Motusbank does not get the same attention as EQ Bank or KOHO, but it offers something neither of those does: a full-service digital bank with competitive savings rates AND mortgages. For Canadians who want credit-union values without credit-union limitations, it is worth a serious look.
What is Motusbank?
Motusbank is a federal Schedule I bank launched in 2019, wholly owned by Meridian Credit Union — Ontario’s largest credit union with 370,000+ members and $30 billion in assets. It operates as Meridian’s national digital-first banking arm, available to all Canadians regardless of province.
Products offered:
- No-fee chequing account
- High-Interest Savings Account (HISA)
- TFSA, RRSP, and RRIF accounts
- GICs
- Fixed and variable rate mortgages
- Home equity lines of credit (HELOC)
- Personal loans and lines of credit
Current rates (April 2026)
Rates change with Bank of Canada policy — verify at motusbank.ca.
| Product | Rate (approximate) |
|---|---|
| HISA (non-registered) | ~3.10% |
| TFSA HISA | ~3.10% |
| RRSP HISA | ~3.10% |
| 1-year GIC | ~3.70% |
| 2-year GIC | ~3.65% |
| 5-year GIC | ~3.50% |
| 5-year fixed mortgage | ~4.69% |
| Variable rate mortgage | ~5.15% |
Chequing account features
Motusbank’s chequing account is genuinely fee-free:
- No monthly fee
- No minimum balance
- Unlimited Interac e-Transfers (send and receive)
- Unlimited debit transactions
- Bill payments included
- Free ATMs: Motusbank reimburses ATM fees at any ATM in Canada (up to a cap per month)
- Contactless Visa debit card
- Mobile cheque deposit
This is a full-service everyday account — not a limited digital wallet. You can legitimately use Motusbank as your sole bank for day-to-day transactions.
Deposit insurance: CDIC (not DICO)
This is a common point of confusion. Because Motusbank is a federally chartered bank, it is CDIC-insured — not covered by provincial credit union deposit insurance.
| Entity | Deposit insurance |
|---|---|
| Motusbank | CDIC (federal, up to $100,000/category) |
| Meridian Credit Union (direct) | DICO — Ontario, unlimited coverage |
CDIC coverage at Motusbank includes separate $100,000 limits for:
- Eligible deposits (chequing, HISA)
- RRSP deposits
- TFSA deposits
- RRIF deposits
- FHSA deposits
For most Canadians, CDIC coverage is more than sufficient. For those with very large balances (>$400,000), understanding the distinction between Motusbank (CDIC) and Meridian itself (DICO unlimited) may be relevant.
Motusbank mortgages: a rare digital bank offering
Most digital banks stick to deposit products. Motusbank offers mortgages online — a meaningful differentiator for Canadians who want high-rate savings AND a competitive mortgage in one relationship.
Mortgage features:
- Fixed rates (1, 2, 3, 5-year terms)
- Variable rate options
- Open and closed mortgage types
- Portable mortgages
- Prepayment privileges (standard 20/20: 20% annual lump sum, 20% payment increase)
- Online application with mortgage specialist support
- Available in all provinces except Quebec
This positions Motusbank well for first-time buyers who want to consolidate banking and borrowing without paying Big Bank rates.
Who Motusbank is best for
Best fit:
- Canadians who want a single digital bank for chequing, savings, and mortgage
- People who like the values of credit unions but want national availability and CDIC insurance
- Those seeking fee-free everyday banking plus competitive savings rates
- First-time home buyers looking for a competitive mortgage with a digital lender
Less ideal for:
- People who want the absolute highest GIC rates (Oaken Financial typically edges Motusbank here)
- Those who want a large physical branch network
- Quebec residents (mortgages not available)
Motusbank vs competitors
| Feature | Motusbank | EQ Bank | Simplii | Tangerine |
|---|---|---|---|---|
| HISA rate | ~3.10% | ~3.75% | ~2.75% | ~0.10%* |
| Chequing | Yes, free | Yes, free | Yes, free | Yes, free |
| Mortgages | Yes | Yes (through partner) | No | Yes |
| GICs | Yes | Yes | Yes | Yes |
| ATM rebates | Yes | Selected network | Yes (CIBC) | Selected network |
| Deposit insurance | CDIC | CDIC | CDIC (via CIBC) | CDIC (via Scotiabank) |
| Credit union parent | Yes | No | No | No |
Tangerine savings rate applies primarily to new customers on promotional rate; standard rate much lower
How to open an account
- Go to motusbank.ca and click “Open an Account”
- Choose chequing, HISA, or both
- Enter personal information and SIN
- Complete identification verification (online)
- Fund from an external Canadian bank account
The process is fully online and open to all Canadian residents (except for mortgage products, which are not available in Quebec).
Verdict
Motusbank is one of the more complete digital banks in Canada — not always the absolute highest on any single metric, but genuinely strong across chequing, savings, and lending. If you want the values of a credit union with national reach, CDIC deposit insurance, fee-free banking, and competitive rates, Motusbank belongs in the conversation alongside EQ Bank and Simplii.