Banks
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Motusbank

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About bank

motusbank is an online-only bank that falls under the umbrella of Meridian Credit Union Limited, offering a range of financial products and services. One of its standout offerings is its high-interest savings accounts, which boast competitive interest rates compared to traditional brick-and-mortar banks. motusbank prides itself on providing user-friendly online banking experiences, allowing customers to manage their accounts conveniently from anywhere with Internet access.

motusbank

Key features

  1. High Interest Savings Accounts. motusbank offers high interest savings accounts, providing competitive interest rates to help customers grow their savings faster.

  2. Online Banking Convenience. As an online bank, motusbank provides the convenience of banking from anywhere with Internet access, allowing customers to manage their finances on-the-go.

  3. Competitive Mortgage Rates. motusbank offers competitive mortgage rates, making it an attractive option for individuals looking to purchase a home or refinance their existing mortgage.

  4. Wide Range of Financial Products. From tax-free savings accounts and RRSP savings accounts to personal loans and home equity lines of credit, motusbank offers a comprehensive suite of financial products to meet the diverse needs of its customers.

Pros and cons

Pros

Descent Interest Earning Chequing Accounts. motusbank offers chequing accounts with competitive interest rates, allowing customers to earn interest on their checking account balances, which is a rare feature among Canadian banks.

Competitive Rates. motusbank provides competitive rates on its financial products, including savings accounts, mortgages, and HELOCs, enabling customers to maximize their returns or minimize their costs compared to traditional banks.

No Fee Chequing Account and Competitive Fees Overall. motusbank offers a no-fee chequing account along with competitive fees for its other banking services, ensuring that customers can manage their finances without worrying about excessive charges.

Cons

No Physical Branch to Visit. Since motusbank operates exclusively online, customers may not have the option to visit a physical branch for assistance or guidance, which can be inconvenient for those who prefer face-to-face interactions or have complex banking needs.

Customer Service Needs Improvement. Some customers have reported that motusbank's customer service could be more responsive and helpful, with longer wait times for support and occasional difficulties in resolving issues effectively.

Lower GIC Rates Than Other Online Banks. While motusbank offers competitive rates overall, its Guaranteed Investment Certificate (GIC) rates may be lower compared to those offered by some other online banks, potentially affecting customers seeking higher returns on their investments.

motusbank requirements

  1. Canadian Resident Over the Age of Majority. To open an account with motusbank, individuals must be Canadian residents who have reached the age of majority in their province or territory. The age of majority varies across Canada, typically ranging from 18 to 19 years old.

  2. Complete Online Application. Prospective customers must complete an online application process to apply for an account with motusbank. This involves providing personal information, such as name, address, date of birth, and contact details, through the bank's secure website.

  3. Government Photo ID. As part of the application process, applicants are required to provide a government-issued photo identification document, such as a driver's license, passport, or provincial ID card. This helps verify the identity of the applicant and ensures compliance with regulatory requirements.

  4. Additional Documents May Be Required. Depending on the type of account being opened or the specific circumstances of the applicant, motusbank may request additional documentation to complete the account setup process. These documents could include proof of address, such as a utility bill or lease agreement, or proof of income for certain financial products.

Access on the go

  1. Quick Account Opening. Customers can open their accounts and start banking within minutes, eliminating the need for lengthy paperwork or branch visits.

  2. Free Interac e-Transfers. motusbank allows customers to send Interac e-Transfers at no cost, making it easy to transfer money to friends, family, or other recipients.

  3. Bill Payments and Money Transfers. Customers can easily pay bills and transfer funds between accounts with just a few clicks, providing flexibility and convenience in managing their finances.

  4. Auto-Save Feature. motusbank offers an Auto-Save feature that automatically rounds up debit purchases and transfers the difference to the customer's savings account, helping them save effortlessly.

  5. Direct Deposit Switch. Customers can switch over their direct deposits from other banks quickly and easily using ClickSWITCH, simplifying the process of transferring funds to their motusbank account.

  6. Secure Messaging and Alerts. motusbank keeps customers connected and informed through secure messaging, alerts, and notifications, ensuring that they stay updated on their account activity and important information.

  7. Email Sign-In. Customers can sign in to their motusbank account using their email address, providing a convenient and familiar login method.

  8. Two-Step Authentication. motusbank enhances account security with two-step authentication. When signing in from an unknown device or location, customers are prompted to enter a security code sent via text message or phone call, adding an extra layer of protection to their accounts.

  9. Monthly E-Statements and Investment Account Details. Customers can access and view their monthly e-statements and investment account details online, providing them with easy access to their financial information.

motusbank products

  1. Savings Accounts. motusbank provides various savings account options, including high-interest savings accounts and tax-free savings accounts (TFSAs), allowing customers to grow their savings while earning competitive interest rates.

  2. Chequing Accounts. Customers can open fee-free chequing accounts with motusbank, providing convenient access to their funds for day-to-day transactions without worrying about monthly fees.

  3. Guaranteed Investment Certificates (GICs). motusbank offers GICs with competitive interest rates and flexible terms, providing customers with a secure way to invest their money and earn guaranteed returns over a specified period.

  4. Investing. motusbank provides investment options such as Registered Retirement Savings Plans (RRSPs) and Registered Education Savings Plans (RESPs), allowing customers to save for their retirement or their children's education with tax advantages.

  5. Mortgages. Customers can choose from a variety of motusbank mortgages, including fixed-rate and variable-rate mortgages, with competitive rates and flexible terms to suit their needs.

  6. Home Equity Line of Credit (HELOC). motusbank offers HELOCs, allowing homeowners to access funds using the equity in their homes for purposes such as home renovations, debt consolidation, or other major expenses.

motusbank services

  1. Online Banking. motusbank provides a user-friendly online banking platform that allows customers to manage their accounts, view transactions, pay bills, and transfer funds securely from anywhere with internet access.

  2. Mobile App. The motusbank mobile app offers on-the-go access to banking services, allowing customers to perform transactions, check account balances, and deposit cheques using their smartphones or tablets.

  3. Transfers. Customers can easily transfer funds between their motusbank accounts, as well as send Interac e-Transfers to other individuals or financial institutions, providing flexibility in managing their finances.

  4. E-Statements. motusbank offers electronic statements (e-statements) to its customers, allowing them to access their account statements online instead of receiving paper statements by mail. E-statements are secure, convenient, and environmentally friendly.

Which associations does motusbank belong to?

motusbank is affiliated with reputable financial institutions and associations, enhancing its credibility and reliability in the banking sector. As a member of the Canada Deposit Insurance Corporation (CDIC), motusbank offers deposit insurance coverage to its customers, providing protection for eligible deposits in the event of a bank failure. Additionally, motusbank is associated with the Canadian Bankers Association (CBA), contributing to industry standards and best practices. Furthermore, as a subsidiary of Meridian Credit Union, one of Ontario's largest credit unions, motusbank leverages the expertise and resources of its parent organization to provide innovative financial solutions and exceptional customer service to its members.

Bank reliability

motusbank has gained recognition for its reliability in the banking sector. As a subsidiary of Meridian Credit Union, one of Ontario's largest credit unions, motusbank benefits from the stability and expertise of its parent organization. Additionally, being a member of the Canada Deposit Insurance Corporation (CDIC) provides customers with deposit insurance coverage, further enhancing the reliability and security of their funds. With a focus on customer satisfaction and transparent banking practices, motusbank has established itself as a trustworthy and dependable financial institution.

Editorial opinion

In the competitive realm of online banking, motusbank emerges as a formidable contender, offering a diverse array of financial products and services tailored to the modern consumer's needs. With competitive interest rate on offerings such as tax-free savings account and motusbank RRSP savings account options, customers have opportunities to grow their wealth over time while enjoying the convenience of online banking. The availability of a fee-free motusbank chequing account further enhances its appeal, catering to individuals seeking a seamless banking experience without worrying about minimum balance requirements or additional fees. Additionally, motusbank's commitment to transparency and zero fees on select accounts distinguishes it from traditional brick-and-mortar banks. While some may prefer the familiarity of big banks, consistently low motusbank mortgage rates and comprehensive account features, including overdraft protection and Interac e-Transfer services, position it as a compelling alternative in today's financial landscape for both new members and seasoned customers alike.

Additional resources

Sources

FAQ

Is motusbank a good bank?

motusbank offers competitive interest rates and a variety of financial products, including tax-free savings accounts and motusbank RRSP savings accounts. Its high interest savings account is appealing, and it provides online-only accounts with the same rate, ensuring consistency. However, its suitability may vary based on individual preferences and financial needs. A motusbank review can provide insights into customer experiences.

Does motusbank have a mobile app?

Yes, motusbank offers bank accounts, including high interest savings accounts, tax-free savings accounts, and online-only accounts. These accounts may have different minimum balance requirements and may pay interest monthly. Additionally, customers can open registered accounts like RRSPs and access lending products such as mortgages.

Does motusbank have bank accounts?

Yes, motusbank offers bank accounts, including high interest savings accounts, tax-free savings accounts, and online-only accounts. These accounts may have different minimum balance requirements and may pay interest monthly. Additionally, customers can open registered accounts like RRSPs and access lending products such as mortgages.

Is motusbank hard to get approved for?

motusbank's approval process may vary depending on factors such as credit rate, total closing balance, and actively soliciting business. Customers may need to meet certain criteria, including minimum balance requirements and down payment options for mortgages. Acquiring deposit products may also influence approval, with promotional rates available for new members. Overall, while approval may not be guaranteed, contacting motusbank for assistance can provide clarity on the process.

Company documents

motusbank Privacy & Security Notice

Meet motusbank. A new movement in banking. Digital and full-service, so you can do everything online and on your phone. If you need help or some solid advice, just give us a call and talk to a helpful human. 

© Meridian Credit Union Limited
Financial products
Motusbank
Home Equity Line of Credit
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

5.20%
Motusbank
Friends and family mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Motusbank
Variable-rate mortgages
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

6.20%
Term
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Loan term for the financial product

5 years
Motusbank
Fixed-rate mortgages
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

4.25% to 5.99%
Term
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Loan term for the financial product

6 months to 5 years
Motusbank
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
Motusbank
RRSP savings account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

2.50%
Motusbank
TFSA savings account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

2.50%
Motusbank
High interest savings account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

2.50%
Motusbank
5-year RRSP GIC
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

5.25%
Motusbank
1-year TFSA GIC
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

4.95%
Motusbank
1-year GIC
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
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Effective interest rate on the product

4.90%
Motusbank
Qtrade Guided Portfolios®
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Motusbank
Qtrade Direct Investing™
Rating by Finanso®
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Effective interest rate on the product

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