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Equitable Bank

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About Bank

Equitable Bank stands as a prominent player in the Canadian banking landscape, recognized for its commitment to innovation and customer-centric approach. Established in 1970 as The Equitable Trust Company, the institution has evolved into a dynamic financial entity, offering a diverse range of services tailored to meet the needs of modern consumers. As a Schedule I Bank since 2013, Equitable Bank has steadily grown to become Canada's seventh largest bank by assets, managing over $74.1 billion in assets as of recent records.

With a firm belief in the evolving nature of financial services, Equitable Bank embarked on a journey of digital transformation, culminating in the launch of EQ Bank in 2016. This digital arm of the bank caters to the preferences of a tech-savvy clientele, offering simple, convenient, and accessible banking solutions. Through its digital platform, Equitable Bank strives to enrich the lives of its customers by providing them with innovative savings and lending products, inclusing insurance lending and reverse mortgages, seamlessly integrating everyday banking with modern technology.

Equitable Bank

Key Features

  1. Comprehensive Residential and Commercial Lending Services. Equitable Bank specializes in both single-family residential and commercial lending, offering tailored solutions to individuals and businesses across Canada.

  2. High-Interest Savings Accounts. Equitable Bank provides high-interest savings accounts that enable customers to earn competitive interest rates on their deposits, helping them grow their savings efficiently.

  3. Diverse Deposit Products. The bank offers a range of deposit products, including short-term and long-term Guaranteed Investment Certificates (GICs) and cashable GICs, providing flexible options for customers to manage their savings effectively.

  4. Digital Banking with EQ Bank. As a pioneer in digital banking, EQ Bank offers an intuitive online platform that allows customers to conduct their banking activities conveniently from anywhere, at any time.

Pros and Сons

Pros

Competitive Interest Rates. Equitable Bank offers high-interest savings accounts and GICs with competitive interest rates, allowing customers to earn more on their deposits compared to traditional banks.

Digital Banking Convenience. Through EQ Bank, customers can enjoy the convenience of digital banking, including easy account management, online transactions, and access to financial tools from anywhere at any time.

Diverse Product Offerings. Equitable Bank provides a wide range of financial products and services, including residential and commercial lending, deposit products, wealth management solutions, and reverse mortgages, catering to various customer needs.

Cons

Limited Physical Presence. Equitable Bank primarily operates digitally through EQ Bank, which may be a limitation for customers who prefer or require in-person banking services or access to physical branches.

Limited Mortgage Marketplace. While Equitable Bank offers mortgage solutions, its mortgage marketplace may not be as extensive as those of larger traditional banks, potentially limiting options for some customers.

Limited Reverse Mortgage Eligibility. Equitable Bank's reverse mortgage products are available only to homeowners aged 55 and above, excluding younger homeowners who may also seek to leverage their home equity.

Equitable Bank Requirements

  1. Age Requirement. Customers must meet the age eligibility criteria set by Equitable Bank to open accounts or access specific products. For example, individuals must be at least 18 years old to open certain types of accounts.

  2. Identification. Equitable Bank typically requires customers to provide valid identification documents, such as a government-issued photo ID (e.g., driver's license, passport) and proof of address (e.g., utility bill, lease agreement).

  3. Minimum Deposit. Some accounts or products offered by Equitable Bank may have minimum deposit requirements. Customers may need to deposit a certain amount of funds in their bank account to open an account or qualify for certain benefits.

  4. Residential Status. Equitable Bank may require customers to be residents of Canada to access its banking services. Non-residents or individuals residing outside of Canada may have different eligibility criteria or restrictions.

  5. Compliance with Regulations. Customers must comply with applicable banking regulations and legal requirements, including anti-money laundering (AML) and know your customer (KYC) regulations. Equitable Bank may request additional information or documentation to verify customers' identities and ensure regulatory compliance.

  6. Credit Check. Depending on the banking products or services requested, Equitable Bank may conduct a credit check as part of the application process. A positive credit history may be required for certain lending products or credit facilities.

  7. Additional Documentation. Depending on the specific requirements of the account or product requested, Equitable Bank may ask for additional documentation or information, such as proof of income for loan applications or business registration documents for commercial banking services.

Access on the Go

  1. Mobile Banking App. Equitable Bank provides a mobile banking app that allows customers to access their accounts, perform transactions, and manage their finances conveniently from their smartphones or tablets. The app is available for download on iOS and Android devices.

  2. Online Banking Portal. Through Equitable Bank's online banking portal, customers can log in to their accounts using a web browser on any internet-enabled device. They can view account balances, transfer funds, pay bills, and conduct other banking activities securely from anywhere with Internet access.

  3. Limited ATM Services. Equitable Bank's ATM services expanded significantly with the introduction of the EQ Bank Card in January 2023. This prepaid reloadable Mastercard offers customers the convenience of fee-free ATM withdrawals across Canada, coupled with the benefit of no foreign exchange fees. Notably, any associated fees are promptly refunded within 10 business days, enhancing accessibility and cost-effectiveness for users.

Equitable Bank Products

  1. High-Interest Savings Account. Equitable Bank offers high-interest savings accounts that allow customers to earn competitive interest rates on their deposits, providing an opportunity to grow their savings over time while maintaining liquidity.

  2. Guaranteed Investment Certificate (GICs). Equitable Bank provides a range of GIC options with various terms and interest rates, allowing customers to invest their funds for a fixed period and receive guaranteed returns upon maturity.

  3. Residential Mortgage. Equitable Bank offers residential mortgage solutions tailored to the needs of homebuyers and homeowners, including fixed-rate mortgages, variable-rate mortgages, and flexible mortgage options.

  4. Commercial Mortgage. Equitable Bank provides financing solutions for commercial real estate properties, offering competitive rates and flexible terms to support the growth and success of businesses.

  5. Reverse Mortgage. Equitable Bank offers reverse mortgage products specifically designed for homeowners aged 55 and above, allowing them to access tax-free cash from their home equity without the need to sell their property.

Equitable Bank Services

  1. Remote Deposit Capture. Equitable Bank enables customers to deposit checks remotely using their mobile devices, eliminating the need to visit a branch or ATM to deposit funds and streamlining the deposit process for added convenience.

  2. Personal Banking Account. Equitable Bank provides a range of personal banking accounts, including chequing accounts and savings accounts, with features such as unlimited transactions, no monthly fees, and convenient access to funds.

  3. Business Banking Service. Equitable Bank offers a suite of banking services for businesses, including business accounts, commercial lending, cash management solutions, and business financing options to support the financial needs of entrepreneurs and enterprises.

  4. Wealth Management Solutions. Equitable Bank provides wealth management services, including investment products, financial planning, and retirement planning solutions, to help customers achieve their long-term financial goals and build wealth over time.

Which associations does Equitable Bank belong to?

  1. Canada Deposit Insurance Corporation (CDIC). Equitable Bank is a member of CDIC, a federal Crown corporation that provides deposit insurance to protect customers' deposits held at member financial institutions in case of their failure.

  2. Canadian Bankers Association (CBA). Equitable Bank is a member of CBA, the voice of the banking industry in Canada, representing domestic and foreign banks operating in the country. CBA advocates for sound public policies that promote a strong and stable banking system.

  3. Mortgage Professionals Canada (MPC). Equitable Bank is a member of MPC, the national mortgage broker association representing mortgage professionals across Canada. MPC advocates for the interests of mortgage brokers and provides education, resources, and networking opportunities to its members.

  4. The Equitable Group Inc. Equitable Bank is a subsidiary of The Equitable Group Inc., a publicly traded company listed on the Toronto Stock Exchange (TSX: EQB), which operates as the parent company overseeing Equitable Bank's operations and strategic initiatives.

Bank Reliability

Equitable Bank is widely regarded as a reliable financial institution within the Canadian banking industry. With over five decades of operational experience since its inception in 1970, Equitable Bank has established itself as a trusted provider of banking products and services to individuals, businesses, and communities across Canada. As a member of the Canada Deposit Insurance Corporation (CDIC), Equitable Bank offers deposit insurance to protect customers' deposits up to applicable limits, providing an added layer of security and peace of mind. While no institution is immune to risks, Equitable Bank's adherence to regulatory standards, commitment to customer satisfaction, and track record of stability contribute to its reputation as a reliable banking partner for Canadians.

Editorial Opinion

Equitable Bank garners varied opinions within the financial community, reflecting a blend of strengths and areas for improvement. While some commend its innovative approach to digital banking through EQ Bank, others express concerns over its limited physical presence compared to traditional brick-and-mortar institutions. Additionally, Equitable Bank's diverse range of products, including high-interest savings accounts and reverse mortgages, receives praise for catering to diverse customer needs. However, skeptics raise questions about its competitiveness in certain segments of the market and potential challenges in maintaining growth amidst evolving industry dynamics. Overall, Equitable Bank's journey reflects a balance between commendable strides towards innovation and the ongoing quest to address market demands while navigating the complexities of the banking landscape.

Additional Resources

Sources

FAQ

Is Equitable a good bank?

Equitable Bank's reputation within the banking industry varies among customers and financial experts, making it challenging to provide a definitive assessment. While Equitable Bank has earned recognition for its innovative digital banking solutions and competitive product offerings, such as high-interest savings accounts and reverse mortgages, some customers have reported concerns regarding customer service and accessibility due to its limited physical presence compared to traditional banks. Additionally, Equitable Bank's inclusion in the Forbes World's Best Banks list for several consecutive years underscores its notable achievements, yet individual experiences may vary based on factors such as personal preferences and specific banking needs. Overall, Equitable Bank's standing as a "good" bank remains subjective, with both strengths and areas for improvement noted by various stakeholders.

Is Equitable Bank the same as EQ Bank?

Equitable Bank and EQ Bank are closely related entities but serve different purposes within the financial ecosystem. Equitable Bank is the parent company, offering a broader range of banking services including mortgages, savings accounts, and commercial lending. EQ Bank, on the other hand, is a digital banking platform launched by Equitable Bank in 2016, focusing primarily on high-interest savings accounts and providing a streamlined digital banking experience for customers, including EQ Bank card. It is the first Bank in Canada to host its core banking system in the cloud, enabling scalability for our personal and commercial banking solutions.

Is Equitable Bank CDIC insured?

Yes, Equitable is a Canadian bank that is CDIC-insured, providing customers with protection for their deposits up to applicable limits. As a member of the Canada Deposit Insurance Corporation (CDIC), Equitable Bank offers deposit insurance to safeguard customers' funds against the risk of institutional failure, providing added security and peace of mind to depositors. Customers need to review CDIC coverage limits and eligibility criteria to ensure their deposits are fully protected.

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We believe there’s an opportunity for something different, to provide better service and a better deal for our customers through digital banking.

© Equitable Bank
Financial products
Equitable Bank
Home equity line of credit
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Equitable Bank
The EQB Evolution Suite
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Equitable Bank
Reverse mortgages
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Equitable Bank
Variable rates mortgages
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Equitable Bank
Fixed rates mortgages
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Rate
i

Effective interest rate on the product

4,49%
Term
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Loan term for the financial product

25 years
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