Personal Finance

Motus Bank ("motusbank") HISA, TFSA, and GIC rate drops

  • Last Updated:
  • Sep 15th, 2019 8:37 pm
[OP]
Deal Addict
User avatar
Mar 25, 2012
1127 posts
422 upvotes
Kelowna

Motus Bank ("motusbank") HISA, TFSA, and GIC rate drops

So, Motus Bank, which they stupidly style as "motusbank" as if "motusbank" is a word, dropped their HISA rate from 2.25% to 2.10% and TFSA HISA rate to 2.35% from 2.50%. They also dropped their GIC rates across the board.

@titaniumtux, @jacnel, and @dekvitaly, looks like I nailed it. I previously said "by September" that Motus Bank would cut their HISA rate to 2.00%, their TFSA rate to 2.25%, and their GIC rates across the board. I (nearly) nailed them exactly...makes me wonder if they decided to give an extra 0.10% on the HISA and TFSA HISA just so they wouldn't meet my prediction exactly? ;)

New prediction: Rates drop further to 2.00% and 2.25%, respectively, by December, and to 1.75% and 2.00% by March 2020.

Cheers,
Doug
52 replies
Deal Addict
Dec 16, 2017
2528 posts
1015 upvotes
CND Brain & Hear…
sucks eh. I found out last night. I got me thinking how HISA Motive 2.8% was still a thing... Alterna already dropped to 2.3% months ago.
I am being targeted over Internet Relay Chat. Please help me.
Deal Fanatic
User avatar
Dec 23, 2008
5143 posts
1050 upvotes
Milton
dekvitaly wrote:
Sep 10th, 2019 1:48 pm
sucks eh. I found out last night. I got me thinking how HISA Motive 2.8% was still a thing... Alterna already dropped to 2.3% months ago.
There's a thread at Hot Deals for B2B Bank with HISA @ 3.30% - http://forums.redflagdeals.com/b2b-bank ... 0-2306145/

It's CDIC insured and there's no end date to the rate yet. I am planning to switch to B2B once the manulife hisa promo ends on Oct
Member
User avatar
Oct 14, 2017
343 posts
209 upvotes
Toronto
Meridian is now turning into what most of us ran away from... the big 5.
Member
Mar 16, 2018
301 posts
273 upvotes
Hamilton
Thanks for the heads up OP!

Rates are dropping across the western world- if this is a shock, read a newspaper. I don't think this is a reflection of their business practices. I still have enough TFSA room to be able to move my funds before the next tax year, but I'll probably wait a bit and see how things shake out. Pointless to move them if everyone else is on the cusp of dropping their rates.
Member
Aug 3, 2013
474 posts
274 upvotes
Durham
Didn’t even make it into its sixth month before dropping rates lol
Deal Guru
User avatar
May 8, 2009
10874 posts
7375 upvotes
45.420833°N, 75.69°W
motusbank rate drop is a slight disappointment. but, for how long will they run at a loss? i'll wait and see. they're not all bad compared to the other subbies, but the other subbies are here to stay.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Newbie
Oct 31, 2018
21 posts
7 upvotes
ownthesky wrote:
Sep 10th, 2019 4:47 pm
Thanks for the heads up OP!

...but I'll probably wait a bit and see how things shake out. Pointless to move them if everyone else is on the cusp of dropping their rates.
I think I will too. Disappointing, but I'll wait and see...
Deal Addict
User avatar
Dec 17, 2008
2421 posts
1310 upvotes
Winnipeg
Glad I closed my Motusbank accounts on Sunday. Lol I no longer deal with this terrible bank with their slow transfers and poor customer service.
*Do you like someone's idea, post, or response? Why not consider giving them "thanks" and clicking the thumbs up to give them the credit they deserve.*
Deal Addict
Dec 16, 2017
2528 posts
1015 upvotes
CND Brain & Hear…
Shawguy wrote:
Sep 10th, 2019 6:54 pm
Glad I closed my Motusbank accounts on Sunday. Lol I no longer deal with this terrible bank with their slow transfers and poor customer service.
unfortunately we have very little choice :( Still loving my Tangerine
I am being targeted over Internet Relay Chat. Please help me.
Jr. Member
Jul 16, 2019
108 posts
65 upvotes
kthxbye wrote:
Sep 10th, 2019 4:15 pm
Meridian is now turning into what most of us ran away from... the big 5.
I don't think that would be a bad thing. The big 5 could use more competition. And Motus' rates may be dropping, but they're still way better than the digital banks owned by the big 5, Tangerine and Simplii.
Member
User avatar
Oct 14, 2017
343 posts
209 upvotes
Toronto
someweirdo wrote:
Sep 10th, 2019 9:43 pm
I don't think that would be a bad thing. The big 5 could use more competition. And Motus' rates may be dropping, but they're still way better than the digital banks owned by the big 5, Tangerine and Simplii.
Absolutely not. Credit unions are the competition for the big 5... by not being the big 5.
Deal Addict
Dec 16, 2017
2528 posts
1015 upvotes
CND Brain & Hear…
spena wrote:
Sep 10th, 2019 4:07 pm
There's a thread at Hot Deals for B2B Bank with HISA @ 3.30% - http://forums.redflagdeals.com/b2b-bank ... 0-2306145/

It's CDIC insured and there's no end date to the rate yet. I am planning to switch to B2B once the manulife hisa promo ends on Oct
Idk if B2B is something I can trust given so many problems reported. I can give it a try too.
I am being targeted over Internet Relay Chat. Please help me.
[OP]
Deal Addict
User avatar
Mar 25, 2012
1127 posts
422 upvotes
Kelowna
titaniumtux wrote:
Sep 10th, 2019 5:10 pm
motusbank rate drop is a slight disappointment. but, for how long will they run at a loss? i'll wait and see. they're not all bad compared to the other subbies, but the other subbies are here to stay.
I'm surprised you even have accounts with them, @titaniumtux, considering their lack of deposit hold release limits and long posting delays, and the fact that you also have accounts with ACU, SCU, Motive Financial, and Simplii Financial, all of whom either beat Motus on rates and/or product and service features. ;)

To @ownthesky, Meridian/Motus CEO Bill Maurin has a chartered accountant background. I don't expect him to tolerate losses and slow growing lending book for long. I give it 2 years, 3 at most, before he pulls the pin and they initiate a process to transfer Motus customer balances into existing or newly-created Meridian memberships under a virtual branch transit.

Way to go, @Shawguy! It's a shame considering the amount of money they put into starting it up and the nice customer facing interfaces they have. It's too bad they, like so many FIs (banks and CUs), weren't more substance (that is, back-end efficient processes and policies) than flash. ;)

Cheers,
Doug
[OP]
Deal Addict
User avatar
Mar 25, 2012
1127 posts
422 upvotes
Kelowna
dekvitaly wrote:
Sep 10th, 2019 7:01 pm
unfortunately we have very little choice :( Still loving my Tangerine
@dekvitaly Tangerine isn't all bad, you're right. They've improved their GIC and USD HISA rates dramatically. The knocks I have with Tangerine are the following:

- Limit of three linked external bank accounts;
- Lack of free and unlimted Interac e-Transfers or cheques (I'd accept one or the other); and,
- Lack of sufficient transaction narrative detail with respect to ATM transactions and mobile cheque deposits particularly.

I'd also like the ability to opt out completely from their spending categories and personal finance tools. If they'd do those first three things, I wouldn't bother with CUs for day-to-day banking. Would still keep Hubert, though!

Cheers,
Doug

Top