Motusbank Review Canada 2026

🏆 Our Top Pick for Daily Spending: KOHO

Motusbank excels at mortgages and savings. For everyday spending, KOHO wins — 1% cash back on groceries, no NSF fees, and a better mobile experience. Both are free to use.

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What Is Motusbank?

Motusbank is the federally regulated online bank subsidiary of Meridian Credit Union — Ontario's largest credit union with over 75 years of history. Launched in 2019, Motusbank operates coast to coast (unlike Meridian branches, which are Ontario-focused) and offers no-fee chequing, competitive savings rates, GICs, mortgages, and personal loans entirely online.

Motusbank sits in an interesting niche: it has the product depth of a credit union (competitive rates, member-focused ethos) with the reach of a national online bank. Its mortgage rates in particular are consistently among the best available without using a mortgage broker.

Motusbank Products & Rates (2026)

Product	Details	Rating
No-Fee Chequing	$0/month, unlimited Interac e-transfers	Excellent
HISA (Savings)	~3.0–3.5%	Good
TFSA Savings	~3.0%	Good
GICs	Competitive, locked-in rates	Good
Mortgage Rates	Among Canada's lowest — often below Big Six by 0.3–0.5%	Excellent
NSF Fee	$45	Poor
ATM Access	THE EXCHANGE Network (3,000+ ATMs free)	Good
Cash Back on Spending	None	N/A
Credit Building	None	N/A
CDIC Insured	Yes	Excellent

✅ Motusbank Pros

Competitive mortgage rates — often best in Canada
Free chequing account — no monthly fee
3,000+ free ATMs via THE EXCHANGE Network
3%+ savings interest
Full TFSA, RRSP, and GIC suite
Credit union values — member-focused
CDIC insured

❌ Motusbank Cons

No cash back on debit spending
$45 NSF fee
Less name recognition than Tangerine/Simplii
Mobile app less polished than KOHO
No credit building feature
Customer service primarily online/phone

🏆 Motusbank Verdict 2026: 7.8/10

Motusbank earns 7.8/10 — particularly strong for mortgages and savings, but not the best for everyday spending. If you're shopping for a mortgage, Motusbank's rates should be on your shortlist. The no-fee chequing and solid savings rates round out a competitive package.

The gap: no cash back on spending and a $45 NSF fee mean Motusbank shouldn't be your primary daily spending account. Pair KOHO (free, cash back, zero NSF fees) with Motusbank (savings and mortgage) for a powerful combination.

Motusbank Mortgage Rates — Why They Matter

Motusbank's mortgage rates are one of its biggest draws. As a credit union subsidiary focused on digital delivery, Motusbank can offer rates 0.3–0.5% below the Big Six banks. On a $500,000 mortgage, that's $1,500–$2,500 per year in savings. Motusbank offers variable, fixed, and HELOC products with straightforward terms and no unnecessary complexity.

Who Is Motusbank Best For?

Motusbank is best for Canadians shopping for a competitive mortgage, those who prefer credit union values over Bay Street banks, and people looking for a solid combination of savings rates and no-fee banking in one place. It's especially worth considering if you're already banking with a credit union or want rates below the Big Six without using a mortgage broker.

🏆 Best for Daily Spending: KOHO

Use KOHO for your daily spending to earn cash back and avoid NSF fees. Use Motusbank for your mortgage and savings. Both are free — together they beat any single big-bank option.