EQ Bank launches business account beta to support Canadian SMEs

SME Banking
25/09/2024News

EQ Bank, the digital arm of Canada’s challenger bank Equitable Bank, has announced the beta launch of its Business Account, designed to provide small business owners with a modern, no-fee, high-interest banking solution. This new offering aims to address the specific challenges that Canadian entrepreneurs face, such as high fees and complex onboarding processes, by delivering a streamlined, digital-first banking experience.

During the beta phase, the EQ Bank Business Account will be available to existing EQ Bank customers, with a full roll-out to all Canadian small business owners expected soon.

“Small businesses are the backbone of the Canadian economy, and they deserve better banking options,” said Mahima Poddar, Senior Vice President and Group Head of Personal Banking at EQ Bank. “Our new Business Account is designed to remove common banking pain points and help entrepreneurs focus on growing their businesses.”

The EQ Bank Business Account offers several key features tailored to small businesses, including:
Free unlimited transactions
A competitive 2.50% interest rate on all balances
No monthly or hidden fees
No minimum balance requirements
Access to EQ Bank Business GICs
Fully digital sign-up and onboarding
Easy access to manage both personal and business accounts
A platform for customer payments, bill payments, and deposits
Dedicated business customer service available 16 hours a day

The account is currently available on desktop and iOS, with Android support coming soon. EQ Bank plans to further enhance the Business Account as open banking and real-time payment infrastructure develop in Canada.

Related news & insights

SME Banking
05/01/2025News

Yapı Kredi FRWRD Global boosted startups' expansion into Portugal

Organized in collaboration with Boğaziçi Teknopark and Unicorn Factory Lisboa, the program provided Turkish entrepreneurs with opportunities to promote their...

Mobility
31/12/2024News

Garanti BBVA introduces Türkiye’s first digital loan for used vehicles

Available exclusively through Garanti BBVA Mobile, this innovative solution enables customers to secure financing for second-hand vehicles from dealerships or...

Digital Reinvention
30/12/2024News

Cake Digital Bank achieves profitability milestone in record time

Cake Digital Bank, Vietnam’s first digital-only bank, has reached a significant milestone by becoming the country’s first digital bank to...

Digital Reinvention
29/12/2024News

Danske Bank simplifies onboarding with new digital app

The app is targeted at personal customers over the age of 27 who have MitID, while younger users and students...

Digital Reinvention
26/12/2024Article

Qorus Innovation Spotlight – December 2024 edition

This month’s Financial Innovation Spotlight highlights five standout initiatives from Prudential, U.S. Bank, Santander, CaixaBank, and HSBC UK.

SME Banking
23/12/2024News

Empowering SMEs: OCBC partners to transform cross-border trade

XTransfer, the world’s leading B2B cross-border trade payment platform, has partnered with OCBC, Southeast Asia's second-largest financial services group, to...

Digital Reinvention
18/12/2024News

NAB’s Ubank introduces passkeys to enhance digital security

This innovation aligns with NAB’s vision of phasing out passwords entirely within the next five years, replacing them with passkeys...

Digital Reinvention
17/12/2024News

BoursoBank launches a new private banking service for affluent clients in France

For €29 per month, this exclusive offer combines the best of BoursoBank with new products, tailored solutions, and premium services...