EQ Bank partners with Mastercard to launch the EQ Bank Card

By Edlyn Cardoza

EQ Bank, powered by Equitable Bank, Canada’s Challenger Bank, has partnered with Mastercard to launch the EQ Bank Card. The card is an innovative new way for customers to withdraw cash for free at any ATM in Canada, all while earning cash back on their spending and high interest on their balance.

“Introducing a payment card for our customers is a game-changer,” said Mahima Poddar, Group Head of Personal Banking at EQ Bank. “There is growing demand for an everyday bank that offers the benefits of a chequing account with the high interest of a savings account. We listened to our customers and built in their feedback when we developed the EQ Bank Card, which allows them to earn 2.5% interest right up until they spend, earn cash back when they spend, and avoid ATM fees or other hidden charges. This is the card you want – whether you’re managing your day-to-day or travelling.”

“Canadians have diverse needs and expectations when it comes to managing their payments,” said Balinder Ahluwalia, Senior Vice President and Group Head, Market Development at Mastercard in Canada. “We’re proud to offer a convenient solution that gives Canadians greater flexibility and security for their everyday banking needs.”

To get the new EQ Bank Card, new customers can sign up to EQ Bank in a matter of minutes and open a Savings Plus Account. From there, they can fund their account and order a free card in just a few quick clicks. Once they receive and activate the card, they can load it up in seconds by moving money from their Savings Plus Account or Joint Savings Plus Account. The EQ Bank Card is not yet available in Quebec.

EQ Bank launched in 2016 and now has more than $7 billion in deposits and more than 290,000 customers. It combines a high-interest account with features of a chequing account, like an unlimited number of Interac e-Transfers®, free bill payments, and no minimum balance. With the Savings Plus Account, customers can earn up to 250× more interest than at other banks, along with the flexibility of a chequing account—and zero monthly fees.