Haventree Bank launches direct-to-consumer digital bank
Haventree Bank has become the latest alternative lender to move beyond broker-distributed mortgages and brokered deposits as it unveils its new direct-to-consumer digital bank.
The Schedule 1 Canadian bank announced on Tuesday the launch of an “Everyday Growth Account” — a hybrid chequing and savings account with 2.5% interest, no minimum balance, no monthly fees and multi-account functionality across up to eight accounts per user — alongside new GIC products.
Both services are available in English everywhere outside of Quebec, with French-language services coming in a few weeks before going live in Quebec later this year. Haventree also plans to roll out registered investment products before the end of 2026.
“Our approach has been understanding the customer for who they are and finding ways to bring them mortgages that fit their purpose,” says Haventree Bank President and CEO Fern Glowinsky. “This is a natural extension of that and brings us an opportunity to carry that offering through to deposit products.”
Haventree Bank has exclusively operated in the mortgage broker channel since its founding in 1990 as Equity Financial Trust.
Alternative lenders look to deposits for growth
The expansion into consumer digital banking services follows a model pioneered by EQ Bank and emulated by competitors like Simplii Financial, Fairstone Bank and Oaken Financial.
The combination of alternative mortgage products alongside consumer-facing commercial banking services helps lenders grow brand awareness, broaden the consumer relationship and ultimately grow their funding base.
Unlike many of its competitors, however, Haventree built rather than acquired its digital banking platform, which Glowinsky says allows the alternative lender to build out more products and services in direct response to its users’ needs and preferences.
“We’ve invested significantly in our technology platform,” she says. “We built a digital bank, we’re going to have more capabilities, and with that, we’ll bring more innovative products to market.”
The addition of digital banking services will help the funding side of Haventree’s mortgage business while increasing brand awareness for a financial institution that previously only interacted with clients through the broker channel.
“Today, we’re known in the broker space; we have to build our brand in the direct-to-consumer space, and I think that will be a knock-on benefit,” Glowinsky says. “We’ve won awards in the mortgage space for our lending products, and we aim to continue to deliver that high service level and bring products to market that are responsive to customers’ needs.”
Expanding the market
Glowinsky doesn’t believe Canadians will necessarily move their primary banking relationship to the new platform in the immediate term. Instead, she says Haventree is banking on Canadians’ interest in diversifying their deposits across multiple CDIC-protected institutions.
“Our offering is not intended to be necessarily the primary bank account for individuals,” she says. “It’s a place for Canadians to put incremental funds where they want safety and security in terms of dealing with a regulated financial institution, with the capabilities of a standard savings and chequing account, with ease of use, ease of sign-up, and the ability to purchase GICs.”
While Haventree has historically targeted newcomers, gig workers and other borrowers with unique profiles as an alternative mortgage provider, Glowinsky says the bank is now looking to broaden its scope.
“We’re targeting Canadians in the age range of 30 to 65, but we’re there to support Canadians who are looking for a safe and secure place to put their funds,” she says. “It’s an absolute extension of what we do and who we serve today from a lending standpoint.”
Bringing brokers along for the journey
As Haventree takes its first major step into direct-to-consumer banking, Glowinsky emphasizes that the bank will continue to invest in the longstanding relationship it has with mortgage brokers.
“This will be additive and incremental and should be viewed that way by our broker partners,” she says. “Brokers should continue to expect the high level of service that we offer. They can look forward to our brand being more recognized, and they can look forward to more investment from us as we’re able to bring more products to market — both on the lending side as well as on the deposit side.”
After 36 years in the broker channel, Glowinsky says Haventree is hoping to take the lessons it learned about serving Canadians with unique profiles and needs into its new chapter as a consumer-facing brand.
“Throughout our history as an alternative lender, we seek to find ways to say ‘yes’ to the opportunities that come our way, and in order to do so, we need to really understand the customer and their circumstances,” she says. “We’re looking to respond to what individual Canadians need, versus thinking about customers as one big group.”
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Last modified: July 7, 2026
