Motusbank charges no monthly fees and has no minimum balance requirement. The chequing account includes unlimited transactions, unlimited e-Transfers, and ATM fee rebates at any Canadian ATM (up to a monthly cap).
Motusbank Fee Summary
| Feature | Cost |
|---|---|
| Monthly chequing fee | $0 |
| Minimum balance | None |
| Transactions | Unlimited, free |
| Interac e-Transfers | Unlimited, free |
| ATM rebates (any Canadian ATM) | Up to monthly cap |
| Mobile cheque deposit | Free |
| TFSA, RRSP maintenance fee | $0 |
| GIC account fee | $0 |
ATM Fee Rebates
Motusbank reimburses ATM fees charged at any Canadian ATM:
| ATM Type | Motusbank Charges | Operator Fee | Rebate |
|---|---|---|---|
| Any Canadian ATM | $0 | Charged by operator | Reimbursed (up to monthly cap) |
| International ATM | $0 charged by Motusbank | Charged by operator | Not reimbursed |
Monthly cap: Motusbank’s specific monthly rebate cap is outlined in the account agreement. Heavy ATM users (multiple withdrawals per week) may hit the cap — confirm the limit directly with Motusbank if ATM access is frequent.
ATM Access Model Comparison
| Institution | ATM Model | Best For |
|---|---|---|
| Motusbank | Rebates any Canadian ATM (capped) | Flexible; any ATM |
| EQ Bank | THE EXCHANGE Network + Scotiabank | Dense network; no cap |
| Manulife Bank | THE EXCHANGE Network | Dense network; no cap |
| National Bank | Own ATMs + THE EXCHANGE | Quebec-heavy coverage |
Motusbank vs Competitor Fees
| Institution | Monthly Fee | Min Balance | e-Transfers | ATM |
|---|---|---|---|---|
| Motusbank | $0 | None | Free, unlimited | Rebate any ATM (capped) |
| EQ Bank | $0 | None | Free, unlimited | EXCHANGE Network (no cap) |
| Simplii Financial | $0 | None | Free, unlimited | CIBC ATMs (no fee) |
| Tangerine | $0 | None | Free, unlimited | Scotiabank ATMs (no fee) |
| National Bank (Digital) | $0 | None | Free, unlimited | 900 + EXCHANGE Network |
NSF and Overdraft
| Fee | Amount | Notes |
|---|---|---|
| NSF (returned item) | Disclosed in account agreement | Typically $40–$48 at Canadian banks |
| Overdraft protection | Available | Contact Motusbank for terms |
Contact Motusbank directly or review the account agreement for the current NSF fee and overdraft protection rates.
GIC Minimum Deposit
| Term | Rate (Approx.) | Notes |
|---|---|---|
| 1 year | ~3.70% | Non-redeemable; minimum deposit varies |
| 2 year | ~3.65% | Non-redeemable |
| 5 year | ~3.50% | Non-redeemable |
GIC minimums are not prominently listed publicly — confirm with Motusbank. GICs are available in non-registered, TFSA, and RRSP accounts, all CDIC insured.
CDIC Insurance Coverage
Motusbank is a federally regulated Schedule 1 bank and a member of the Canada Deposit Insurance Corporation (CDIC). Deposits are insured up to CDIC limits:
| Account Type | CDIC Coverage |
|---|---|
| Chequing and savings | $100,000 per depositor category |
| TFSA | $100,000 (separate category) |
| RRSP | $100,000 (separate category) |
| GICs (term ≤ 5 years) | $100,000 (separate category) |
This means a Motusbank customer with a chequing account, TFSA, and RRSP is protected for up to $300,000 total across those three separate categories. GICs with terms over 5 years are not CDIC insured.
About Motusbank
Motusbank is the digital banking division of Meridian Credit Union, Ontario’s largest credit union. It operates as a federally chartered bank (Schedule 1), which gives it national reach beyond Meridian’s Ontario base. Motusbank offers:
- No-fee chequing and savings accounts
- Online mortgages (available across Canada except Quebec)
- TFSA, RRSP, and GIC savings accounts
- No minimum balance requirements
Because Motusbank is owned by Meridian Credit Union — not one of the Big 6 banks — its fee philosophy skews toward no-fee, digital-first banking. Customers looking for branch access should note Motusbank has no physical branches; all banking is done online or by phone.
How to Confirm Current Fee Amounts
Some Motusbank fees (NSF, overdraft, specific ATM rebate caps) are disclosed in the account agreement rather than publicly on the website. To confirm exact current amounts:
- Website: motusbank.ca → Account Agreement
- Phone: 1-855-468-8783 (Monday–Friday)
- Live chat: Available through the Motusbank website
Always confirm the ATM rebate monthly cap if you plan to use ATMs frequently.