Introducing motusbank! This innovative digital bank, a branch of Meridian, marks a significant development in the Canadian banking landscape. Meridian is recognized as one of the leading credit unions in Ontario and across Canada.
Meridian has long provided exceptional financial products, including its renowned Meridian Visa Infinite Cash Back Card. With the launch of motusbank, they have ventured into the realm of digital banking.
Beyond their diverse account offerings, what makes motusbank particularly intriguing are their personal loans and mortgage products. Discover more about what motusbank has to offer by reading my review!
Rates for motusbank Accounts
- High Interest Savings Account – 1.30%
- Tax-Free Savings Account – 1.50%
- RRSP Savings Account – 1.30%
- No-Fee Chequing Account – 0.25%
At its inception, motusbank offered attractive and competitive rates. However, like many digital banks, they had to adjust their rates in line with the Bank of Canada’s reductions. Currently, motusbank is positioned centrally among competitors. While it may not be my top recommendation, it also isn’t my last choice.
Their high-interest savings account provides a rate of 1.30%, placing it among the best high interest savings accounts available in Canada. Notably, their TFSA yields an even better rate of 1.50%. As with other digital banking options, motusbank does not charge fees for the high-interest savings account, and customers enjoy unlimited free e-transfers.
I appreciate motusbank’s no-fee chequing account that offers 0.25% interest. While that might seem modest, traditional banks often provide little to no return on similar deposits.
One distinguishing feature of motusbank is the additional services it provides. For homeowners, their home equity line of credit (HELOC) comes with notably low rates, making it a valuable resource if needed. Keep in mind that this is essentially borrowing against your own property.
In addition to the offerings mentioned, motusbank features a range of products like mortgages and GICs, though I haven’t included their fluctuating rates here. They provide various mortgage options, including 5-year fixed and variable rate mortgages, both of which are competitively priced.
Comparison with Competitors
motusbank’s high-interest savings account is comparable to the top accounts in Canada. Offering no fees, a competitive interest rate, and unlimited transactions, it stands out; however, some banks like EQ Bank and Motive Financial have recently run promotions offering higher rates for new deposits.
The motusbank TFSA option is a solid choice for savings, and their HELOC rate is particularly appealing. As a member of the CDIC, your eligible deposits are insured for added peace of mind.
Clients will appreciate that a debit card is issued with their account, making it convenient to access funds when necessary. There are no fees incurred for using one of the 3,700 EXCHANGE Network ATMs across Canada; however, withdrawing cash internationally incurs a $5 fee plus a currency exchange fee of 2.50%.
Conclusion
Overall, my review of motusbank is favorable. In a landscape crowded with digital banks, motusbank successfully distinguishes itself by providing a wide range of products that appeal to Canadians, along with attractive rates. If you’re seeking a versatile bank for your TFSA, HISA, mortgage, and other services, motusbank is certainly a worthy option.