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Email this4:51 am
December 12, 2015
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I had signed up for emails but nothing was sent to me to announce the launch. I happened to check their website which is up and shows rates as follows today:
HISA - 2.25%
HISA for TFSA - 2.5%
HISA for RRSP - 2.25%
GIC 1 yr- 2.7%
18 mo to 4 year - 3%
5 year - 3.15%
GICs for TFSA or RRSP are 0.1% higher
3 and 5 year Escalator GICs seem a bit higher
(3yr - 3.15% and 5 yr - 3.3%)
These rates do not excite me
5:10 am
March 19, 2019
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I had signed up for the email as well. Did not receive anything either. Was expecting better rates.
5:32 am
October 21, 2013
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thanks for posting, Saver-Mom; and congratulations for being the first to spot Motus's arrival!
Those rates don't excite me either. They will have to do something to get people to bother opening an account with them, and this is not it as it doesn't even compete with EQ or Alterna, both of whom advertise their HISAs a lot. Perhaps there will be some Special Promos for limited time etc.
6:10 am
September 7, 2018
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- Motus rates appear to be better than its parent Meridian Credit Union - so perhaps this is to attract clients of Meridian.
- I suppose the Motus "no fee" chequing account could be an alternative to the Meridian chequing acct and others such as Simplii etc.
7:52 am
December 20, 2016
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Loonie said
..... They will have to do something to get people to bother opening an account with them, and this is not it as it doesn't even compete with EQ or Alterna, ......
The reality of the market, in my view, is the average person has no idea that higher savings / term rates can be had from what their current bank or CU offers.
Before discovering this Forum, I was unaware of how to track down interest rates, and many of my friends are surprised and even reticent about venturing away from their "safe" zone major bank.
Therefore, I suspect that, as has been mentioned, motusbank may be speaking primarily to their own Meridian clients, while hoping to erode some market share from other credit unions, counting on the "banking naïveté" of the average consumer.
After having dealt with Meridian for a while, my own expectations for motusbank have been low, and this information tends to confirm my expectations.
I signed up for email alerts, and like Saver-Mom, did not receive an email notification yet. Thanks for the head up, S-M!
Stephen
11:50 am
January 12, 2019
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"The reality of the market, in my view, is the average person has no idea that higher savings / term rates can be had from what their current bank or CU offers.
Before discovering this Forum, I was unaware of how to track down interest rates, and many of my friends are surprised and even reticent about venturing away from their "safe" zone major bank. . . . "
My thoughts exactly ^ ... well said !
" Live Long, Healthy ... And Prosper! "
12:37 pm
October 29, 2017
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Nothing special! Won’t be filling an application for an account.
12:41 pm
October 29, 2017
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I guess motusbank can be added to the charts anyways. They are good rates.
1:39 pm
December 18, 2008
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I'm guessing the email notifications will go out tomorrow (April 1) and today was a soft launch to check that everything is working.
1:46 pm
December 18, 2008
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Looks like Motusbank will be bank number 374 and transit number 20002.
2:44 pm
October 21, 2013
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Our only hope is that they are suitably underwhelmed by the response.
I note though that their earlier messaging suggested they'd be pushing mortgages. I don't know if their mortgage offerings are very good as I'm not up to date on that market, but i do notice that on their rates page, mortgages come first and GICs last.
2:59 pm
October 29, 2017
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Perhaps, the official launch will offer something juicy! The rates shown may just be there to amplify what’s coming. not holding my breath though.
5:05 pm
December 20, 2016
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I noticed that the same faux pas has been made by the administrators of motusbank as exists with Meridian with regard to their Android app. The Android app cannot be downloaded to devices that show any Country other than Canada as their location.
For a demographic like older adults who travel and especially live a snowbird lifestyle in warmer climates, (the kind of demographic that they should be targeting) this can be a problem, because a mobile device being used in the U.S. for example, a typical situation for a retired snowbird, cannot download their mobile banking app.
I brought this to the attention of Meridian a year ago, and my suggestion has been ignored. A similar situation existed with TD, on the other hand, and after bringing it to their attention, the change was made at Google Playstore.
Other FI's are aware of the situation and their apps are available to devices based outside Canada, namely WealthOne, Hubert, BMO, DUCA..that I am aware of because I use them. There may be others, but Meridian and now motusbank continue to live in ignorant isolation.
Stephen
5:20 pm
December 17, 2016
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Absolutely NO problems whatsoever with CIBC's iOS app anywhere outside of Canada - well, maybe not in current war zones.
7:23 pm
April 6, 2013
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Loonie said
… They will have to do something to get people to bother opening an account with them, and this is not it as it doesn't even compete with EQ or Alterna, both of whom advertise their HISAs a lot.…
There is something. But, only for those who use Interac debit a lot.
The 2¼% rate on their high interest savings account is not great. But, motusbank allows unlimited Interac Direct Payments against the account:
- Unlimited debit purchases, bill payments and withdrawals1
1Transactions include; self-serve transactions such as; bill payments and transfers between accounts via: Online, Mobile or Telephone Banking and ABMs, Interac® Direct Payment purchases, pre-authorized debit, and ABM withdrawals; personal service transactions such as; all in-branch withdrawals, transfers, bill payments and Member Service for transfers and bill payments and cheque transactions.
So, one can earn 2¼% on one's float for debit card and pre-authorized debits instead of something like ½% on a chequing account for the same.
9:05 pm
December 18, 2008
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That's awesome that they will allow bill payments, etc done from the Savings Account. I use Alterna Bank and they don't allow interac pos on the savings account anymore, however they do allow bill pay, PAD, and etransfers so I am very happy with them. I just wish they had autodeposit!
11:02 pm
December 26, 2018
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Low rates as compared to others.
11:27 pm
October 21, 2013
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For a lot of us, the unlimited interac would not be significant. Why use interac when you can use a credit card, delay payment and get a rebate? - assuming you pay it off every month.
I've never used it; spouse uses it rarely, usually by mistake when intending to use CC! There are very few places where we shop that will take interac but won't take CC. I can only think of one actually.
10:48 am
February 1, 2016
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Says you can link banks in 10 min, does that mean I don't have to mail in a cheque to get the account going?
12:12 pm
March 15, 2019
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Benjames35 said
Says you can link banks in 10 min, does that mean I don't have to mail in a cheque to get the account going?
I signed up just for the hell of it over the weekend. I had to go to the nearest post office this morning to complete the setup procedure....to prove who you are. You provide a barcode on your phone, 2 pieces of ID and done...took just a few minutes.
So I just tried linking a bank account, chose my Royal Bank account and it took about 3 minutes, done all electronically. Tangerine did it in about 2 minutes same with ScotiaBank (same company). Winner so far was EQ Bank at less than 2 minutes. Did not time with a stop watch just clock my computer.
Here is the info from their site:
Before you get started…
We understand that a convenient, intuitive and secure way to link your other bank account without the paperwork was important to you. So, we developed a completely online method for you to link your other bank accounts in three easy steps.
STEP ONE
Select Your Bank.
STEP TWO
Secure Sign In.
STEP THREE
Add Your Accounts.
We are still working out some kinks, however we know it works amazingly 85% of the time. Give it a try and let us know what you think (be honest, you won’t hurt our feelings). In return we promise to keep challenging ourselves to innovate and solve problems that other banks overlook.
Alternatively, you can always complete our manual method and submit your forms via secure message.
Please write your comments in the forum.