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.
Continue reading with one of the following articles:
Come to discuss that topic in our Facebook Group!
