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Motus Bank - Rates need updating
June 9, 2022
6:45 am
KamWest
Toronto
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July 22, 2022
3:02 pm
tottori88
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I just messaged them yesterday *reminding* Motus is slow in updating, or i will empty my account soon.

July 22, 2022
3:46 pm
Loonie
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I removed all mine a couple of weeks ago. Right now, their rates are generally lower than Meridian, their owner. This makes no sense as they have no branches whereas Meridians has scads of branches.
It appears they are struggling.

July 23, 2022
5:27 am
KamWest
Toronto
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My wife and I have some rather large RRSP & TFSA accounts there and I'm just waiting to see what happens with the Hubert Merger to move the accounts out.

Was loving the idea of Motus but quite honestly my wife cannot touch her paycheck for 8-10 days even though it is written on a Meridian cheque.

They have decent service if you use the secure notes feature but it was the combination of full banking services with fairly competitive rates that attracted me to them.

At this point the so so rates and long holding times give me no reason to keep the accounts there anymore.

July 23, 2022
10:47 am
Loonie
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Long holds on cheques are pretty common these days. Accelerate is 10 days; Hubert is six. I imagine ten will win out in the merger.

July 25, 2022
10:12 am
tottori88
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Was on the phone with Motus earlier, they are updating the rates tomorrow!

July 25, 2022
10:53 am
JohnnyCash
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tottori88 said
Was on the phone with Motus earlier, they are updating the rates tomorrow!  

That ties in nicely with the rumored Meridian base rate increase tomorrow.

July 25, 2022
1:29 pm
Alexandre
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