Motusbank is a digital bank owned by Meridian Credit Union, known for offering competitive rates, zero monthly fees, and a simplified online banking experience. While it earned positive attention in many Motusbank reviews, it’s currently not accepting new customers, which leaves many Canadians especially in provinces like Quebec where service has been limited looking for better options. With no access to new Motusbank debit cards, credit cards, or savings accounts, it’s time to explore other providers offering lower fees, higher interest, and more availability. In this guide, we’ll walk you through the best Motusbank alternatives in Canada worth switching to today.
What is Motusbank?
Motusbank, launched in 2019 as a subsidiary of Meridian Credit Union, was a fully digital Canadian bank designed to offer a modern, fee-free banking experience. It provided services such as chequing and savings accounts, mortgages, GICs, and online bill payments, all accessible through its web and mobile platforms. Despite its innovative approach, Motusbank struggled to gain significant market share, amassing only about 16,000 customers by 2025.
Several factors contributed to its challenges, including limited brand recognition, a lack of physical branches, and stiff competition from established digital banks like EQ Bank and Tangerine. In April 2025, Meridian announced plans to wind down Motusbank’s operations by early 2026, citing a strategic shift to focus on Meridian’s core growth . As part of this transition, Motusbank’s Ontario-based loans will be transferred to Meridian, while deposit accounts and loans outside Ontario will move to Coast Capital Savings .
For customers seeking alternatives with lower fees and competitive rates, several digital banking options in Canada offer robust services and broader accessibility.
Is Motusbank Available in Canada?
As of May 2025, Motusbank is no longer accepting new customers and is in the process of winding down operations. Launched in 2019 as a digital subsidiary of Meridian Credit Union, Motusbank struggled to gain significant market share, serving approximately 16,000 members at its peak .
In March 2025, it was announced that Motusbank would cease operations by early 2026, pending regulatory approval. As part of the transition plan:
- Ontario-based lending products (such as mortgages and lines of credit) will be transferred to Meridian Credit Union.
- Deposit accounts and lending products outside Ontario will be moved to Coast Capital Savings Federal Credit Union .
During this transition, customers’ funds remain secure and are still eligible for Canada Deposit Insurance Corporation (CDIC) protection. Existing support channels, including online banking and customer service, will remain operational until the wind-down is complete.
For those seeking alternatives with lower fees and competitive rates, several digital banking options in Canada offer robust services and broader accessibility.
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6 Motusbank Alternatives in Canada
Motusbank, a digital bank launched by Meridian Credit Union, once offered Canadians no-fee banking, competitive savings rates, and a fully online experience. However, as of 2025, it is no longer accepting new customers and is set to close operations by early 2026. With services winding down and existing customers being transferred to Meridian or Coast Capital Savings, many Canadians are now searching for a reliable digital alternative. Whether you’re seeking better interest rates, low-cost international transfers, or powerful budgeting tools, several modern platforms are filling the gap left by Motusbank. Let’s explore six standout Motusbank alternatives in Canada.
Wise
Overview:
Wise is one of the most transparent and affordable money transfer platforms available in Canada. Unlike traditional banks or Motusbank’s limited FX services, Wise offers international transfers using the real mid-market exchange rate with low, clearly disclosed fees (typically 0.35%–1.5%). Users can also open a multi-currency account, receive local banking details in multiple currencies, and manage their finances globally. It’s ideal for freelancers, expats, or Canadians sending money abroad. Wise also issues a debit card that works seamlessly across borders, making it a smarter option than banks with steep FX markups.
Key Features:
- Mid-market exchange rate
- Transparent fees starting at 0.35%
- Multi-currency account and debit card
Why Choose Wise?
Choose Wise if you want a low-cost, transparent, and efficient way to manage multiple currencies and send money internationally from Canada.
EQ Bank
Overview:
EQ Bank is a strong all-in-one alternative for Motusbank users, offering a hybrid high-interest savings and chequing account, no monthly fees, and free Interac e-Transfers. What sets EQ apart is its integration with Wise, allowing you to send money abroad with low fees and favorable exchange rates. You can also open joint accounts, deposit cheques via mobile, and grow your money with GICs and TFSAs. EQ Bank consistently ranks as one of the top-performing digital banks in Canada for saving, spending, and sending—all in one secure app.
Key Features:
- No monthly fees
- High interest on everyday savings
- Wise-powered international transfers
Why Choose EQ Bank?
If you’re looking for a secure digital bank that combines high returns, no fees, and easy international transfers, EQ Bank delivers a complete alternative to Motusbank.
OFX
Overview:
OFX is designed for Canadians sending large international transfers, whether for real estate, business, or education abroad. It offers no fixed transfer fees and competitive exchange rates, typically with a markup of 0.5%–1.5%. Unlike most app-based platforms, OFX provides 24/7 phone support, making it a go-to for high-volume users who want hands-on assistance. It’s regulated by FINTRAC in Canada and handles billions in global currency annually. While it lacks a debit card or wallet feature, it outperforms Motusbank for large, cost-effective cross-border transfers.
Key Features:
- No fixed transfer fees
- 24/7 support for large or business transfers
- Lower exchange rate markups than traditional banks
Why Choose OFX?
Choose OFX if you’re sending larger international payments and want bank-beating rates, no service fees, and dedicated human support.
Simplii Financial
Overview:
Simplii Financial, powered by CIBC, offers Canadians a full-service digital banking experience with no monthly fees, unlimited free Interac e-Transfers, and access to CIBC’s ATM network. It also provides credit cards, mortgages, and investment accounts, making it a true one-stop shop. Simplii’s Global Money Transfer feature allows you to send funds internationally without fees to 120+ countries, though FX margins may apply. Its user-friendly app and full suite of services make it a convenient and trustworthy replacement for Motusbank users.
Key Features:
- No-fee chequing and savings
- Free global money transfers
- CIBC ATM access
Why Choose Simplii Financial?
If you want big-bank reliability with digital convenience and no account fees, Simplii is an excellent Motusbank alternative.
Tangerine
Overview:
Owned by Scotiabank, Tangerine is one of Canada’s most popular digital banks, offering no-fee chequing, high-interest savings, and access to a wide range of services like credit cards, GICs, RRSPs, and more. Tangerine customers benefit from Scotiabank’s ATM network and an intuitive mobile app. While it doesn’t offer built-in global transfers like Wise or OFX, it’s an excellent daily banking option. Tangerine often runs welcome bonuses for new customers and offers features like automatic savings programs and customizable alerts.
Key Features:
- No monthly account fees
- Broad financial product lineup
- Access to Scotiabank ATMs
Why Choose Tangerine?
If you’re seeking a well-rounded digital bank with no fees, good savings rates, and big-bank backing, Tangerine is a dependable choice.
KOHO
Overview:
KOHO is a Canadian fintech offering a prepaid Visa card, real-time spending tracking, and cashback on everyday purchases. It’s not a full-service bank, but it provides a powerful financial wellness platform. KOHO has no monthly fees on its standard plan, and the optional KOHO Extra plan ($9/month) includes foreign exchange fee waivers and higher cashback rates. It also offers tools for credit building, automated savings, and budgeting, making it an appealing solution for Canadians wanting better control over their finances—especially as a supplement to or replacement for Motusbank’s simpler features.
Key Features:
- Prepaid Visa with cashback
- Credit-building tools
- No FX fees (with KOHO Extra)
Why Choose KOHO?
Choose KOHO if you want a smart, app-based platform for managing money, building credit, and earning rewards especially helpful for young professionals and budget-conscious users.
Comparing the Best Motusbank Alternatives for Canadians
With Motusbank winding down operations in 2025, many Canadians are searching for banking platforms that offer similar or better features—like no monthly fees, strong digital experiences, and affordable international transfers. Whether your priority is high-interest savings, budgeting tools, or sending money abroad, there are several trusted Motusbank alternatives in Canada to meet your needs. The table below provides a side-by-side comparison to help you quickly assess each platform’s strengths, costs, and unique perks so you can confidently choose the right financial solution for your day-to-day and global banking needs.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| Wise | Transparent global transfers | ~0.5% | 0.35%–1.5% | Multi-currency account, mid-market FX, borderless debit card |
| EQ Bank | All-in-one banking + transfers | Free | 0.35%–1.5% via Wise | High interest, no monthly fees, joint accounts, Wise integration |
| OFX | Large international payments | N/A | ~0.5%–1.5% FX margin | No fixed fees, 24/7 support, tailored business services |
| Simplii Financial | Everyday banking with global access | Free | Free (FX markup applies) | Global money transfer to 120+ countries, CIBC ATM network |
| Tangerine | No-fee banking with big-bank access | Free | Not ideal for international use | Access to Scotiabank ATMs, automatic savings tools, bonus offers |
| KOHO | Budgeting, rewards & financial tools | Free (standard); $9 for Extra | 0% FX with KOHO Extra | Cashback Visa card, real-time tracking, credit building features |
FAQ
Are my deposits with Motusbank insured and safe?
Yes, deposits with Motusbank are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per eligible category. Even though the bank is shutting down, your funds remain fully protected during the transition period. Customers can continue to access their accounts, use online services, and manage their finances safely until the full wind-down is complete in 2026.
Which banks will take over Motusbank accounts and services?
As part of the transition, Meridian Credit Union will take over Ontario-based Motusbank accounts, while Coast Capital Savings will assume responsibility for accounts and loans held by customers outside Ontario. Both institutions are working closely with Motusbank to ensure a smooth and secure transfer of assets, services, and customer support through 2025 and into 2026.
What are good alternative digital banks to Motusbank in Canada?
Top Motusbank alternatives in Canada include EQ Bank, Simplii Financial, Tangerine, Wise, OFX, and KOHO. These platforms offer low or no fees, user-friendly apps, better interest rates, and seamless domestic or international transfers. Whether you’re focused on saving more, budgeting smarter, or sending money globally, these digital banks provide secure, flexible, and modern alternatives.
