Motusbank Review – A New Movement In Canadian Banking (2020)

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.

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.

Also Read – 7 Quick Ways To Build An Emergency Fund In 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.

Motusbank No-fee Chequing Account

It makes banking easy

  • Free, unlimited Interac e-Transfers

  • Unlimited debit purchases, bill payments and withdrawals

  • Deposit a cheque by taking a photo with Deposit Anywhere

  • No minimum balance required

You save big on fees

  • No monthly account fees

  • No-fee access to over 3,700 EXCHANGE Network ATMs across Canada

  • No daily banking fees

You get more perks

  • Earn 0.50% interest on every dollar

  • Your first order of 25 cheques is free

  • Eligible deposits insured up to $100,000 by CDIC

Motusbank Account Types And Interest Rates

Motusbank Savings and Chequing accounts Interest Rates

  • TFSA savings account – 2.35%

  • RRIF savings account – 2.10%

  • High-interest savings account – 2.10%

  • No-fee chequing account – 0.50%

  • RRSP savings account – 2.10%

Motusbank Loans and Lines of Credit Interest Rates

  • Personal loan – As low as 5.15%

  • A personal line of credit – As low as 5.65%

  • Secured home equity line of credit – Interest rate 3.75%

You can see all the rates by clicking the link here


Motusbank Savings Account And Mortgage Rates 

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.

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What Is Motusbank’s THE EXCHANGE Network? 

THE EXCHANGE Network is a group of banks and credit unions that have come together and agreed to let their cardholders use each other’s ATMs as if they were their own. This gives their cardholders access to thousands of ATMs across Canada, all surcharge-free.

THE EXCHANGE Network is convenient, giving you surcharge-free access to your accounts regardless of where you travel within Canada.  Just because you are not with the Big Banks, does not mean you need to sacrifice convenience. Together, we have an ATM network that rivals the Big Banks and we keep growing.

All EXCHANGE ATMs are able to complete a cash withdrawal, PIN change, transfer, or balance inquiry and thousands have the ability to complete a deposit instantly into your bank account. Stop using ATMs that charge you a few dollars every-time you need some quick cash, and find an EXCHANGE ATM instead!

Also Read – Top 9 Reasons You Should Transfer Money Using Remitly

Motusbank Money Mover Vs. Interac e-Transfer

Depending on your needs, and how much money you need to send, you can choose between Money Mover or Interac e-Transfer.

Money Mover

  • 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

  • The transfer can take up to 3 business days

Interac e-Transfer

  • Transfer up to $3,000/day, $10,000/week, $20,000/month

  • Best used for sending money to friends and family

  • Unlimited transactions – for our no-fee chequing account

  • Deposit happens immediately

Also Read – 7 Quick Ways To Build An Emergency Fund In Canada

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

Also Read – How To Use A My Service Canada Account In 2019

Motusbank Online Banking 

Benefits and Features Of the Motusbank Online Banking – 

  • Start saving. Set up Auto-Save to round up debit purchases and have the difference instantly transferred to your savings account

  • Switch over your direct deposits from other banks – it’s fast and easy with ClickSWITCH

  • Stay connected with us through secure messaging, alerts and notifications

  • Use your email to sign in

  • View monthly e-statements and investment account details

  • Download transactions and direct deposit forms

Also Read – Top 7 Free Chequing Accounts In Canada


To Conclude, Motusbank is one of the best online digital banks in Canada. I hope that I have given you as much information here as I could. 

If you wish to talk to Motusbank customer care representatives or contact the bank for more information you can reach them at – Toll-free: 1 (833) 696-6887, International: 1 (416) 925-7373

Please let me know your thoughts and comments below. 

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Motusbank Review 2019


Value For Money







  • 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
  • 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
  • Unlimited transactions – always free


  • EQ Bank’s interest rate is currently 2.30% so Motusbank lags them by just a touch
  • Don’t expect the fixed rates to remain the same as the variable rate as this is likely just a promotional rate

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