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Motusbank

Motusbank: presentation of its financial products

To the point Motusbank is a new online bank. Here is an overview of Motusbank's financial products: loans, credit card, etc.

Do you know Motusbank, Alterna, Manulife and Simplii? These new platforms compete with the financial institutions we are already familiar with.

Here is the analysis of Motusbank and its financial products. You can also find our comparison of these 4 banks’ financial products.

Motusbank

Motusbank is a subsidiary of Meridian Credit Union based in Toronto. This financial institution manages over 23.9 billion in assets. The following is a summary analysis of its financial products.

Checking account Savings account GIC (Guaranteed Investment Certificate) Investment Mortgage loans Loans

Free

Interest rate of 0.15%

No fees on current transactions

First free checkbook

Simplified check deposits by taking a picture

Free interac transfers

Free

Interest rate of 1.00%

No fees on current transactions

Free Interac transfers

Free cash withdrawals at over 43,000 ATMs in Canada and the U.S.

Several options and terms:

A) Short term

30 days: 0.95%

60 days: 1.00%

90 days: 1.05%

180 days: 1.05%.

270 days: 1.05%.

B) Long term

1 year: 1.45%

1.5 years: 1.20%

2 years: 1.25%

3 years: 1.35%

4 years: 1.45%

5 years: 1.55%

Several financial vehicles available such as RRSP, TFSA and RRIF

Personalized financial planning service

Partnership with Qtrade direct investment and Virtual Wealth

Varied offering of Exchange Traded Funds, Mutual Funds and Guaranteed Investment Certificates

Fixed rates:

6 months interchangeable: 4.00%

1 year (open): 6.00%

1 year (closed): 3.09% (2.09% under certain conditions)

2 years: 3.19% (2.09% under certain conditions)

3 years: 3.49% (2.09% under certain conditions)

4 years: 3.74% (2.09% under certain conditions)

5 years: 4.59% (2.09% under certain conditions)

Variable rates:

5 years (open): 4.45%

5 years (regular): 1.55% (under certain conditions)

5 years (high ratio): 1.55% (under certain conditions)

Offer of a mortgage line of credit

Borrow up to 65% of the total value of the house

The pre-approved amount is available at any time, without time limits

Very low interest rate on repayments

Flexible payments

Secure 2.75% interest rate on the home equity line of credit

Motusbank checking account

This no-load account offers an interest rate of 0.15%.

It should also be noted that all common operations as well as interac transfers are free.

Finally, a book of 25 cheques is offered to new users.

Motusbank savings account

This account is also free and offers an interest rate of 1.00%. There are no fees for routine transactions and transfers.

In addition, withdrawals in Canadian and U.S. currencies are very easy, while a partnership with over 43,000 ATMs is in effect.

Investment

There are several investment options available to Motusbank users. The first step is to invest in registered accounts such as RRSPs, TFSAs and RRIFs.

In addition, many guaranteed investment certificates are available to users. Here is an overview of the terms of these GICs.

Motusbank GIC Term and Return

30 days 60 days 90 days 180 days 270 days 1 year 1.5 years 2 years 3 years 4 years old 5 years
0,95 % 1,00 % 1,05 % 1,05 % 1,05 % 1,45 % 1,20 % 1,25 % 1,35 % 1,45 % 1,55 %

Motusbank also offers a personalized financial planning service that is made possible through a partnership with two leading online brokerage platforms, Qtrade Direct Investing and Virtual Wealth .

In addition, many mutual funds and exchange traded funds are made available to Motusbank users.

Motusbank mortgage loans

Motusbank offers a wide range of fixed and variable rate mortgages. The following is an analysis of current rates.

Fixed Rate Mortgages:

6 months (interchangeable) 1 year (open) 1 year (closed) 2 years 3 years 4 years old 5 years
4,00 % 6,00 % 2,09 %* 2,09 %* 2,09 %* 2,09 %* 2,09 %*

* Please refer to this hyperlink for more information

Variable Rate Mortgages:

5 years (open) 5 years (regular) 5 years (high ratio)
4,45 % 1,55 % * 1,55 % *

* Please refer to this hyperlink for more information

Motusbank loans

Motusbank offers a mortgage line of credit that allows you to borrow up to 65% of the total value of your home. This amount is available at any time without time limit. In addition, interest rates on repayments are relatively low and payment schedules are flexible. The safe interest rate on the home equity line of credit is currently 2.75%.

We invite you to check out this hyperlink for more information on loans offered by Motusbank.

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