Haventree launches digital bank with consumer deposits

Haventree Bank has launched a direct-to-consumer digital bank in Canada, adding deposit products to a business previously known for alternative mortgages distributed through brokers.

The new offering includes an Everyday Growth Account and guaranteed investment certificates, or GICs. The account pays 2.50% interest, has no monthly fees and no minimum balance requirement.

The bank is entering the consumer deposit market as households face pressure on budgets and savings plans. It's a new account that blends features typically associated with chequing and savings accounts, with interest accruing from the first day.

Customers can open up to eight accounts under the multi-account structure. The product also includes bill payments, Interac e-Transfers, direct deposits, electronic funds transfers and joint accounts.

Alongside the transaction account, Haventree is offering GICs with fixed returns. It said it is offering a leading rate on a two-year term, though it did not disclose the rate in the announcement.

Consumer push

The launch marks a broader shift as Haventree expands beyond its established mortgage business. The bank has spent decades serving borrowers outside the traditional lending mainstream through mortgage brokers, and the digital bank gives it a direct relationship with retail deposit customers.

Customer deposits will be protected through Canada Deposit Insurance Corporation coverage because Haventree is a member institution. The bank also described itself as a Schedule 1 Canadian bank, placing it within the country's federally regulated banking system.

Fern Glowinsky, President & CEO of Haventree Bank, outlined the rationale for the expansion. "We've spent decades looking at the full picture of a person's circumstances and aiming to provide a path forward with our mortgage products originated through mortgage brokers," Glowinsky said.

"Now, with the digital bank, we are extending that approach directly to Canadians, with deposit products that are simple, secure and designed for steady growth over time."

Product range

The Everyday Growth Account sits at the centre of the launch. By combining payment functions with interest-bearing balances, it is aimed at customers who want to manage day-to-day money and savings in one place rather than across separate accounts.

That structure places Haventree in a competitive part of the Canadian retail banking market, where digital-first providers have sought to attract consumers with lower fees, simpler account opening and app-based money management. Established banks, credit unions and newer financial technology groups have also pushed into online savings and hybrid account products.

For Haventree, the expansion also raises the profile of a brand many consumers may not know. The bank said the digital launch will introduce the Haventree name to more Canadians as it broadens its product base beyond mortgages and broker-sold savings products.

The mobile app is available on Apple's App Store and Google Play, and accounts and GICs can also be opened on the bank's website. That gives the lender a national route to market without relying on a branch network.

Haventree said its approach is based on treating people as individuals rather than credit profiles, a theme that has shaped its position in alternative lending. The digital bank carries that model into the savings market, where the group is targeting customers who want straightforward accounts, predictable fixed-term returns, and the backing of a regulated bank.

The Everyday Growth Account and GICs are now available to Canadian consumers, marking Haventree's first direct consumer deposit push under its own brand.