So, another Digital Bank in Canada. Yes, MotusBank is totally Digital Bank and wholly owned subsidiary of Meridian Credit Union. And if you’re from Ontario than you’ve must have seen Meridian (Bank) Credit Union locations. They are largest Credit Union in the Ontario. But here I’ll not share my experince about Meridian Credit Union but about there new Federal Bank they launched in Canada on April 2nd, 2019.
Sign Up Process:
As you should be expecting from any digital sign up application, sign up process was pretty smooth. I did from my Note 9 and no issues. I am not sure if the sign up process with Tangerine ( another digital bank, owned by Scotia Bank) has changed or not where you’ve to goto Canada Post for verification (Please let me know in the comments). But, in case of Motus Bank, you just provide your ID details, nothing needs to uploaded etc. and that’s it. Yes, that’s it. My account was activated in 2-3 days, most probably large number of applications and I got my Vertical Debit Card delivered to me in less than week.
There could be different reasons why you should be choosing MotusBank or not, totally depends upon your requirements. Below are the few things you may like to consider if you’re still confused:
- Owned by Meridian Credit Union
- Your funds are secured by CDIC (Crown Corporation)
- No fee Chequing Account
- 0.50% interest on chequing account, Big Fives don’t even pay that,
- You can Withdraw/Deposit your money on any of THEEXCHANGE network ATM
- You can access your funds in the United States using ATM’s under ACCEL network, most probably surcharge free
- No limit on monthly transactions
- Free, unlimited Interac e-Transfers®
- And much more…
They do offer all range of banking services, from Chequing account to Saving and Mortgages. Right now they are offering good interest rate on the Saving Accounts, 2.50% on Tax Free Saving Account, which is not the highest or the lowest in the industry. I am sure these rates are promotional but we have to see yet how they remain competitive in coming days. They are also offering RRSP with 2.25% interest rate. 3.25% interest on GIC’s.
Yes, along with online banking, they do have iOS and Android app. You can do most of the tasks from the app itself but if you’re looking to open a new account like saving or TFSA, you can do all it within the mobile app. You can find the nearest The Exchange network ATM if you need cash or just want to change the MotusBank debit card pin.
MotusBank Customer Service
Now you maybe thinking, how’s there customer service as they are online or Digital only. To be honest, we will know this with time. Right now connecting to Customer Service/Member Service is quick, there is no wait time and call is answered within a minute. There level 2 queries are still handled by Meridian Bank as my call was transferred to them for issue which they were not able to resolve. Now how this remains in coming days, we don’t know yet.
Let me know about your views in the comments.