC)
• Notice Saving Accounts (10 Days and 30 Days)
• Small Business Banking Accounts (Launching soon)

Upon launch, demand for EQ Bank's 3% interest rate offer overwhelmed the bank's operations, leading to long customer service wait times and delays in account activations. In March 2016, within three months of launch, it began to limit the number of people who could sign up for and then, implemented a reservation system on its website. A limited number of people would then be invited to sign up every week.{{Cite news |date=March 8, 2016 |title=EQ Bank puts weekly caps on new sign-ups for 3% savings account |work=CBC News |url=https://www.cbc.ca/news/business/eq-bank-savings-rate-1.3480704 |access-date=February 28, 2023}}

CEO Andrew Moor admitted to underestimating the response from Canadians.{{Cite web |title=Swamped EQ Bank puts weekly limits on how many can sign up for high-interest savings account |url=https://financialpost.com/news/swamped-eq-bank-puts-weekly-limits-on-how-many-can-sign-up-for-high-interest-savings-account |access-date=2023-02-28 |website=financialpost |language=en-CA}}

In April 2021, EQ Bank was named the #1 Bank in Canada on the Forbes list of World's Best Banks 2021. The World's Best Banks were selected based on over 43,000 consumer surveys representing 28 different countries.{{Cite web |title=News Details |url=https://www.eqbank.ca/about-us/news/news-details?title=2021-04-19-eq-bank-named-1-bank-in-canada-on-forbes-list-of-the-worlds-best-banks-2021 |access-date=May 6, 2022 |website=EQ Bank |language=en}}

In April 2022, EQ Bank was named the #1 Bank in Canada on the Forbes list of World's Best Banks 2022.

In April 2023, EQ Bank was named the #1 Bank in Canada on the Forbes list of World's Best Banks 2023. This is the third year in a row that EQ Bank has been awarded best bank in Canada.

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{{Portal|Banks}}

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• {{Official website|https://www.eqbank.ca|EQ Bank website}}

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Category:1970 establishments in Ontario

Category:Banks established in 1970

Category:Banks of Canada

Category:Canadian companies established in 1970

Category:Companies listed on the Toronto Stock Exchange

Category:Financial services companies based in Toronto

Category:Mortgage lenders of Canada

Category:Neobanks