Motusbank is a relatively new online bank in Canada, launched in 2019. It offers a wide range of financial services, making it a solid choice for those looking for top-tier online banking options in Canada. With its seamless and secure online banking platform, Motusbank aims to provide customers with a convenient and hassle-free banking experience.
Key Takeaways:
- Motusbank is a new online bank in Canada
- It offers a variety of financial services
- Motusbank provides a seamless and secure online banking platform
- The bank aims to provide top-tier financial services to customers
- Motusbank is a solid choice for those looking for online banking options in Canada
Account Options and Fees
Motusbank offers a variety of account options to suit your financial needs. Whether you’re looking for a high interest savings account or a chequing account, Motusbank has got you covered.
One of their popular account options is the motusbank Smart savings account, which is a high interest savings account. With no monthly fees or minimum balance requirements, you can enjoy the benefits of saving without any added costs. Plus, with a competitive interest rate of 2.50%, your savings can grow faster.
If you need a chequing account, Motusbank also offers a fee-free option. With no monthly fees and an interest rate of 0.15%, their chequing account provides convenience and flexibility without any additional costs.
Comparison of Account Options
| Account Type | Monthly Fees | Minimum Balance Requirements | Interest Rate |
|---|---|---|---|
| Motusbank Smart Savings Account | None | None | 2.50% |
| Motusbank Chequing Account | None | None | 0.15% |
With Motusbank’s account options, you can enjoy the benefits of online banking without any hidden fees or charges. Whether you’re saving for the future or managing your day-to-day expenses, their accounts offer competitive features and rates to help you achieve your financial goals.
So why wait? Open an account with Motusbank today and start experiencing the convenience and affordability of online banking.
Motusbank GIC Options
Motusbank offers a wide range of Guaranteed Investment Certificate (GIC) options for both registered and non-registered accounts. GICs are a popular investment choice for individuals looking for a safe and secure way to grow their money over a fixed period of time.
GIC Rates
When it comes to GIC rates, Motusbank offers competitive rates that can help you maximize your returns. Rates for long-term, non-redeemable GICs range from 4.10% to 4.70%, depending on the term. These rates are among the best in the market and can provide a steady and reliable source of income.
Registered and Non-Registered Accounts
Whether you have a registered account, such as an RRSP or TFSA, or a non-registered account, Motusbank has GIC options to suit your needs. GICs for registered accounts offer the benefit of tax advantages, while GICs for non-registered accounts provide more flexibility in terms of withdrawals and contributions.
| GIC Term | Rate for Registered Accounts | Rate for Non-Registered Accounts |
|---|---|---|
| 1 year | 3.80% | 3.90% |
| 3 years | 4.10% | 4.20% |
| 5 years | 4.40% | 4.50% |
| 10 years | 4.70% | 4.70% |
These rates are subject to change, so it’s always a good idea to check with Motusbank for the most up-to-date information.
With Motusbank’s GIC options, you can enjoy the peace of mind that comes with a secure investment and attractive returns. Whether you’re saving for retirement, a down payment on a home, or any other financial goal, a GIC from Motusbank can help you achieve your objectives.
Mortgages
When it comes to mortgages, Motusbank offers competitive rates for homebuyers in Canada. The bank understands that buying a home is a significant financial decision, and aims to provide favorable mortgage options to its customers. The interest rates offered by Motusbank vary depending on the type of mortgage and the term chosen.
Fixed Mortgage Rates
If you prefer the stability of fixed mortgage rates, Motusbank offers options that range from 5.79% to 7.09%. These rates are competitive within the market and provide certainty in your monthly payments throughout the mortgage term.
Variable Mortgage Rates
For those who are comfortable with potential fluctuations in interest rates, Motusbank also offers variable mortgage rates starting at 6.75%. Variable rates may fluctuate based on market conditions, offering potential savings over the long term if interest rates decrease.
Alongside competitive rates, Motusbank provides additional perks that can enhance your mortgage experience. These perks include flexible payment schedules, the option to skip one payment per year, and payment privileges that allow additional payments without penalty. These features provide flexibility and convenience, enabling you to customize your mortgage repayment to suit your financial goals.
Motusbank understands the importance of homeownership and aims to provide you with a mortgage that meets your needs. Whether you prefer the stability of fixed rates or are open to potential savings with variable rates, Motusbank’s mortgage options can help make your dream of owning a home a reality.
| Mortgage Type | Interest Rate Range |
|---|---|
| Fixed Mortgage Rates | 5.79% – 7.09% |
| Variable Mortgage Rates | Starting at 6.75% |
Fees and Charges
While choosing motusbank for your banking needs comes with many advantages, it’s important to be aware of the fees and charges associated with certain services. Here, we will explore the fees you may encounter when using motusbank, including ATM fees and Interac e-Transfer fees.
ATM Fees
When using an ATM that is not within the network of motusbank, you may be subject to ATM transaction fees. These fees typically range from $2 to $5 per transaction. It is recommended to use motusbank’s network of ATMs to avoid these additional charges.
Interac e-Transfer Fees
Motusbank charges a fee of $0.50 per Interac e-Transfer transaction. This fee applies when sending money to another individual or receiving money from someone else. It’s important to keep in mind that this fee can add up if you frequently use Interac e-Transfers for your financial transactions.
Other Fees
In addition to ATM fees and Interac e-Transfer fees, motusbank may also charge fees for services such as wire transfers, overdraft, stop payment, and inactive accounts. It’s advisable to review the fees and charges section on motusbank’s website or speak to a customer service representative to have a comprehensive understanding of all potential fees.
| Service | Fee |
|---|---|
| ATM Transaction | $2 – $5 per transaction |
| Interac e-Transfer | $0.50 per transaction |
| Wire Transfer | Fee varies |
| Overdraft | Fee varies |
| Stop Payment | Fee varies |
| Inactive Account | Fee varies |
It’s important to note that motusbank has no fees for its savings and chequing accounts, making it an attractive option for those looking to minimize banking fees. However, it’s always advisable to review the fee structure and understand any potential charges that may apply to your specific banking needs.
Mobile App and Customer Experience
When it comes to the mobile app, Motusbank offers a user-friendly interface that allows you to perform a wide range of transactions and conveniently access your account information on the go. The app has received positive reviews for its functionality and recent updates, enhancing the overall customer experience. With just a few taps, you can check your account balances, transfer funds, pay bills, and even locate the nearest ATMs.
While the mobile app provides seamless navigation and a straightforward layout, it is worth noting that it currently does not sync with Apple Pay or credit cards. Despite this limitation, the app’s core features and ease of use make it a reliable tool for managing your finances conveniently from your smartphone.
In terms of customer service, Motusbank strives to provide excellent support to its customers. However, some customers have raised concerns about the quality and responsiveness of customer service. It is important to keep in mind that individual experiences may vary, and it is advisable to reach out to the bank’s support team directly with any queries or issues you may encounter.
Mobile App Features:
- User-friendly interface for easy navigation
- Convenient access to account information on the go
- Ability to perform various transactions, including fund transfers and bill payments
- ATM locator to help you find the nearest ATMs
Critical Feedback Points:
- Currently does not sync with Apple Pay or credit cards
- Customer service quality and responsiveness may vary
| Pros | Cons |
|---|---|
| Intuitive and user-friendly interface | No sync with Apple Pay or credit cards |
| Convenient access to account information | Customer service quality may vary |
| Ability to perform various transactions |
Comparison to Competitors
Motusbank is a strong player in the online banking market in Canada, but how does it stack up against its competitors? Let’s take a closer look at factors such as fees and interest rates to see how motusbank compares to other online banks like Tangerine, EQ Bank, and Simplii Financial.
Fees
When it comes to fees, motusbank holds its own. Unlike some traditional banks, motusbank offers no monthly fees for its high interest savings account and chequing account. However, it’s important to note that there are still fees for certain transactions, such as ATM withdrawals and Interac e-Transfers. Customers should carefully review the fee structures of each bank to determine which one aligns best with their banking needs.
Interest Rates
One of motusbank’s strengths is its competitive interest rates. The bank offers an attractive interest rate of 2.50% on its high interest savings account, which is higher than many of its competitors. In terms of GIC rates, motusbank also stands out with rates ranging from 4.10% to 4.70% for long-term, non-redeemable GICs. However, it’s worth comparing these rates with other banks to ensure you’re getting the best return on your investment.
| Bank | Fees | Interest Rates |
|---|---|---|
| Motusbank | No monthly fees, certain transaction fees apply | 2.50% on high interest savings account, GIC rates up to 4.70% |
| Tangerine | No monthly fees, certain transaction fees apply | 1.10% on savings account, GIC rates up to 1.65% |
| EQ Bank | No monthly fees, certain transaction fees apply | 1.70% on Savings Plus Account, GIC rates up to 2.30% |
| Simplii Financial | No monthly fees, certain transaction fees apply | 0.10% on savings account, GIC rates up to 0.35% |
As seen in the table above, motusbank generally offers higher interest rates compared to its competitors. However, it’s important to consider other factors such as account features and customer service when choosing the right bank for your needs.
Summary of Motusbank’s Offering
Motusbank is an online bank that caters to customers in Canada, offering a seamless and secure banking experience. With a range of account options and competitive interest rates, Motusbank provides a comprehensive suite of financial services.
Account Options
Motusbank offers a variety of account options to meet your banking needs. Whether you’re looking for a high interest savings account or a chequing account, Motusbank has you covered. The motusbank Smart Savings Account is a popular choice, with no monthly fees or minimum balance requirements. It provides an attractive interest rate of 2.50% and unlimited debit purchases and withdrawals. Additionally, the chequing account offers no fees and an interest rate of 0.15%, which is higher than most other chequing accounts in Canada.
GIC Options
When it comes to GICs, Motusbank offers both registered and non-registered options. You can choose from a variety of terms and rates, depending on your investment goals. For registered accounts like RRSPs and TFSAs, Motusbank provides competitive rates that can help grow your savings. Non-registered GICs are also available, offering attractive rates for short-term and long-term investments. Whether you’re saving for retirement or looking to grow your wealth, Motusbank’s GIC options have something for everyone.
Online Banking Convenience
One of the key features of Motusbank is its seamless online banking platform. With the Motusbank mobile app, you can easily perform transactions, check your account balances, and locate ATMs. The user-friendly interface ensures a smooth experience, allowing you to manage your finances on the go. While the mobile app does not currently support Apple Pay or credit cards, it offers a range of other features that make banking convenient and accessible.
| Account Options | GIC Options | Online Banking Convenience |
|---|---|---|
| No monthly fees or minimum balance requirements | Registered and non-registered options | Perform transactions and check balances on the go |
| Competitive interest rates | Variety of terms and rates | User-friendly interface |
| High interest savings account with unlimited debit purchases and withdrawals | Opportunity to grow savings for retirement or short-term investments | Secure and seamless online banking experience |
| Chequing account with no fees and higher interest rate | Attractive rates for both registered and non-registered GICs | Mobile app for easy access to banking services |
Conclusion
In conclusion, Motusbank offers a comprehensive range of financial services that make it a strong contender in the online banking market in Canada. With its user-friendly online platform and attractive interest rates, it provides a seamless and secure banking experience for customers. Whether you’re looking for high interest savings accounts, GICs, or mortgages, Motusbank has options to meet your needs.
While there are some areas for improvement, such as customer service, Motusbank’s overall offering makes it a viable choice for those seeking top-tier financial services. The bank’s fee structure is transparent, and its competitive rates are on par with its online banking competitors. With Motusbank, you can enjoy the convenience of online banking while still having access to a wide range of financial products and services.
As an online bank, Motusbank is well-positioned to serve customers across Canada. Whether you’re in a major city or a rural area, you can take advantage of Motusbank’s services from the comfort of your own home. With its commitment to providing a secure banking experience, you can trust that your financial information is in safe hands.
If you’re considering online banking in Canada, Motusbank is definitely worth considering. Its range of account options, competitive rates, and convenient mobile app make it a strong player in the online banking industry. Take a step towards seamless online banking and explore what Motusbank has to offer.
FAQ
What is motusbank?
Motusbank is an online bank that offers a wide range of financial services in Canada.
What account options does motusbank offer?
Motusbank offers a high interest savings account (HISA) and a chequing account.
Does motusbank charge any fees for its accounts?
No, motusbank does not charge any monthly fees for its savings and chequing accounts.
What is the interest rate for the motusbank Smart Savings Account?
The motusbank Smart Savings Account offers an interest rate of 2.50%.
Can I withdraw money from my motusbank accounts?
Yes, the motusbank Smart Savings Account allows unlimited debit purchases and withdrawals.
Does motusbank offer GICs?
Yes, motusbank offers GICs for registered and non-registered accounts.
What are the mortgage rates offered by motusbank?
Motusbank offers a range of mortgage rates, including fixed rates and variable rates.
Are there any fees associated with motusbank accounts?
While motusbank does not charge fees for its savings and chequing accounts, there are fees for some services such as ATM transactions and Interac e-Transfers.
Does motusbank have a mobile app?
Yes, motusbank offers a mobile app for convenient banking on the go.
How does motusbank compare to other online banks in Canada?
Motusbank offers competitive interest rates and attractive GIC rates compared to its competitors.
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MotusBank has a lower limit of $20k/30 days on outgoing interac transfers, most financial institutions have $30K / 30 days. They also limit outgoing transfers to $10K per day, so it will be a challenge when you want to get money out when you want to use it urgently. They also take a minimum of 3 days to process a transfer.
Their customer service is unreliable and incompetent at best.
I have a few accounts with them to keep emergency funds (>$100K). I went to withdraw funds from their ATM, there was an error and money was not dispensed. $2000 was deducted from my account though.
I provided them proof of transaction error (ATM receipt), but they have been sitting on it for 2+ weeks with my money nowhere to be found. Their customer service said they are looking for it, and now say it will take them 6-8 weeks to figure out. I am out of $2000 for now.
Switching banks and closing the account the moment it is resolved, they have lost my trust.
Thanks for the comment DL.