Motusbank’s savings rate of approximately 3.10% applies to the HISA, TFSA savings, and RRSP savings accounts. GICs offer higher fixed rates — approximately 3.70% for a 1-year non-redeemable term. All deposits are CDIC insured up to $100,000 per eligible category.
Motusbank Savings Rates (2026)
| Product | Rate | Notes |
|---|---|---|
| HISA (non-registered) | ~3.10% | Variable; no minimum balance |
| TFSA savings | ~3.10% | Tax-free growth and withdrawals |
| RRSP savings | ~3.10% | Tax-deferred growth |
| GIC — 1 year | ~3.70% | Non-redeemable; best rate |
| GIC — 2 year | ~3.65% | Non-redeemable |
| GIC — 3 year | ~3.60% | Non-redeemable |
| GIC — 5 year | ~3.50% | Non-redeemable |
Rates are variable for savings accounts and are set by Motusbank. Verify current rates at motusbank.com before opening an account or renewing a GIC.
Motusbank vs Competitor Savings Rates
| Institution | HISA Rate | TFSA Rate | 1-Yr GIC |
|---|---|---|---|
| EQ Bank | ~3.50% | ~4.25% | ~4.00% |
| Motusbank | ~3.10% | ~3.10% | ~3.70% |
| Manulife Bank | ~3.10% | ~3.20% | ~3.65% |
| Simplii Financial | ~0.10% (chequing) | ~3.00% (promo) | ~3.60% |
| Tangerine | ~0.10% (chequing) | ~2.75% (standard) | ~3.50% |
| Desjardins | ~2.50–3.50% | ~2.50–3.50% | ~3.50–4.50% |
| National Bank | ~2.50% | ~2.50% | ~3.25% |
EQ Bank leads on savings rates. Motusbank and Manulife Bank are competitive with each other. Motusbank’s edge over Manulife is the mortgage product with 20/20 prepayment and a $0 chequing account with no minimum balance.
TFSA: Tax-Free Compounding at 3.10%
| Year | Balance at Start | Interest Earned | Balance at End |
|---|---|---|---|
| Year 1 | $7,000 | $217 | $7,217 |
| Year 3 | $23,271 | $721 | $23,992 |
| Year 5 | $40,710 | $1,262 | $41,972 |
| Year 10 | $87,440 | $2,711 | $90,151 |
Assumes $7,000 contributed annually, no withdrawals, constant 3.10% rate. All interest earned tax-free. Compounding accelerates over time.
GIC vs HISA: Which Is Better for You?
| Factor | HISA (~3.10%) | GIC (~3.70%, 1 yr) |
|---|---|---|
| Rate | Lower | Higher |
| Access to funds | Anytime (no penalty) | Locked until maturity |
| Rate guarantee | Variable (can change) | Fixed for full term |
| Best for | Emergency fund; money needed within 1 year | Money not needed for 1–5 years |
For funds you can lock away for 12 months or more, a 1-year GIC at ~3.70% earns $600 more per year per $100,000 than the HISA at ~3.10%. On a $50,000 deposit, the difference is $300/year — meaningful and risk-free.
Deposit Insurance on Savings
| Category | Coverage |
|---|---|
| Non-registered savings / HISA | CDIC — $100,000 |
| TFSA | CDIC — $100,000 (separate from non-registered) |
| RRSP | CDIC — $100,000 (separate from TFSA) |
Each category is insured separately. A depositor with $100,000 in a non-registered HISA, $100,000 in a TFSA, and $100,000 in an RRSP at Motusbank has $300,000 in CDIC-covered deposits across three categories.
2026 Registered Account Limits
| Account | 2026 Annual Limit | Cumulative (from inception) |
|---|---|---|
| TFSA | $7,000 | $109,000 (since 2009) |
| RRSP | 18% of earned income, max $33,810 | Varies by individual |
| FHSA | $8,000 | $40,000 lifetime max |
Motusbank offers TFSA and RRSP accounts. FHSA availability — confirm directly with Motusbank.