Canada’s newest digital bank has launched with a special offer for mortgage customers.
motusbank (styled with a lower case m) has been launched by Ontario-based credit union Meridian and is 100% owned by it, but its reach is not restricted to the province, with the digital platform available across Canada.
"This is a truly momentous and exciting day, not only for our organization, 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 that is supported by friendly and professional member service."
The launch offer for mortgage customers is a 3.09% rate in all 1 to 5 year fixed rate mortgages and for a 5-year variable closed mortgage. HELOCs are available at a 3.75% rate.
"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 personalized approach, we're giving our members an opportunity to choose what mortgage term fits their needs best.”
Customers can apply for and receive mortgages completely online but can always connect to a member of staff. Other banking products are also available for entirely online completion.
"We are the first financial institution to offer a fully digital lending experience for mortgages and for unsecured lending," says Maurin. "And with the backing of Meridian, Canadians can feel confident in securing loans from an established organization with a track record of financial strength and stability."