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Motusbank is a renowned name in the digital banking arena. It has numerous features widely used to cater all the financial needs at one place. Did you know that Motusbank issues a unique horizontal card for its users? Well, it also provides investments, savings, mortgage and many other benefits. Also, the use of Motusbank is easy which needs a smartphone or the laptop.  

Apart from this, after being a digital bank, it has partnership with Meredian Credit Union which is largest credit union in Ontario and 3rd largest in Canada.  

Also, Motusbank provides satisfactory interest rates on the investments, compared to other online-only banks.  

About motusbank 

Particularly launched in 2016, Motusbank has several perks which can lure you in. With its amazing features, it has been tried by many and took the benefits for the same.  

Apart from being a digital bank, it is seen connecting more like a traditional bank, due to its linkage with Meredian Credit Union (a largest credit union in Canada).  

Also, the bank is CDIC-approved which ensures additional security of your money kept in account. It has currently $50 million in capital, as of now. 

Motusbank Pros and Cons 

• High-interest savings 
• Email and phone customer support 
• CDIC insurance 
• No minimum balance requirements 

• Lower or no fees 
• Earn interest on chequing accounts 
• Mobile app 
• Wide variety of investment tools 

Cons 

• Absence of credit cards on Motusbank 
• No face-to-face banking 

Motusbank Accounts 

Talking about bank accounts, motusbank provides several accounts such as investing, saving and many different kinds of accounts. It also provides three different kinds of banks for Savings accounts only.  

A lot of reasons are responsible for choosing motusbank including its higher interest rates on the amount you have in the motusbank account. Also, it charges very less or even not a little bit sometimes. With such perks, who wouldn’t want to use this amazing application for once?  

Perks:- 

RRSP Savings Account 

• Earnings are tax-sheltered until they are withdrawn 
• No monthly account fees 
• Automatic savings options 

• 1.00% interest rate 
• No minimum balance 

High Interest Savings Account 

• 1.00% 
• Unlimited debit withdrawals 

• No minimum balance 
• Automatic savings options 
• No monthly account fees 

TFSA Savings Account 

• Pile up 6,000 per year (as of 2021) 

• $100,000 in CDIC insurance for eligible deposits 
• Automatic savings options 
• Tax-free withdrawals 
• 1.10% interest rate 

How to Add Funds to a motusbank Account 

Motusbank provides facility to add funds into its account either from direct deposits or from cheque.  

The process is simple; you need to have mobile cheque available to you which you can submit on your motusbank with so much ease.  

On the other hand, if you want to submit funds into your account using the direct deposit method, you need to use ClickSWITCH feature on motusbank’s website. With the help of this feature, you will be able to load money on your motusbank account.  

Despite it, there is another option called Money Mover or Interac e-transfer which could help in sending the funds directly to your motusbank account.  

Investing 

Investing is another best and most used feature of this particular online-only bank. There are several kinds of investing options available here. With the help of which you can make your investing journey as smooth as it was never before.  

For the purpose, there are basically four accounts which have GICs certificates. As of now, there are total four accounts for the investing on motusbank in which 2 are registered and the remaining two are unregistered.  

Both registered and unregistered account work for your benefits with a slight difference that can be avoided.   

Registered bank:  

1. 18-month GICs with 1.20% interests 

1. 1-5 years GICs,  with 1.55% interest 

Unregistered bank: 

1. 18 months GICs with 1.50% interests 

1. And, 1-5 year GICs, with 1.50% interests   

Chequing 

Motusbank lets user to use checking account as well with having no-fee at all. Also, you cannot make any interests on chequing account but you would be facilitated with ATM withdrawals without paying anything as fee charge.  

However, you can get up to 15% interests on your reserves when you want to keep money with it. This is something at high in terms of interest rates.  

Along with it, motubank will offer you a vertical card that can be used as any traditional card. This is something crucial because the card can be used as the other traditional cards.  

The motusbank App 

The motusbank is available on both its website as well on application. To get its application: visit on Google play store or Apple store; it is available for both devices.  

Install the application and start using the services for your benefits.  

The application has several benefits to use it for multiple purposes. For instance, saving account, investing, chequing, etc., all are divided into a category which can be accessed easily through the app.  

Apart from this, the highlighting factor of motusbank’s app is its “Find an ATM” feature, which will use your location through the GPS and will filter the nearby ATMs available to you. Also, it has a map leading you to the ATM as well.  

Along with it, it has mobile deposit feature which facilitates you to deposit your checks as well as it notifies you once the check is deposited and accepted.  

In comparison with other apps, motusbank app is something highly recommended due to its easy to access features.  

Price Savings 

Another exciting feature of motusbank is Price Drop. This is useful in reducing the price of particular product. All you need is to submit the receipt of that product; should be from known retailer. Once you upload the receipt on the Price Drop section, you will get the discounts (if available) on the price you have bought a toy, Clothes, and anything from big retailers like Walmart, Costsco, etc.  

By submitting the receipt of your product, motusbank will analyze it and will notify you if the prices could be lesser than actually you bought on. They notify you via messages, emails, etc.  

It is best feature to save you money even after your purchase. Also, there could be any mode of payment for your products: Credit, cash, and even motusbank card.  

Transferring Money 

Trasferring money on motusbank is possible through various ways; however, it is divided into two main categories: Money move and Interac e-transfer. Find about each in details here: 

Money mover is a method for sending money in bulk, that too, anywhere using different bank accounts as well. Also, there are no fee requirements for the service opting from this mode. While using the motusbank money mover, you can send up to $10,000 in a day. This is calculated $250,000 in a month’s time.  

On the other hand, using Interac e-transfers helps in sending money without any fee charge on to the checking account. The transaction limits are as follows via Interac e-transfer: 

• $3,000 per day 
• $10,000 per week 

• $20,000 per month 

Financial Planning 

Financial planning is an additional perk of motusbank like a few selected digital banks. It is ideal feature for today’s financial time where the information is available with lots of impurities which result in confusion and lack of decisions.  

The feature is so essential that it would teach you how you can think about your money management in a safe environment. Also, it is beneficial for all kinds of professionals: teacher, student, working professionals, homemaker, etc.  

This would work as your personal guide, understanding your need and then suggesting what works best for you.  

Motusbank has understood the importance of finance planning and found it useful in attracting users as well.  

Mortgages 

Mortages are allowed on motusbank for variety of purposes. It issues loan to the users to make the demand of users fulfilled. These include: 

• 3-years fixed mortage – 2.09% 
• 5-year variant mortgage – 1.55% 

• Credit on home equity – 2.75% 

In addition to that, motusbank understands the need of finance in personal and professional matters; therefore it allows mortagages in a fair rate. Apart from this, it has another service called Mortgage Protection/Creditor Insurance. This is for the backup of your loan, in case you find yourself in a critical situation losing money.  

In such a devastated situation, it is important to have a backup plan to not become helpless.  

Also, there is a facility of quick calculations of your mortgages. This is something helps coming out from the worst scenarios of keeping things remember at the time of repayment.  

However, it also allows family and friends mortgages; ideal for the combined family and a big home. This includes up to 4 members to come under the mortgage. A nice choice is this, especially for the family having 4 members.  

motusbank and Travel 

motusbank like SoFi lets your travelling free from any kind of financial issues because of its vast all points of ATM access. It has around 40k ATM access in the world, and it does not charge any fee being within the nation’s boundary; however, you need to pay extra charge for using the card at international places, of course.  

But, motusbank is not providing a credit card, which might be an issue especially if you are planning to make a tour of a place. So for that, we recommend you to carry an additional credit card, which will help managing the finance; in case it is needed.  

Is My Money Safe with motusbank? 

Because motusbank is owned by Meridian Credit Union, a largest credit union, it is obvious that the motusbank is not going to disappear all of a sudden. 

The bank is in surging growth which depicts its seriousness and its responisibility towards its users. So yes, the money that you invest, or save is absolutely safe with motusbank.  

Competitors 

KOHO 

Standing ahead in the line of competition, KoHo is a neobank that works with partnership of Visa and Peoples Trust. Also, it offers VISA card that can be loaded with the help of paychecks. Also, it is adept in tracking of spending.  

Tangerine 

Tangerine is best in its services providing chequing account, investments, and lending products. 

EQ Bank 

EQ, a digital bank, has similar feature like motusbank such as no-fee, higher interests on saving account and all. It is not included chequing account however; it lets users to open U.S. dollar account, a Mortgage marketplace, and international money transfer.  

The Bottom Line 

Motusbank’s analysis shows that it would be a wiser choice to start your digital bank journey with it. It is best for its kind for Canadians. Also, its no-fee features, higher interests on saving accounts, mortgage features and many others clears of choosing it as it our digital banking partner.  

Above all, the bank’s services are available on website as well on its application that can be accessed through play store and Apple store as well.  

Also, it is quite important to keep in mind that it works under one of the largest credit union of Canada, Meridian Credit Union, which ensures its reliability, for sure.