Having a business account makes it easier to manage your business transactions, such as your bill payments, customer payments, and deposits.
If you’re interested in opening this type of bank account, the popular digital banking platform EQ Bank is soon to offer its own small business account with free unlimited transactions, high interest, and no monthly fees.
This article covers all up-to-date information about the EQ Bank Small Business Bank Account, including its known features, application process, and main alternatives.
Key Takeaways
- There’s currently no specified date on when the EQ Bank small business bank account will be open. However, you can now join its waitlist.
- To open this business bank account, you must have a business that’s incorporated or unincorporated or a registered/unregistered sole proprietorship.
- Some of the best alternatives to the EQ Bank small business account include Loop Global Banking, Tangerine Business Savings Accounts, and the spend management software Float.
EQ Bank Small Business Bank Account – Overview
The EQ Bank Small Business Bank Account is an upcoming business account ideal for businesses who want to enjoy simple and transparent everyday banking. It’s a financial product of EQ Bank, a digital banking platform launched in 2016 by Toronto-based Equitable Bank.
With the EQ Bank Small Business Bank Account, you can enjoy the benefits of business accounts without paying the traditional costs. Access free unlimited transactions, high-interest rates on your balance, and easy fund access without paying hidden or monthly fees.
EQ Bank Small Business Bank Account Features
No Monthly Fees
The EQ Bank Small Business Bank Account will soon join the list of Canada’s best free business accounts. It promises to not charge hidden or monthly fees and hold no minimum balance requirements for its users.
Free Unlimited Transactions
Don’t let fees hold back your frequent business transactions. This bank account offers unlimited Interac e-Transfers, bill payments, and other transaction types, with certain dollar maximums for each transaction.
High Interest on Your Balance
Every dollar you deposit on the EQ Bank Small Business Bank Account will earn high interest. EQ Bank hasn’t specifically stated how competitive the rate is, but knowing that most of its bank accounts offer up to 3% interest, one can expect attractive rates.
Easy Sign-Up Process
The EQ Bank small business account opening can be completed fully online. You don’t need to worry about submitting paperwork or making phone calls in person to enjoy the benefits of this business bank account.
When Is the EQ Bank Small Business Bank Account Opening?
There’s currently no official date on exactly when the EQ Bank Small Business Bank Account will open. However, EQ Bank promises it’ll be available as soon as possible.
In the meantime, interested business owners are encouraged to join the EQ Bank small business account waiting list so they can be notified as soon as this account launches.
EQ Bank Small Business Bank Account Requirements
To open an EQ Bank Small Business Bank Account, you must meet the following requirements:
- Be a Canadian resident
- Have a Social Insurance Number (not mandatory for incorporated businesses)
- Hold authority to open business accounts on behalf of the business
You can open this business account if you own a business, may it be incorporated or unincorporated, or a registered/unregistered sole proprietor.
Note: This bank account won’t be available to Quebec residents and businesses.
How to Open an EQ Bank Small Business Bank Account
Like all bank accounts offered by EQ Bank Canada, you can open this business account completely online. Just ensure you prepare proof of the requirements above when you register to open a new account when it’s finally available.
EQ Bank Small Business Bank Account Fees and Limits
There is currently no disclosed information on this account’s transaction limitations. However, we know it won’t have monthly fees, making it a budget-friendly option for those who want to separate their business transactions from their personal finances.
Pros and Cons of the EQ Bank Small Business Bank Account
Pros:
- There are no hidden or monthly fees.
- It doesn’t have a minimum balance requirement.
- You can earn high interest on your balance.
Cons:
- This bank account is not yet available, making it unsuitable for individuals needing immediate business bank account access.
Alternative Small Business Bank Accounts
If you’re looking to open a bank account right away, here are some great alternatives to the EQ small business bank account.
Loop Global Banking
The Loop Global Banking is a free banking platform best suited for Canadian businesses that frequently conduct financial transactions internationally.
With this no-fee bank account, you can skip the FX fees when sending or receiving money through CAD, USD, EUR, and GBP and earn points for every eligible dollar you spend.
As a Loop Banking account holder, you can also enjoy Loop’s corporate credit card, granting you access to credit lines of up to $1 million, depending on your revenue.
Tangerine
Tangerine, an established online bank, offers business savings accounts for CAD savings, USD savings, and Guaranteed Investment Certificates (GICs), making it suitable for businesses who want to earn interest on funds they don’t need to spend yet.
Just like the EQ Bank business account, Tangerine business accounts are completely free to set up, charge no monthly fees, and have no minimum balance requirement. Note, though, that you must have a chequing account at another institution to open Tangerine Business accounts.
Float
Float is a Canadian spend management software that’s built to give businesses real-life insights and control over their company’s spending. Despite not being a bank account, it provides finance-focused features that are just as helpful as traditional bank accounts.
To name some, Float offers physical and virtual corporate cards, real-time financial reporting through time-saving software, and high-limit unsecured credit.
Float offers its Essential plan for free. If you want more features, you can subscribe to the professional Plan, which costs $99 per month, or the all-inclusive Enterprise package, which is available upon request.
Is the EQ Bank Small Business Bank Account Worth It?
If you have a small business and you want to separate your business transactions from your personal finances, then the EQ Bank Small Business Bank is likely worth signing up for.
Despite not charging monthly fees, this account offers high-interest rates and unlimited transactions, making it easier to manage your business funds.
FAQs
No, EQ Bank doesn’t have a minimum balance requirement. You won’t need to pay additional fees if you keep a $0 balance in your account.
Yes, EQ Bank conducts a credit check as part of its online identity verification process, but it is only a soft one. Soft credit checks don’t affect your personal credit score.
No, EQ Bank only provides the EQ Bank Card, which is a prepaid card. Luckily, though, it can function just like a debit card, allowing you to make withdrawals and both in-store and online purchases.
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