In addition to a host of features that help Canadians bank more easily while earning more, the new joint function offers users a quick, easy, and fully online sign-up process, along with a high interest rate of 2.00%1.
The Joint Savings Plus Account allows customers to invite up to three other people, for a total of four account co-holders, making it a great option for money management between partners, housemates, or family. EQ Bank's joint account will further help customers reach their shared money goals faster - it combines the high interest of a savings account with the flexibility of a chequing account—while also giving customers the peace of mind that their deposits are eligible for insurance from CDIC2.
Opening a joint account can be notoriously difficult, says Mahima Poddar, Senior Vice President of Digital Banking and Strategy at EQ Bank. With our new Joint Savings Plus Account, we've eliminated the inconvenience of paperwork, phone calls, and branch visits, allowing customers to easily invite up to three people online with a simple and fast digital-sign up process.
Features of the Joint Savings Plus Account include:
2.00% interest on every dollar
No everyday banking fees
No minimum balance
Direct deposit
Free bill payments
Free Interac e-Transfers
Free Electronic Funds Transfers
Free EQ to EQ Transfers
Fast and easy international money transfers (for up to 8x cheaper3)
Eligibility for CDIC deposit insurance
In yet another challenge to the status quo, EQ Bank's new joint account removes unreasonable complexity from traditional banking, delivering on EQ Bank's mission to provide smarter, safer, and easier ways for Canadians to bank.
EQ Bank continues to see accelerated adoption of its digital banking services, recently surpassing $3B in deposits, tripling the number of people signing up for our savings account, and surpassing 100,000 customers, says Poddar. We have even more planned for later this year, as we maintain a laser-focus on giving Canadians more value.
TORONTO
EQ Bank, the innovative digital platform offered by Equitable Bank (TSX: EQB and EQB.PR.C), Canada's Challenger Bank, announced the launch of its Joint Savings Plus Account.
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