Last Updated on March 31, 2021 by Borche Stefanov
The fastest growing credit union in Canada is MotusBank. This new digital bank is a subsidiary of Meridian. Since April of 2019, the bank has been accepting applications. It is a fully digital bank that will compete against more established digital banks such as Tangerine.
MotusBank has a wide range of services including savings accounts, lines of credit, mortgages, home equity lines of credit, and other services. They also have a handy mobile application that you can use to bank via your phone. You have the ability to deposit checks with the phone, check your balance, set up alerts, pay your bills, and move your money. You can do all of this after you download the MotusBank app.
Services offered by MotusBank are competitive with those that are already in the industry. They have a high-interest savings account which is giving 2.25% interest and competitive with many other banks that are online. They offer a wide range of different products and fare rates for their customers so it is perfect for individuals no matter what their current financial situation.
MotusBank offers customers a wide range of different bank accounts. They have no fee checking accounts, high-interest savings accounts, investment accounts, GICs, and even mortgage services. They offer competitive rates when it comes to their mortgages.
You might have a concern with the banking online but MotusBank it’s quite safe for consumers. Your deposits are insured up to $100,000 and the bank is a Canadian Deposit Insurance Corporation member. They are a subsidiary of Meridian which is a well-known brand with over 300,000 members. You don’t have to worry about your money when you do your banking with MotusBank.
For those that are looking for a new digital bank, MotusBank looks promising. They have plenty of products and features to meet the needs of today’s consumers. We should see more options from this bank in the near future as they expand their operations.
MotusBank Savings Account
For those looking to save money, banks are never a good option but that could be changing with the new MotusBank which is Canada’s new digital banking option. They’re owned by the credit union Meridian. They are becoming a big player in the online world of banking because they have very high-interest rates when compared to other banks in Canada even the online offerings. MotusBank also has excellent savings accounts as well as other features.
MotusBank has several different savings accounts to meet your needs. There is no minimum deposit required and you don’t have to put up with monthly fees. account options include a regular unregistered savings account, TFSA or RRSP. All the accounts have high-interest rates and some of the best traits that you find in any Canadian bank.
The tax-free savings account offered by MotusBank has an excellent interest rate. You’ll receive 2.5%. This is higher than any of the other digital banks currently on the market in Canada. Tangerine which is far more established only gives you a rate of 1.2% which is far lower than the MotusBank rate.
The RRSP account offered by modus bank is slightly lower at 2.25% An excellent rate for RRSP accounts.
High-Interest Savings Account
MotusBank Also offers a high-interest rate savings account. You will get the same rate as your RRSP account which is 2.25%. This rate is quite competitive within the industry but it’s not quite the best rate you’re going to find.