EQ Bank offers TFSAs and RRSPs

EQ Bank, the digital platform of Toronto-based Equitable Bank, announced on Wednesday that it’s adding TFSA and RRSP accounts to its lineup of products.

Clients who have a EQ Savings Plus Account will be able to open an EQ Bank Tax Free Savings Account and/or an EQ Bank Retirement Savings Plan.

There are no fees associated with the new accounts, the bank indicated. Both accounts offer clients 2.30% interest.

EQ Bank was launched in 2016 by Equitable Bank, a Schedule I bank and a member of the Canada Deposit Insurance Corporation.

On Monday, Equitable Bank, a wholly owned subsidiary of Equitable Group Inc., announced it had launched U.S.-currency GICs, which are available exclusively through investment advisors. In April, Equitable Bank launched a U.S. high interest savings account, also available through advisors.

Equitable Group Inc. offers residential lending, commercial lending and savings products and is listed on the Toronto Stock Exchange.

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