Personal Finance

Motive Financial Savvy Savings Account 2.8%

  • Last Updated:
  • Oct 21st, 2019 7:40 pm
Deal Addict
Nov 10, 2018
2446 posts
2408 upvotes
xiaobao wrote:
Dec 14th, 2018 7:09 pm
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.
Depends on your tax rate.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Deal Addict
Dec 16, 2012
2078 posts
266 upvotes
Vancouver
angryaudifanatic wrote:
Dec 16th, 2018 11:15 am
Depends on your tax rate.
Well at which tax rate do you think is the last bracket where it is better to take lower but have it tax free?
Deal Addict
Nov 10, 2018
2446 posts
2408 upvotes
xiaobao wrote:
Dec 22nd, 2018 3:40 pm
Well at which tax rate do you think is the last bracket where it is better to take lower but have it tax free?
This is simple.

If your regular savings rate deducted your income tax bracket (say 29%) is greater than your Tfsa rate than invest in the hisa versus your Tfsa.

Take a look at your last tax return to figure out the effective tax bracket you're in
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Deal Addict
Dec 16, 2012
2078 posts
266 upvotes
Vancouver
angryaudifanatic wrote:
Dec 22nd, 2018 8:21 pm
This is simple.

If your regular savings rate deducted your income tax bracket (say 29%) is greater than your Tfsa rate than invest in the hisa versus your Tfsa.

Take a look at your last tax return to figure out the effective tax bracket you're in
Can't really use my last years tax as I changed job types(contractor to perm) so this tax year will be alot higher. I think I will be like 20.5% though. Don't follow what you are saying to do with this number.
Deal Addict
Nov 10, 2018
2446 posts
2408 upvotes
xiaobao wrote:
Dec 23rd, 2018 2:23 pm
Can't really use my last years tax as I changed job types(contractor to perm) so this tax year will be alot higher. I think I will be like 20.5% though. Don't follow what you are saying to do with this number.
Sigh. This isn't rocket science!
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Member
Mar 15, 2011
436 posts
116 upvotes
Toronto
So if l register for the cha-ching chequing, l get free Interac e- transfers? And this allows to move money between external ->cha-chequing -> savy savings?

Can someone confirm l can link to Simpli via cheque?

Also, trying to decide between this and alterna bank. Is their website better?
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
GreenFinGirl wrote:
Jan 10th, 2019 10:50 pm
So if l register for the cha-ching chequing, l get free Interac e- transfers? And this allows to move money between external ->cha-chequing -> savy savings?

Can someone confirm l can link to Simpli via cheque?

Also, trying to decide between this and alterna bank. Is their website better?
1. yes.
2. yes.
3. Motive requires a hard EQ pull. Alterna no pull.
Motive isn't suffering from ON CU mindset of fund holding.

Website/App almost the same. Motive is slightly better w/ free first cheque book.
I have both, use both. Motive is friendlier.
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Member
Mar 15, 2011
436 posts
116 upvotes
Toronto
dekvitaly wrote:
Jan 10th, 2019 11:42 pm
1. yes.
2. yes.
3. Motive requires a hard EQ pull. Alterna no pull.
Motive isn't suffering from ON CU mindset of fund holding.

Website/App almost the same. Motive is slightly better w/ free first cheque book.
I have both, use both. Motive is friendlier.
So have you linked Simplii to Motive and do you push or pull funds?
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
GreenFinGirl wrote:
Jan 12th, 2019 4:32 pm
So have you linked Simplii to Motive and do you push or pull funds?
I do both. Beside both offer unlimited e-transfer and some free cheques
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Deal Addict
Dec 13, 2010
1677 posts
664 upvotes
ON
Is there any way to deposit physical cash in this account? I noticed you can withdraw for free @ National bank ATMs, maybe you can deposit too?
Sr. Member
Aug 1, 2006
531 posts
350 upvotes
Toronto
dekvitaly wrote:
Nov 10th, 2018 4:16 pm
Cha Ching Account Lower Interest Rate but unlimited Interact eTransfer
Regular Chequing (orginally Canadian Direct Financial) slightly higher interest and no eTransfer

and inactivity fee is pretty much everywhere if you don't use the account until the balance = 0. Not sure why people are so concerned about it

Not to mention, Motive F is very reasonable at fund holding.
How do you think their fees compared to Steinbach ? That's the other credit union with very good rates ( 2.65% ) . Steinbach is very archaic with their web site- more like a big bank that way. You pretty much have to push and pull from somewhere like Hubert to deal with them.
Newbie
User avatar
Feb 16, 2014
66 posts
15 upvotes
Motive Financial funds holding periods:

"i. If the item deposited is a fully encoded Canadian dollar item drawn on a financial institution's branch located in Canada and is not damaged or mutilated such that it is unreadable by cheque clearing systems, a hold may be placed as follows:

Maximum Cheque Hold Periods:
a. cheque deposits, not exceeding $1,500 - 5 business day hold including the day of deposit

b. cheque deposits, exceeding $1,500 - 8 business day hold including the date of deposit"

IMO 8 business days is not reasonable.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
b33zlebub wrote:
Jan 13th, 2019 4:55 pm
Motive Financial funds holding periods:

"i. If the item deposited is a fully encoded Canadian dollar item drawn on a financial institution's branch located in Canada and is not damaged or mutilated such that it is unreadable by cheque clearing systems, a hold may be placed as follows:

Maximum Cheque Hold Periods:
a. cheque deposits, not exceeding $1,500 - 5 business day hold including the day of deposit

b. cheque deposits, exceeding $1,500 - 8 business day hold including the date of deposit"

IMO 8 business days is not reasonable.
they release your fund as soon as its cleared. cash deposit at ATM also available much earlier than Alterna Bank.
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Newbie
Jan 12, 2019
27 posts
2 upvotes
Ottawa, ON
I have been looking for a high interest account because my Tangerine promotional rate expires in a few days, and I found Motive and this thread. I applied online and was disappointed to see the message below, that I would need to mail a cheque for my opening deposit. Did anyone else get this message? And is there a way to use online bill payment at any other bank (such as Tangerine) to get them to mail a cheque to Motive? I can't figure out how to do so because when I try to add another payee (at my chequing accounts at Tangerine, BMO, and HSBC), I keep getting asked for bank name and account number of payee, and they won't take Motive.
Please mail us a personalized cheque, payable to yourself, drawn on your account at another Canadian financial institution. Your application will be processed and the cheque deposited into your account within 5 business days of receipt at Motive Financial, subject to review of your application. Your deposit and interest rate will be value dated for the date your cheque is received at Motive Financial.

Please mail your cheque to:

Motive Financial
Suite 3000, 10303 Jasper Avenue
Edmonton, AB T5J 3X6

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