Are you tired of low savings rates and fees from traditional banks and looking for a fresher, digital-savvy alternative? Enter motusbank (yes, with a lowercase m).

The word motus literally means “movement” or “motion,” and motusbank aims to represent a new movement in the digital banking sphere. 

And it’s a welcome change to the traditional Big Five banks. In fact, according to the Canadian Bankers Association, the trend towards digital banking has continued to grow, with more than 90% of Canadians now managing their banking online and through mobile as of 2025

Motusbank is certainly heading in a modern direction. Want to know more about how motusbank stacks up against the competition? Read this motusbank review to find out more.

---

Highlights of Features

• Easy sign-up process: signing up takes minutes and can be done in the comfort of your own home.
• 3 types of high-savings accounts: motusbank offers high-interest savings account, TFSA savings accounts, and RRSP savings account.
• Interest-generating chequing account: start earning interest on funds deposited into this account.
• Low mortgage rates
• Great rates on GICs
• Ability to take out personal loans

Related Reading: Best high-interest savings accounts in Canada

Company History

Motusbank, established in April 2019, has solidified its reputation in the digital banking sector with competitive interest rates and minimal fees.

While it is no longer the newest player in the market, motusbank remains a dynamic force in digital banking. It is a subsidiary of Meridian, which boasts over 80 years of experience in the banking industry. Meridian Credit Union stands as the largest credit union in Ontario and the third-largest in Canada, managing over $22 billion in assets and serving more than 350,000 members by 2025.

Despite its relatively recent entry, motusbank is well-regarded for its reliability and is backed by Meridian’s longstanding reputation in the financial industry

Signup Process

Signing up for motusbank is easy and can be done via the bank’s website. Just follow these 4 simple steps to sign up: 

1. Click the “Join now” button on the top-right corner.

• Click “Open an account.” You can also choose other options, such as applying for a mortgage.

• Fill in your personal information. This step includes information such as your address and Social Insurance Number (SIN).

• Once you have been approved, you will be able to access motusbank online. From here, you can deposit cash and transfer funds, among a variety of other things.

What services does motusbank offer?

1. Motusbank savings account

Motusbank offers 3 types of savings accounts:

• High-interest savings account
• TFSA savings account
• RRSP savings account

All the smart savings accounts also offer the following features:

• Competitive high-interest rates
• Zero monthly fees and no minimum balance requirement
• Unlimited debit purchases and withdrawals
• Access to over 3,700 FREE ATMs across Canada
• Deposit insurance up to $100,000 by CDIC
• Automated savings feature that allows you to round up your purchases and save your spare change

2. Motusbank chequing account

Sure, putting money into this account probably won’t be life-changing, however, it is a competitive rate compared to other similar banks.

You’ll also get motusbank’s debit card if you open up a chequing account:

In the end, it’s a good idea to open a motusbank chequing account if the benefits and interest rates intrigue you. 

3. Motusbank mortgage rates

For many Canadians, owning a home is on their bucket lists. Motusbank also aims at helping this dream come true— “We believe that every Canadian deserves a shot at owning a home,” says Dave Baldarelli, COO of motusbank. 

Although rates vary depending on if you want a variable or fixed rate or depending on the length of the mortgage, motusbank rates are some of the best we’ve seen in any Canadian banks.

Motusbank also offers the following benefits for mortgages:

• 20/20 Prepayment Privileges: You can pay down up to 20% of your original principal balance, per year, without penalty. You can also increase your monthly payment by up to 20% of your original payment plan each year.
• Skip-a-payment: You can skip up to one month’s worth of mortgage payments per year.
• Flexible payment schedule: Choose to pay your mortgage weekly, bi-weekly, monthly, or semi-monthly. You can also save on interest fees by making accelerated weekly or bi-weekly payments.

Compare the rates to Tangerine’s 1-year and 5-year fixed mortgage rates at 3.49% and 2.89%, respectively. Motusbank has the slight edge in this category.

4. Investment products

Guaranteed investment certificates (GICs) are a popular way to invest if you want a slow but safe option for earning money. Motusbank offers slightly higher rates than the high-yield savings accounts.

Other benefits include:

• Terms ranging from 30 days to 5 years
• Tax-Free (TFSA) and RRSP GIC options
• Minimum investments of as little as $100
• Eligible deposits insured up to $100,000 by CDIC

For long-term GIC investment, motusbank rates are quite attractive.

5. Personal loans and lines of credit

Sometimes you need a loan or line of credit to get you out of a bind. Whether you need to consolidate credit card debt, finance your wedding, or even treat yourself to a nice candlelight dinner, motusbank offers attractive services and rates for the following:

• Personal loans: You can borrow up to $35,000. Loan terms are from 1 month to 5 years.
• Personal line of credit: Interest rates are low.
• Secured home equity line of credit (HELOC): You can borrow against the equity in your home.

While the borrowing rates are attractive, the minimum borrowing amount is $5,000. Motusbank also makes it very easy to apply for a loan or line of credit, as it can be done online in just minutes. Your credit score won’t be affected, either, until the loan is accepted.

Motusbank offers very good rates in comparison to its competition.

Motusbank: Is it Worth It?

As Bill Maurin says: “Motusbank is about a different way to bank. We’ve built an exceptional, friendly and transparent digital banking experience that is designed to make every experience a superior one, no matter how motusbank is accessed. And, on top of that, we’re serving up some of the most competitive rates in the country.” 

The bottom line is that motusbank is an amazing new digital bank accessible to most Canadians. With benefits rivaling and even beating its competition, it’s a good idea to take advantage of what motusbank has to offer.

Frequently Asked Questions (FAQ) about motusbank

1. What is motusbank?

• Motusbank is a digital-only bank in Canada that offers a variety of banking products, including high-interest savings accounts, chequing accounts, mortgages, and investment products like GICs. It is known for competitive rates and low fees, making it an attractive option for Canadians looking for alternative banking solutions.

2. Who owns motusbank?

• Motusbank is a subsidiary of Meridian Credit Union, the largest credit union in Ontario and the third-largest in Canada. This backing provides motusbank with a strong foundation and reputable support in the financial sector.

3. What types of accounts does motusbank offer?

• Motusbank offers several types of accounts, including high-interest savings accounts, TFSA savings accounts, RRSP savings accounts, and interest-generating chequing accounts. These accounts come with competitive interest rates and benefits such as no minimum balance requirements and access to thousands of free ATMs across Canada.

4. Are motusbank deposits insured?

• Yes, all eligible deposits with motusbank are insured up to $100,000 per category by the Canada Deposit Insurance Corporation (CDIC).

5. How do I open an account with motusbank?

• Opening an account with motusbank is straightforward and can be completed online. Visit motusbank’s website, click the “Join now” button, choose the type of account you want to open, and fill in the required personal information, including your address and Social Insurance Number (SIN). Approval is typically quick, allowing you to start banking shortly after signing up.

6. What are motusbank’s mortgage rates like?

• Motusbank offers competitive mortgage rates with options for both fixed and variable rates. They also provide benefits such as 20/20 prepayment privileges, skip-a-payment options, and flexible payment schedules to help manage your mortgage effectively.

7. Can I get a loan from motusbank?

• Yes, motusbank offers personal loans up to $35,000 with terms ranging from 1 month to 5 years. They also offer lines of credit and a secured home equity line of credit (HELOC), with attractive rates and easy online application processes.

8. How does motusbank compare to traditional banks?

• Motusbank competes by offering lower fees and higher interest rates compared to traditional banks. As a digital bank, it also provides a more flexible and convenient banking experience, which is ideal for tech-savvy customers looking for efficient and accessible financial services.

9. What makes motusbank different from other digital banks?

• Motusbank stands out due to its connection with Meridian Credit Union, giving it strong financial backing and stability. Additionally, it offers a unique blend of modern banking convenience coupled with competitive rates and a comprehensive range of financial products.

10. How can I contact motusbank if I need assistance? – If you need assistance, you can contact motusbank customer support through their website or by phone. Detailed contact information is available on the motusbank website under the contact section.