The Motusbank No-Fee Chequing Account has no monthly fee, no minimum balance requirement, and a competitive 0.15% interest rate. It also gives you plenty of perks, like free Interac e-Transfers, unlimited transactions, and access to both the EXCHANGE and Allpoint Networks of ATMs.
If the benefits of online-only banking outweigh the limitations, Motusbank could work very well for you, especially if you're looking for a hybrid account with a decent interest rate.
Motusbank No-Fee Chequing Account features
Here are the most valuable features of this no-fee chequing account:
Why You Want It
Unlimited free transactions + 0.15% interest on your balance.
Eligibility
- Canadian resident
- Valid email address
- Age of majority
Provinces
ALL
Features
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Motusbank No-Fee Chequing Account product rating: 3.0 stars
No monthly fees, no minimum balances, perks, and a high interest rate are a few of the excellent features the Motusbank No-Fee Chequing Account provides. You’ll earn an interest rate with this chequing account that's higher than anything offered by the Canadian Big 5 banks.
Remember, though, that this is an online-only bank, so you can’t go to a branch if you need help. But online banking is a valuable option for people who bank in other countries, live far away from physical bank locations, or simply prefer to bank via an app.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Motusbank No-Fee Chequing Account
Here are the top reasons this chequing account might be for you:
Pros
No monthly fee
This account has no monthly fee, no minimum balance requirements, and no daily banking fees (except the ones beyond Motusbank’s control, such as ATM service fees). You also get free cheques (up to 25 on your first order), which is a surprisingly rare perk from an online bank.
Unlimited free transactions and Interac e-Transfers
With the Motusbank No-Fee Chequing Account, you get unlimited free transactions. This includes bill payments, Interac e-Transfers, debit transactions, withdrawals, and mobile cheque deposits. If you use your debit card for most of your spending, this feature is especially valuable.
No fee access to EXCHANGE and Allpoint Network ATMs
The Motusbank No-Fee Chequing Account has partnerships with the EXCHANGE Network (3,000+ in Canada) and the Allpoint Network (55,000 worldwide) of ATMs. All said, you have surcharge-free access to 43,000 + ATMs across North America.
Your balance earns interest
This account's 0.15% interest rate is higher than anything offered with accounts from the Big 5 Banks. Of course, it’s not even close to being the highest among online-only banks, but it's certainly nothing to sneeze at.
The cons of the Motusbank No-Fee Chequing Account
Here are a few potential drawbacks with this account:
Cons
A digital only bank means no physical branches
If you prefer banking in person, you're out of luck with Motusbank as it's an online-only institution that doesn’t offer in-person banking. You can still access customer service via the mobile app, but it won't be the same as having the personal touch of a bank representative.
No welcome bonus
Motusbank No-Fee Chequing Account doesn't offer a welcome bonus of any kind. This isn't uncommon with online banks, but there are still several other chequing accounts, like the Coast Capital Free Chequing, Free Debit, and More Account and the PC Money Account, that do have a welcome offer.
Motusbank No-Fee Chequing Account alternatives
If Motusbank No-Fee Chequing Account isn’t quite to your liking, here are a few good alternatives:
 |  |  | |
|---|---|---|---|
| Account | Coast Capital Free Chequing, Free Debit, and More Account | Simplii No Fee Chequing Account | Tangerine Chequing Account |
| Genius Rating | |||
| Why You Want It |  $100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
| Get a $350 welcome bonus + Unlimited free transactions for no monthly fee. | Get unlimited free transactions for no monthly fee + Earn up to 0.1% interest. |
| Minimum Balance To Waive Fee | N/A | $0 | $0 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | 0 | Unlimited | Unlimited |
| Monthly Fee | $0.00 | $0.00 | $0.00 |
| Excess Transaction Fee | N/A | N/A | $0.00 |
Show More | |||
| I Want This Deal See more Coast Capital Savings products Compare | Open an account See more Simplii Financial products Compare | Open an account See more Tangerine products Compare |
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FAQ
Is Motusbank a real bank?
Yes, Motusbank is owned and operated by Meridian Credit Union, which is headquartered in St. Catharine's, ON. It’s a member of Canada Deposit Insurance Corporation (CDIC) and up to $100,000 of your eligible deposits are covered.
How do you open a Motusbank No-Fee Chequing Account?
First, head to the Motusbank website and find the "Accounts" tab at the top. Select "Chequing" and then "Open an account." Confirmation of your residency, email, and age will be required, and you'll need to show ID.
Are withdrawals free with the Motusbank No-Fee Chequing Account?
Yes, withdrawals are completely fee-free with this account. You can withdraw cash from any ATMs in the EXCHANGE Network or Allpoint Network without worrying about pesky fees. This means surcharge-free withdrawals from 43,000+ machines.
Which banks in Canada offer no-fee chequing accounts?
No fee chequing accounts are available through many different banks in Canada, and not just online banks. Some of the best free chequing accounts come from Simplii Financial, PC Financial, Wealthsimple, EQ Bank, Canadian Western Bank, and of course, Motusbank.
What is the difference between online banking and online-only banking?
You can manage your accounts and transfer funds via Internet access with both online and online-only banking. The biggest difference is that online-only banks lack physical branches, which means lower fees for you but only telephone or email customer service.
Are online-only banks?
Online-only banks are considered as safe as traditional banks, as long as the institutions are backed by the Canada Deposit Insurance Corporation (and most are). Online-only banks typically have lower overhead costs, which translates to lower fees for clients.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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