TORONTO, ON– EQ Bank launched its Business Banking platform, built to give Canadian small businesses an edge in how they manage their money. The nationwide2 launch, which includes the high-interest Business Account and Business GICs, delivers rewarding digital solutions to help business owners save time, earn more and stay focused on growth.
“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 to extend the benefits of our challenger bank approach to this community for the first time. This is about catalyzing positive, long-lasting change and bringing real competition to an underserviced market that deserves better options.”
In contrast with a business banking landscape that often comes with barriers such as high fees, prohibitive minimum balance requirements, low or no interest and cumbersome in-person requirements for account management, EQ Bank’s Business Banking platform offers Canadian small business owners a simplified, rewarding banking experience that features:
- Fully digital sign up and onboarding, eliminating time spent on branch visits or appointments
- Competitive 2.25% interest rate3 on deposits with no monthly fees or minimum balance requirements
- Free everyday transactions1 (Interac e-Transfer®, electronic funds transfer (EFT), bill payment, mobile cheque deposit)
- Up to 10 sub-accounts to set aside money for taxes, expenses, payroll and more
- Dedicated Canada-based customer support, 7 days a week by phone or online chat (8:00 a.m. – 12:00 a.m. ET)
- Access to high-interest Business GICs offering up to 3.30% interest4 for small business owners who want to lock in high returns with peace of mind
As EQ Bank expands its Business Banking platform, small business owners can expect to benefit from a growing number of innovative, high-value solutions they deserve, including the forthcoming launch of the prepaid Business Card featuring no annual fees and cash back on monthly spending over $10,000.5
High fees and low value top banking pain points for over half of Canadian small business owners
A new survey of Canadian small business owners, conducted by EQ Bank among members of the online Angus Reid Forum, highlights where traditional banking is falling short. The survey found that over half (52%) of small business owners cite steep costs and low interest as their top concerns with business banking. When asked about their single biggest pain point, 25% pointed to high or unexpected fees. Another 15% pointed to not seeing enough value for their money, while 12% said low interest rates on balances were their top frustration.
“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, EQ Bank. “Our new platform is built to address those pain points with competitive rates, transparent pricing and digital‑first convenience – delivering practical solutions that respect their time, reward their deposits and help them run and grow their business.”
For more than a quarter of respondents (27%), customer service challenges were their biggest frustration – 15% pointed to difficulty reaching a live person because of pre-recorded phone systems while another 12% cited poor customer service generally.
“Being able to reach a real person is fundamental to trust in banking, and small business owners have told us that this matters,” added Ly. “That’s why we’ve invested in a dedicated customer service team based here in Canada. We strongly believe great service means being there in a meaningful way when our customers need us.”
Equitable Bank has a clear mission to drive change in Canadian banking to enrich people’s lives. As Canada’s Challenger Bank™ and seventh largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to over 761,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX: EQB), a leading digital financial services company with $137 billion in combined assets under management and administration (as at July 31, 2025). Through its digital EQ Bank platform (eqbank.ca), its customers have named it one of the top banks in Canada on the Forbes World’s Best Banks list since 2021.
The survey was conducted by EQ Bank among members of the Angus Reid Forum. The survey was conducted between August 28 and September 9, 2025, among a sample of 461 small business owners (defined as owning or having significant decision-making power in a business with 0-9 employees) who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this
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