Motusbank is one of the (relatively) new online banks on the block. In 2016, the digital bank joined a growing trend of banks that operate entirely online. Now, more banking options are readily available to Canadian citizens from the comfort of their own homes.
Frequently Asked Questions
Yes! Motusbank is an entirely digital bank and is truly ideal for tech-savvy Canadians or people who don’t need branch access and prefer cheaper banking alternatives.
While no dedicated branches for Motusbank exist, customers can do banking online and access over 3,700 ATMs across Canada that are in the EXCHANGE Network, an ATM network that unites credit unions across the country and allows members of said unions to access their ATMs free of charge.
Some big banks affiliated with the EXCHANGE Network include HSBC, National Bank, and Manulife. Credit unions affiliated with the EXCHANGE Network include Alterna Savings, Desjardins, Vancity, and much more.
Yes. Motusbank is a Schedule 1 bank and a member of the CDIC. Chequing, savings, and some types of investments are insured up to $100,000 per investment.
Motusbank is also owned by Meridian Bank, Canada’s second-largest credit union. As of 2019, the credit union held $26 billion in assets under management.
Motusbank is owned and operated by Meridian Credit Union. As of 2019, Meridian Credit Union is Canada’s second-largest credit union. Not too bad at all.