EQ Bank launches digital account for small businesses

EQ Bank has announced the launch of its Business Banking platform designed for Canadian small businesses, featuring a digital-first approach, no monthly fees, and a high-interest business account.

The bank's new platform features a high-interest Business Account and Business GICs, designed to deliver digital solutions that help business owners manage their funds more efficiently while keeping costs low. EQ Bank is making these features available nationwide, except in Québec, with additional offerings such as a prepaid Business Card set to launch soon.

According to a recent EQ Bank survey conducted with the Angus Reid Forum, more than half of Canadian small business owners reported high costs and limited value as their primary frustrations with their current banking services.

The survey involved 461 small business owners responsible for or involved in business decisions at firms with fewer than 10 employees. 52 per cent of those surveyed highlighted steep costs and low interest as top concerns, with a quarter identifying high or unexpected fees as their single biggest pain point. 

The bank also announced that dedicated customer support is provided by teams based in Canada via phone and chat lines. 

The survey revealed that 27 per cent of small business owners experience customer service challenges with their banks. Of those, 15 per cent mentioned difficulty contacting a live person due to pre-recorded phone systems, while 12 per cent cited poor overall customer service quality.

"Being able to reach a real person is fundamental to trust in banking, and small business owners have told us that this matters," said Cathy Ly, Vice President of Small Business Banking at EQ Bank. "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."

EQ Bank's forthcoming prepaid Business Card will feature no annual fees and offer cash back on monthly spending over CAD $10,000, providing small business owners with additional ways to manage and benefit from their business expenditures.

The Business Account from EQ Bank offers a digitally driven sign-up and onboarding process, which removes the need for in-branch visits or appointments. Customers receive a 2.25 per cent interest rate on deposits, with no minimum balance requirements or monthly account fees. The account allows up to 10 sub-accounts to help with managing money for taxes, expenses, payroll, and other business needs. 

"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. "This is about catalyzing positive, long-lasting change and bringing real competition to an underserviced market that deserves better options."