News Summary

EQ Bank has launched a new business banking offering tailored for Canadian small business owners. This digital challenger bank now provides a high-interest business account with no monthly fees, addressing the common concerns of steep costs and low interest rates faced by small businesses. The account offers a 2.25-percent interest rate on deposits, no minimum balance requirement, and access to business guaranteed investment certificates with up to 3.3 percent interest. Additionally, EQ Bank plans to introduce a prepaid business card with no annual fees and cashback benefits. The initiative aims to bring competitive options to an under-serviced market, providing up to 10 sub-accounts for various business needs and dedicated customer service based in Canada.