EQ Bank

What it is

A digital bank started in 2016 focused on no-fee and high interest bank accounts for Canadians.

Let's go deeper ↓

The problem it solves

Problem: Still using the bank account your parents opened for you in middle school? Paying $9 a month and earning peanuts?

Solution: EQ Bank offers Canadians an alternative: no fees and better interest rates.

Zoom in

Here are some notable stats, accolades, and news you should know:

Vitals:

• Part of Equitable Bank
• Founded in 2016
• 540,000+ customers
• $9 billion+ in deposits (To put it in perspective: that’s more than Aritzia’s market cap)

Did you know?

• Had a major marketing campaign with Schitt's Creek stars Eugene and Dan Levy

Trending up:

• Recently opened two new office spaces:
  • ~280,000 sq. ft. HQ office tower in Toronto and
  • an office in Calgary
• Named a Brand of the Year in 2024
• Metrics are up and to the right:

My take

EQ Bank has grown fast – in customers, deposits, brand, and office footprint.

Looking at the graph above – in less than a decade, they’ve 20x’d their customer base and 9x’d their deposits. Huge growth.

And that new downtown tower? It’s not to make room for a few extra hires. It’s a bet on the next chapter; an investment in the next stage of growth – one I think they can get to. Here’s why:

1. They’re addressing a paint point.
   
   People are tired of bank fees and earning next to nothing in interest.
   
   EQ Bank offers the opposite – and that’s enough to get people to consider switching.
2. They’re still small.
   
   With just over half a million customers in a country of 40 million, they’ve barely scratched the surface.
   
   There's a major amount of the market left to capture.

That said, cracking the Big Six’s 90% market share won’t be easy. Bank accounts are sticky and switching isn't common – ahem, that savings account from grade 8 still kicking around?

But so far, EQ Bank has made it work – with nearly a decade of success to back it up.

Bottom line:
This is a company that’s growing significantly in the banking space and worth a closer look.

Quick links for you

Here's EQ Bank's...

• TIME SAVER Job board
  ↳ Click to see open roles. It's already filtered for Toronto ✓

• Careers site
  ↳ Learn more about the company

• USEFUL TOOL Meet people who work there
  ↳ Use this tool to find folks working at EQ Bank
  ↳ Ask them questions, get the inside scoop – maybe even get a referral 👀

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