Motusbank Review: Credit Union Digital Banking in Canada (2026)

Banking & Financial Products

Motusbank Review: Credit Union Digital Banking in Canada (2026)

Mar 20, 202623 min read

In a Canadian banking landscape dominated by the Big Five banks and their digital offshoots, Motusbank stands out as something genuinely different. Launched by Meridian Credit Union — Ontario’s largest credit union — Motusbank brings the credit union philosophy of member-first banking into the digital age. For Canadians with bad credit who feel overlooked by traditional banks, Motusbank offers an alternative built on a foundation of community values, competitive rates, and accessible financial products.

In this comprehensive Motusbank review for 2026, we will explore every product and service Motusbank offers, examine its credit union roots and what that means for your money, assess accessibility for Canadians with lower credit scores, compare Motusbank with its competitors, and help you determine whether this digital credit union bank deserves a place in your financial toolkit.

What Is Motusbank? Understanding Its Credit Union Roots

Motusbank launched in April 2019 as a digital-only bank created by Meridian Credit Union. Meridian is Ontario’s largest credit union, with over $30 billion in assets under management and more than 380,000 members. By creating Motusbank, Meridian extended its reach beyond Ontario’s borders, making its competitive rates and member-focused banking available to all Canadians.

Understanding the credit union model is essential to understanding what makes Motusbank different from banks like Tangerine, Simplii, or EQ Bank. Credit unions are cooperative financial institutions owned by their members, not shareholders. This means that instead of maximizing profits for external investors, credit unions focus on providing the best possible rates, fees, and service to their members.

This member-first philosophy translates into practical benefits for Motusbank customers. Interest rates on savings accounts and GICs tend to be competitive with or better than what big banks offer. Mortgage rates are often lower. And fees are minimal or nonexistent. The trade-off is that credit unions typically have fewer products and less extensive branch and ABM networks than the Big Five banks — though Motusbank, as a purely digital bank, is designed around the premise that many Canadians do not need physical branches.

Motusbank Savings Account Review

Motusbank offers a high-interest savings account that consistently ranks among the best in Canada for its competitive everyday rate. Unlike some banks that rely heavily on promotional rates to attract customers, Motusbank focuses on offering a strong everyday rate that does not expire after a few months.

Key Features of the Motusbank Savings Account

Motusbank’s everyday savings rate of 1.75% is higher than what Tangerine (1.00%) and Simplii (0.40%) offer on their regular savings accounts, though it falls below EQ Bank’s 2.50% rate. The rate is calculated daily and paid monthly, meaning you earn interest on your full balance every single day.

If you are deciding between Motusbank and EQ Bank for your savings, consider that EQ Bank offers a higher everyday rate (2.50% vs. 1.75%). However, Motusbank offers DICO coverage with no limit on eligible deposits, while EQ Bank offers CDIC coverage capped at $100,000 per category. If you have more than $100,000 in savings, Motusbank’s unlimited DICO coverage provides additional peace of mind. For smaller savings amounts, EQ Bank’s higher rate may be more valuable.

Accessibility for Bad Credit

Motusbank does not perform a credit check when you open a savings account. Your credit score is irrelevant — whether it is 300 or 850, you get the same account with the same interest rate and the same features. This aligns with the credit union philosophy of serving all members equally, regardless of their financial circumstances.

DICO vs. CDIC: Understanding Motusbank’s Deposit Insurance

One of the most significant differences between Motusbank and banks like Tangerine, Simplii, or EQ Bank is the type of deposit insurance. Motusbank deposits are covered by the Deposit Insurance Corporation of Ontario (DICO), while traditional banks are covered by the Canada Deposit Insurance Corporation (CDIC).

DICO vs. CDIC Comparison

DICO’s coverage for eligible deposits at Ontario credit unions is comprehensive and, for many deposit types, provides coverage with no dollar limit. This is arguably more generous than CDIC’s $100,000 cap per category. However, DICO is backed by the Province of Ontario rather than the federal government. While the risk of a credit union failure is very low (Meridian is one of the most financially stable credit unions in Canada), the backing authority is different from CDIC. For most Canadians with typical savings levels, both DICO and CDIC provide more than adequate protection.

For Canadians with larger savings balances (over $100,000 in any single deposit category), DICO’s coverage for eligible deposits without a dollar limit is a significant advantage. You do not need to split your savings across multiple institutions to stay within coverage limits, as you would with CDIC-insured banks.

Motusbank Chequing Account Review

Motusbank offers a no-fee chequing account that provides basic everyday banking functionality without monthly charges or minimum balance requirements.

Key Features

Motusbank chequing account holders have access to THE EXCHANGE Network, a network of over 3,500 ABMs across Canada shared by credit unions. This gives Motusbank customers ABM access comparable to what Tangerine and Simplii offer through their parent bank networks. You can find THE EXCHANGE Network ABMs in many locations including convenience stores, shopping centres, and credit union branches.

Download the Motusbank app or visit theexchangenetwork.ca to find free ABMs near you. THE EXCHANGE Network ABMs are widespread across Canada, but their locations may be different from what you are used to if you currently bank with a Big Five bank. Take a few minutes to identify the nearest free ABMs to your home, work, and frequent destinations so you can plan your cash withdrawals accordingly.

Accessibility for Bad Credit

Motusbank does not require a credit check to open a chequing account. The account is available to all Canadians regardless of credit history. This is consistent with the credit union philosophy of providing essential banking services to everyone.

Motusbank GICs Review

Motusbank offers competitive GIC rates that frequently rank among the best available from digital banks in Canada. The credit union model allows Motusbank to offer rates that are often higher than what traditional banks provide.

Motusbank GIC Rates

Note: GIC rates change frequently. Always verify current rates on Motusbank’s website before investing.

The minimum investment for Motusbank GICs is $1,000, which is higher than the $100 minimum at EQ Bank and Tangerine. This may be a consideration for Canadians who are just starting to save and want to invest smaller amounts in GICs.

Motusbank’s competitive GIC rates make it a strong candidate for a GIC laddering strategy. However, the $1,000 minimum investment per GIC means you will need at least $3,000 to $5,000 to build a meaningful ladder across multiple terms. If you have less than $1,000, consider building your savings in a Motusbank high-interest savings account first, then move into GICs once you have accumulated enough for the minimum investment.

Accessibility for Bad Credit

GICs do not require a credit check at Motusbank or any other institution. Since you are depositing your own money, your credit score is irrelevant. Any Motusbank account holder can purchase GICs regardless of their credit history.

1. Open a Motusbank Account

   Visit motusbank.ca and open a free savings or chequing account. The online application takes approximately 10 to 15 minutes to complete.



2. Verify Your Identity

   Motusbank will verify your identity electronically. You may need to provide government-issued photo identification. Most verifications are completed within one to two business days.



3. Fund Your Account

   Transfer money from your existing bank account to your new Motusbank account. The initial electronic funds transfer typically takes one to three business days.



4. Explore GIC Options

   Once your account is funded, navigate to the GIC section and review available terms and rates. Compare Motusbank’s rates with competitors to ensure you are getting the best deal.



5. Purchase Your GIC

   Select your desired term, enter the investment amount (minimum $1,000), and choose whether to place it in a non-registered account, TFSA, or RRSP. Confirm the purchase and your GIC will begin earning interest immediately.

Motusbank Mortgage Options

One area where Motusbank truly distinguishes itself is mortgages. Motusbank mortgage rates are consistently among the lowest in Canada, making it an attractive option for homebuyers who qualify.

Motusbank Mortgage Features

Motusbank’s mortgage rates are often 0.10% to 0.30% lower than what the Big Five banks offer, and they are competitive even with mortgage brokers’ best rates. For a $400,000 mortgage, a 0.20% rate difference can save you over $10,000 in interest over a 25-year amortization. This makes Motusbank worth investigating seriously for anyone in the market for a mortgage.

Despite Motusbank’s credit union roots and member-first philosophy, mortgage approval still requires a good credit score — typically 680 or above. Bad credit will make it very difficult to qualify for a Motusbank mortgage. However, Motusbank is an excellent long-term goal. Start banking with them now using their no-credit-check savings and chequing accounts, build your credit over the next one to two years, and then approach them for a mortgage when your credit score has improved sufficiently. Having an established relationship with the institution may work in your favour during the mortgage application process.

Motusbank Registered Accounts (TFSA and RRSP)

Motusbank offers both Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) with the same competitive interest rates as their non-registered savings accounts and GICs.

TFSA at Motusbank

Motusbank’s TFSA offers the 1.75% everyday interest rate on savings balances, with the option to purchase GICs within the registered account. All growth within the TFSA is completely tax-free, making it one of the most powerful savings tools available to Canadians.

Combined with DICO’s coverage approach for eligible deposits, Motusbank’s TFSA is particularly attractive for those who want the security of comprehensive deposit insurance on their tax-free savings.

RRSP at Motusbank

Motusbank’s RRSP allows you to invest in savings account deposits and GICs within the registered account. RRSP contributions are tax-deductible, reducing your current year’s taxable income, and the investments grow tax-deferred until withdrawal.

Neither the TFSA nor the RRSP requires a credit check. These accounts are accessible to all Canadians regardless of credit history.

Motusbank vs. Competitors: Comprehensive Comparison

Motusbank’s key competitive advantages are its strong GIC and mortgage rates, the credit union model, and DICO’s coverage approach to eligible deposits. Where it falls short is in savings rate (below EQ Bank), the lack of a credit card offering, and the higher GIC minimum investment ($1,000 vs. $100 at competitors).

Motusbank Mobile App and Online Banking

Motusbank’s mobile app and online banking platform provide a functional, if somewhat basic, digital banking experience. The app covers all the essential banking functions and is available for both iOS and Android devices.

Key App Features

• Account overview with real-time balances
• Interac e-Transfer sending and receiving
• Bill payments to Canadian payees
• THE EXCHANGE Network ABM locator
• GIC purchase and management
• TFSA and RRSP account management
• Transaction history and search
• Biometric login
• Push notifications for transactions
• Mobile cheque deposit

While functional, Motusbank’s app is not as polished or feature-rich as the apps from Tangerine or the Big Five banks. It lacks some advanced features like spending categorization, budgeting tools, and savings goal tracking. For basic banking operations, however, the app does everything you need.

Motusbank has been gradually improving its app since launch, adding features and refining the user experience with each update. While it may not match the polish of larger banks’ apps, the improvements demonstrate Motusbank’s commitment to enhancing the digital experience for its customers. If you try the app and find it lacking in certain areas, check back periodically as new features are regularly added.

Motusbank Customer Service

Motusbank provides customer support through phone, email, and secure messaging within the app. Phone support is available during extended business hours, and the bank also offers callback services to minimize hold times.

Customer service reviews for Motusbank are generally positive, with customers noting friendly and knowledgeable representatives. The credit union philosophy extends to customer service — representatives tend to be more willing to work with customers on issues and provide personalized attention compared to the sometimes rigid customer service experiences at larger banks.

For phone support, Motusbank can be reached at 1-833-897-0024. Secure messaging through the app is also available and typically receives a response within one business day.

Security at Motusbank

Motusbank employs standard security measures to protect customer accounts and personal information.

Security Features

• Two-factor authentication
• Biometric login on mobile devices
• Encrypted data transmission
• Real-time fraud monitoring
• Automatic session timeouts
• Secure messaging for account communications
• Zero-liability fraud protection

As a credit union regulated by the Financial Services Regulatory Authority of Ontario (FSRA), Motusbank must meet strict regulatory standards for security and consumer protection. These standards are comparable to those that OSFI imposes on federally regulated banks.

The Credit Union Advantage: Why It Matters

Banking with a credit union like Motusbank offers several philosophical and practical advantages over banking with a traditional shareholder-owned bank.

Member Ownership

When you open an account at Motusbank, you become a member of Meridian Credit Union. Unlike bank customers who are simply clients, credit union members are co-owners of the institution. This ownership structure means the organization’s interests are aligned with yours — they succeed when you succeed.

Profit Sharing

Instead of distributing profits to external shareholders, credit unions reinvest profits back into the organization in the form of better rates, lower fees, improved services, and community investments. This is why credit union rates are often more competitive than bank rates.

Community Focus

Credit unions have a mandate to support their communities. Meridian Credit Union, Motusbank’s parent, invests significantly in community development, financial literacy programs, and social initiatives across Ontario. When you bank with Motusbank, a portion of the institution’s earnings goes back into supporting Canadian communities.

Democratic Governance

Credit union members have voting rights in the organization. You can vote for the board of directors and have a say in major organizational decisions. At a traditional bank, this level of influence is reserved for shareholders — customers have no governance rights.

Motusbank for Canadians with Bad Credit: Complete Assessment

Here is a transparent breakdown of what Motusbank can offer Canadians at different credit levels.

Accessible Without Credit Check

• Savings account with 1.75% interest rate
• Chequing account with unlimited transactions
• GIC products at competitive rates
• TFSA and RRSP accounts
• Interac e-Transfer and bill payments
• THE EXCHANGE Network ABM access
• Mobile cheque deposit

Requiring Credit Check and Good Credit

• Mortgage products (typically 680+ credit score)
• Personal line of credit
• Overdraft protection

Motusbank’s savings and chequing accounts, GICs, and registered accounts are all available without credit checks. The products that require good credit — mortgages, personal lines of credit, and overdraft — are lending products where the institution is extending credit to you. This is standard across all financial institutions and is not unique to Motusbank.

If homeownership is your goal, consider establishing your banking relationship with Motusbank now, even while your credit is still recovering. Open a savings account, set up regular deposits, and demonstrate consistent financial responsibility. Credit unions often take a more personalized approach to lending decisions, and having an established relationship with the institution can work in your favour when you eventually apply for a mortgage. Meanwhile, focus on improving your credit score through on-time payments, low credit utilization, and maintaining a long credit history.

How to Open a Motusbank Account

1. Visit Motusbank.ca

   Navigate to Motusbank’s website and click on the option to open an account. You can also download the Motusbank app to start the process on your mobile device.



2. Choose Your Account

   Select whether you want to open a savings account, chequing account, or both. We recommend opening both for maximum flexibility and convenience.



3. Complete the Application

   Provide your personal information including full legal name, date of birth, Social Insurance Number, address, and contact details. The application typically takes 10 to 15 minutes.



4. Verify Your Identity

   Motusbank will verify your identity through electronic means or by requesting documentation. You may need to upload a photo of your government-issued ID. Verification typically takes one to three business days.



5. Fund Your Account

   Once approved, link an external bank account and initiate a transfer to your new Motusbank account. Direct deposit can also be set up with your employer.



6. Receive Your Debit Card

   A debit card will be mailed to your registered address, typically arriving within five to ten business days. While waiting, you can use online banking features including e-Transfer and bill payments.

Motusbank Tips for Maximizing Value

1. Use Motusbank for Your Emergency Fund

Motusbank’s 1.75% everyday savings rate is competitive and does not rely on promotional periods. Combined with DICO’s coverage for eligible deposits, Motusbank is an excellent home for your emergency fund. The stability of the everyday rate means you do not have to worry about promotional periods ending and your rate dropping dramatically.

2. Compare GIC Rates Before Committing

Motusbank’s GIC rates are competitive, but they are not always the absolute highest available. Before purchasing a GIC, compare Motusbank’s rates with EQ Bank, Oaken Financial, and other online banks. Even a 0.10% difference on a larger GIC investment can translate to meaningful extra earnings.

3. Explore Mortgage Options Early

If you are planning to buy a home within the next two to five years, start exploring Motusbank’s mortgage options now. Get familiar with their rates, terms, and application requirements. Set up your banking relationship and demonstrate financial stability. When you are ready to apply, having a history with Motusbank can only help.

4. Take Advantage of THE EXCHANGE Network

THE EXCHANGE Network has over 3,500 ABMs across Canada. Familiarize yourself with the locations near you to avoid paying fees at other banks’ ABMs. The Motusbank app includes an ABM locator that makes finding free ABMs easy.

5. Consider Motusbank for RRSP Contributions

If you are making RRSP contributions, Motusbank’s GIC rates within the RRSP are competitive. The tax deduction from RRSP contributions, combined with competitive GIC rates and DICO coverage, makes Motusbank a solid choice for retirement savings.

Pros and Cons of Motusbank

Pros

• Credit union model focused on member benefit
• Competitive everyday savings rate (1.75%)
• Excellent GIC rates
• Among the best mortgage rates in Canada
• No monthly fees on savings or chequing accounts
• DICO coverage with no dollar limit on eligible deposits
• No credit check for banking accounts and GICs
• Access to THE EXCHANGE Network (3,500+ ABMs)
• Available to all Canadians nationwide
• Mobile cheque deposit
• TFSA and RRSP available

Cons

• Savings rate below EQ Bank’s 2.50%
• Higher GIC minimum ($1,000 vs. $100 at competitors)
• No credit card products
• App is less polished than competitors
• No physical branches (Meridian branches are separate)
• DICO is provincial, not federal insurance
• Mortgage still requires good credit despite credit union model
• Fewer products than full-service digital banks
• No US dollar account

Frequently Asked Questions About Motusbank

Final Verdict: Is Motusbank Worth It?

Motusbank brings something genuinely valuable to the Canadian digital banking landscape — the credit union difference. In an industry where most digital banks are subsidiaries of massive, profit-driven corporations, Motusbank offers an alternative built on cooperative principles, member ownership, and community values. And it backs up those values with competitive rates that match or beat many of its corporate-owned competitors.

For Canadians with bad credit, Motusbank provides accessible, no-credit-check banking with a competitive savings rate, strong GIC offerings, and DICO’s approach to deposit insurance coverage for eligible deposits. The credit union philosophy means you are banking with an institution that sees you as a member to serve, not a customer to extract revenue from. This subtle but important difference can make a meaningful impact on your banking experience, especially when you are dealing with credit challenges.

Where Motusbank falls short — lower savings rate than EQ Bank, higher GIC minimum, no credit cards, and a less refined app — these are acceptable trade-offs for many consumers. The key is understanding what Motusbank does best and using it strategically. For many Canadians, the ideal setup might involve Motusbank for GICs and mortgage planning, EQ Bank for maximizing savings interest, and Tangerine or Simplii for everyday chequing and credit card needs.

If you value the credit union philosophy, want competitive GIC and mortgage rates, appreciate the security of DICO coverage for eligible deposits, and do not need a credit card from your bank, Motusbank is an excellent choice. We recommend it especially for Canadians who are building toward homeownership and want to establish a relationship with a lender known for some of the best mortgage rates in the country.

Disclaimer: This review is for informational purposes only and reflects our independent assessment based on publicly available information. Interest rates, fees, and product features are subject to change. Always verify current terms directly with Motusbank before making financial decisions. DICO coverage details should be confirmed with DICO directly, as coverage rules may change. Credit Resources may receive compensation if you apply for products through our links, but this does not influence our reviews or recommendations.