Ms. Mahima Poddar reports

EQ BANK LAUNCHES CANADA'S FIRST FULLY DIGITAL, NO-FEE FHSA SAVINGS ACCOUNT

EQB Inc.'s EQ Bank has launched Canada's first fully digital, no-fee FHSA (first home savings account) with the best interest rate in Canada at 3 per cent. Through EQ Bank's FHSA, prospective first-time homebuyers can also purchase GICs (guaranteed investment certificates) with current returns of up to 5.50 per cent and a wide range of term options, offering an attractive guaranteed way to earn more while saving for a tax-free down payment on a qualifying home.

"True to our 'less take, more make' brand promise, we believe we've launched the best FHSA product in the market," said Mahima Poddar, group head, personal banking. "We've always challenged the status quo in Canadian banking and we wanted to do it again with our FHSA -- with flexible, no-fee savings options, industry-leading rates and an easy digital experience, all of which allow Canadians to reach home ownership faster."

The EQ Bank FHSA is the perfect solution for anyone who plans to buy their first home, regardless of how far away those plans might be. With tax-deductible contributions of up to $40,000 and the ability to withdraw those funds tax-free to purchase a home, first-time homebuyers can benefit from significant tax savings. Unused contribution room can be carried forward by up to one year, which means eligible customers can start building contribution room as soon as they open an account.

With the new EQ Bank FHSA, first-time homebuyers can now:

• Contribute up to $40,000 toward the purchase of a first home through annual tax-free contributions of up to $8,000 per year;
• Earn tax-free investment income in an FHSA at a high interest rate of 3 per cent;
• Purchase FHSA GICs that offer up to 5.50-per-cent interest and a wide range of term options;
• Withdraw money toward the purchase of a qualifying first home tax-free, without having to pay that money back.

All EQ Bank deposit products including the FHSA are eligible for Canadian Deposit Insurance Corp. deposit insurance.

About EQB Inc.

Equitable Bank -- Canada's Challenger Bank -- is a wholly owned subsidiary of EQB, which trades on the Toronto Stock Exchange and serves more than 515,000 customers. Equitable Bank's wholly owned subsidiary Concentra Bank supports Canadian credit unions and their more than six million members. With nearly $105-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 solutions, and through its digital EQ Bank platform, it was named the best bank in Canada on Forbes's World's Best Banks list in 2021, 2022 and 2023.