Frequently Asked Questions

General Q&A

Yes. Wyth Financial is a trade name of Concentra Bank, a subsidiary of Equitable Bank. Equitable Bank has been serving Canadians for more than 50 years and it is the 7th largest independent bank in Canada by assets.

Equitable Bank is a branchless bank, so it’s everywhere you are. Equitable has offices in Vancouver, Saskatoon, Regina, Toronto and Montreal.

Equitable Bank serves Canadians who want simple, convenient, remote banking options. Our employees are as diverse as our customers and work across Canada.

Equitable Bank is a branchless digital bank with a passion for driving change in Canadian banking to enrich people’s lives.

Personal Banking | High Interest Savings Account (HISA)

Wyth HISA customers will receive an email from us with details of what happens to your HISA. In early 2023, Wyth Financial will stop selling High Interest Savings Accounts (HISAs) and will close all existing HISAs. If you’re a HISA customer, you will receive information well in advance to ensure you’re fully informed of what will happen and when.

We will close Wyth HISAs in 2023 and return all remaining funds. Rest assured, we’ll give our HISA customers ample notice. In the meantime, you can continue to manage your account by logging into your Wyth app or signing into online banking. You have the option, and may prefer, to transfer all funds out of your Wyth HISA now to EQ Bank or another financial institution. 

Yes. We encourage you to visit EQ Bank to check out the EQ Bank Savings Plus Account, which has a great rate.

No. Instead, we encourage you to visit EQ Bank to check out the EQ Bank Savings Plus Account.

Wyth Financial is a trade name of Concentra Bank, which will continue to be the bank behind your Wyth HISA until your Wyth HISA is closed.

No minimum ongoing balance is required. Interest will not be paid on amounts over the account limit of $150,000. If the account balance goes over $150,000 then the interest rate will be reduced to reflect an average blended rate. 

There are no monthly fees for your Wyth HISA account. Deposits to your account are free. Transfers from your account to linked external accounts at other financial institutions are free. Interac e-Transfer® withdrawals include one free transfer per calendar month, after which they cost $1.50 each. There could be transaction fees for some other requests; please see our deposits disclosure for details. 

Interest is calculated daily on the total closing balance and paid monthly, up to the account limit of $150,000. No interest will be paid on amounts over the account limit of $150,000. If the account balance goes over $150,000 then the interest rate will be reduced to reflect an average blended rate. Please see our deposits disclosure for details.

We offer instant transfers from your Wyth HISA account using Interac e-Transfer® Autodeposit for amounts up to $250. For amounts higher than $250, it will typically take about 30 minutes to send or receive funds via Interac e-Transfer®.

Interac e-Transfer® delays transactions for about 30 minutes to ensure account activity is in order, after which the money will display in your account.

See our deposits disclosure for Interac e-Transfer® limits on inbound and outbound transfers.

Transfers from your linked accounts at other financial institutions may be processed the following day if the deposit is made after 6:00pm ET. We may place a hold on all or a portion of your deposit until we’ve verified that the funds will be available from the other account. Please refer to our hold policy in the deposits disclosure

Sign into wyth.ca or the Wyth mobile app, select your Savings account then click View account details to see your “Funds on hold” and “Available balance.” 

An Interac e-Transfer® will appear within about 30 minutes and you’ll have access to these funds immediately.

You will notice that we don't use security questions, and that's okay. For enhanced security, we use one-time passwords to keep your money safe. For example, when you sign into wyth.ca or the Wyth mobile app on a new device, we send a text message with a one-time security code to your mobile device, or an email to your registered email address. We have all the standard features you'd expect from a Schedule I bank, such as strong passwords and behind-the-scenes protection to keep your money secure.

Add additional protection to your account by selecting an image that appears when you sign in. This helps protect you from phishing attacks. We have also made available a range of alerts to ensure you're always aware of what is happening with your Wyth HISA account, such as low balance alerts or when personal details are updated.

Contact the Wyth team at 1.800.788.6311 and select option 1, or email us at answers@wyth.ca.

Sign into wyth.ca or the Wyth mobile app, then click Settings on the left, then Change Password. This will prompt you to enter your current and a new password.

You can change the mobile number and email address we have on file any time. To make these updates, go to Settings > Update personal information when signed into wyth.ca or the Wyth mobile app, or call us at 1.800.788.6311.

When an account holder passes away, the Executor or the Joint Account owner should contact the Wyth team at 1.800.788.6311 and select option 1, or email us at answers@wyth.ca. If possible, have the date of death and account details available.

Linking an account

Sign in at wyth.ca or through the Wyth mobile app, then on the home screen click Link account, and follow the instructions. If your financial institution is not listed or you would like to set up the link manually then we can do this by making two small deposits (microdeposits). Just follow the steps under Can’t find your financial institution?.

Follow the steps under Can’t find your financial institution? and enter the details of your external account. Within 2-3 business days two small deposits will be made to your external account.

On your computer:

  1. After receiving those two deposits, log into your Wyth account online and select Transfer money from the left-hand menu.
  2. Click on Manage accounts.
  3. Select the appropriate linked account and click Verify account.
  4. After entering the two deposit values correctly your account will be linked and you're ready to go!

On your Wyth app:

  1. After receiving those two deposits, log into your Wyth app and select Transfer from the menu on the bottom of the screen.
  2. Click on the down arrows and select Manage accounts.
  3. Select the appropriate linked account, enter the two values, and click Verify account.
  4. After entering the two deposit values correctly your account will be linked and you're ready to go!

This allows us to deliver you a more convenient and frictionless banking experience. It limits the need for you to gather other information, which can be inconvenient. The link is verified faster so you can deposit money from your linked account sooner.

You're not required to set up a link to an external account, but it's the easiest way to move money between Wyth and your accounts at other institutions, so you can take advantage of our great rates.You can set up a link during the application process, or at a later time in mobile or online banking. It’s a quick and simple way to deposit funds to your account, alongside other methods available like Interac e-Transfer®.

No. We only use your credentials to ensure that you're looking to your own account, and we do not store this information after the link has been verified. Once you have successfully signed in, your credentials are removed - we do not store them or have access to them in any way.

Scheduled and recurring transfers can be made from your external linked account(s) into your Wyth savings account. You can change the scheduled payments at any time from your external linked account(s).

We may place a hold on all or a portion of your deposit until we’ve verified that the funds will be available from the other account to cover it. Please refer to our hold policy in the deposits disclosure. Transfers from your linked accounts made after 6:00pm EST/EDT may be processed the following day. Log in at wyth.ca or through the Wyth mobile app, select your Savings account then click View account details to see your “Funds on hold” and “Available balance”.

Personal Banking | Guaranteed Investment Certificate (GIC)

We will contact all Wyth GIC customers directly, by email or letter. We will continue to service your GIC until maturity; however, for digital GIC customers, we will be making changes to the Personal Deposit Agreement (PDA) that governs your account (customers will receive an email with details). 

After an additional notice period, digital GIC customers will not be able to access their GIC via online banking or our mobile app. However, you will still be able to contact us at 1.800.788.6311 or answers@wyth.ca if you need service for or have questions about your Wyth GIC. 

If your Wyth GIC is maturing in the next 60 days, we will follow the maturity instructions in the GIC Confirmation. For GICs maturing after 60 days, we will follow up with more information on what to expect. 

Wyth Financial is a trade name of Concentra Bank, which will continue to be the bank behind your Wyth GIC until maturity.

We encourage you to visit eqbank.ca/personal-banking/investments/gics to view their range of GICs with competitive rates. 

No. Instead, we encourage you to visit eqbank.ca/personal-banking/investments/gics to check out the great GIC options at Equitable Bank.

Interest is paid or compounded annually based on your selection on the anniversary date of the GIC.

Non-redeemable deposits cannot be redeemed before the maturity date. In special circumstances, such as financial hardship, a non-redeemable deposit may be redeemed. A minimum 10-day hold is required after deposit date. Transaction and interest penalties may apply.

When an account holder passes away, their assets become part of their estate. The next of kin should contact answers@wyth.ca or call 1.800.788.6311 and select option 1. If possible, have ready the date of death and details of the account holder’s Executor.

Concentra Bank (trade name Wyth Financial) and Equitable Bank are separate members of CDIC. The CDIC coverage you have currently with Concentra Bank has not changed.

You can change the mobile number and email address we have on file any time. To make these updates, go to Settings > Update personal information when signed into wyth.ca or the Wyth mobile app, or call us at 1.800.788.6311.

Balance alerts

Alerts help you stay informed about your account activity as it happens. We’ll send you a Balance Alert via email when your account balance falls below $100. You can change your settings by signing into wyth.ca or the Wyth mobile app and selecting Settings > Manage Alerts to customize Balance alert limits, alert delivery method, or to opt out. 

If we have your email address, you’ll be enrolled automatically to receive Balance Alerts when your account drops below $100 and/or at account opening. If we don't have your email address, we won't send you these alerts. You can change your settings by signing into wyth.ca or the Wyth mobile app and selecting Settings > Manage Alerts.

You can update your settings by signing into wyth.ca or the Wyth mobile app. Select Settings > Manage Alerts and turn off the toggle under Low balance alert.

Unless you change your notification settings, we’ll send you these alerts by email if you have provided your email address. You can change your settings by signing into wyth.ca or the Wyth mobile app and selecting Settings > Manage Alerts to customize the alert delivery method by adding SMS options.

If you don't set an alert threshold, it will be set automatically at $100. You can customize your Balance Alerts threshold any time by signing into wyth.ca or the Wyth mobile app and selecting Settings > Manage Alerts to set an amount between $1.00–$100,000. Consider your typical account balance when setting your alert threshold amounts.

Balance Alert emails come from alerts@wyth.ca. Balance Alert SMS comes from +1.306.518.2229.

Wyth does not charge for sending alerts, but standard wireless carrier message and data rates may apply. Please check your wireless carrier plan for your rate information. 

You can opt out of these alerts at any time. 

You can change the mobile number and email address we have on file for you any time. To make these updates, go to Settings > Update personal information when logged into wyth.ca or your Wyth app, or call us at 1.800.788.6311.

Mobile cheque deposit

Sign in to the Wyth mobile app and click the Deposit camera icon at the bottom of the screen. Choose the savings account where you want to deposit the cheque and enter the dollar amount of the cheque. Sign the back of the cheque. In a well-lit area, place the cheque on a dark surface and ensure the cheque is flat, with any creases smoothed out. Upload a photo of both the front and back of the cheque, then click Deposit now. You’ll receive a reference number and confirmation if the deposit was successful. The deposit may be processed the following day if it is made after 6:00pm ET, and your funds will be available within 5-8 business days. Once it’s deposited, keep the cheque for at least 14 days before destroying it.

You can deposit cheques that are drawn on a Canadian institution in Canadian dollars. Cheques cannot be postdated and must be issued within 6 months of being deposited. The cheque must be made out to the registered account holder. Money orders, bank drafts and travellers’ cheques can’t be deposited using this feature.

You can deposit up to $150,000 per cheque.

No, you may deposit as many cheques as you like!

A mobile cheque deposit may be processed the following day if it is made after 6:00pm ET. Up to $100 of each cheque that you deposit via mobile cheque deposit to your Wyth HISA will be available for withdrawal on the business day following the day of deposit if your account has been open for more than 90 days. The deposit will appear immediately in your account, but the funds are subject to a hold of 5-8 business days while we verify them.

Please keep your cheque in a safe and secure place for 14 days, after which you can destroy it.

After submitting your deposit you’ll receive a reference number and confirmation if the deposit was successful. Mobile deposit does not store pictures on your device.

Concentra Bank (trade name Wyth Financial) and Equitable Bank are separate members of CDIC. The CDIC coverage that you have with Concentra Bank has not changed.

Personal Banking | Mortgages

We will contact all Wyth mortgage holders directly, by letter. If you are a Wyth mortgage holder, your mortgage will remain unchanged for the remainder of its term. You will be contacted 90 days prior to your mortgage’s maturity date about renewal options.

For assistance with your Wyth mortgage, please contact our customer service representatives at wyth@mortgageservicing.ca or 1.855.795.4489. You can continue to access your mortgage account through borrower.wyth.ca.

For assistance with your Wyth mortgage, please contact our customer service representatives at wyth@mortgageservicing.ca or 1.855.795.4489 to discuss your options.

Wyth is no longer selling mortgages, but we invite you to check out the great mortgage options at the EQ Bank Mortgage Marketplace. We plan to wrap up any mortgage applications that are already in progress within the next month or so. If you have an active mortgage application with us and have questions, please call your Wyth mortgage specialist or call our customer success team at 1.855.795.4489.

Wyth Financial is a trade name of Concentra Bank, which is the bank behind your Wyth mortgage until your mortgage’s maturity date.

Personal Banking & Trust | Registered Plans

There are no changes to Wyth Financial, Concentra Bank or Concentra Trust registered plans. All plans will continue to be administered as they are today. 

We’re not making any changes to your account. Wyth Financial is a trade name of Concentra Bank and Concentra Bank and Concentra Trust are now part of the Equitable Bank family. Your registered plan will continue to be administered as it is today, with no disruption to you. You can reach us at 1.800.788.6311 if you have any questions. 

Registered Plan trustee services are important to credit unions and Equitable looks forward to enhancing these offers with technology upgrades over time. For personal trusts and estates, Equitable’s ambition is to enhance services over time, including providing additional cost-effective, efficient solutions that credit unions can pass on to their members.

Commercial Banking | Deposits

We are not changing our existing commercial accounts. If you have a commercial chequing or savings account, a 45-day account, cashable term deposits, or non-redeemable term deposits, it is business as usual for you. 

You may continue to log on to Member Direct Biz to service your accounts. You may also reach out to your current contact at Wyth. Our contact information has not changed.

Concentra Bank (trade name Wyth Financial) and Equitable Bank are separate members of CDIC. The CDIC coverage you have currently with Concentra Bank has not changed.

You will be contacted 30 days prior to your Wyth GIC maturity date regarding your options.

Wyth Financial is a trade name of Concentra Bank, which will continue to be the bank behind your Wyth GIC until maturity.

Non-redeemable deposits will not be redeemed before the maturity date. Concentra may, at its sole discretion, consider a request for a premature redemption of the deposit in situations of financial hardship. If such as situation exists, the client will be required to produced supporting information to establish the claim for financial hardship. 

If a deposit is redeemed after six months from the start of the contracted terms, but earlier than the originally chosen end date, interest will be calculated and paid at the rate applicable to the term in which the redemption date falls, as determined form the point when the term was originally set up, less a further 50 basis points.

If you would like to change your contact information or have any questions about your account, please contact commercialdeposits@wyth.ca or call the toll-free number 1.800.788.6311 during business hours and select option 2.

Commercial Banking | Lending

All new commercial lending transactions will be issued on Equitable’s letterhead; this includes letters of interest, commitment letters, etc. Rest assured; you will have the same great service and support that you receive today.