CEO Fern Glowinsky tells WP why the advisor channel is key to the bank’s expansion plans
Haventree Bank has launched a direct-to-consumer digital banking arm, introducing a new deposit account and GIC lineup that the company says has direct relevance for financial advisors managing client cash allocations.
The Toronto-based lender, a Schedule 1 bank known primarily for alternative mortgage lending, has unveiled the Everyday Growth Account and a set of GIC terms. It functions as a hybrid chequing and savings product and allows account holders to open up to eight accounts under one profile and includes bill payments, Interac e-Transfers, direct deposits, EFTs, and joint account access. Deposits are covered by CDIC insurance.
Fern Glowinsky, president and CEO of Haventree Bank, spoke with WP about how the launch fits into an advisor's broader work with clients, and pushed back against the idea that a new bank account is a one-size-fits-all savings fix.
"The ability to create multiple accounts for different financial priorities, while earning interest on every dollar with no minimum balance, helps clients stay organized without sacrificing growth on their cash. That gives advisors another option for helping clients align their day-to-day banking with their broader financial goals, while keeping longer-term investments focused on wealth creation," she said.
She described the account as "a flexible cash management tool that can support several parts of a client's financial plan rather than serving a single purpose."
"For some clients, it may be setting aside an emergency fund. For others, it could be where they organize money for short-term goals, upcoming tax payments, major purchases, or everyday cash flow," she said.
New options
Haventree built its reputation in the broker channel by underwriting borrowers who fall outside conventional lending criteria. Glowinsky said that same underwriting philosophy, evaluating a client's full circumstances rather than a standardized checklist, is what the bank is now trying to bring to everyday banking.
"We take the time to understand someone's full circumstances rather than whether they tick every box. That's an entrepreneur whose income doesn't fit a standard salary, a newcomer building credit from scratch, or someone whose finances were impacted from a life event like a divorce. That same lens is exactly what we're bringing to everyday banking: products that are simple, transparent, and flexible enough to meet people where they actually are," she said.
On where client preferences are headed over the next year, given elevated cash balances tied to economic uncertainty, Glowinsky avoided predicting a shift toward any single product type and instead framed the decision as one advisors are best placed to manage.
"With economic uncertainty, we expect Canadians to continue valuing both flexibility and certainty, with the right solution depending on their goals and time horizon. Some will prioritize liquidity, others the predictability of GICs, while long-term investments will remain essential for building wealth," she said.
She says this is where advisors add tremendous value.
“Rather than viewing flexibility and certainty as competing choices, advisors can help clients determine the right balance between liquidity, security, and long-term growth. Having a range of banking and savings solutions available allows advisors to tailor recommendations to each client's unique circumstances and financial objectives," Glowinsky said.
The gap in everyday cash management
Asked what specific problem the hybrid account structure was designed to solve, Glowinsky pointed to the artificial separation most banks impose between spending and saving products.
"Many Canadians end up making trade-offs between keeping their money accessible and earning a competitive return. Traditional banking often separates spending and saving into different products, requiring customers to move money around just to make it work harder. People also need room for the different things they're saving toward. Some might be putting money aside for an engagement, building a cushion between freelance contracts, or saving toward a move," Glowinsky said.
Glowinsky confirmed the digital bank launch is the first phase of a broader build-out, with registered products, such as RRSPs or TFSAs, to follow.
"We'll be introducing registered products later this year, and we'll keep expanding thoughtfully from there, guided by what our customers actually need next rather than a fixed checklist. Throughout that, advisors remain an important part of the journey. We see real opportunity to complement the work they already do, offering banking solutions that sit alongside investment, retirement, and wealth planning. The goal is to give advisors more ways to deliver value to their clients, and Canadians more choice in how they manage their money," Glowinsky said.
