*Mortgages
1 year 2.09% = 2.20% APR
2 year 2.09% = 2.15% APR
3 Year 2.09% = 2.13% APR
4 Year 2.09% = 2.12% APR
5 Year 2.09% = 2.11% (High Ratio and Fixed Closed)
5 Year 1.55% = 1.57% APR (High Ratio and Variable Closed)
1Interest is calculated on the closing daily balance and is paid monthly. Rates are provided for information purposes only and are subject to change at any time.
2APR = 2.11%
The Annual Percentage Rate (APR) is based on a $300,000 mortgage, 25 year amortization, for the applicable term and the fee to obtain a property appraisal of $325 (fees vary from $0 to $455). If there are no fees, the APR and interest rate will be the same. APR is rounded to two decimal places.
On approved credit, rates are subject to change without notice. Quoted rates are based on blended payments of principal and interest. Interest is calculated half-yearly, not in advance. Additional premiums may apply in cases of a refinance, amortizations greater than 25 years, non-owner occupied, or other instances where application details may warrant it. The interest rate with variable rate mortgages will fluctuate with motusbank Prime Rate, which is currently 2.45%. Where applicable, borrowers will be subject to qualifying criteria. Builder's pricing applies to posted rates, not to promotional or special rates.
A High Ratio mortgage applies when you have a down payment of less than 20% to put toward the purchase of a home. Refinances, renewals and amortization periods of greater than 25 years are ineligible.
**For a limited time only, motusbank is offering to pay Eligible Members who decide to open a new motusbank Savings Account on the Eligible Deposited funds held in such an account Bonus Interest during the Promotional Period, at the Bonus Interest Rate (the “Offer”). An Eligible Member is: (a) an individual human person who is a member in good standing with motusbank as of the start date of the Offer Period, (b) a Member who does not currently hold and has not previously held a High Interest Savings Account in non-registered or registered plan types (Tax Free Savings Account (TFSA) or Registered Savings Retirement Plan (RRSP)) within the six (6) months immediately prior to the start date of the Offer Period, and (c) a Member who elects to open an Eligible Account at motusbank prior to the expiry of the Offer Period, in his or her name, or in the name of multiple individuals, as long as the Eligible Member is named as the Primary Accountholder of the account (the person named first on the account of records of motusbank). An Eligible Account is an account that is one of the following types of motusbank Savings Accounts: non-registered or TFSA or RRSP and must be used for non-business purposes exclusively. The Offer period commences at 9:00 AM on June 18, 2021 and ends at 5:00 PM on July 31, 2021. The Promotional Period commences at 12:01 AM on the day the Eligible Account is opened and ends at 12:00 midnight of the 90th day following the day the Eligible Account was opened. The Offer is available to Eligible Members on the Eligible Deposited Funds made into the Eligible Account during the Promotion Period to a maximum Eligible Account balance of $250,000 per Eligible Member (“Eligible Deposited Funds Maximum”). "Bonus Interest" is additional interest at the “Bonus Rate”. As of June 18, 2021, the Bonus Interest is 1.25% per annum, calculated daily and credited to the Eligible Account monthly. Bonus Interest will be added to the interest earned on Eligible Deposited Funds in the Eligible Account, at motusbank’s Savings Account posted rate of interest as shown on motusbank’s website (the "Posted Rate") (“Regular Interest”). For example, as of June 18, 2021, the combined rate of interest would be 2.25% per annum for Eligible Deposited Funds (Posted Rate of 1.00% + Bonus Interest Rate of 1.25%). Eligible Members receive Bonus Interest on deposits to the Eligible Account during the Promotion Period. Subject to the limits and qualifications outlined in these Terms and Conditions, Regular Interest and Bonus Interest are calculated on the closing daily balance of Eligible Deposited Funds and are credited monthly during the Promotion Period to the Eligible Account. Any change to the Posted Rate will result in a corresponding change to the combined rate of interest for Eligible Deposited Funds. The Bonus Interest Rate and the Posted Rate may change at any time without prior notice. After the Promotion Period ends, all funds deposited to the Eligible Account will earn interest at the Posted Rate.
For all terms and conditions, please review motusbank Savings Account Interest Offer Terms and Conditions