TORONTO, Sept. 23, 2013 /CNW/ - Equitable Bank, a wholly owned subsidiary of Equitable Group Inc. (TSX: EQB and EQB.PR.A) today announced it has added the Equitable Bank High Interest Savings Account to its portfolio of safe and secure deposit solutions.
Available across Canada from authorized investment dealers, in nominee format through the FundSERV network, the Equitable Bank High Interest Savings Account delivers a highly competitive rate of interest (currently 1.50% per annum) calculated daily and paid monthly, charges no fees and is CDIC eligible.
"For over four decades, Equitable's guaranteed investment certificates have helped thousands of Canadians secure their financial future," said Andrew Moor, President and CEO. "With our High Interest Savings Account, depositors now have a powerful new way to save, one that outperforms ordinary bank accounts and provides easy access for advisors and their customers. Backed by our industry-leading service, we believe the Equitable Bank High Interest Savings Account can become the preferred choice for a new generation of savers and their financial advisors."
Investment rates for the Equitable Bank High Interest Savings Account and other Equitable investment products, including short, long-term and cashable GICs and tax-free savings accounts, and the specific minimum and maximum amounts are available for viewing at www.equitablebank.ca. The Equitable Bank High Interest Savings Account requires a $500 minimum investment with a maximum investment of up to $2.5 million.
As a federally regulated financial institution, Equitable Bank manages a growing deposit portfolio of over $6.1 billion and is one of Canada's largest non-branch mortgage lenders. The Company's responsive customer service, efficient business model, focused operations, and competitive rates across a range of investment and lending products, make Equitable Bank the go-to partner in markets across Canada.
"Our High Interest Savings Account widens our suite of secure and competitive products," said Scott Fryer, Vice President, Deposit Services, "and allows us to provide more value to our investment advisor partners. We look forward to helping advisors make their clients' hard-earned savings work harder."
ABOUT EQUITABLE BANK
Equitable Bank is a federally regulated Schedule I bank with total assets of approximately $12 billion, 290 skilled employees and proven capabilities in lending and deposit-taking. The Company's integrated operations are organized according to specialty. Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis. Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing ("CMHC") administered National Housing Act. Equitable Bank provides savings products including Guaranteed Investment Certificates and savings accounts. Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group Equitable Bank was founded in 1970 as The Equitable Trust Company. For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements made by the Company in the sections of this news release include forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may" , "could", "would", "might" or "will be taken", "occur" or "be achieved." Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends. Although the Company believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by the Company in making forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
SOURCE: Equitable Bank
For further information:
Scott Fryer, Vice President