Toronto-based Equitable Bank said Monday it is expanding its portfolio of deposit products with the launch of the Equitable Bank High Interest Savings Account.

Available across Canada from authorized investment dealers, the new account pays 1.50% per year in interest, calculated daily and paid monthly. The account charges no fees and is CDIC eligible.

The account requires a $500 minimum investment with a maximum investment of up to $2.5 million.

“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.”

Equitable Bank is a wholly owned subsidiary of Equitable Group Inc. (TSX:EQB).