motusbank is here! The first thing you need to know is that motusbank is a brand new Canadian digital bank which is a subsidiary of Meridian. In case you’re not familiar, they’re one of the most popular credit unions in Ontario and Canada.
For years, Meridian has been offering some amazing products including one of the best cash back credit cards in their Meridian Visa Infinite Cash Back Card, but now they’ve entered the digital banking sphere.
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 motusbank review now to find out what they’re all about
motusbank account rates
- High interest savings account – 2.25%
- Tax free savings account 2.50%
- RRSP savings account – 2.25%
- No-fee chequing account – .50%
- Secured home equity line of credit – 3.75%
- Personal line of credit – From 5.65%
One thing that caught my eye right away with motusbank is their tax free savings account at 2.50%. The reason the TFSA caught my attention is that the 2.50% interest that motusbank is currently offering is pretty generous compared to the other banks.
Their high interest savings account has an interest rate of 2.25% which easily puts in the same category of the best high interest savings accounts in Canada. Like other digital bank accounts, motusbank doesn’t charge you any fees for your HISA and you get unlimited free e-transfers.
I love how motusbank offers a no-fee chequing account that pays you 0.50% interest. It may not sound like a lot, but what does your traditional bank pay you to put your money with them? I’m guessing nothing or next to nothing.
You could argue that what sets motusbank apart from their competition is the additional services that they offer. Homeowners may be interested in the 3.75% interest rate on a home equity line of credit (HELOC). This is one of the lowest rates out there so it’s worth taking advantage of if you need it, but remember, you’re basically borrowing from yourself since you’re using your home as a security deposit.
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 fixed-mortgages including 5-year fixed mortgages and a rate of 2.90% for 5-year variable rate mortgages. This is clearly a promotional rate so you should take advantage of it if you’re looking for a variable mortgage/
How motusbank compares to others
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. That being said, some other online banks have had recent promotions where the interest earned on new deposits is higher than the 2.25% that motusbank is offering. Heck, EQ Bank’s interest rate is currently 2.30% so motusbank lags them by just a touch.
The TFSA option from motusbank is excellent for a savings account and the HELOC rate is definitely attractive. motusbank is also a CDIC member so your eligible deposits will be protected.
Many people will love the fact that you will get a debit card with your account so you can quickly access your cash if you need it. You won’t be charged any fees to access your money as long as you use one of the over 3,700 EXCHANGE Network ATMs across Canada. However, international ATM withdrawals will cost you $5, plus a 2.5% exchange fee.
My motusbank review is positive. With so many digital banks in Canada, it can be hard to set yourself apart, but motusbank does that by offering a variety of products that Canadians are interested in with great breaks. 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.