EQ Bank has officially launched its Business Banking platform, expanding its digital challenger model to small business owners across Canada.
The new offering includes a high-interest Business Account and Business GICs, designed to help entrepreneurs save time, earn more, and avoid the pain points of traditional banking.
“Canadian entrepreneurs are bold, independent and vital to our economy. They deserve a banking experience that reflects the same aspiration, service and innovation they bring to their own customers,” said Dan Broten, SVP and Head of EQ Bank.
“We’re proud to launch our Business Banking platform to help hard-working owners focus on growth and extend the benefits of our challenger bank approach to this community for the first time.”
The move follows an EQ Bank survey conducted via the Angus Reid Forum, which found that 52% of small business owners cite steep costs and low returns as their top banking concerns.
In response, EQ Bank is offering 2.25% interest on deposits, with no monthly fees or minimum balances, free everyday transactions, and up to 10 sub-accounts for managing taxes, payroll, and expenses. The platform also includes Canada-based customer support seven days a week and Business GICs with rates up to 3.30%.
“Small business owners told us they’re weighed down by high bank fees, low interest rates and poor service,” said Cathy Ly, VP, Small Business Banking at EQ Bank. “Our new platform addresses those pain points with competitive rates, transparent pricing and digital-first convenience—delivering practical solutions that respect their time and reward their deposits.”
The survey also found 27% of business owners are most frustrated by customer service, including difficulty reaching a live person. EQ Bank says that’s why it has invested in a dedicated, Canada-based team to provide real-time support by phone and chat.
As the platform expands, EQ Bank plans to introduce a prepaid Business Card with no annual fees and cash back on monthly spending over $10,000. With this launch, the digital bank aims to bring long-overdue competition to a market that, as Broten notes, “deserves better options.”
Leave a Reply