Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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.
Motusbank offers the following types of accounts.
These are the bank account types that Motusbank has to offer:
High-Interest Savings Accounts
TFSA Savings Account
RRSP Savings Account
No-Fee Chequing Account
RRSP GIC Accounts:
18-month GIC
18-month TFSA GIC
5-year RRSP GIC
Home Equity Line of Credit (HELOC)
Mortgages
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.
Chequing Accounts | |
Annual Fee | $0 |
Minimum Balance | None |
Number of ATM Withdrawals Permitted | Unlimited |
Interest Rate | 0.25% |
Special Features | $100,000 secured by CDIC Deposit cheque by photo with Deposit Anywhere™ First order of 25 cheques is free |
High-Interest Savings Accounts | TFSA Savings Account | RRSP Savings Account | |
Annual Fee | $0 | $0 | $0 |
Minimum Balance | None | None | None |
Interest Rate | Start at 1.55% | Start at 1.75% | Start at 1.55% |
Special Features | Automatic savings option available | Automatic savings option available. Tax-free withdrawals | Automatic savings option available. Earnings are sheltered from tax until withdrawn |
18-month GIC | 18-month TFSA GIC | 5-year RRSP GIC | |
Fees | |||
Minimum investment | $100 | $100 | $100 |
Interest Rate | 1.70% | 1.75% | 2.15% |
Special Features | Tax-Free (TFSA) and RRSP GIC options $100,000 secured by CDIC | Tax-Free (TFSA) and RRSP GIC options $100,000 secured by CDIC | Tax-Free (TFSA) and RRSP GIC options $100,000 secured by CDIC |
Fixed-Rate Mortgages | Variable Rate Mortgages | HELOC | |
Terms | 6 months to 5 years | 5 years | |
Interest | Starting at 2.59% | Starting at 2.45% | Interest rate 2.75% Prime Rate 2.45% |
Motusbank offers different channels to contact them:
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:
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.
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.
Motusbank is perfect for consumers who:
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.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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