Equitable Bank

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Equitable Bank
Formerly
Equitable Trust Company
Public
Traded asTSXEQB
IndustryBanking
Founded1970
Key people
Andrew Moor (CEO)[1]
Total assets$25 billion[2] (2018)
Number of employees
600[2] (2018)
Websitewww.equitablebank.ca

Equitable Bank is a Canadian bank founded in 1970. The bank provides residential and commercial real estate lending services. In 2013, it became a Schedule I Bank offering savings products.[3] It is now Canada’s ninth largest independent bank, with more than $25 billion in assets under management.[2] As of June 2017, the bank had over $10 billion in deposits.[4] Equitable Bank, including its EQ Bank digital banking service, is a member of the Canada Deposit Insurance Corporation.

Mortgage lender[edit]

Equitable Bank provides mortgages, commercial lending services and deposit services. It has offices in Calgary, Halifax, Montreal and Vancouver, with its corporate headquarters located in Toronto.

Equitable Bank is one of nine Schedule I banks listed on the Toronto Stock Exchange; it is listed through its parent company Equitable Group (TSXEQB).

EQ Bank[edit]

EQ Bank logo.

Equitable Bank launched a direct banking operation branded as EQ Bank on January 14, 2016.[5] As a completely online bank, EQ Bank has no branch locations and also does not provide debit cards or cheques to its consumers.[6]

EQ Bank's primary product is the Savings Plus Account, a high-interest and no-fee savings account. At launch the bank attracted customers with an interest rate of 3.0%.[7] The rate was lowered on April 18, just 96 days later, to 2.25%.[5] The rate was lowered again to 2.0% on August 25, 2016.[8] In May 2017 the rate was raised to 2.3%.[9] EQ Bank also offers GICs.

As of July 2018, the EQ Bank division alone had over $2 billion in deposits and 60,000 customers.[8]

References[edit]

  1. ^ Bouw, Brenda. "How Equitable Bank's CEO invests his own money". The Globe and Mail. Retrieved 2017-09-20.
  2. ^ a b c "Equitable launches 'digital' Canadian bank for PC, mobile". CTV News. The Canadian Press. January 14, 2016. Retrieved January 14, 2016.
  3. ^ "New bank status may boost shares of mortgage lender Equitable". Retrieved 2016-09-12.
  4. ^ Posadzki, Alexandra. "Equitable Bank grows deposit base, leaves credit line untapped". The Globe and Mail. Retrieved 2017-09-20.
  5. ^ a b Mayers, Adam (May 11, 2016). "EQ Bank's 3% rate gone in 96 days". Toronto Star. Retrieved September 12, 2016.
  6. ^ Alexander, Doug (January 14, 2016). "Equitable Adds Online Bank to Lure Deposits From Canadian Rivals". Bloomberg. Retrieved September 12, 2016.
  7. ^ Carrick, Rob (January 21, 2016). "EQ Bank pitches attractive (but temporary) 3% return on savings". The Globe and Mail. Retrieved October 10, 2017.
  8. ^ a b Shecter, Barbara (August 18, 2016). "EQ Bank set to lower high-interest savings account rate again, though it's still top of the market: CEO". Financial Post. Retrieved October 10, 2017.
  9. ^ "Savings Plus Account Features & Rates | EQ Bank Canada". www.eqbank.ca. Retrieved 2018-08-30.

External links[edit]