motusbank review

Founded in 2018 as a “new movement in banking,” motusbank offers a wide selection of high interest savings accounts geared towards consumers who want to maximize their savings and invest in the future. motusbank is entirely digital, which means there are no physical branches and no monthly account fees. This new era of banking is designed to help Canadians keep more of their hard-earned money, bank around the clock and never have to worry about stepping foot inside a physical branch.

motusbank banking products

motusbank offers a comprehensive list of banking products, which makes it unique compared to other digitally native financial institutions in Canada. motusbank provides the following banking services:

• High interest savings account. Savings accounts are available as standalone products, or within a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA).
• Chequing account. Offers the Motusbank No-Fee Chequing Account with unlimited transactions.
• Term deposits/Guaranteed Investment Certificates (GICs). High interest rate GIC selections ranging from short term to long term, including TFSA and RRSP options.
• Mortgages. Fixed and variable mortgages up to five years.
• Credit. Personal loans and secured lines of credit with low interest rates.

Customers who open a savings or chequing account receive a debit card and PIN in the mail. Debit cards can be used to make everyday purchases and withdraw cash through an exchange network of 3,700 participating ATMs across Canada.

How does motusbank compare with other banks?

motusbank differs from Canada’s Big Five banks in that it’s entirely digital, which means all of its products and services are accessed online and through a mobile app. However, it goes beyond some other digitally native banks by issuing a debit card to its savings and chequing account holders.

motusbank also offers a high interest savings account, which allows you to earn 1.65% on your balance regardless of the amount, which is higher than at many of the major banks. It’s also comparable to other online-only savings accounts offered by Tangerine and EQ Bank.

Why should I open an account with motusbank?

motusbank is suited to digital natives who prefer to do all of their banking online and through a mobile app. The main benefits of motusbank include:

• High interest rates. motusbank’s high interest savings account allows you to earn more.
• Access to ATMs. Chequing and savings account holders receive a debit card they can use for everyday purchases and to withdraw money.
• Investment options. GICs, TFSAs and RRSPs are all available through motusbank.
• Mobile payments. motusbank offers a powerful mobile app for iPhone and Android devices that allows you to deposit cheques, pay bills and make mobile cheque deposits.

What should I look out for?

Some of the main drawbacks of a motusbank chequing account include:

• Ancillary fees: Having zero daily banking fees doesn’t mean there’s no cost of doing business with motusbank. The bank charges fees for replacing debit cards, overdraft interest and closing an account within 90 days.
• No physical locations: Although having no physical locations comes as advertised, with motusbank you won’t be able to walk into a branch and speak with a customer service representative or investment adviser.
• Not as comprehensive as a major bank: motusbank offers more account features than your typical online-only savings account, but doesn’t quite measure up to the breadth of service options available at the major banks. If you’re going to go with motusbank as your sole financial institution, be aware of these limitations.

Customer service

motusbank offers several ways to keep in touch. You can contact customer support directly through an online help form, which lets you specify your inquiry and the best time to receive a follow-up call directly from the bank. You’re also free to email customer service directly at memberservice@motusbank.ca.

Customer support can be reached via telephone from Monday to Sunday between 8am and midnight ET.

• Toll-free: 1 (833) 696-6887
• International: (416) 925-7373

Bottom line

motusbank offers the convenience of a completely digital banking experience without having to sacrifice your debit card. Combined with a full suite of investment options, motusbank financial products could help you build your nest egg.

If you want to shop around even more to find the right bank account for your needs, read through our bank account guide.

Compare other savings accounts

motusbank FAQs

• Are motusbank accounts covered by deposit insurance?

  Yes. motusbank is a member of the Canadian Deposit Insurance Corporation (CDIC), which means its accounts are eligible for deposit insurance. Eligible deposits are insured up to $100,000 by CDIC.

• Are motusbank accounts equipped for Interac e-transfer?

  motusbank offers unlimited free Interac e-transfers with limits on transfer amounts that are relatively consistent across the banking industry.

• What are some of the fees associated with a motusbank account?

  One of the most marketable features of motusbank is its zero monthly fees. However, fees apply for services that are beyond the bank's immediate control, including incoming wires, NSF fees, Canadian dollar draft and overdraft interest rate. For a full list of applicable fees, go to the motusbank website.