{"id":194081,"date":"2024-08-28T08:03:00","date_gmt":"2024-08-28T12:03:00","guid":{"rendered":"https:\/\/milesopedia.com\/news\/motusbank-financial-products\/"},"modified":"2024-08-30T10:17:39","modified_gmt":"2024-08-30T14:17:39","slug":"motusbank-financial-products","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/reviews\/products\/motusbank-financial-products\/","title":{"rendered":"Motusbank: Our review of their financial products"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text css=&#8221;&#8221;]<\/p>\n<p><strong>Motusbank<\/strong> is a Canadian online bank offering financial products and digital services for individuals. These include chequing, savings and investment accounts. But it also offers other products, such as mortgages and home equity lines of credit. This article explores the main digital products offered by <strong>Motusbank<\/strong> and compares them with those of other Canadian banks. Then we share our review so you can make an informed decision.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;What is Motusbank?&#8221; css=&#8221;&#8221; el_id=&#8221;what_is_motusbank_&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.motusbank.ca\">Motusbank<\/a> is a subsidiary of Meridian Credit Union founded in 2019. More specifically, it takes the form of a federally chartered online bank, with all financial products and services offered digitally.<\/p>\n<p><span class=\"c4\">Motusbank offers many products and services to Canadians, such as chequing accounts, savings accounts, investments (TFSAs, RRSPs, mutual funds, GICs, etc.), financial planning services, mortgages and home equity lines of credit. <\/span><\/p>\n<p><span class=\"c4\">Deposits in their savings products (savings accounts, GICs, etc.) are eligible for<\/span> <a href=\"https:\/\/www.cdic.ca\/\" target=\"_blank\" rel=\"noopener\">CDIC<\/a> deposit insurance up to $100,000.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Motusbank Financial Products&#8221; css=&#8221;&#8221; el_id=&#8221;motusbank_financial_products&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<p>As mentioned above, <strong>Motusbank<\/strong> offers a wide variety of digital financial products. However, our analysis focuses mainly on their bank accounts.<\/p>\n<p>[\/vc_column_text][vc_message css=&#8221;&#8221;]<\/p>\n<p>Unfortunately, Motusbank&#8217;s financial products are not currently available in Quebec.<\/p>\n<p>[\/vc_message][vc_custom_heading text=&#8221;Motusbank Chequing Account&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; css=&#8221;&#8221; el_id=&#8221;motusbank_chequing_account&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p><strong>Motusbank<\/strong> offers Canadians a chequing account with no monthly fees. Here are its main features:<\/p>\n<ul>\n<li>No monthly fees<\/li>\n<li>No minimum balance required<\/li>\n<li>Free and unlimited Interac transfers<\/li>\n<li>Unlimited debit purchases, bill payments and withdrawals<\/li>\n<li>Deposits insured by the Canada Deposit Insurance Corporation (<a href=\"https:\/\/www.cdic.ca\/\" target=\"_blank\" rel=\"noopener\">CDIC<\/a>)<\/li>\n<li>Free book of 25 cheques<\/li>\n<li>Free access to over 43,000 surcharge-free ATMs in North America (THE EXCHANGE network in Canada and Allpoint network in the U.S.)<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;Motusbank Savings Account&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; css=&#8221;&#8221; el_id=&#8221;motusbank_savings_account&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p class=\"c16\"><span class=\"c4\"><strong>Motusbank<\/strong> offers several savings accounts, the best known of which is the high-interest savings account. <\/span><span class=\"c4\">Here are its main features: <\/span><\/p>\n<ul>\n<li>No monthly fees<\/li>\n<li>No minimum balance required<\/li>\n<li>Competitive interest rates<\/li>\n<li>Unlimited debit purchases and withdrawals<\/li>\n<li>Deposits insured by the Canada Deposit Insurance Corporation (<a href=\"https:\/\/www.cdic.ca\/\" target=\"_blank\" rel=\"noopener\">CDIC<\/a>)<\/li>\n<\/ul>\n<p>The other two savings accounts offered by <strong>Motusbank<\/strong> are&nbsp;: TFSA Savings Account and RRSP Savings Account. Both are no-fee accounts with no minimum balance requirement and the same high interest rate as the regular savings account.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Other Motusbank Financial Products&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; css=&#8221;&#8221; el_id=&#8221;other_motusbank_financial_products&#8221;][vc_custom_heading text=&#8221;Investing&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; css=&#8221;&#8221; el_id=&#8221;investing&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<p>Several investment options are available to <strong>Motusbank<\/strong> customers. First, Guaranteed Investment Certificates (GICs), with terms ranging from 30 days to 5 years. GICs are available in registered (TFSA and RRSP) and non-registered accounts, and are protected by CDIC deposit insurance.<\/p>\n<p><span class=\"c4\"><strong>Motusbank<\/strong> also offers mutual funds and personalized financial planning services (in collaboration with Aviso Wealth).<\/span><\/p>\n<p>Finally, it offers <span class=\"c4\">self-directed investments (<a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/investing\/how-to-invest-online-in-canada\/\">online brokerage platform<\/a>) and professionally managed portfolios (in collaboration with Qtrade).<\/span><\/p>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;Mortgages&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; css=&#8221;&#8221; el_id=&#8221;mortgages&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<p><span class=\"c4\"><strong>Motusbank<\/strong> offers a wide range of fixed and variable-rate mortgages. Several attractive options are available, including prepayment (up to 20% per year), optional payment (one per year) and flexible <span class=\"c19\">payment schedule <\/span>(several choices are available, in regular and accelerated payments).<\/span><\/p>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;Home Equity Line of Credit&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; css=&#8221;&#8221; el_id=&#8221;home_equity_line_of_credit&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<p class=\"c18\"><span class=\"c19\"><strong>Motusbank<\/strong> offers home equity lines of credit (HELOC) that allow you to borrow a portion of the equity available on your home. Because it&#8217;s a loan secured by an asset (your home), you get a lower interest rate than other credit options (credit card, personal line of credit, etc.). Also,<\/span><span class=\"c19\"> payment schedules are flexible, including interest-only payments.<\/span><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Comparison with other banks&#8221; css=&#8221;&#8221; el_id=&#8221;comparison_with_other_banks&#8221;][vc_custom_heading text=&#8221;Chequing Accounts&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; css=&#8221;&#8221; el_id=&#8221;chequing_accounts&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<p>In our Review, the <strong>Motusbank<\/strong> chequing account is a good choice. Firstly, because it&#8217;s a bank account with no monthly fees. But also, because of our no-fee day-to-day transactions, no minimum balance requirement and free and unlimited Interac transfers. However, other Canadian banks also offer advantageous chequing accounts, from both online and traditional banks. For example:<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='compare-simple'\n\t\t\t\tdata-post_type='bank_account'\n\t\t\t\tdata-per_page='10'\n\t\t\t\tclass='deferred_container--preload container_bank_account container_template--compare-simple container_count--8 container_count--lots'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"bank_account_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"393798,368866,368877,399149,368903,368871,368907,368868\"\n\t\t\t\t\t\t\t>\n\t\t\n\t<div class=\"card card-list card-list-header\">\n\t\t<div class=\"shimmer shimmer-bar shimmer-dark shimmer-bar--short card-specs--title\"><\/div>\n\t<\/div>\n\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\t\t<\/div>\n\n\t\t<\/div>[vc_column_text css=&#8221;&#8221;]<\/p>\n<p>To compare other chequing accounts, use our <a href=\"https:\/\/milesopedia.com\/en\/?p=393505\">bank account comparator<\/a>.<\/p>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;Savings Accounts&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; css=&#8221;&#8221; el_id=&#8221;savings_accounts&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<p>In our Review, <strong>Motusbank<\/strong>&#8216;s high-interest savings account is another good choice. However, other Canadian financial institutions have interesting offers, whether for interest rates, welcome offers or hybrid accounts (high-interest chequing account with debit card and cash rewards on purchases). For example:<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='compare-simple'\n\t\t\t\tdata-post_type='bank_account'\n\t\t\t\tdata-per_page='10'\n\t\t\t\tclass='deferred_container--preload container_bank_account container_template--compare-simple container_count--6 container_count--lots'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"bank_account_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"368992,394405,397065,399287,393797,368990,368877,368994\"\n\t\t\t\t\t\t\t>\n\t\t\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n\t\t<\/div>\n\n\t\t<\/div>[vc_column_text css=&#8221;&#8221;]<\/p>\n<p>To compare other savings accounts, use our <a href=\"https:\/\/milesopedia.com\/en\/?p=393505\">bank account comparator<\/a>.<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"247124\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Our review of Motusbank&#8217;s financial products&#8221; css=&#8221;&#8221; el_id=&#8221;our_review_of_motusbank_s_financial_products&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<p>Overall, <strong>Motusbank<\/strong> &#8216;s range of financial products is attractive, including bank accounts with no fees and no minimum balance requirements. For example, the Chequing Account includes free day-to-day operations, free and unlimited Interac transfers, a free first chequebook, and much more.<\/p>\n<p>However, the &#8220;competitive&#8221; interest rate on their high-interest savings account is lower than many of these competitors such as <a href=\"https:\/\/milesopedia.com\/en\/reviews\/products\/eq-bank-financial-products\/\">EQ Bank<\/a>, <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/wealthsimple-chequing-account\/\">Wealthsimple<\/a> or <a href=\"https:\/\/milesopedia.com\/en\/reviews\/products\/tangerine-a-case-study\/\">Tangerine<\/a>. Admittedly, this is a non-promotional rate, but it&#8217;s about half that of <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/wealthsimple-chequing-account\/\">Wealthsimple&#8217;s Cash Account<\/a>.<\/p>\n<p>The range of savings and investment products is limited: <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/real-estate\/fhsa-everything-you-need-to-know\/\">TFSAs<\/a>, <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/investing\/registered-retirement-savings-plan-rrsp-101\/\">RRSPs<\/a> and GICs. But <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/real-estate\/fhsa-everything-you-need-to-know\/\">FHSA<\/a> is not available. That said, we like the fact that a personalized financial planning service is offered (in collaboration with Aviso).<\/p>\n<p>For several years now, competition has been fierce among Canadian financial institutions, from both online and traditional banks. <strong>Motusbank<\/strong> must continue to offer financial products and services that meet the needs of Canadians. But it also needs to develop new financial products and new markets (their financial products are not currently available to Quebec residents).<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In this article, we explore the financial products and digital services offered by Motusbank online bank, such as their checking and savings accounts.<\/p>","protected":false},"author":2488,"featured_media":400070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[619],"tags":[],"mc_loyalty_program":[],"class_list":["post-194081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-products","mc_market-roc"],"acf":{"mc_approved_badge":false,"mc_card_used":"","mc_featured_card_specific":null,"mc_hide_featured_card":false,"mc_post_checklist":{"mc_post_checklist_true":null,"mc_post_checklist_false":null}},"yoast_head":"<!-- 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