What Is Motusbank?

Motusbank is the online banking arm of Meridian Credit Union — Ontario's largest credit union and Canada's second-largest overall. Launched in 2019, Motusbank operates entirely online, offering no-fee chequing, high-interest savings, mortgages, HELOCs, and personal loans at competitive rates. As a credit union brand, deposits are insured by FSRA (Financial Services Regulatory Authority of Ontario) with unlimited deposit protection for Ontario residents — surpassing the $100,000 CDIC limit at traditional banks.

Motusbank Products and Rates

Product	Rate / Fee	Notes
No-Fee Chequing	$0/month	Unlimited transactions
HISA	2.50%	No minimum balance
TFSA Savings	2.50%	Tax-free growth
RRSP Savings	2.50%	Contribution deduction eligible
5-Year Fixed Mortgage	Competitive rates	Full mortgage origination
HELOC	Prime + spread	Up to 65% LTV
Personal Loan	From 6.99%	Secured and unsecured

Motusbank Pros and Cons

Who Is Motusbank Best For?

Motusbank is an excellent choice for Ontarians who want a full-service online bank — especially those who need a mortgage or HELOC at competitive rates. The credit union ownership model means profits benefit members rather than shareholders. If you need everyday spending rewards and cash back, pair Motusbank savings with a KOHO free account for the best of both worlds.

Motusbank vs KOHO: Key Differences

Feature	Motusbank	KOHO Essential
Monthly Fee	$0	$0
Cash Back	None	0.5%
Savings Rate	2.50%	Varies
Mortgage	Yes — full product	No
RRSP/TFSA	Yes	No
Deposit Insurance	Unlimited (FSRA, ON)	$100K CDIC (Peoples Trust)

Is Motusbank Safe?

Yes. Motusbank is owned by Meridian Credit Union, which has operated since 1944 and manages over $30 billion in assets. Ontario deposits are insured by FSRA with unlimited coverage — meaning even balances above $100,000 are protected, unlike CDIC insurance which caps at $100,000 per category.

Related: Meridian Credit Union Review | Best Online Banks 2026 | EQ Bank Review | Neobank Guide Canada