Toronto-based EQ Bank has officially launched its Business Banking platform, extending its digital-first model to small business owners across Canada. The new offering includes a high-interest Business Account and Business GICs, designed to streamline financial management while maximizing returns for entrepreneurs.
According to Dan Broten, SVP and Head of EQ Bank, the launch reflects the bank’s commitment to empowering Canada’s entrepreneurial community with innovative, transparent, and efficient banking tools. “We’re proud to help hard-working business owners focus on growth and extend the benefits of our challenger bank approach to this community,” he said.
EQ Bank’s new Business Account offers 2.25% interest on deposits, no monthly fees or minimum balances, free everyday transactions, and up to 10 sub-accounts to simplify management of taxes, payroll, and expenses. Additionally, Business GICs offer rates up to 3.30%, coupled with Canada-based customer support available seven days a week.
The launch follows an EQ Bank survey revealing that 52% of small business owners are most concerned about steep costs and low returns, while 27% cited poor customer service as a major pain point. In response, the bank has invested in a dedicated local support team to ensure accessible, real-time assistance via phone and chat.
Looking ahead, EQ Bank plans to roll out a prepaid Business Card offering no annual fees and cash back on monthly spending over $10,000—furthering its mission to deliver value-driven alternatives to traditional banking.
