Personal Finance

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

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  • Sep 15th, 2019 8:37 pm
Penalty Box
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@dmehus I told ya what I knew and what I saw :P
So.... You're still nailing this HISA thing :(
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Bull Dog wrote:
Sep 11th, 2019 12:52 pm
Paypal is an interesting one I hadn't even thought of, since they don't charge incoming or outgoing transfer fees. Transferwise Borderless account charges about $4.00 to transfer out money.
Yeah, downside is the intermediary "hop," but if you're in no rush, it's a perfectly good option. And, at most, you should only lose a few days' interest (probably less than Motus Bank/Meridian Credit Union due to their slow processing timelines!). ;)

Also, PayPal doesn't allow USD withdrawals to a USD bank account domiciled in Canada.

I looked into Transferwise and their FX spreads are competitive, very good in fact, but they nickle and dime you to death in fees. I looked into Agility Forex or something, I think, and at first blush, seemed a better currency exchange alternative (notwithstanding Norbert's Gambit, if your brokerage firm allows it).

Cheers,
Doug
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someweirdo wrote:
Sep 11th, 2019 1:29 pm
I wasn't trying to misconstrue what you were saying. I just wanted to comment on that one small part of it.

But snazzy and easy-to-use front-end interfaces have real value. I don't personally mind enduring poor UI to get a better rate or faster service. But some people really struggle with the clunkiness of places like Simplii, and they can have an easier time using Motus.
Hrm, from the screenshots of Simplii I've seen, it looks like Motive to me. I wouldn't call them clunky, maybe some would. But with Motus' rate drops, and expected faster pace of race drops relatively speaking, that's no longer an advantage. On faster service, ha! They don't even come close to meeting that. Try waiting 5+ business days for EFTs you initiated to post. Ridiculous! Corroding pipes...

Cheers,
Doug
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dmehus wrote:
Sep 11th, 2019 3:13 pm
Hrm, from the screenshots of Simplii I've seen, it looks like Motive to me. I wouldn't call them clunky, maybe some would.
Simplii's UI is similar to Motive's, but more bloated.
dmehus wrote:
Sep 11th, 2019 3:13 pm
On faster service, ha! They don't even come close to meeting that. Try waiting 5+ business days for EFTs you initiated to post. Ridiculous! Corroding pipes...
I was implying Motus doesn't have fast service, not that they do.

Except for account linking. That's one thing they do quickly. You can link most banks in a couple minutes. No submitting forms or waiting for microdeposits.
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someweirdo wrote:
Sep 11th, 2019 3:31 pm
Simplii's UI is similar to Motive's, but more bloated.



I was implying Motus doesn't have fast service, not that they do.

Except for account linking. That's one thing they do quickly. You can link most banks in a couple minutes. No submitting forms or waiting for microdeposits.
Thanks, @someweirdo. Yes, I don't dispute their account linking process is excellent, but that to me as secondary to the two main problems with Motus, which is:
- no cashback/access to funds limits; and,
- EFT transactions are posted 4, 5, or even more days after initiating them (which is fully 3 or more days in excess of 98% of their competitors).

It's a no-go until they fix those issues.

Cheers,
Doug
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dekvitaly wrote:
Sep 11th, 2019 2:52 pm
So.... You're still nailing this HISA thing :(
@dekvitaly Meant to ask you...how come sad face? :P

Cheers,
Doug
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darn that didn't last long with my tfsa. oh well it's still a solid rate and I can always transfer to another institution. I'll leave it for the time being.
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Until the US and China figure out a trade deal I don't see any Canadian FI willing to risk getting aggressive on savings/GIC rates. The longer they drag their tariff wars the more we'll feel the rate pain.
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karnige wrote:
Sep 13th, 2019 9:24 am
darn that didn't last long with my tfsa. oh well it's still a solid rate and I can always transfer to another institution. I'll leave it for the time being.
They charge a TFSA transfer fee, @karnige, so I recommend withdrawing it on or around December 1 (to minimize interest that accrues to essentially nothing and re-contributing it January 1, 2020.

Cheers,
Doug
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scoper wrote:
Sep 13th, 2019 10:16 am
Until the US and China figure out a trade deal I don't see any Canadian FI willing to risk getting aggressive on savings/GIC rates. The longer they drag their tariff wars the more we'll feel the rate pain.
That's only part of it. The big part is the aging of the country, which, in turn, has slowed economic growth. Seniors don't spend like young families do. I don't see that changing any time soon, so I foresee declining rates in the short term and then stagnant rates through at least 2035-2040.

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Doug
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dmehus wrote:
Sep 13th, 2019 10:25 am
That's only part of it. The big part is the aging of the country, which, in turn, has slowed economic growth. Seniors don't spend like young families do. I don't see that changing any time soon, so I foresee declining rates in the short term and then stagnant rates through at least 2035-2040.

Cheers,
Doug
That's quite a prediction on our ageing society. The early baby boomers - if they're alive - with be in their 90s by then. Hell, l'll be in my 80's by that time, if I'm even lucky enough to be on this side of the lawn.

Gen X, and especially Millennials, will pick up the slack. They are in their prime "procreation" years.
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Sauerkraut wrote:
Sep 13th, 2019 7:36 pm
That's quite a prediction on our ageing society. The early baby boomers - if they're alive - with be in their 90s by then. Hell, l'll be in my 80's by that time, if I'm even lucky enough to be on this side of the lawn.

Gen X, and especially Millennials, will pick up the slack. They are in their prime "procreation" years.
LOL, @Sauerkraut, I thought from your avatar you were my age (mid thirties). Who is that an avatar of?

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Doug
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dmehus wrote:
Sep 13th, 2019 7:49 pm
LOL, @Sauerkraut, I thought from your avatar you were my age (mid thirties). Who is that an avatar of?

Cheers,
Doug
It's a mug shot of Frank Sinatra. When he was 23 , he was charged in New Jersey. As per the police report...

"did then and there have sexual intercourse with the said complainant, who was then and there a single female of good repute." This, the charge stated, was "contrary and in violation of the revised statute of 1937." The charges were later dismissed when it was determined that the woman involved was married.
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Sauerkraut wrote:
Sep 13th, 2019 8:03 pm
It's a mug shot of Frank Sinatra. When he was 23 , he was charged in New Jersey. As per the police report...

"did then and there have sexual intercourse with the said complainant, who was then and there a single female of good repute." This, the charge stated, was "contrary and in violation of the revised statute of 1937." The charges were later dismissed when it was determined that the woman involved was married.
Wow, was he ever a dapper, good looking dude in his early 20s!

Mind you, I've heard he was quite a ladies' man, so that's not surprising. ;)

Cheers,
Doug

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