Personal Finance

Motive Financial Savvy Savings Account 2.8%

  • Last Updated:
  • Oct 11th, 2019 4:18 pm
Deal Addict
Dec 16, 2012
2067 posts
262 upvotes
Vancouver
dekvitaly wrote:
Nov 23rd, 2018 3:19 pm
Please never use PayPal for forex. You lose more than 3% from their terrible exchange rate.
It is hassle free IMO to get a US bank, not much to manage (free account, free eStatement really). Banner Bank is the best for Canadian resident.

Coast Cap has gone terrible. I had that account since 2010 and closed it just last month.
Per the above VISA Debit thing, if you have one from maybe TD or CIBC, you can use as debit actually (Interlink logo)
Yea, I just get killed by the fees, first when I receive money from a client they take some money and then when I transfer to my bank account I get hammered.

I will look into Banner Bank, do I have to go in person or is this something I can do all online as I see they are not open on weekends.

Yea coast capital is horrible, I been with them around the same amount of time and it's just been getting worse and worse($5 / transaction if you go over your 2 transactions in your savings account which when I started was unlimited.).

The only reason why I keep them around is

a) for my debit card as it's the only card that I have as of now that will work in the USA for interact and

b) I have a business account with them, since I do so little of transactions as I pay pretty much everything through my personal CC cards (and the transactions I do are between my personal account and my business account so they don't count) I essentially have a free business account.

If I could eliminate these 2 problems I would cancel my account today.

I don't have a any major bank as they all seem to charge for accounts these days unless you hold a minimum balance and again for the like once in every 2 months I use my debit card it is not worth it.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
@xiaobao depending on what available in your area as well. I know some other CUs w/ little fee such as Sharons CU and Envision (First West)
I am unsure if the unlimited transaction for savings is available through those any longer but at least the eTransfer might help?

Banner Bank @ the Point and Ferndale open on Saturday (limited hours) so you might wanna plan ahead of time.
If you unable to go to USA during regular business hour and Saturday doesn't work, you might wanna look into BMO Harris and TD Bank USA. (no Canadian client-ship required)
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Deal Addict
Dec 16, 2012
2067 posts
262 upvotes
Vancouver
dekvitaly wrote:
Nov 23rd, 2018 3:56 pm
@xiaobao depending on what available in your area as well. I know some other CUs w/ little fee such as Sharons CU and Envision (First West)
I am unsure if the unlimited transaction for savings is available through those any longer but at least the eTransfer might help?

Banner Bank @ the Point and Ferndale open on Saturday (limited hours) so you might wanna plan ahead of time.
If you unable to go to USA during regular business hour and Saturday doesn't work, you might wanna look into BMO Harris and TD Bank USA. (no Canadian client-ship required)
Well pretty much if I move to a new CU, it would have to be no fee like I said the I barley use Coast capital now as I got Tangerine & EQ and now maybe this place, I just use it to deposit cash (every few months), sometimes interact when I go to the USA and to transfer money sometimes from my Business account to Personal or vis versa.

I will more research on Banner Bank and get back to you if I got questions.
Deal Addict
Dec 16, 2012
2067 posts
262 upvotes
Vancouver
dekvitaly wrote:
Nov 23rd, 2018 3:56 pm
@xiaobao depending on what available in your area as well. I know some other CUs w/ little fee such as Sharons CU and Envision (First West)
I am unsure if the unlimited transaction for savings is available through those any longer but at least the eTransfer might help?

Banner Bank @ the Point and Ferndale open on Saturday (limited hours) so you might wanna plan ahead of time.
If you unable to go to USA during regular business hour and Saturday doesn't work, you might wanna look into BMO Harris and TD Bank USA. (no Canadian client-ship required)
I went to TD bank website but for some reason I was not seeing anything about Washington State, anyways all the account seem to have min balances and such. Did not look at BMO I imagine it will be the same.

I been looking at banner bank, the 9am to 2pm is just fine for me I could make it. In all reality right now I am looking at around $2,000 USD from my side client projects hoping to in the next year or 2 to up that to around $8,000 USD.

Would you recommend me to open a business account or a personal account up? Pretty much just need it to get the money from my paypal account and then once or twice a year would need away to get my money out before my year end and transfer it into a Canadian business account. Also in your signature link it says you need a US bill address is that the case with Banner as well?

Since my amounts I am dealing with are pretty low, a free account would be best to make this worth it.

I think I am going to join this Motive Financial and see if their interact card works in the USA and for my Canadian Business account money I think I am going to setup a Vancity business account as they seem to have 2 accounts that are pretty much free(need like $1,500 min).

If all goes well I can cancel all my accounts in March 2019 when my investment is up as I am so sick of Coast Capital, today had to travel like 30 mins to a bank as for the first time in 8 years I lost my bank card and they charged me $5 replacement cost.....Maybe other banks do it as well I never lost a bank card in my life before so dont' know but that was just the straw that broke the camels back with all their other changes they did I just had enough.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
@xiaobao TD Bank account is okay to keep as USD and use on the go. No branch or ATM access. Low min balance $100
BMO Harris has All Point ATM for withdrawal. No min balance.

Banner Bank doesn't have any min balance account and no ATM charge all around USA.
People's Bank WA is okay too. MoneyPass ATM system. Their free checking account is perfect if you pay US bill monthly (this function is removable anyway if you don't use)

You're allowed to use as personal account.
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Deal Addict
Dec 16, 2012
2067 posts
262 upvotes
Vancouver
dekvitaly wrote:
Nov 25th, 2018 2:50 am
@xiaobao TD Bank account is okay to keep as USD and use on the go. No branch or ATM access. Low min balance $100
BMO Harris has All Point ATM for withdrawal. No min balance.

Banner Bank doesn't have any min balance account and no ATM charge all around USA.
People's Bank WA is okay too. MoneyPass ATM system. Their free checking account is perfect if you pay US bill monthly (this function is removable anyway if you don't use)

You're allowed to use as personal account.
Ok cool, I will research them all I pretty much have like 10 months before I would really need to act, as I can keep the money sitting in paypal until I decide.

I am not sure what you mean with "TD Bank account is okay to keep as USD and use on the go. No branch or ATM access. Low min balance $100" how would I get my money out then if I can't use ATM or branch?

I don't need a US address though correct?
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
xiaobao wrote:
Nov 25th, 2018 3:08 am
Ok cool, I will research them all I pretty much have like 10 months before I would really need to act, as I can keep the money sitting in paypal until I decide.

I am not sure what you mean with "TD Bank account is okay to keep as USD and use on the go. No branch or ATM access. Low min balance $100" how would I get my money out then if I can't use ATM or branch?

I don't need a US address though correct?
No you don't need US Address for any of the options.
TD Bank isn't available over the West Coast > no branch.
and no ATM that way. If yu're willing to pay to use ATM that's up to you. Or you can use TD Bank Debit and take out CAD at Canadian TDCT ATM free.
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Deal Addict
Dec 16, 2012
2067 posts
262 upvotes
Vancouver
dekvitaly wrote:
Nov 25th, 2018 3:20 am
No you don't need US Address for any of the options.
TD Bank isn't available over the West Coast > no branch.
and no ATM that way. If yu're willing to pay to use ATM that's up to you. Or you can use TD Bank Debit and take out CAD at Canadian TDCT ATM free.
I think the TD bank account as you describe would work best as I just need an account to hookup and then transfer paypal money into and if I can take it out at a TD ATM in Canada that would work for me(might have to do it in batches but that is no problem).

So what is this account called and is this something I sign up in Canada for?
Sr. Member
Nov 30, 2011
953 posts
357 upvotes
GTA
xiaobao wrote:
Nov 25th, 2018 2:18 am
Would you recommend me to open a business account or a personal account up? Pretty much just need it to get the money from my paypal account and then once or twice a year would need away to get my money out before my year end and transfer it into a Canadian business account.
If you are using Paypal to accept payments from your US clients, once you have your account set-up at Banner Bank or Peoples Bank, just have your client send you an ACH and you can kiss Paypal goodbye!. This is like an electronic check and they do it through their online banking. Once the funds are in Banner Bank, write a check to yourself.
xiaobao wrote:
Nov 25th, 2018 2:18 am
I think I am going to join this Motive Financial and see if their interact card works in the USA
They use the Exchange Network - which is the same as Coast Capital.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
westcoastyvr wrote:
Nov 25th, 2018 9:43 pm
If you are using Paypal to accept payments from your US clients, once you have your account set-up at Banner Bank or Peoples Bank, just have your client send you an ACH and you can kiss Paypal goodbye!. This is like an electronic check and they do it through their online banking. Once the funds are in Banner Bank, write a check to yourself.
The problem is the OP doens't want to cross border it seems like. Easy option without crossing border as BMO Harris and TD Bank USA, he didn't even bother look in better details....

Anyway, Banner is definitely the best of all.
People's Bank has that Bill Pay inactivity fee thing, people can simply request no Bill Pay and never get to worried about it LOL
Other Whatcom bank as Umqua, SaviBank not too bad. KeyBank is somewhat more complicated.
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Deal Addict
Dec 16, 2012
2067 posts
262 upvotes
Vancouver
westcoastyvr wrote:
Nov 25th, 2018 9:43 pm
If you are using Paypal to accept payments from your US clients, once you have your account set-up at Banner Bank or Peoples Bank, just have your client send you an ACH and you can kiss Paypal goodbye!. This is like an electronic check and they do it through their online banking. Once the funds are in Banner Bank, write a check to yourself.
They use the Exchange Network - which is the same as Coast Capital.
dekvitaly wrote:
Nov 25th, 2018 11:27 pm
The problem is the OP doens't want to cross border it seems like. Easy option without crossing border as BMO Harris and TD Bank USA, he didn't even bother look in better details....

Anyway, Banner is definitely the best of all.
People's Bank has that Bill Pay inactivity fee thing, people can simply request no Bill Pay and never get to worried about it LOL
Other Whatcom bank as Umqua, SaviBank not too bad. KeyBank is somewhat more complicated.


No I have to stick with paypal as this is what the company uses to pay their contractors outside of Europe, I have pretty much no say in the matter even when I bill them in Euros(as the rates are in Euros) they send me the money in US Dollars, I been trying for about 2 months to get them to send it in Canadian Dollars if they don't want to send me the payment in Euros but they keep sending it in US dollars.....it's an easy work that pays well so just decided to go with the flow.

I don't mind crossing the border if that is what needs to be done but if I can setup some sort of US bank account through TD or wherever that will accept transferring my paypal money over and I can withdraw the money within Canada, I think it is a better option.
Newbie
Aug 4, 2018
55 posts
190 upvotes
Shawguy wrote:
Nov 11th, 2018 8:00 pm
Let's just hope they don't pull an EQ....and lower the rates in 2 or 3 months once everyone has opened an account.
*** Appears Motive messed up the tab page for their previous rate conditions listing of 2.80% rate for "$0 - $1,000,000" to now just "2.80%" only for "$0 - $2,500" with "0.25%" for "$1,000,000.01 - $5,000,000" and no rate specified in-between!!!

Spoke to Motive who said they got several puzzling calls now asking them to confirm their rates, but after finally someone (me) showing her where the confusion is she will get someone to re-update that tab page that appears incomplete.
For now, she said refer instead to their Rates page instead for the correct tier rate of 2.80% for $0 to $1,000,000.
Deal Addict
Dec 16, 2012
2067 posts
262 upvotes
Vancouver
It seems they raised their TFSA savings rate to 2.4% wonder if it is better to jump on that for now vs the 2.8% which would get taxed.
Member
Dec 12, 2007
353 posts
64 upvotes
Toronto
I am interested in this account, just wondering if there is any additional fine print.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
phoenix_bladen wrote:
Dec 15th, 2018 11:15 pm
I am interested in this account, just wondering if there is any additional fine print.
No. I've had this account for years (since they were Canadian Direct Financial) and never got an issue. I'd say Motive F >>> DUCA and even better than Alterna Bank

Their website and mobile app are somewhat antiquated tho. The application process is a bit old school, mailing with a cheque and a hard credit inquiry
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