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Our Review of the motusbank Chequing and High-Interest Savings Accounts

Banking Aug 02, 2020

Our motusbank Review


The motusbank (a subsidiary of Meridian Credit Union) Chequing Account is one of our top picks for the best chequing accounts in Canada. It is a no-fee account with unlimited transactions and it even earns interest (Albeit a measly 0.25%, which hardly compares to many savings accounts). But they also offer a pretty attractive no-fee high-interest savings account that pairs well with their chequing account. I tried out their chequing and savings accounts for several months to see if it could replace my main bank. And overall, I've had a very positive experience and believe it could replace traditional banks for a lot of savvy Canadians. Read my review below to hear my thoughts, including my only gripe with their Savings Account.


motusbank Chequing and Savings Accounts
Overall
Interest Rate
Fees
Ease of Use

Interest Rate



The interest rate for the motusbank High-Interest Savings Account is competitive at 1.40% (in an unregistered account), and much better than the Big 5 banks are offering. However, it is still not one of the best rates in Canada, being easily beaten out by other options, including the EQ Bank Savings Plus Account we recently reviewed (which offers 2.00%)! That being said, this is still a reasonable interest rate and not a bad choice if you don't have a large savings balance that's accumulating interest, or if you need access via debit card.


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Fees



There are zero monthly fees for either account and no minimum balance required. This comes with unlimited transactions and free InteracĀ® e-Transfers. This is a great, especially when comparing motusbank to a Big 5 Canadian Bank. Even your first set of cheques is completely free. The only fees that you may run into in your day-to-day banking is withdrawing from a non-EXCHANGE Network ATMĀ®, which is easy to avoid (this ATM network includes most Credit Union ATMs and National Bank ATMs). Overall, motusbank's fee structure is excellent and transparent.


Ease of Use



motusbank has a modern and easy-to-use website, along with a great mobile app experience. After signing up, they promptly mailed my debit card and included instructions to reset my PIN (by visiting an ATM). They are part of the second-largest ATM network in Canada, so finding one is an easy task.

One of my favourite features that makes using a savings account easy is their "sweep" functionality. At the end of every day, they have a feature where if your chequing account balance is above a certain threshold, they will move money into your savings account (and vice versa). This was great to ensure my savings account was always utilized while still having money available to pay bills in my chequing.

Regarding customer support, I only had to call in once to ask a quick question, but the call support had no wait time and the customer support representative was helpful and professional. Overall I was very happy with the ease of banking with motusbank and would recommend it to anyone looking to move away from traditional banks.


Conclusion

Overall, combining the motusbank Chequing and High-Interest Savings Accounts makes for an enjoyable banking experience with next to no fees. My only complaint is the recently less-competitive interest rate, but if you are looking to move to an online bank they are an excellent option.

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