EQ Bank, the digital arm of Canada’s Challenger Bank™ with a mission to drive change in banking and enrich people’s lives, announces the beta launch of its Business Account, a high-interest, no-fee everyday bank account uniquely designed to suit Canadian small business owners’ banking needs. The EQ Bank Business Account is available to existing EQ Bank customers during the beta phase, with roll-out to all Canadian business owners expected in the coming months.
“Small businesses are the backbone of the Canadian economy, and they deserve better banking options. EQ Bank is proud to support entrepreneurs with a modern banking experience that addresses their unique needs,” said Mahima Poddar, SVP and group head, personal banking, EQ Bank. “The beta launch of our new Business Account offers traditionally underserved business owners a valuable platform that removes common pain points, such as high fees and complex, time consuming and in-person onboarding, and instead allows them to focus on what matters most – growing their business.”
Available today, the EQ Bank Business Account provides business owners with a new, innovative solution that addresses their specific needs by offering:
- Free unlimited transactions*
- Competitive 2.50% interest rate on the entire balance∞
- No fees – monthly, hidden or otherwise
- No minimum balance requirements
- Option to purchase EQ Bank Business GICs
- Fully digital online sign-up and onboarding
- Easy, streamlined access to both personal and business accounts for EQ Bank customers
- Convenient platform to manage customer payments, bill payments and deposits
- Dedicated business customer service agents based in Canada, available 8:00a.m. to 12:00a.m. ET
Small business owners face many hurdles in their banking experience and can find their needs unmet. Despite representing a core pillar of the Canadian economy, they are often faced with onerous, in-person onboarding processes and earn little-to-no interest rates on deposits paired with high fees and minimum balance requirements. The new Business Account helps transform the world of business banking with a stress-free way to save and transact, setting a new standard in business banking efficiency and convenience.
The beta phase roll-out comes after close collaboration with early pilot program customers. It is currently available on desktop and mobile for iOS, with Android expected to follow in the coming weeks. The account offering will further evolve for small business customers as critical developments like open banking and real-time rail infrastructure become a reality in Canada.
To open an EQ Bank Business Account today, or to join the waitlist to learn when this account will be available to all Canadian business owners, visit eqbank.ca/business-bank-account.
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