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Email thisWebsite: https://www.motusbank.ca/
Headquarters: Toronto, Ontario
Parent company: Meridian Credit Union
Credit union? No
Available to Quebec residents? No
Founded in: 2019
Disclaimer: Although our best efforts are made, the information posted on this website is not guaranteed to be accurate. Please visit their website for authoritative information.
Latest discussions about motusbank -- view all
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motusbank |
December 3, 2022 |
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Customer service:
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: Just opened my account today.
Why do you bank with them?: Promotional rate of 2.25% for 122 days on TFSA is excellent. Regular rate of 1.25% after that is still one of the top rates right now.
What do you like about this bank / credit union?: The online interface is clean, intuitive, and well-designed. When I called in, I got through quickly, and the agent I spoke to was friendly, helpful, and thorough. His audio dropped and I had to call back in, and the second agent was also friendly and helpful. Both spoke excellent English.
What could be improved about this bank / credit union?: I was unable to connect my Tangerine account through the online interface. When I called in, the agent suggested adding a HISA, as it would make the transfers easier. This didn't resolve the issue, so I had to submit a manual form and void cheque, but it was a fairly simple process to send these through the Secure Messaging feature in the online interface. The manual form starts with a field labelled "Account Number" (motus) - this could be clearer, as you actually need to enter your motus member number (you are linking to you your set of motus accounts, not an individual account).
General comments: Overall a very good experience so far.
Review by Glen Martin — November 18, 2021 @ 10:42 am
Customer service: Rated 5 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: Only opened an account with them 2 weeks ago.
Why do you bank with them?: Higher GIC and savings rates than the big banks.
What do you like about this bank / credit union?: I like the online interface, which allows you to accomplish most things (though I did have to upload a form via their secure messaging to link to an external bank account). Reaching a human via telephone has been consistently quick; and all the agents have been polite and very helpful.
What could be improved about this bank / credit union?: I hope linking to external banks could be done entirely online, like Tangerine and EQ. (They do have this feature on their website - but the online linking did not work for me. Maybe it works for some banks, and not for others).
General comments: So far, a pleasant experience.
Review by Pythagorus — March 10, 2021 @ 5:37 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars
How long have you banked with them?: One month.
Why do you bank with them?: Joint HISA account.
What do you like about this bank / credit union?: Interest rate, nothing more.
What could be improved about this bank / credit union?: Almost everything else. Website and app lack features and clarity. No feedback and customer service via in-app messages never responds. 8 business day holds on transfers-in is ridiculous.
General comments: Signup was easy and straightforward. Everything else had made me question if using them is worth the pain. Maybe?
Review by D Wand — April 1, 2020 @ 5:43 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: Few days
Why do you bank with them?: High-interest saving accounts!
What do you like about this bank / credit union?: Online, simple, easy, high-interest saving accounts!
What could be improved about this bank / credit union?: I don't know, I'm too new with Motusbank
General comments: I just want to mention that many sources on the internet right now state that Motusbank is not available for Quebec. This is not 100% true. I recently contacted Motusbank and they confirmed the following: ''We don’t currently meet the regulatory requirements of operating in Quebec; therefore, we cannot actively solicit business in the province. However, we can allow you to onboard as a new member but you will be restricted to acquiring deposit products only.'' ''The only accounts you would not qualify for would be any lending products such as loans, overdraft protection, lines of credit and mortgages.'' Motusbank is a member of CDIC and protection covers all provinces in Canada. I lived in the province of Quebec and I just finished opening my 2.50% TFSA saving account. I felt it was important to clarify this because a lot of Quebec residents would be satisfied enough with their chequing, saving accounts or GIC.
Review by JF — August 2, 2019 @ 2:36 pm
Customer service:
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.):
How long have you banked with them?: 3 Months
Why do you bank with them?: Interest rates for sure
What do you like about this bank / credit union?: One of the best interfaces I have seen
What could be improved about this bank / credit union?: So far nothing, they hit all my sweet spots.
General comments: I can compare this bank to when Ally was up and running in Canada. Virtually everything can be done in seconds online and nothing is done via snail mail. The only bad thing I can say is I used a live person to deposit two million at 2.25% and a few days later got an email saying you can only have 1 million in all accounts/gics and 250k limit in savings. They assigned me a personal representative called Mike (female) and she was very helpful to show me how to maximize my deposits and get around some of the limits. So now I have 975k invested there in a number of accounts, tsfa, rrsp, and savings. They ended up paying the penalty to move partial funds to tsfa & rrsp. I am excited and happy about this bank.
Review by MapleOne — July 21, 2019 @ 6:18 am