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Canadians’ big money dreams not backed up by effective saving habits: EQ Bank poll

EQ Bank expands product offering with GICs to help Canadians reach financial goals sooner

A majority of Canadians (64 per cent) aim to save at least $10,000 over the next five years, proving Canadians agree they need to save more money despite record debt and concern over rising interest rates, says a new poll commissioned by EQ Bank.

The recent poll found that the savings behaviour of Canadians does not seem to align with their overall financial goals. When asked where they would put an extra $100, more than one-in-four Canadians (27 per cent) said they would rather leave it as cash. Only 16 per cent said they would invest it in mutual funds, followed by 14 per cent who said they preferred a safer option with Guaranteed Investment Certificates (GICs).

To help Canadians get closer to reaching their savings goals, EQ Bank, Canada’s Challenger Bank™, has launched new GICs, offering competitive rates with a low minimum deposit of only $100. From 2.76%+ on a 1-year term to 3.50%+ on a 5-year term, Canadians can now secure their savings’ growth potential with a guaranteed high-interest rate. And, as a branchless bank, EQ Bank offers the ease and flexibility to purchase GICs online.

“It is encouraging to see Canadians wanting to save for their future, but their habits don’t necessarily match up with their goals if money is sitting in cash,” says Dan Dickinson, Chief Digital Officer at EQ Bank. “GICs play an important role in Canadians’ saving strategy by offering security, peace of mind and guaranteed growth, especially during times of uncertainty in the market. And for the savvy investor, GICs can produce yields that could be superior to other investments such as fixed income mutual funds.”

Launched in 2016, EQ Bank also provides a high-interest savings account featuring a 2.30%* everyday rate. Since its launch, EQ Bank has grown rapidly with a product line designed to help Canadians reach their financial goals. With more than 50,000 customers and over $1.7 billion in deposits, the digital bank offers many ways for Canadians to save.

Visit eqbank.ca to learn more about how Canadians are growing their money faster.

Survey Methodology
EQ Bank commissioned Environics Research Group to conduct an online survey of 1,040 Canadians from April 3-5, 2018. Survey respondents were 18 years of age or older and residing in Canada.

About Equitable Group Inc.
Equitable Group Inc. is a growing Canadian financial services business that operates through its wholly‐owned subsidiary, Equitable Bank. Equitable Bank, Canada’s Challenger Bank™, is the country’s ninth largest independent Schedule I bank and offers a diverse suite of residential lending, commercial lending and savings solutions to Canadians. Through its proven branchless approach and customer service focus, Equitable Bank has grown to over $24 billion of Assets Under Management. EQ Bank, the digital banking arm of Equitable Bank, provides state‐of‐the‐ art digital banking services to more than 50,000 Canadians. Equitable Bank employs more than 600 dedicated professionals across the country and is a 2018 recipient of Canada’s Best Employer Platinum Award, the highest bestowed by AON. For more information about Equitable Bank and its products, please visit equitablebank.ca.

+EQ Bank GICs are non-redeemable. Rates are subject to change. For GIC terms of 1 year, simple interest is calculated on a per annum basis and paid at maturity. For 5-year GICs, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually). Interest is accrued for the entire GIC term. For more GIC rates, visit eqbank.ca. EQ Bank is a trade name of Equitable Bank.

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.