EQ Bank, the digital arm of Canada’s Challenger 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.
