Motusbank launches a full-service, digital bank with a brief to appeal to digitally-savvy Canadian.
The new bank is owned by Meridian, Ontario’s largest credit union, and the third largest in Canada.
Go deeper with GlobalData
“This is a truly momentous and exciting day. Not only for our organisation, but also for the millions of Canadians who have told us they are eager for an attentive, competitive and digitally-friendly alternative to the Big 5 banks,” says Bill Maurin, President and CEO of Meridian and motusbank.
“motusbank is a full-service, digital bank with a full retail product line supported by friendly and professional member service.
We are the first financial institution to offer a fully digital lending experience for mortgages and unsecured lending,” adds Maurin.
Motusbank launches competitive mortgage offer
To celebrate its official launch, motusbank is introducing an attractive mortgage offer. The introductory offer features a competitive low rate of 3.09% on all one to five-year fixed rate mortgages.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn addition to this time-limited mortgage offer, it is also offering the same rate for a five year variable closed mortgage. And motusbank is also offering a 3.75% rate for its Home Equity Line of Credit.
“We believe that every Canadian deserves a shot at owning a home,” says Dave Baldarelli, COO, motusbank.
“Because we’re committed to offering a truly tailored and personalised approach, we’re giving our members an opportunity to choose what mortgage term fits their needs best.
“motusbank is a simple and hassle free way to bank with a seamless and exceptional digital experience. There’s the added comfort in knowing that knowledgeable and professional staff are just a phone call away.”
Established 75 years ago, Meridian has around 340,000 members with C$20.6bn in assets under management. The Meridian branch network comprises 91 outlets across Ontario.
Motusbank launches: going head to head with Scotiabank eHome
The incumbent Canadian lenders are also ramping up their home lending digital offerings. In March, Scotiabank rolled out eHOME enabling Canadians to apply for a mortgage completely online and track the application status through real-time updates.
Scotiabank eHome offers customers preferential rates and savings of up to C$200 in appraisal fees.
In addition,in January, Toronto Dominion rolled out its online digital application tool.
