EQ Bank Crosses 600,000 Customers With No-Fee, High-Interest Digital Model Challenging Canada's Big Five
SHERIDAN, WYOMING - April 14, 2026 - EQ Bank, the direct-to-consumer digital banking brand of Equitable Bank, has surpassed 600,000 customers in Canada while maintaining a no-fee, high-interest positioning that contrasts with the country's major retail incumbents. The platform offers 2.75% interest on personal and joint accounts for customers maintaining qualifying direct deposits, a full suite of registered savings vehicles, and a GIC line with a 15-month rate of 3.40%. Equitable Bank is a Canada Deposit Insurance Corporation member, with deposits eligible for protection up to $100,000 per insured category per depositor. The growth reflects sustained consumer migration toward digital-first alternatives as rate and fee differentials between challengers and Big Five banks remain pronounced.