The first thing you’ll need to know is that Motusbank is a brand new Canadian digital bank which is a subsidiary of Meridian Credit Union.
In case you’re not familiar, they’re one of the most popular credit unions in Ontario and Canada.
For years, Meridian has been offering some amazing products including one of the best cash back credit cards in their Meridian Visa Infinite Cash Back Card, but now they’ve entered the digital banking sphere.
What makes Motusbank interesting in addition to the various accounts they offer is the personal loan and mortgages you can get with them.
Read my complete in-depth Motusbank review now to find out what they’re all about
What is Motusbank?
Motusbank is a Federally Chartered Bank in Canada, owned and operated by Meridian Credit Union. This was announced after the credit union purchased Roynat’s auto lease business from Scotiabank.
In February 2019 the bank’s new name, motusbank was announced. The bank is entirely digital and thus it has no physical branches. On April 2, 2019, motusbank launched across Canada.
Who are Meridian Credit Union?
Meridian is the fourth largest credit union in Canada, and the largest credit union in Ontario, serving more than 275,000 members with total assets under administration of over $14 billion.
Meridian offers banking, wealth management, credit products and services through 86 branches, and eleven Commercial Business Centres.
Types of Motusbank Accounts and Interest Rates
High interest savings account – 2.25%
Tax free savings account 2.50%
RRSP savings account – 2.25%
No-fee checking account – .50%
Secured home equity line of credit – 3.75%
Personal line of credit – From 5.65%
You can see all the rates by clicking the link here
Motusbank Savings Account and Mortgage Rates
One thing that caught my eye right away with Motusbank is their tax free savings account at 2.50%. The reason the TFSA caught my attention is that the 2.50% interest that Motusbank is currently offering is pretty generous compared to the other banks.
Their high interest savings account has an interest rate of 2.25% which easily puts in the same category of the best high interest savings accounts in Canada. Like other digital bank accounts, Motusbank doesn’t charge you any fees for your HISA and you get unlimited free e-transfers.
I love how Motusbank offers a no-fee checking account that pays you 0.50% interest. It may not sound like a lot, but what does your traditional bank pay you to put your money with them? I’m guessing nothing or next to nothing.
Motusbank also offers a variety of other products including mortgages and GICS, but I left their current rates out of the above list as they change quite often. That being said, at the time of launch, Motusbank had a posted rate of 3.09% on ALL their mortgages.
That means you could get a 1-year fixed, 5-year fixed, or 5-year variable mortgage for just 3.09% which is a great rate. Don’t expect the fixed rates to remain the same as the variable rate as this is likely just a promotional rate.
Motusbank High Interest Savings Account
You could argue that what sets Motusbank apart from their competition is the additional services that they offer. Homeowners may be interested in the 3.75% interest rate on a home equity line of credit (HELOC). This is one of the lowest rates out there so it’s worth taking advantage of if you need it, but remember, you’re basically borrowing from yourself since you’re using your home as a security deposit.
Motusbank’s High interest savings account is easily comparable to some of the best high interest savings accounts in Canada. It has no fees, a competitive interest rate, and gives you unlimited transactions.
That being said, some other online banks have had recent promotions where the interest earned on new deposits is higher than the 2.25% that Motusbank is offering. Heck, EQ Bank’s interest rate is currently 2.30% so Motusbank lags them by just a touch.
The TFSA option from Motusbank is excellent for a savings account and the HELOC rate is definitely attractive. Motusbank is also a CDIC member so your eligible deposits will be protected.
Many people will love the fact that you will get a debit card with your account so you can quickly access your cash if you need it. You won’t be charged any fees to access your money as long as you use one of the over 3,700 EXCHANGE Network ATMs across Canada. However, international ATM withdrawals will cost you $5, plus a 2.5% exchange fee.
What is Money Mover? When should you use it?
Best for moving larger sums of money between your banks
Transfer up to $10,000/day, $70,000/week, $250,000/month
Unlimited transactions – always free
Transfer can take up to 3 business days
Motusbank Mobile App Review
You can deposit cheques with your phone. Set up mobile alerts. Check your balance, pay bills, move money, and more.
Here’s everything you’ll be able to do on the mobile app:
Use Touch ID to quickly and safely sign in to your mobile app, with just a fingerprint, through your iOS or Android device
Make mobile cheque deposits with Deposit Anywhere – just take a photo of a cheque to move the money into your account
Examine your account balance(s) in seconds, without needing to sign in
Make mobile payments just by tapping your debit card
Use Mobile Bill Pay to instantly set up and access over 10,000 bill payees
My Motusbank review is positive. With so many digital banks in Canada, it can be hard to set yourself apart, but Motusbank does that by offering a variety of products that Canadians are interested in with great breaks.
If you’re looking for a single bank to open up a TFSA, HISA, mortgage, and more, then Motusbank is a good choice for you.
Please leave your thoughts and comments below.
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Hey, I’m Sagar from Toronto, Canada.
I am a self-taught, motivated Canadian Personal Finance Blogger who loves writing articles about Savings, Investing, Stocks & ETF reviews, Side Hustles, Frugal Living, Credit Cards and Retirement Planning. Husband. Father. Software Developer. Web Designer. Hiking Enthusiast.