Personal Finance

Motive Financial Savvy Savings Account now 4.1% eff. April 17 -2023

Deal Expert
Jan 7, 2002
29710 posts
29132 upvotes
Waterloo, ON
ritzcrv wrote: tipster used a non-matching address for application
Nope. North York is part of Toronto. Historically it was a separate city (then known as a "borough") with its own government. Then more than 20 years ago it was amalgamated into the regional municipality of Metropolitan Toronto. Some banks and utilities changed their mailings from North York to Toronto to reflect that change, but others didn't since it didn't make any practical difference. Indeed, as I said before, since the postal code didn't change that should be enough for anyone with an ounce of common sense to realize that both names are equivalent. In fact Canada Post even recognizes part of the old North York as the neighbourhood of Willowdale, even though no such municipality exists. Again same postal code in Willowdale means the same address in North York or Toronto. Having lived in Willowdale/North York/Toronto both before and after amalgamation I got mailed sent to all three names [at the same area code.] I never, ever encountered any problems from anyone, be it a bank or the post office, over that issue. So why should some back office bureaucratic bozo at Motive be any different?

As for redacting part of an account number, the purpose of Motive's verification procedure is to establish the applicant's residency so there's no rationale for them to see the whole number, It's standard practice for parts of account numbers to be redacted for security/privacy reasons. Look at any credit card receipt for an ubiquitpous example. That doesn't affect the validity of the CC receipt so why should it affect the validity of a credit card statement or utility bill? Moreover if Motive really wants to verify that the account is valid they can call the utility and ask if so-and-so living at such-and-such an address has an account ending with last-four-digits of some number.
veni, vidi, Visa
Sr. Member
Jun 13, 2018
922 posts
642 upvotes
bylo wrote: Some banks and utilities changed their mailings from North York to Toronto to reflect that change, but others didn't


It's standard practice for parts of account numbers to be redacted for security/privacy reasons. Look at any credit card receipt for an ubiquitpous example. That doesn't affect the validity of the CC receipt so why should it affect the validity of a credit card statement or utility bill? Moreover if Motive really wants to verify that the account is valid they can call the utility and ask if so-and-so living at such-and-such an address has an account ending with last-four-digits of some number.
And the other side of the argument is just as easy to justify.

Some didn't. so why not just use the address that matched. My city has multiple unique neighborhoods too , but I stick with the ONE on my primary ID. Why make it harder?

as for the credit card number, yes mine are indeed redacted, on the actual statement. As we all get edocuments, forwarding that 1st page with the pertinent data is far easier than using paint or other methods to obscure some random names or numbers. Basic security measures dictate that any document that has been altered is not acceptable.

There are processes that they want, their choice. No reason to throw over the table because they want what they want. As for the phone call, I did get a call from Motive, maybe because i didn't go out of my way to make it harder for them to do their job.
Deal Addict
Dec 16, 2017
2542 posts
1049 upvotes
CND Brain & Hear…
I have used Motive for many years and I definitely confirm that Motive agents are very robotic, hard head (not that friendly and not always a good thing TBH)
I only use because I like the no fee hassle on the Exchange ATM service. There are lots of rooms for improvement but I won't complain for the product itself.
Give me a J. I'm a maniac and an African expert.
Newbie
Feb 11, 2017
19 posts
1 upvote
Toronto
I'm also experiencing a host of issues signing up. I initially applied online on Jan 8, sent first-deposit cheque the following day. Received an email on the 18th indicating my identity couldn't be verified using Equifax (never had this issue before). Sent requested documents the same business day. I didn't receive any reply until sending a follow-up email on the 23rd. Received a reply a few minutes later saying the documents were accepted. On the 28th I received another email indicating that none of my documents were acceptable. Three documents all declined, because
1) credit card number has been partially removed (as is standard on credit card statements)
2) other statement has only first and last names, I applied to Motive with a middle initial as well
3) T5 (from Tangerine) not an acceptable document for option B

I'm under the impression they don't have the capacity to deal with new sign-ups. Insurance company tactics, slow-reply and find any excuse to deny.
Jr. Member
User avatar
Jan 23, 2019
107 posts
160 upvotes
Black site, Canada
Title: "Motive Financial Savy Savings Account 2.8%"
happy camper wrote: Motive™ Savvy Savings Account

We’re bringin’ savvy back.

You're savvy and you know it. We’re offering our highest rate yet.
+1 OP, but should edit thread title from "Savy" to "Savvy" ;)
Deal Addict
Dec 13, 2010
2506 posts
1280 upvotes
ON
Just to update you guys... I did end up finding one of each type (a) and (b) that had used Toronto in the address instead of north york, so they have passed me on to the next step and I will have an account.

I think they have made a stupid move over this North York, Toronto thing. An address in Canada comes down to postal code. Every address has a unique postal code. If it matches it's the same address.

You have to be reasonable. There's a difference between security and stupidity.
Sr. Member
Jun 13, 2018
922 posts
642 upvotes
Uhm no. Postal codes designate regions to make it easier to sort mail. Each house number or mailbox does not have a unique postal code.

Good to see they are processing your application
Deal Addict
Dec 16, 2017
2542 posts
1049 upvotes
CND Brain & Hear…
ritzcrv wrote: Uhm no. Postal codes designate regions to make it easier to sort mail. Each house number or mailbox does not have a unique postal code.
each postal code refers to 1 defined neighborhood.
As such, you can't have 2 different home w/ if the same postal code matching the street address.

Motive F always asks for postal code as part of their customer verification.
Give me a J. I'm a maniac and an African expert.
Sr. Member
Oct 8, 2006
679 posts
505 upvotes
Okanagan Valley
RaymondReddington wrote: Title: "Motive Financial Savy Savings Account 2.8%"


+1 OP, but should edit thread title from "Savy" to "Savvy" ;)
done Smiling Face With Open Mouth
Deal Expert
Jan 7, 2002
29710 posts
29132 upvotes
Waterloo, ON
ritzcrv wrote: Uhm no. Postal codes designate regions to make it easier to sort mail. Each house number or mailbox does not have a unique postal code.
Correct. A few houses on a street may share a postal code as can an apartment building.

But for Motive's verification purposes that doesn't matter. What matters is that along with the same postal code, the street number/name are the same on both documents or in the case of an apartment/townhouse the suite numbers match.

One would think that Motive would train their document verification bozos to understand how Canada's postal addressing system actually works. But of course that would require someone who already understands that system to be in charge in the first place.
Good to see they are processing your application
Ditto.

Unfortunately this "victory" for the bozos will only encourage them to inflict their high-handed bureaucracy on other innocent victims.
veni, vidi, Visa
Member
Nov 27, 2011
363 posts
264 upvotes
Canadia
thetipster wrote: Just to update you guys... I did end up finding one of each type (a) and (b) that had used Toronto in the address instead of north york, so they have passed me on to the next step and I will have an account.

I think they have made a stupid move over this North York, Toronto thing. An address in Canada comes down to postal code. Every address has a unique postal code. If it matches it's the same address.

You have to be reasonable. There's a difference between security and stupidity.
ritzcrv wrote: Uhm no. Postal codes designate regions to make it easier to sort mail. Each house number or mailbox does not have a unique postal code.

Good to see they are processing your application
Stop nitpicking. @Thetipster is right; there will never be two addresses with the same postal code.

[Street Number] [Street Name] [Postal Code] combination is always a unique a location
Sr. Member
Jun 13, 2018
922 posts
642 upvotes
TENSEVEN wrote: Stop nitpicking. @Thetipster is right; there will never be two addresses with the same postal code.

[Street Number] [Street Name] [Postal Code] combination is always a unique a location
Uhm, yeah. Do you have those TPS Reports
Sr. Member
Oct 8, 2006
679 posts
505 upvotes
Okanagan Valley
TENSEVEN wrote: Stop nitpicking. @Thetipster is right; there will never be two addresses with the same postal code.

[Street Number] [Street Name] [Postal Code] combination is always a unique a location
I beg to differ - there will never be 1 address with 2 postal codes BUT there may be 2 or more addresses with the same postal code
Member
Nov 27, 2011
363 posts
264 upvotes
Canadia
happy camper wrote: I beg to differ - there will never be 1 address with 2 postal codes BUT there may be 2 or more addresses with the same postal code
Six of one, half a dozen of the other... point is there will never be two addresses with the same postal code in different cities. Even if the cities appear to be different (like; Toronto/North York or Kanata/Ottawa..) that should be ignored because that simply means the names equivalent and interchangeable.
Sr. Member
Jun 13, 2018
922 posts
642 upvotes
happy camper wrote: I beg to differ - there will never be 1 address with 2 postal codes BUT there may be 2 or more addresses with the same postal code
give it up, that poster has no idea how things work. easy to spot because of the nitpicking comment, classic dodge when critical thinking is missing.
Deal Addict
Dec 13, 2010
2506 posts
1280 upvotes
ON
ritzcrv wrote: give it up, that poster has no idea how things work. easy to spot because of the nitpicking comment, classic dodge when critical thinking is missing.
Troll much? I'm done feeding you.
Sr. Member
Jun 13, 2018
922 posts
642 upvotes
Postal Codes Explained
What is a 'postal code'?

Canadian postal codes are comprised of six characters and allow for mail to be mechanically, and manually, sorted for easier mail delivery to specific geographic locations. Currently there are approximately 850,000 postal codes in Canada with an average of 14 households in each.

Structure of a postal code

All Canadian postal codes follow the same format and are divided into two three-character segments:

A#A #A#
(letter-number-letter-space-number-letter-number)

The first segment is called the 'forward sortation area' (FSA) and is used to identify the geographic location of the address. The first character of the FSA represents the 'postal district', which splits the country into major geographic regions – for example, 'N' is used for all of South-Western Ontario and 'V' is used for all of British Columbia.

The second character is used to separate rural and urban regions. The number '0' denotes a rural region with numbers 1 through 9 representing urban areas. It's common for rural regions to be 'urbanized', which involves the changing of the '0' to another number. The third character is used to more precisely describe the geographic area of the address.
Member
Nov 27, 2011
363 posts
264 upvotes
Canadia
ritzcrv wrote: Postal Codes Explained
What is a 'postal code'?

Canadian postal codes are comprised of six characters and allow for mail to be mechanically, and manually, sorted for easier mail delivery to specific geographic locations. Currently there are approximately 850,000 postal codes in Canada with an average of 14 households in each.

Structure of a postal code

All Canadian postal codes follow the same format and are divided into two three-character segments:

A#A #A#
(letter-number-letter-space-number-letter-number)

The first segment is called the 'forward sortation area' (FSA) and is used to identify the geographic location of the address. The first character of the FSA represents the 'postal district', which splits the country into major geographic regions – for example, 'N' is used for all of South-Western Ontario and 'V' is used for all of British Columbia.

The second character is used to separate rural and urban regions. The number '0' denotes a rural region with numbers 1 through 9 representing urban areas. It's common for rural regions to be 'urbanized', which involves the changing of the '0' to another number. The third character is used to more precisely describe the geographic area of the address.
Good Job! But can we end this and get back to talking about this SAVVY Savings Account? Thanks... Smiling Face With Open MouthWinking Face
Banned
User avatar
Jul 17, 2008
11042 posts
3878 upvotes
So in the end is motive financial the highest interest regular savings account? Similar to EQ?

Also, any TFSA option?
Sr. Member
Feb 14, 2018
508 posts
395 upvotes
Messerschmitt wrote: So in the end is motive financial the highest interest regular savings account? Similar to EQ?
Yes.
2.8% is the best right now. EQ is still at 2.3%.

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