TORONTO, July 19,
2023 /CNW/ - EQ Bank announces the launch of
Canada's first fully digital,
no-fee FHSA Savings Account with the best interest rate in
Canada at 3.00%1.
Through EQ Bank's FHSA, prospective first-time homebuyers can also
purchase GICs with current returns of up to 5.50%2 and a
wide range of term options, offering an attractive guaranteed way
to earn more while saving for a tax-free down payment on a
qualifying home.
"True to our 'less take, more make' brand promise, we believe
we've launched the best FHSA product in the market," said
Mahima Poddar, Group Head, Personal
Banking. "We've always challenged the status quo in Canadian
banking and we wanted to do it again with our FHSA—with flexible
no-fee savings options, industry-leading rates, and an easy digital
experience, all of which allow Canadians to reach home ownership
faster."
The EQ Bank FHSA is the perfect solution for anyone who plans to
buy their first home, regardless of how far away those plans might
be. With tax-deductible contributions of up to $40,000 and the ability to withdraw those funds
tax-free to purchase a home, first-time homebuyers can benefit from
significant tax savings. Unused contribution room can be carried
forward by up to one year, which means eligible customers can start
building contribution room as soon as they open an account.
With the new EQ Bank FHSA, first-time homebuyers can now:
- Contribute up to $40,000 toward
the purchase of a first home through annual tax-free contributions
of up to $8,000 per year.
- Earn tax-free investment income in an FHSA Savings Account at a
high interest rate of 3.00%.1
- Purchase FHSA GICs that offer up to 5.50%2 interest
and a wide range of term options.
- Withdraw money toward the purchase of a qualifying first home
tax-free, without having to pay that money back.
All EQ Bank deposit products including the FHSA are eligible for
CDIC deposit insurance.3
Existing and new customers can easily open an FHSA in minutes at
eqbank.ca.
About Equitable Bank
Equitable Bank—Canada's Challenger Bank™—is a wholly owned
subsidiary of EQB Inc., which trades on the Toronto Stock Exchange
(TSX: EQB) (TSX: EQB.PR.C) and serves more than 515,000 customers.
Equitable Bank's wholly owned subsidiary Concentra Bank supports
Canadian credit unions and their more than 6 million members. With
nearly $105 billion in combined assets under management
and administration, Equitable Bank has a clear mandate to drive
change in Canadian banking to enrich people's lives. Founded more
than 50 years ago, Canada's Challenger Bank™ provides
diversified personal and commercial banking solutions, and through
its digital EQ Bank platform (eqbank.ca), it was named the
best bank in Canada on Forbes' World's Best Banks list in
2021, 2022 and 2023.
Please visit eqbank.investorroom.com for more
details.
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EQ Bank's FHSA Savings
Account and FHSA GICs are not available in Québec.
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1
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Interest is calculated
daily on the total closing balance and paid monthly. Rates are per
annum and subject to change without notice.
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2
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EQ Bank GICs are
non-redeemable. For FHSA GICs, interest is calculated on a per
annum basis, compounded annually, and paid at maturity. Interest is
accrued for the entire GIC term. The rates shown are in effect as
at July 19, 2023. Rates are subject to change at any time. For more
information about EQ Bank's GICs, visit www.eqbank.ca.
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3
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EQ Bank is a trade name
of Equitable Bank. Equitable Bank is a member of CDIC. Deposits
made under EQ Bank and Equitable Bank are aggregately eligible for
CDIC protection up to $100,000, per insured category, per
depositor.
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Investor
contact:
Richard Gill
Vice President, Corporate Development &
Investor Relations
investor_enquiry@eqbank.ca
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Media
contact:
Deborah Chatterton
Director, Communications
dchatterton@eqbank.ca
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SOURCE Equitable Bank