Motusbank Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood

Updated May 4, 2021

Motusbank Review

Categories

Motusbank Online Banking Review

Today’s savvy consumer doesn’t want to waste their time physically visiting their bank branch to deal with their day-to-day banking. Instead, what they’re looking for is a much more convenient and time-effective way to manage their finances, and digital banks like Motusbank are providing such conveniences.

One of Canada’s newest online-only banks, Motusbank delivers a fully digital banking experience for Canadians looking for convenience when handling their finances. The online bank was launched by the Ontario-based Meridian Credit Union in 2019. Like other digital banks, Motusbank has no physical locations. It is available to Canadians everywhere except Quebec. 

The online bank offers all the typical services that you would expect from a traditional bank, like mortgages, lines of credit, TFSA savings accounts, GICs, and simple chequing accounts. 

Let’s review Motusbank in a little more detail before you decide if this is the right online bank to entrust your daily banking needs with.

What Accounts Are Available Through Motusbank?

Motusbank offers the following types of accounts.

These are the bank account types that Motusbank has to offer:

High-Interest Savings Accounts

• Interest rates start at 1.55%
• No minimum balance required
• No fees for self-serve transactions
• No limits on withdrawals and debit purchases 
• Automatic savings option available

TFSA Savings Account

• Interest rates start at 1.75%
• No minimum balance required
• No monthly fees
• Tax-free withdrawals
• Up to $100,000 by CDIC
• Automatic savings option available

RRSP Savings Account

• No monthly fees
• No minimum balance required
• Earnings are sheltered from tax until withdrawn
• Interest rates start at 1.55%
• Automatic savings option available

No-Fee Chequing Account

• Free Interac e-transfers
• No minimum balance required
• No monthly fees
• 0.25% interest on every dollar
• First order of 25 cheques is free
• Unlimited withdrawals and debit purchases 
• $100,000 secured by CDIC
• Deposit cheque by photo with Deposit Anywhere

RRSP GIC Accounts:

18-month GIC

• Interest rates start at 1.70% 
• Minimum investment of $100
• Tax-Free (TFSA) and RRSP GIC options
• Principal and interest guaranteed
• $100,000 secured by CDIC

18-month TFSA GIC

• Interest rates start at 1.75% 
• Minimum investment of $100
• Tax-Free (TFSA) and RRSP GIC options
• $100,000 secured by CDIC

5-year RRSP GIC

• Interest rates starts at 2.15%
• Minimum investment of $100
• Tax-Free (TFSA) and RRSP GIC options
• $100,000 secured by CDIC

Home Equity Line of Credit (HELOC)

• Interest rate 2.75%
• Prime Rate 2.45%

Mortgages

• Fixed-rate mortgage rate starting at 2.59%
• Variable-rate mortgage rate starting at 2.45%

Pros and Cons of Online Banking at Motusbank

Pros

• Many products offered. Motusbank’s offerings are pretty impressive and are comparable to your average brick-and-mortar bank. You can take out a savings account, apply for a mortgage, or invest for your future with the products offered by Motusbank.
• No fees on savings and checking accounts. A big advantage of Motusbank is that there are no fees charged for the savings and checking accounts, so you won’t be slapped with any unpleasant surprise fees on your statements.
• High-interest savings. You can earn a little bit every month thanks to the high rates offered on savings accounts, starting at 1.55%.
• Great deposit and withdrawal options. You’ll have unlimited free Interac e-transfers and can make bill payments to yourself to get access to your money. Plus, you can and virtually deposit cheques simply by taking an image with your smartphone thanks to the Deposit Anywhere feature. 
• Part of THE EXCHANGE Network. This is a group of banks and credit unions that are in contract with one another, allowing clients of each other’s institutions to use their ATMs, so you’ll have access to thousands of ATMs across the nation and the world. 
• Money is insured by the CDIC. Up to $100,000 in eligible deposits will be protected by the federal government.
• Competitive loan rates. The rates offered for mortgages, personal loans, and lines of credit are competitive relative to what other financial institutions are offering, helping you save money. 
• Flexible payment and skip-a-month options. If you’re looking to work around your paychecks or are having a challenging month, you may be able to come up with a more flexible payment plan or even skip a month in payments to help you get back up on your feet and catch up.  

Cons 

The biggest drawback is the lack of physical presence. While online banking is incredibly convenient, there may be times when some customers may prefer to speak with someone face-to-face. 

Overview of Accounts

Motusbank Chequing Accounts

Motusbank Savings Accounts

Motusbank  Investing Accounts/Option

Borrowing With Motusbank

What Customer Support Does Motusbank Have Available?

Motusbank offers different channels to contact them: 

• Toll-free: 1 (833) 696-6887
• International: (416) 925-7373
• Email: memberservice@motusbank.ca
• Contact form on the website

How to Open an Account With Motusbank

To open an account with Motusbank, you will have to show proof that you are a Canadian resident, have a valid email address, and are the age of majority. You’ll then be asked to submit a few pieces of information regarding your identity, including:

• Full name
• Mailing address
• Email address
• SIN
• Birthdate 

From there, you’ll be asked to set up an account by choosing a password, after which you’ll be taken through a series of steps to complete your account registration.

Is It Safe to Bank With Motusbank?

Yes, it is absolutely safe to bank with Motusbank. As much as $100,000 of your hard-earned money will be insured by the CDIC. That means if your money is ever lost in the event that the bank goes under, your money will still be available to you. Plus, Motusbank is affiliated with Meridian Credit Union, which has been around for about 75 years, so you’ll be dealing with a financial institution that has decades of experience.

Who is Best Suited For Online Banking With Motusbank?

Motusbank is perfect for consumers who:

• Are looking for a more convenient way to do their banking
• Are looking for competitive rates on loan products
• Want a one-stop-shop with a bank that offers a variety of banking products

Final Thoughts

In today’s digital age, more and more people are looking for a more convenient way to do their banking, and nothing is more convenient than being able to apply for loans, move money around, and even deposit checks with a few simple clicks. Motusbank is all about this experience and may be worth checking out if you’re looking to take your banking entirely online.