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Terms and conditions for motusbank Savings Account Bonus Interest Rate Offer

General Terms

  1. For a limited time only, motusbank is offering to pay to Eligible Members who decide to open a new motusbank Savings Account (“Eligible Account”) and deposit funds (“Eligible Deposited Funds”) to earn Bonus Interest during the Promotion Period, at the Bonus Interest Rate (the "Offer"). Unless otherwise indicated, all terms used in this section shall be defined below in the Terms and Conditions.
  2. An Eligible Account is an account that is one of the following types of motusbank Saving Accounts: non-registered or Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) and must be used for non-business purposes exclusively.
  3. An Eligible Member is:
    1. an individual human person who is not in default of any of their obligations to motusbank as of the start date of the Offer Period;
    2. a Member who does not currently hold and has not previously held a High Interest Savings Account in unregistered and registered plan types (TFSA or RRSP) within the six (6) months immediately prior to the start date of the Offer Period; and
    3. a Member who elects to open an Eligible Account at motusbank prior to the expiry of the Offer Period, in their name.
  4. The Promotion Period commences at 12:01 a.m. on the day the Eligible Account is opened and ends at 12:00 midnight of the 122nd day following the day the Eligible Account was opened.
  5. 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 $500,000 per Eligible Member (“Eligible Deposited Funds Maximum”).
  6. The Offer Period commences at 10:00 a.m. on July 26, 2022 and is available only for a limited time.
  7. Eligible Deposited Funds means funds deposited by an Eligible Member into an Eligible Account during the Promotion Period, exclusively.
  8. Only one “Eligible Account” (as defined in number 2) is allowed per Eligible Member. Once an Eligible Member opens an Eligible Account (one that qualifies for the Bonus Interest), funds deposited in accounts subsequently opened by the Member during the Promotion Period that, but for this limit, would be Eligible Accounts, will not earn interest at a rate in excess of the Posted Rate.

Bonus Interest

  1. "Bonus Interest" is additional interest at the “Bonus Interest Rate”.  As of July 26, 2022, the Bonus Interest is 1.45% 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 July 26, 2022, the combined rate of interest would be 3.3% per annum for Eligible Deposited Funds (Posted Rate of 1.85% + Bonus Interest Rate of 1.45%).  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.
  2. After the Promotion Period ends, all funds deposited to the Eligible Account will earn interest at the Posted Rate.
  3. All deposits to TFSA Savings and RRSP Savings Accounts are subject to the limits imposed by the Canada Revenue Agency (CRA). The TFSA contribution room is as noted on the Eligible Member’s Notice of Assessment issued by the CRA. The Eligible Member is fully responsible for monitoring their individual contribution limits and ensuring any and all deposits fall within these set CRA limits. The Eligible Member further agrees to at all times indemnify and hold motusbank harmless from and against any such penalties or charges imposed upon the Eligible Member as a result of these imposed limits.
  4. Bonus Interest will be paid on Eligible Deposited Funds credited to Eligible Account during the Promotion Period.

Additional Limitations and Acknowledgements

  1. If an amount greater than the Eligible Deposited Funds Maximum is deposited into an Eligible Account during the Promotional Period (not including interest), the excess amount over the Eligible Deposited Funds Maximum will be transferred to a separate, similar Savings account, within the same registered contract number.  The funds in the second account will earn interest at the Posted Rate and are not eligible to earn Bonus Interest.
  2. The Offer cannot be combined with other promotional offers unless motusbank, at its sole discretion, determines otherwise.
  3. motusbank reserves the right to exercise its absolute discretion to withdraw the Offer in whole or in part, or to vary, delete or add to any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion. This applies whether or not the decision is to rectify an error or mistake made by motusbank, or some event has occurred that renders continuing the Offer, as currently designed, either impractical or imprudent.   motusbank also reserves the right to exercise an absolute discretion to end the Offer earlier or to extend either or both of the Offer Period and the Promotion Period further. The Member acknowledges that any discretionary decision by motusbank authorized by these Terms and Conditions is not subject to judicial or other kind of review.
  4. motusbank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Member it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.
  5. To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, or statement (a "Message") from motusbank, these Terms and Conditions will supersede all other Messages.
  6. By expressing to motusbank an interest in accepting this Offer, the Member agrees that they have read and understood these Terms and Conditions and agrees to be bound by them.  Any notice offered by us with respect to this Offer is deemed to be provided on the day it is posted on our website.