Personal Finance

Motive Financial Savy Savings Account 2.8%

  • Last Updated:
  • Jan 15th, 2019 2:39 am
[OP]
Member
Oct 8, 2006
400 posts
138 upvotes
Okanagan Valley

Motive Financial Savy Savings Account 2.8%

I know this topic has been posted on the savings account thread but I certainly missed it until today and think it warrants its own thread - it appears not to be a promo and is 2.8% compared to EQ's 2.3%


Motive™ Savvy Savings Account

We’re bringin’ savvy back.

You're savvy and you know it. We’re offering our highest rate yet.

Features
Rewards
Rates

Monthly fee Free
Transactions included 2 Free
Additional transactions $5.00
Transfers between your Motive accounts Free
THE EXCHANGE® Network ATM withdrawal Free
Non-EXCHANGE Network ATM withdrawal $1.50

Link for more information https://www.motivefinancial.com/Account ... gsAccount/

About Motive Financial - they are Canadian Western Bank and are CDIC insured - https://www.motivefinancial.com/AboutUs/
Thread Summary
64 replies
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Aug 9, 2010
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Wow, thanks for posting this OP! Good one to keep in mind for when my Tangerine promo is up.
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Feb 28, 2011
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YYZ/YOW/SFO
hard pull on signup iirc
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Snuupy wrote:
Nov 10th, 2018 3:15 am
hard pull on signup iirc
Bertiebigboss wrote:
Nov 10th, 2018 4:04 am
Hard pull or soft ..
Motive Financial Does a Hard Pull when opening accounts. You can apply for $3000 in overdraft on the chequing account at the same time (it will show as a line of credit on your credit bureau if you do take this option)
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happy camper wrote:
Nov 9th, 2018 6:03 pm
I know this topic has been posted on the savings account thread but I certainly missed it until today and think it warrants its own thread - it appears not to be a promo and is 2.8% compared to EQ's 2.3%


Motive™ Savvy Savings Account

We’re bringin’ savvy back.

You're savvy and you know it. We’re offering our highest rate yet.

Features
Rewards
Rates

Monthly fee Free
Transactions included 2 Free
Additional transactions $5.00
Transfers between your Motive accounts Free
THE EXCHANGE® Network ATM withdrawal Free
Non-EXCHANGE Network ATM withdrawal $1.50

Link for more information https://www.motivefinancial.com/Account ... gsAccount/

About Motive Financial - they are Canadian Western Bank and are CDIC insured - https://www.motivefinancial.com/AboutUs/
Is this the rate for TFSA as well or that a different rate?
[OP]
Member
Oct 8, 2006
400 posts
138 upvotes
Okanagan Valley
xiaobao wrote:
Nov 10th, 2018 2:52 pm
Is this the rate for TFSA as well or that a different rate?
for this savings account only - not TFSA - rates for everything are on their site
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Dec 16, 2012
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happy camper wrote:
Nov 10th, 2018 3:31 pm
for this savings account only - not TFSA - rates for everything are on their site
Thanks, yea I see they got 1.8% for TFSA. Trying to figure out how much I am going to put in EQ GIC and if I want to open this bank up as well. Not sure

Also not sure what the difference bewteen

Motive Cha-Ching Chequing Account™ and Motive™ Chequing Account is.

Also they seem to have inactive fees(does not start after 2 years? so guess something to watch out for).
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xiaobao wrote:
Nov 10th, 2018 3:47 pm
Thanks, yea I see they got 1.8% for TFSA. Trying to figure out how much I am going to put in EQ GIC and if I want to open this bank up as well. Not sure

Also not sure what the difference bewteen

Motive Cha-Ching Chequing Account™ and Motive™ Chequing Account is.

Also they seem to have inactive fees(does not start after 2 years? so guess something to watch out for).
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
titaniumtux wrote:
Nov 10th, 2018 1:04 am
Also worthy mention. Add a free chq account to the mix. Unlimited internal transfers, and unlimited transfers from the chq account. This makes Motive a beast!
Not to mention, Motive F is very reasonable at fund holding.
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xiaobao wrote:
Nov 10th, 2018 3:47 pm

Also not sure what the difference between

Motive Cha-Ching Chequing Account™ and Motive™ Chequing Account is.
"

According to their website https://www.motivefinancial.com/Account ... ngAccount/ , with their new Motive Cha-Ching Chequing Account™ they are now offering "Unlimited free transactions and Interac® e-Transfers [which] mean you won’t be dinged for doing what you love" just like those already offered by other no-fee online bank standalone accounts like Alterna's High Interest eSavings Account.
Whereas Motive's other accounts like Motive™ Chequing Account still charge for Interac® e-Transfers out stating "Send money to anyone with a mobile phone number or email address for just $1.00."
Note the compelling choice would be easily utilizing the "Free Transfers between your Motive accounts" step for this Motive Cha-Ching Chequing Account with their Motive Savvy Savings Account, which offers among the highest standard everyday interest rate of 2.80% currently when compared to the limited time, teaser or promotional rates offered by Meridian, PCF, RBC, Tangerine and others.
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May 8, 2009
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U08052018 wrote:
Nov 10th, 2018 5:51 pm
"

According to their website https://www.motivefinancial.com/Account ... ngAccount/ , with their new Motive Cha-Ching Chequing Account™ they are now offering "Unlimited free transactions and Interac® e-Transfers [which] mean you won’t be dinged for doing what you love" just like those already offered by other no-fee online bank standalone accounts like Alterna's High Interest eSavings Account.
Whereas Motive's other accounts like Motive™ Chequing Account still charge for Interac® e-Transfers out stating "Send money to anyone with a mobile phone number or email address for just $1.00."
Note the compelling choice would be easily utilizing the "Free Transfers between your Motive accounts" step for this Motive Cha-Ching Chequing Account with their Motive Savvy Savings Account, which offers among the highest standard everyday interest rate of 2.80% currently when compared to the limited time, teaser or promotional rates offered by Meridian, PCF, RBC, Tangerine and others.
+1

It's a nice combo.

We can't expect these amazing chequing accounts to come out of Manitoba, sadly. Nor do we get such amazing HISA rates outside of musical chairs in Ontario. Looks like Alberta is finally in the lead. I would have never expected this. Hopefully we'll see greater competition ahead.
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titaniumtux wrote:
Nov 11th, 2018 4:27 pm
+1

It's a nice combo.

We can't expect these amazing chequing accounts to come out of Manitoba, sadly. Nor do we get such amazing HISA rates outside of musical chairs in Ontario. Looks like Alberta is finally in the lead. I would have never expected this. Hopefully we'll see greater competition ahead.
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.
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Does anyone know if Motive is CDIC insured? Also, if you live outside of Manitoba, will they allow you to open an account?

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