The largest credit union in Ontario is hailing a “new movement in banking” following the approval of its new nationwide digital bank.

The new bank – motusbank – promises lower better pricing and services because it has no shareholders and its members (not customers!) will get a say on new products and features.

"Canadians are ready to experience a digital bank that puts its members at the centre of everything," says Bill Maurin, President and CEO of Meridian and motusbank. "We are building on Meridian's unique, member-centric focus and bringing the Meridian experience to all Canadians. motusbank will treat members as true partners, offering an exceptional digital experience, along with some of the most competitive rates and fees in the country."

“Unreal” mortgage rate
On its newly-launched website, motusbank boasts that members can get an “unreal mortgage rate” and the bank claims that it will offer the “most advanced and comprehensive” digital mortgage platform in Canada.

"We are seeing some fundamental changes in what people expect from their financial institutions and how financial services are being delivered," says David Baldarelli, motusbank COO. "We've responded to what Canadians want by developing a simple and intuitive digital platform that makes banking feel good, and an experience that makes people feel valued and secure. motusbank members will have the right tools, competitive rates and great service to manage their finances and overall health and wellbeing."

And in case you’re wondering about the name, motus means movement or motion, reflecting what the bank says is a new movement in banking.

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