Digital banking service offers 3% interest savings

Digital banking service offers 3% interest savings

EQ Bank accounts also allow daily transactions, including bill payments and e-transfers

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(malerapaso/Getty Images)

(malerapaso/Getty Images)

Great news for consumers looking for a viable high-interest savings account alternative to those at the Big Five. Equitable Bank has launched EQ Bank, Canada’s first completely digital banking service, with an everyday interest savings rate of 3% and no fees or minimum balance requirements. In addition to the higher interest rate, which handily tops anything offered by the big banks, EQ Bank accounts also allow daily transactions, including bill payments and e-transfers.


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