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motusbank High Interest Savings Account

motusbank offers Canadians a high interest savings account with zero banking fees.

1.00%

Interest Rate

$0

Minimum Balance

Please note: All information about motusbank High Interest Savings Account has been collected independently by Finder and this product is not available through this site.

The motusbank High Interest Savings Account is for digitally savvy customers who want to maximize their long-term savings without ever having to step foot inside a branch.

Features

  • Interest rate: 1%
  • Fee: $0 per month
  • Minimum deposit to open: $0
  • Automatic savings option: Yes
  • Debit card available: Yes
  • Transactions and withdrawals: All unlimited

What are the benefits of a high interest savings account with motusbank?

The following are some of the main benefits of motusbank‘s high interest savings account:

  • High interest rates. motusbank‘s high interest savings account allows you to earn more money than comparable accounts at many other banks.
  • Access to ATMs. Savings account holders receive a debit card that they can use to withdraw money. There are more than 3,700 participating ATMs across Canada.
  • Deposit insurance. As a member of the Canadian Deposit Insurance Corporation (CDIC), motusbank‘s high interest savings accounts are insured up to $100,000 by the CDIC.

What should I look out for?

The following are some of the main drawbacks of a motusbank High Interest Savings Account:

  • Fees. While there are no daily banking fees, there are fees for replacing debit cards, overdraft interest and closing an account within 3 months.
  • No physical locations. As a motusbank customer, you won’t be able to speak with a customer service representative in person.
  • Not as comprehensive as a major bank. motusbank doesn’t offer as many financial services as the major banks in Canada.

How do I open an account?

To open a high interest savings account with motusbank, follow these steps:

  1. Visit motusbank‘s website and select the “Join Now” tab.
  2. Scroll down to “high interest savings account” and select “Open an account.”
  3. Confirm you are eligible (more on that below).
  4. Fill out the application by providing your personal information, residency status, occupation and purpose of your savings account.
  5. Complete the identity verification process. motusbank will generate a barcode for you that you need to bring to Canada Post along with government-issued photo ID and proof of address. This information will then be sent to motusbank for verification.

Required information

  • Name
  • Phone number
  • Mailing address
  • Social Insurance Number
  • Birthday
  • Employment/business information
  • Primary purpose of account
  • Intended banking relationship
  • Types and methods of deposit into your account

If you’re ready to apply for a motusbank high interest savings account, visit their website and finish the application online.

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