*APR Disclosure:
1 year 2.54% = 2.65% APR
2 year 2.54% = 2.60% APR
3 Year 2.54% = 2.58% APR
4 Year 2.54% = 2.57% APR
5 Year 2.54% = 2.56% (High Ratio and Fixed Closed)
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.
Mortgage:
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.
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.
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.
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Motus BankTM (‘motusbank’) is a member of the Canada Deposit Insurance Corporation (CDIC).