EQ Bank Card launches in Québec as Carte Banque EQ

Popular bank card gives customers the ability to earn, save, and spend their money

TORONTO, Nov. 20, 2023 /PRNewswire/ - EQ Bank (Banque EQ in Québec) is offering Québec customers a new way to earn, save and spend their money, with the introduction of its popular EQ Bank Card¹ (Carte Banque EQ). Customers can use the card to withdraw cash for free at any ATM in the country, earn cash back on their spending, earn high interest on their card balance, and travel without paying foreign currency conversion fees.

EQ Bank Card customers are actively using it every day and across more than 140 countries (20% of total card transactions are international). Since launch, EQ Bank customers most commonly use the card for everyday transactions such as buying gas, groceries and dining out.

"Based on our understanding, EQ Bank Card users are the most satisfied banking customers in Canada, and we want to offer that same experience to the Québec market," said Mahima Poddar, Group Head of Personal Banking. "We offer everyday banking that combines the benefits of a chequing account with the high interest of a savings account, and we're seeing this resonate in Québec. The EQ Bank Card rounds out that offering and we're confident that this is the card Québec customers will want in their wallet for day-to-day spending, cash access, or travel."

The EQ Bank Card offers several distinctive features for an everyday bank card:

• Free cash withdrawals from any ATM in the country. Whether it's via an ATM at another bank, grocery store, or even an independent ATM at a convenience store, customers can withdraw cash for free anywhere in Canada and EQ Bank will reimburse any ATM fees incurred.
• Cash-back rewards. With the EQ Bank Card, customers load and spend their own money while earning 2.50% everyday interest + 0.50%² interest on their card balance when they direct deposit their pay or set up recurring pre-authorized debits, and 0.5% cash³ back on every purchase, online or in-store.
• No foreign transaction fees⁴. Other card providers charge a foreign currency conversion fee on international purchases that can add up to 3% of the purchase amount. EQ Bank does not charge any foreign currency conversion fees; customers only pay Mastercard's competitive foreign exchange rate while travelling outside of Canada.

To get the EQ Bank Card, new customers can sign up in a matter of minutes to open a Savings Plus Account (Compte Épargne Plus in French). From there, they can fund their account and order a free card with just a few quick clicks. Once they receive and activate the card, they can load it in seconds by moving money from their Savings Plus Account or Joint Savings Plus Account.

The Savings Plus Account combines a high interest account with features of a chequing account—like an unlimited number of Interac e-Transfers®, free bill payments, no minimum balance, and zero monthly fees. The Joint Savings Plus Account does all that and offers the ability to share the account with up to three other people. EQ Bank's GICs bring guaranteed returns with some of the best rates in the market, while the TFSA Savings Account offers tax-free interest on every dollar with no minimum balance and zero fees.

All EQ Bank deposit products are eligible for CDIC deposit insurance^†.

About EQB Inc.

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 543,000 customers. Equitable Bank's wholly owned subsidiary Concentra Bank supports Canadian credit unions and their more than 6 million members. With more than $108 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, and through its digital EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2021, 2022 and 2023 lists. Please visit eqbank.investorroom.com for more details.

SOURCE EQ Bank