Motusbank is the digital banking arm of Meridian Credit Union — Ontario’s largest credit union. Launched in 2019 as a federally chartered bank, Motusbank combines the no-fee, competitive-rate positioning of online banks (EQ Bank, Simplii) with a full mortgage product lineup available nationally (excluding Quebec).
The key distinction from its parent: Motusbank is CDIC insured (up to $100,000/category), while deposits held directly with Meridian are insured by DICO (Ontario’s provincial insurer, unlimited coverage). Both are legitimate protections — but they are different.
Who Is Motusbank For?
Motusbank works best for:
- Canadians outside Quebec who want no-fee chequing plus an online mortgage from one institution
- HISA savers looking for ~3.10% with no minimum balance and no fees
- GIC buyers seeking competitive rates with CDIC protection
- Meridian members who want a CDIC-insured option alongside their Meridian relationship
Motusbank is less practical for:
- Quebec residents needing a mortgage (not available)
- Depositors who specifically want DICO’s unlimited coverage (hold directly with Meridian)
- Canadians who need ATM access beyond the monthly rebate cap (limited network vs Desjardins or National Bank)
No-Fee Chequing Account
| Feature | Details |
|---|---|
| Monthly fee | $0, no minimum balance |
| Transactions | Unlimited |
| Interac e-Transfers | Unlimited, free |
| ATM | Fee rebates at any Canadian ATM (up to monthly cap) |
| Debit card | Visa contactless debit |
| Mobile cheque deposit | Yes |
| Overdraft protection | Available |
The ATM rebate model differs from THE EXCHANGE Network approach at EQ Bank and Manulife Bank. Motusbank reimburses ATM fees (up to a monthly cap) at any Canadian ATM rather than restricting to a specific network. This provides access at any ATM machine but caps the total rebate per month.
Savings and GIC Rates
| Product | Rate | Notes |
|---|---|---|
| HISA (non-registered) | ~3.10% | No minimum balance |
| TFSA savings | ~3.10% | Tax-free growth |
| RRSP savings | ~3.10% | Tax-deferred growth |
| GIC — 1 year | ~3.70% | Non-redeemable |
| GIC — 2 year | ~3.65% | Non-redeemable |
| GIC — 5 year | ~3.50% | Non-redeemable |
Mortgages (Excluding Quebec)
| Product | Rate (Approx. 2026) | Term |
|---|---|---|
| 5-year fixed (closed) | ~4.69% | 5 years |
| 5-year variable (closed) | ~5.15% | 5 years |
Additional features:
- 20/20 prepayment: Increase payments by 20% or make lump-sum payments of up to 20% of original principal annually
- Portable: Mortgage can move with you when you sell and buy a new property
- Open mortgages: Available for maximum prepayment flexibility at a higher rate
- HELOC: Home equity line of credit available
- Quebec: Not available — Motusbank mortgages are offered in all provinces and territories except Quebec
Deposit Insurance: Motusbank vs Meridian
| Institution | Insurer | Coverage Per Category |
|---|---|---|
| Motusbank (bank) | CDIC | $100,000 |
| Meridian Credit Union | DICO | Unlimited (no dollar cap) |
If you hold $200,000 in a single registered account category, Motusbank’s CDIC coverage ($100,000) would leave $100,000 uninsured. The same balance held directly with Meridian Credit Union would be fully covered by DICO. For deposits within the $100,000 CDIC limits, both provide equivalent protection.