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The Motusbank TFSA savings account stands out as one of the leading accounts in Canada with competitive rates. Canadians often use a Tax-Free Savings Account (TFSA) to save money without paying taxes on their earnings.

The Motusbank TFSA savings account has many characteristics that make it a good alternative for tax-advantaged savings. Motusbank has a TFSA with a 2.50% yield that has no fees and no minimum amount.

With this account, customers can take advantage of several benefits, including flexible contribution limits, tax-free growth, and easy accessibility to funds.

This guide will delve deeper into the Motusbank TFSA savings account, explore its features, pros, and cons, and provide a breakdown of the associated fees.

We will highlight any special offers available and discuss other Motusbank account offers to give you more options to consider.

Features of Motusbank TFSA savings account

• Flexible account for holding various investments (stocks, bonds, ETFs, etc.)
• Interest, earnings, and capital gains don’t have to be taxed.
• No fees or minimum balance requirement
• Competitive interest rate of 2.50%
• Easy accessibility to funds for withdrawals and transfers

Pros of Motusbank TFSA savings account

Some of the advantages of opening a Motusbank TFSA savings account are as follows:

Competitive interest earnings

The Motusbank TFSA savings account is one of the best ways to earn interest on your savings in Canada. With a competitive interest rate, your money can grow regularly and help you reach your financial goals faster.

Favorable personal loan and mortgage rates

Besides their TFSA savings account, Motusbank offers excellent personal loans and mortgage rates. By having your TFSA savings account with Motusbank, you may have the opportunity to benefit from their favorable rates when seeking financing options.

No-fee account and competitive fees

Motusbank provides a no-fee TFSA savings account, meaning you won’t be charged any maintenance or transaction fees. Moreover, Motusbank offers competitive fees overall, ensuring you can save more of your hard-earned money while enjoying the benefits of their services.

Cons of Motusbank TFSA savings account

Here are some downsides to keep in mind if you’re thinking about establishing one of these savings accounts:

Lack of physical branch presence

One downside of the Motusbank TFSA savings account is the absence of physical branches. This means that if you prefer face-to-face interactions or have urgent questions or concerns, you may not have the option to visit a branch location for assistance.

Customer service improvements needed

Some customers have reported experiencing issues with Motusbank’s customer service. While this may not be the case for everyone, it is important to consider that there have been instances where customers have faced challenges in obtaining prompt and satisfactory resolutions to their inquiries or concerns.

Lower GIC rates

If you are specifically interested in Guaranteed Investment Certificates (GICs), it is worth noting that Motusbank may offer lower rates compared to some other online banks. If maximizing your GIC returns is a priority, exploring alternative financial institutions for potentially higher rates may be beneficial.

Motusbank TFSA Savings Account fees

This TFSA savings account does not have daily banking fees, but this doesn’t mean you won’t incur fees for other actions. The fees associated with the Motusbank TFSA savings account include a $1.25 fee for ATM Interac transactions from the savings account.

You may also be charged $2.00 for monthly paper statements and $1.25 for each fulfilled Interac e-Transfer request.

Other account options at Motusbank

Motusbank offers the following account options in addition to the TFSA savings account:

High-Interest Savings Account

With this account, you can grow your savings and make a high interest rate, no matter how much you have in it. It provides a competitive interest rate to help you maximize your savings.

RRSP Savings Account

If you want to save for retirement, Motusbank’s RRSP savings account is a great choice. It lets you get a good interest rate while saving for retirement. This account does not have any monthly account fees.

How to open Motusbank TFSA Savings Account (step-by-step guide)

Here are the steps you need to take to get a TFSA savings account with Motusbank:

1. Go to the Motusbank website and click on “Join Now.”
2. Select “Open an account” under the TFSA savings account section.
3. Provide your information in the application form.
4. Complete the identity verification process.
5. Next, include your full name, contact information, and employment history in your response.
6.  Apply online.
7. Review the details and confirm the submission.

Apply for a Motusbank TFSA savings account easily by following these concise steps on their website.

Motusbank TFSA Savings Account conclusion

Motusbank’s TFSA savings account offers competitive interest rates and tax-free growth, making it an attractive option for tax-advantaged savings in Canada.

You can get the account if you dont mind the absence of physical branches and occasional customer service challenges reported by some customers. Simply go to their website and follow the instructions as highlighted on this guide.

You might also like…

• Motusbank RRSP Savings Account
• Motusbank No-Fee Chequing Account
• Motusbank High Interest Savings Account