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.
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%
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.
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!
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.
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
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
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.
Top 10 Latest & Popular Posts
Motusbank Review 2019
- 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