EQ Bank launches Business Banking designed to drive small business owners' success in Canada
- Launch includes high-interest Business Account with free transactions1 and no monthly fees – Canada's only bank account built to make bank for businesses
- Features afully digital banking experience with dedicated customer service based in Canada
- New EQ Bank survey shows gap in business banking landscape – more than 1-in-2 Canadian small business owners say high costs and limited value are their top banking frustrations
TORONTO, Oct. 8, 2025 /PRNewswire/ - EQ Bank today announces the launch of 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."
To open a Business Account today and kick start your growth, visit eqbank.ca/business.
About EQ Bank
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.
To learn more, please visit eqb.investorroom.com or connect with us on LinkedIn.
About the survey
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 size would carry a margin of error of +/- 4.6 percentage points, 19 times out of 20.
1Transactions are subject to certain dollar limit maximums. The Business Account includes 50 free outgoing Interac e-Transfers® per month and 100 free incoming Interac e-Transfers® per month. $0.50 per transaction thereafter. For details, please see our Business Account Fees & Features page.
2The EQ Bank Business Account is not yet available in Québec.
Interac® is a registered trade-mark of Interac Inc. Used under license.
3Interest is calculated daily on the total closing balance and paid monthly.
4EQ Bank GICs are non-redeemable. For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually). For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term. Maximum 20 GICs per customer. Each GIC purchase must be for at least $100. The per GIC investment limit is $100,000. Aggregate GIC investment limit of $2,000,000 per business.
5You will earn 1% cash back when you make $10,000 or more in purchases with the Business Card in a given month. Cash back will be paid monthly and deposited onto your Business Card. Fees, ATM withdrawals, cash advances, and any credits do not qualify as purchases and do not earn cash back. Refunds will reduce purchases and cash back earned.
Media Contact:
Maggie Hall
Director, PR & Communications
maggie.hall@eqbank.ca
Investor contact:
Lemar Persaud
VP and Head of IR
investor_enquiry@eqb.com
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SOURCE EQ Bank