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APR Disclosure:

¹ 5 Year Variable 2.00% = 2.02% (including High Ratio)

² 5 Year Fixed High Ratio 2.89% = 2.91% APR

³ 5 Year Fixed 2.89% = 2.91% APR

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.

TFSA HISA Boost Terms and Conditions

^*For a limited time only, motusbank is offering to pay Eligible Members who decide to open a new motusbank TFSA Savings Account (Eligible 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 not in default of any of their obligations to motusbank as of the start date of the Offer Period, (b) a Member who does not currently hold and has not previously held a TFSA High Interest Savings Account 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 their name. A motusbank TFSA Saving Account must be used for non-business purposes exclusively. Only one Eligible Account per Eligible Member. The Offer period commences at 10:00 AM on November 10, 2021 and is available only for a limited time. The Promotional Period commences at 12:01 AM on the day the Eligible Account is opened and ends at 12:00 midnight of the 122^nd 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 $500,000 per Eligible Member (“Eligible Deposited Funds Maximum”).   "Bonus Interest" is additional interest at the “Bonus Rate”. As of November 10, 2021, the Bonus Interest is 1.00% 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 November 10, 2021, the combined rate of interest would 2.25% per annum for Eligible Deposited Funds (Posted Rate of 1.25% on TFSA + Bonus Interest Rate of 1.0%). 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

TFSA:

All deposits to TFSA Savings 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.

HELOC:
 
The Home equity line of credit rate of 2.75% is based on the motusbank Prime Rate + 0.30%. The Annual Percentage Rate is the same as the interest rate because it is assumed there are no additional fees or charges. Interest rates are subject to change without notice at any time. motusbank reserves the right to withdraw this offer or change the terms or change the interest rate if adverse credit information is obtained. Applicants must meet motusbank lending criteria. Interest is calculated on a daily balance and charged monthly. Minimum payment equivalent to monthly interest charged.


HISA:

Interest 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.


Mortgages: 
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, the Bank of Canada qualifying rate is 5.25%. 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.


GIC:

Interest is calculated and accrued daily. To calculate the daily interest, we divide the annual interest by 365. We multiply that figure by the GIC book value to determine how much interest to accrue. Interest is paid on maturity for GICs that do not pay interest during their term.

GIC interest rates expressed on this website are annual interest rates and current as of today’s date.