For decades, Haventree Bank has built its business by looking beyond the standard borrower profile.
The federally regulated Schedule 1 bank has traditionally reached Canadians through the broker channel, with a focus on mortgage customers whose financial circumstances may not fit neatly inside the traditional lending box. Now, Haventree is taking that same philosophy directly to consumers.
The bank is launching a direct-to-consumer digital banking platform under its own brand, marking a significant expansion for an established Canadian lender into everyday banking and deposits. Rather than positioning itself as a replacement for a customer’s primary bank, Haventree is entering the market as a complementary option: a secure, regulated place for Canadians to save, organize their money, and build financial confidence over time.
The launch includes an Everyday Growth Account, which blends chequing-style flexibility with savings-style interest, as well as GICs designed for Canadians seeking predictability in a more uncertain economic environment. It also reflects a broader shift in consumer banking, as Canadians increasingly spread deposits across institutions, look for products that provide clear value, and seek financial tools that reflect more flexible, less traditional lives.
For Fern Glowinsky, President and CEO of Haventree Bank, the move is not about chasing the digital banking trend. It is about extending Haventree’s long-standing approach—seeing the full picture of a customer’s financial life—into a new part of the market.
Fintech.ca spoke with Glowinsky about why Haventree is moving directly into consumer banking now, how its history in alternative lending informs its deposit strategy, and where a Schedule 1 bank can stand apart in an increasingly crowded digital banking landscape.
Haventree has traditionally reached Canadians through the broker channel. Why is now the right time for the bank to move directly into the consumer market under its own brand?
FG: Our Broker partners are a foundational part of Haventree’s journey, and we’re proud of the relationships we’ve mutually invested in over the years. Brokers help us better understand Canadians with diverse financial circumstances and connect with customers who may need or want a different approach. Launching a digital bank is about expanding that reach and combining the convenience of a modern digital experience with the trust and stability of a federally regulated financial institution.
You’re launching what you’ve described as a deliberate addition to someone’s banking life, not necessarily a replacement for their primary bank. What does that say about how Canadians’ relationships with financial institutions are changing?
FG: Canadians’ relationship with their finances is becoming increasingly intentional. People are looking for banking solutions that fit their lives and help them make the most of every dollar.
We recognize that while many Canadians already have a primary bank relationship, they’re also continually on the lookout for products and experiences that provide real value, whether that’s helping their savings work harder, offering simplicity, or giving them more choice.
That’s where Haventree comes in. We’re focused on being a trusted partner that provides meaningful value where Canadians need it most. Ultimately, people want financial institutions that work for them, understand and respond to their needs, and help them build greater financial security over time.
Haventree has seen depositors spread money across institutions to stay within CDIC insurance limits. How much did that behaviour inform the strategy behind launching a digital bank?
FG: It definitely influenced our strategy, understanding that deposit insurance is important to Canadians and is a valuable benefit of holding deposits with a federally regulated bank.
Our goal wasn’t just to launch another digital bank. It was to give Canadians another trusted option. Whether they’re diversifying where they save, looking for competitive returns, or simply wanting a straightforward banking experience, we want to help them build financial security over the long term. That’s really what informed our strategy: creating products that deliver meaningful value in today’s economic environment while giving Canadians greater choice and confidence in how they manage their money today and in the future.
The Everyday Growth Account blends features of chequing and savings, with interest on every dollar and the ability to create multiple accounts. What customer problem are you trying to solve with that structure?
FG: The problem we’re solving is that most people manage multiple financial priorities at once.
Our Everyday Growth Account was designed to simplify that. It combines the functionality of a chequing account with the earning potential of a savings account, allowing customers to earn interest on every dollar while still having the flexibility to make payments, transfers, and manage their daily banking needs.
What makes it particularly powerful is the ability to create multiple accounts tied to different financial goals. A customer might have one account dedicated to monthly bills, another for a vacation fund, a rainy-day savings account, a joint account for shared expenses, and a separate account for everyday spending. Each account helps create clarity and discipline around a specific purpose, while still benefiting from a competitive 2.50% interest rate with no minimum balance requirement.
Ultimately, we’re helping Canadians organize their money in a way that reflects how they actually live.
You’ve pointed to gig workers, newcomers, and Canadians with less predictable financial lives as groups traditional banking does not always serve well. How has Haventree’s history in alternative lending shaped the way you think about serving those customers on the deposit side?
FG: We’ve spent decades working with Canadians whose financial situations don’t always fit into a standard box. That could be someone self-employed, building a business, new to Canada, or simply on a different financial journey. What we’ve learned is that everyone’s story is different, and banking should reflect that.
While those insights came from our experience in lending, the principle applies just as much to everyday banking and saving. People want straightforward products that help them build financial security over time, without unnecessary complexity or assumptions about what their financial life should look like.
That’s really what we’ve brought into our digital bank. We want to give Canadians more options and respond to their circumstances. Products that are simple, transparent, and designed to help them steadily grow their money, no matter where they are in their financial journey.
Haventree is also launching with GICs, including a leading two-year term. What are you seeing in how Canadians are thinking about saving and investing in a more uncertain economic environment?
FG: Canadians are looking for more certainty. Between the cost of living, market volatility, and broader economic uncertainty, people are being much more thoughtful about where they put their money.
We’re seeing a growing desire for products that are straightforward, predictable, and that help people make steady progress toward their financial goals. That’s one of the reasons we’re launching with GICs.
At the end of the day, not every financial decision needs to be about chasing the highest return. Sometimes it’s about knowing your money is working for you in a safe, reliable way, and we think that’s something many Canadians are looking for right now.
Many digital banks compete on simplicity, rates, or niche customer focus. Where do you see Haventree’s biggest opportunity to stand apart in an increasingly crowded market?
FG: Rather than trying to be a customer’s only bank, Haventree is positioning itself as a complementary, fully regulated option that combines bank-grade security with digital agility. We built our proprietary platform with the goal of responsiveness in mind. Our focus is on underserved customers and flexible, practical products rather than competing solely on rates or simplicity.
You took the helm after years in payments and fintech, and you’re now one of the few women leading a Canadian bank. How has that background shaped your view of where banking needs to go next, especially for Canadians whose lives no longer fit the traditional financial model?
FG: My experience in payments, fintech, and banking has given me a front-row seat to how Canadians’ financial lives have evolved. I’ve seen more people building businesses, working multiple income streams, changing careers, or navigating life events that don’t always fit a traditional financial model. The reality is, there really isn’t a “typical” customer anymore.
What this has reinforced for me is that banking needs to become more responsive. Technology continues to make banking more convenient and accessible, but it also needs to be more empathetic—meeting people where they are and recognizing that everyone’s financial journey is different.
At Haventree, by building our proprietary banking platform, we combine the simplicity and convenience people expect today with the trust of a federally regulated bank, while designing products that help Canadians build financial security that reflects how they actually live.
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