EQ Bank named top bank in Canada for second year in a row on Forbes list of the World's Best Banks 2022
TORONTO, April 19, 2022 /CNW/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank™, has been named the top Schedule I bank in Canada for the second year in a row on the Forbes list of World's Best Banks 2022. The World's Best Banks were selected based on over 45,000 consumer surveys representing 27 different countries.
"Being recognized by our own customers in this way is really gratifying and a proof point that we are on the right track in building a modern digital bank," said Andrew Moor, President and CEO of Equitable Bank. "We put enormous emphasis on no-nonsense banking that delivers exceptional value – like all-in-one combined chequing and savings accounts, and fast international money transfers. This recognition is validation that we're following through on those commitments."
Participants in the global surveys were asked to rate every bank at which they have a chequing or savings account on overall recommendation and satisfaction, as well as rate the banks in five different criteria: Trust, Terms & Conditions, Customer Services, Digital Services, and Financial Advice. All credit institutions offering chequing and/or savings accounts were eligible to be considered for this recognition.
EQ Bank launched in 2016 and from the start has challenged the notion of what everyday banking should be. Its first product, the EQ Bank Savings Plus Account combined features found in chequing accounts with savings accounts. Add in no everyday banking fees, unlimited transactions, unlimited free bill payments and Interac e-Transfers®, seamless free transfers between Canadian banks, international money transfers powered by Wise, and GICs that can be purchased at the touch of a button, and you can see some of the reasons more people are choosing EQ Bank.
EQ Bank now has more than $7 billion in deposits and over 250,000 customers, and later this year it plans to launch its own card, making point of sale payments and access to funds even more convenient.
The World's Best Banks 2022 was announced on April 13, 2022, and is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. The final list recognizes the top 500 companies around the world and can be viewed on the Forbes website.
EQ Bank, the digital banking platform launched in 2016 by Equitable Bank (a federally regulated Schedule I bank), provides state-of-the-art digital banking services. The Savings Plus Account reimagines banking by offering an everyday high interest rate, plus the flexibility of a chequing account, with free transactions, no everyday banking fees, no minimum balances, fast, cheap, and fully transparent international money transfers, and more—all from one account. Its Guaranteed Investment Certificates (GICs) also offer Canadians a wide range of options with competitive rates. To learn more, please visit www.eqbank.ca.
Equitable Group Inc. trades on the Toronto Stock Exchange (TSX: EQB, EQB.PR.C and EQB.R) and serves more than 325,000 Canadians through its wholly-owned subsidiary Equitable Bank, Canada's Challenger Bank™. Equitable Bank has a clear mandate to drive change in Canadian banking to enrich people's lives. Founded over 50 years ago, Equitable Bank provides diversified personal and commercial banking services. Please visit equitablebank.ca for details.
SOURCE Equitable Bank
Investor contact: Richard Gill, Vice President, Corporate Development & Investor Relations, [email protected], 416-513-3638; Media contact: Jessica Kosmack, Senior Manager, Communications, [email protected], 647-600-2512
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