motusbank is the digital banking subsidiary of Meridian Credit Union (Ontario's largest CU with 380k members). Launched 2019. Offers $0 chequing, 3.00% standing savings, and access to Meridian's ATM network. Smaller user base than EQ Bank but credit-union backing appeals to some.
motusbank was launched by Meridian Credit Union in 2019 as a federally-regulated digital banking subsidiary. The structure is unusual: Meridian operates as a provincial credit union (Ontario only), but motusbank is federally regulated under Bank Act (operates Canada-wide). This means motusbank can offer banking services to non-Ontario residents that Meridian itself cannot.
The product offering is straightforward: $0 chequing account with unlimited transactions, 3.00% standing savings rate (lower than EQ Bank's 4.00% but higher than most Big-6), 3.75% standing TFSA, competitive GIC rates (3.85% 5-year), and mortgages (via Meridian CU parent). Free Interac e-Transfers, free ATM withdrawals at Meridian network (380+ in Ontario), and free use of EXCHANGE Network ATMs nationwide.
Trustpilot rates motusbank at 3.3 / 5 on a small volume of reviews (~200). Customer service is responsive. The credit union backing appeals to customers who value member-owned banking philosophy over fintech polish. BBB rates motusbank at A+.
Where motusbank loses: 3.00% trails EQ Bank by 1.00% on standing rate, limited brand recognition outside Ontario, mobile app is functional but unremarkable, and no credit cards directly (must use Meridian CU's card lineup which is mid-tier). For pure rate optimization, EQ Bank or Saven win. For CU-philosophy banking, motusbank works.
Who should bank with motusbank? Customers who value credit-union banking philosophy, Meridian Credit Union members wanting digital subsidiary integration, and Ontario residents who want access to Meridian's ATM network. Who should look elsewhere? Maximum rate seekers (use EQ Bank), customers outside Ontario (limited integration benefits), and borrowers seeking the absolute lowest mortgage rate (use online brokers).
motusbank works for Ontario residents and credit-union philosophy supporters. The 3.00% standing rate is reasonable but trails EQ Bank by 1.00%. For pure rate optimization, EQ Bank wins. For member-owned banking + Meridian Credit Union integration, motusbank is the answer.
Aggregated from Trustpilot, BBB, Reddit (r/PersonalFinanceCanada), and Google Reviews. We pulled the most-helpful reviews — both positive and negative — to give you a balanced picture.
"Solid CU-backed digital bank. Member-owned philosophy + decent rates. Chequing is free. Use Meridian Credit Union locally + motusbank for digital convenience."
"Outside Ontario the benefits drop. No Meridian branches, less integration. EQ Bank gives me 4.00% vs motus 3.00% — that 1% gap matters."
"Hamilton native, member of Meridian CU. motusbank lets me bank digitally while supporting my local credit union. Customer service responsive when I needed it."
"Was hoping for better rates. 3.00% is OK but EQ Bank pays 4%. App is basic. Probably better for Ontario residents than national users."
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