What Concentra Bank does

Concentra Bank is a Canadian Schedule I bank and wholly owned subsidiary of Equitable Bank (EQB Inc.) that operates as a wholesale and trust services provider to the Canadian credit union system. The company was founded in 2005, is headquartered in Saskatoon with operating presence in Toronto, and employs 251-500 staff. Its core business is the administration of registered savings plans (RDSP, RESP, TFSA, RRSP, RRIF, and locked-in accounts) through Concentra Trust, distributed via partnerships with credit unions that together reach six million members across Canada. Concentra also services a run-off residential mortgage portfolio under the Wyth Financial trade name; Wyth ceased originating new mortgages as of June 10, 2026, but continues to service existing borrowers through the borrower.wyth.ca portal and a structured fee schedule covering discharges, transfers, payment changes, prepayments, and default administration.

Revenue is generated through three primary streams: interest income on the legacy residential mortgage book, recurring administrative fees from registered plan servicing, and transactional mortgage servicing fees (e.g., discharge fees ranging from $0 in AB/QC to $395 in most other provinces, payment change fees of $90, default administration fees of $500). Concentra's go-to-market is exclusively channel-based: direct-to-consumer mortgage servicing via Wyth, and credit-union-mediated distribution for registered plans and trust products. The company also operates MemberDirect for Business banking, Concentra FX for foreign exchange, and a partner portal for credit union business users. Concentra Bank is a member of the Canada Deposit Insurance Corporation (CDIC) and operates under the regulatory framework applicable to Canadian banks.

Name

Concentra Bank

Legal name

Concentra Bank

Website

https://wyth.ca

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

251–500 employees

Short description

Concentra Bank is a Canadian wholesale and trust bank, wholly owned by Equitable Bank, that administers registered savings plans (RDSP, RESP, TFSA, RRSP, RRIF) through credit union partnerships and services a run-off residential mortgage portfolio under the Wyth Financial brand.

Ownership category

akta.pro rank

Headquarters

HQ city

Saskatoon

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mortgage Interest Income: Interest income from residential mortgage portfolio. Wyth is no longer offering new mortgages but continues to service existing mortgage accounts.
2. Mortgage Servicing Fees: Various fees charged for mortgage services including discharge fees, transfer/assignment fees, payment change fees, returned payment fees, legal action fees, and statement fees.
3. Registered Plan Administration: Administration of registered savings plans (RDSP, RESP, TFSA, RRSP, RRIF, locked-in accounts) offered through credit union partnerships.
4. Digital GIC Products: Digital GIC products were offered previously; existing GICs continue to be serviced until maturity with annual interest payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Concentra Bank is a Canadian Schedule I bank that serves as a wholesale finance and trust provider for credit unions, offering registered plan administration (RDSP, RESP, TFSA, RRSP, RRIF, and locked-in accounts) through Concentra Trust. It also provides residential mortgage servicing under the Wyth Financial brand for existing customers and operates ancillary platforms including MemberDirect for Business banking and Concentra FX for foreign exchange.

Product overview

Concentra Bank is a Canadian bank offering a comprehensive suite of banking and financial products primarily focused on registered savings plans, investment products, and mortgages. The product portfolio includes registered plans (RRSP, TFSA, RESP, RDSP, RRIF, Locked-in Savings Accounts, and Locked-in Income Accounts), GICs, and mortgages offered under the Wyth Financial brand. Mortgage products include fixed-rate (1-5 year terms) and variable-rate options, along with mortgage default insurance and prepayment tools. The bank also provides MemberDirect for Business banking services and Concentra FX for foreign exchange. Concentra Bank operates as a subsidiary of Equitable Bank and is a member of CDIC.

Differentiator

Problem solved

Functional benefit

Brands

• Wyth: Mortgage servicing and related financial products brand operating under Concentra Bank
• EQ Bank

Products and services

• Registered Disability Savings Plan (RDSP)

Quantifiable outcome

• Up to $90,000 in government grants and bonds available through RDSPs

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Credit Unions (Canada)coreChannel Partner/ Reseller/ DistributorConcentra Trust, together with credit unions across Canada, offers Registered Disability Savings Plans (RDSPs) and other registered plan products. Credit unions serve as the primary distribution channel for reaching individual customers with these specialized financial products.

Scale indicators1 record

Recent moves5 records

Expansion highlights4 records

Market position

Weaknesses5 records

Competitive moat5 records

Customer concentration

• Xx.com/WythFinancial

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Concentra Bank