Motusbank Review Canada 2025

Motusbank is Meridian Credit Union's digital banking arm. Here's what it offers Canadians seeking no-fee banking with full financial services.

What Is Motusbank?

Motusbank is a federally chartered digital bank launched in 2019 by Meridian Credit Union, Ontario's largest credit union. Unlike most digital banks that focus purely on spending accounts, Motusbank offers a full suite of financial products including mortgages, HELOCs, personal lines of credit, and GICs — all without monthly fees on core accounts.

Motusbank is a Schedule I federal bank, meaning deposits are directly CDIC-insured without needing a banking partner.

Motusbank Key Products

Product	Fee	Notable Feature
No-Fee Chequing Account	$0/month	Unlimited transactions, free e-Transfers
High Interest Savings	$0	Competitive rate, no minimum
GICs	$0	CDIC-insured, competitive rates
Mortgages	N/A	Competitive rates, online approval
HELOC	N/A	Home equity line of credit
Personal Line of Credit	N/A	Online application

Motusbank No-Fee Chequing

The Motusbank chequing account has no monthly fees, no minimum balance, and unlimited transactions. It includes a Visa debit card, free Interac e-Transfers, and access to THE EXCHANGE Network ATMs (surcharge-free). The account earns a small amount of interest — a rarity for chequing accounts in Canada.

Motusbank Savings and GIC Rates

Motusbank's savings rates are competitive compared to big banks but typically slightly below EQ Bank. GIC rates are strong and worth comparing if you're investing a lump sum for a fixed term. All GICs and savings accounts are directly CDIC-insured through Motusbank's federal charter.

Motusbank Mortgages

One of Motusbank's key differentiators is mortgage lending. Digital banks rarely offer full mortgage products, but Motusbank does — with competitive rates and an entirely online process. This makes Motusbank attractive for homebuyers who want to manage their entire financial life digitally, from daily banking to their mortgage.

Motusbank vs. KOHO

Feature	Motusbank	KOHO (Free)
Monthly Fee	$0	$0
Institution Type	Federal bank (CDIC direct)	Fintech (via Peoples Bank)
Cash Back on Spending	No	Yes (1% groceries/transit)
Mortgages	Yes	No
Savings Rate	Competitive	Up to 5%
ATM Access	THE EXCHANGE Network	Limited

Who Should Use Motusbank?

Motusbank is best for Canadians who want a complete digital banking relationship that includes a mortgage or HELOC. It bridges the gap between fintech apps and full-service banks. If you're a homeowner or planning to buy property and want everything managed digitally, Motusbank is worth serious consideration.

For daily spending rewards, KOHO is the better option — cash back on every purchase with no monthly fee. Use code 45ET55JSYA to get $20 when you sign up.