#Canada #Toronto #Small Business #EQ Bank #Business Account

EQ Bank Launches Business Banking for Canadian Small Businesses

EQ Bank has officially announced the launch of its new Business Banking platform, specifically designed to empower small business owners across Canada. This initiative includes a high-interest Business Account plus Business GICs, aiming to provide valuable, innovative, and efficient banking solutions tailored for entrepreneurs.

In a recent survey conducted by EQ Bank, more than half of Canadian small business owners expressed dissatisfaction with their current bank services, citing high costs and a lack of value as their primary concerns. With this new offering, EQ Bank seeks to address these pain points and create a banking experience that aligns with the aspirations and needs of small business owners.

Simplified Banking Experience

One of the standout features of EQ Bank’s Business Banking platform is its fully digital onboarding process. This means that business owners can sign up for a Business Account without the need to visit a branch or schedule appointments, saving them valuable time. The platform offers a competitive interest rate of 2.25% on deposits, with no monthly fees or minimum balance requirements, making it a cost-effective choice for managing business finances.

Additional benefits include free everyday transactions such as Interac e-Transfers, electronic funds transfers, bill payments, and mobile cheque deposits. Business owners can also set up up to ten sub-accounts within their Business Account, making it easier to allocate funds for various needs, including taxes, payroll, and other expenses.

Commitment to Customer Service

In addition to its user-friendly digital platform, EQ Bank places a high priority on customer support. With dedicated Canada-based customer service available seven days a week via phone or online chat, business owners can expect prompt assistance when they need it most. This focus on real-time customer support addresses one of the major pain points highlighted in the survey, where many small business owners reported difficulties in reaching a live person for help.

Innovative Features on the Horizon

Looking to the future, EQ Bank plans to introduce even more features to its Business Banking platform, including a prepaid Business Card. This card will provide cash back on monthly spending over $10,000, thus delivering further value to small business owners looking to optimize their expenses.

EQ Bank's Mission

EQ Bank, a subsidiary of EQB Inc. and known as Canada’s Challenger Bank, aims to disrupt conventional banking with its innovative approach. The bank’s mission is to enhance the banking experience for Canadians by leveraging technology and providing exceptional service.

As echoed by Dan Broten, SVP and Head of EQ Bank, “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.”

This commitment to creating a fair and rewarding banking environment is central to EQ Bank’s ethos, as they work toward elevating the financial experiences of small business owners who have often felt overlooked by traditional banking institutions.

To learn more about the cost-effective and innovative features of EQ Bank's Business Banking platform, potential clients are encouraged to visit eqbank.ca/business and start their journey toward better banking today.

In summary, EQ Bank's Business Banking solution promises to create a new standard in the financial services landscape for small businesses in Canada, offering transparency, competitive rates, and robust customer service that traditional banks have often fallen short of delivering.