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Motusbank is an online bank in Canada that offers various financial products and services, such as the Motusbank No-Fee Chequing Account. It is an excellent option for customers that prefer banking on the move while enjoying other exciting features.
Motusbank No-fee Chequing Account doesn’t charge fees for account maintenance. Also, the digital bank account option features zero monthly and annual fees and requires no minimum balance. To make it a more exciting account option, customers can accrue interest of up to 0.15% on all deposited funds.
There is more to this chequing account. Hence, to decide if it’s the best for your banking needs, read this detailed review of the Motusbank No-Fee Chequing Account.
Features of Mostusbank No-fee Chequing Account
Motusbank No-fee Chequing Account offers a range of convenient features. They are:
- Convenient and user-friendly banking experience
- Unlimited Interac e-Transfers without any charges
- No limits on withdrawal, debit, and billing transactions
- Supports cheque deposits via the Deposit Anywhere™ feature
- No minimum balance requirement
- No monthly account fees
- No credit card issuance
- ABM accessibility for customers
- No daily banking fees (except for factors beyond their control)
- Additional benefits and perks
- Earn 0.15% interest on all deposited funds
- The first order of 25 cheques is complimentary
- Offers insurance by CDIC on eligible deposits of a certain amount.
Pros of the Motusbank No-Fee Chequing Account
It’s a No-Fee chequing account
This chequing account eliminates the burden of paying monthly account fees. Thus, it saves you from spending your hard-earned money on accountkeeping.
Provides a no-charge service for unlimited transactions and e-transfers
With free and unlimited transactions and e-transfers, you can conveniently manage your finances without worrying about extra charges. Additionally, it allows you to conduct as many transactions as you need without restrictions.
Zero monthly account fees
There are no charges or costs associated with maintaining the account monthly. Users do not have to pay a regular fee to keep the account open. This feature offers financial convenience and helps users save money by eliminating monthly charges.
No minimum balance
This Chequing Account doesn’t require a minimum balance, thus eliminating any pressure to meet certain financial thresholds. Therefore, this makes it a suitable option for anyone, regardless of their income level.
Mobile cheque deposits with Deposit Anywhere
This convenient banking feature enables customers to deposit cheques on their mobile devices. This eliminates the need for an in-person cheque deposit transaction at a physical branch or ABM.
Convenient banking experience
Motusbank offers hassle-free banking options, such as banking online, with your mobile device, or at the ABM. These convenient options make it easy to bank on the move and from anywhere.
Withdrawals, debit transactions, and bill payments are unlimited
There is no restriction on managing your regular financial transactions. You can access your account balance for transactions without worrying about exceeding a defined limit.
Additional benefits and perks
Customers benefit from the other perks, such as earning 0.15% interest and free orders on the first 25 cheques. Another special perk is the eligibility for insurance on deposits up to $100,000.
Cons of the Motusbank No-Fee Chequing Account
No Physical Branch
The downside of Motusbank No-Fee Chequing Account is that Motusbank is a digital bank, hence has no physical branch. While banking on the move is an immense benefit, this may not be true for customers who prefer offline banking.
It does not offer credit cards
The lack of credit card options limits customers’ access to the benefits and rewards of owning a credit card. Hence, account holders miss out on the convenience of using credit cards for payment and an opportunity to build creditworthiness.
Motusbank No-Fee Chequing Account fees
Opening and maintaining a Motusbank No-fee Chequing Account is free. That includes access to thousands of ABMs within Canada and on Interac e-Transfers.
Online viewing of cheques is also free; however, you will pay $1.50 for cheque images with paper statements. Also, there is a fee of 2.50% on foreign debit transaction surcharges.
Motusbank No-Fee Chequing Account special offers
Aside from the general benefit of owning a Motusbank No-fee Chequing Account, customers enjoy some special perks. These are:
- Opportunity to earn 0.15% interest on all deposited funds
- No charges for the first 25 cheques you order.
- Eligible deposits insured up to $100,000 by Canada Deposit Insurance Corporation
Other Motusbank account options
Motusbank offers other account options aside from the No-fee Chequing Account. If you’d like to compare Motusbank account options before settling for one, they are:
- High-interest savings account
- TFSA savings account
- RRSP savings account
- RRIF savings account
How to open the Motusbank No-fee Chequing Account
Follow this step-by-step guide to open this account:
- Visit the official site of Motusbank
- Explore the account options and select the No-fee Chequing Account.
- Click on “Open an Account” to begin the account opening process.
- Fill in the required information appropriately. This part of the form includes personal details, employment information, and address.
- Proceed to verify your identity with any valid identification means.
- Read through and agree to the terms and conditions of the account.
- Submit and wait for approval. Once approved, you’ll be given your login credentials. You can then fund your account and transact online or via the bank app.
Motusbank No-Fee Chequing Account conclusion
Regarding digital banks such as Motusbank, people’s primary focus is often on savings and chequing accounts. Motusbank No-fee Chequing Account offers customers affordable options for an everyday banking experience.
The convenience, little to no charges, and deposit interest make this a good option for many Canadians. However, understand this account’s policy and other associated fees to decide if it’s the best for your needs.
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