Meridian Credit Union's fully online bank — competitive rates, no monthly fees, and credit union values
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Savings rate | ~2.50–3.25%* |
| GICs available | Yes |
| Chequing | No-fee, unlimited transactions |
| ATM access | THE EXCHANGE network (no fees) |
| Deposit insurance | FSRA (Ontario) — unlimited |
| Mortgages | Yes — competitive rates |
| HELOCs | Yes |
*Rates change frequently. Verify on motusbank.ca.
Motusbank is the fully digital banking subsidiary of Meridian Credit Union, Ontario's largest credit union. Launched in 2019, Motusbank was created to bring the credit union philosophy — member-first, community-focused, competitive rates — to an online-only format accessible to Canadians anywhere in the country (excluding Quebec).
Unlike traditional big banks or even digital banks like Tangerine, Motusbank is technically a credit union, meaning depositors become members and share in the cooperative structure. This tends to mean more competitive rates on savings and mortgages, as the institution is not profit-maximizing for shareholders in the same way a publicly traded bank is.
This is one of the most important things to understand about Motusbank. As a credit union, Motusbank is NOT covered by CDIC (Canada Deposit Insurance Corporation). Instead, deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA).
The key advantage of FSRA coverage compared to CDIC: it is unlimited. There is no $100,000 cap per category like CDIC. All eligible deposits at Ontario credit unions — regardless of amount — are fully protected under FSRA. This actually provides broader coverage than CDIC for large depositors.
The High-Interest Savings Account (HISA) at Motusbank typically offers rates competitive with the top online banks in Canada. The rate varies with the Bank of Canada's policy rate. There are no monthly fees and no minimum balance requirements. Transfers to an external bank account are free and processed within 1–3 business days.
Motusbank also offers Tax-Free Savings Accounts (TFSAs) with the same high interest rate as the standard savings account, RRSP savings accounts, and RRSP GICs for retirement savings.
The no-fee chequing account includes unlimited transactions, free Interac e-Transfers, and access to the EXCHANGE ATM network for free cash withdrawals. The EXCHANGE network includes thousands of ATMs across Canada, primarily at credit unions and smaller financial institutions.
However, Motusbank does not provide a physical debit Mastercard or Visa — it uses an Interac debit card. Some users find this limiting for online purchases that don't support Interac.
One of Motusbank's standout offerings is mortgages. As a credit union, Motusbank can offer flexible mortgage options and competitive rates that sometimes beat major banks. They offer fixed and variable rate mortgages, home equity lines of credit (HELOCs), and are known for more flexible qualification criteria than some large banks.
If you're looking for a mortgage alongside your savings, Motusbank can be a one-stop shop offering good rates across both products.
Motusbank is best for Canadians outside Quebec who want a no-fee online bank with competitive savings rates and the added benefit of credit union deposit protection. It's particularly attractive for:
It's less ideal for those who frequently need physical branch access, want a Visa/Mastercard debit card, or need the widest possible ATM network.