Personal Finance

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

Deal Addict
Oct 25, 2005
3122 posts
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North Vancouver
I was thinking about 1.75% but lazy to call in to move to TFSA, so the Motive TFSA rate also is changeable at any time?
JamesW84831 wrote: Motive isn't living up at all to it's reputation/niche as being the bank for savers. TFSA rate has dropped 0.85% in 7 months. Unacceptable.
March 10: 2.4 --> 2.2%.
May 12: 2.2 --> 2.05%
July 27: 2.05 --> 1.75%
October 9: 1.75% --> 1.55%

I have roughly $30k in the account. Seemingly everytime I get above $40/month in interest the rate drops.
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Jul 29, 2013
2115 posts
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Ontario
ecgz88 wrote: I was thinking about 1.75% but lazy to call in to move to TFSA, so the Motive TFSA rate also is changeable at any time?
Yes, TFSA is also 1.55% now.
Deal Fanatic
Oct 7, 2007
9404 posts
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I heard one of these financial experts on the local radio this morning saying that our government is printing $5 billions a week to fund all of the new spending programs. Also, the Bank of Canada is contemplating negative interest rates. If this is the case, our Canadian dollars are going to take a double-hit.
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May 17, 2006
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xiaobao wrote: I got the tangerine 2% rate, Should I move all my money out of the TFSA and just put it in a regular savings account at 2% now that Motive is at 1.55%?
Do the TFSA transfer instead, if you have a huge sum in tfsa. The interest will be tax free otherwise you pay taxes on interest earned.

Tangerines special rate accounts all savings were at 2% or 2.3% (if opened within 30 days). USD, CDN, TFSA etc...
Deal Expert
Jan 7, 2002
29710 posts
29130 upvotes
Waterloo, ON
choclover wrote: I heard one of these financial experts on the local radio this morning
The more "predictions" these "experts" make the more likely it is that some day one of them will come to pass ;) [Or to paraphrase Nobel Prize winning economist Paul Samuelson, financial experts have predicted nine of the past five financial calamities.]
Also, the Bank of Canada is contemplating negative interest rates.
Not according to the real expert on this issue:
Bank of Canada Governor Tiff Macklem said negative interest rates remain an option, even if policy makers aren’t currently considering such a move. “We are not actively discussing negative interest rates at this point but it’s in our toolkit and never say never,” Macklem said Thursday via videoconference, after a speech to the Global Risk Institute.
Of course that position could change. But I'll trust Macklem over some random "expert" on the local radio.
veni, vidi, Visa
Deal Guru
Jan 30, 2012
10043 posts
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multi city dweller
bylo wrote: The more "predictions" these "experts" make the more likely it is that some day one of them will come to pass ;) [Or to paraphrase Nobel Prize winning economist Paul Samuelson, financial experts have predicted nine of the past five financial calamities.]

Not according to the real expert on this issue:
Of course that position could change. But I'll trust Macklem over some random "expert" on the local radio.
real interest rate is probably already negative ... :lol: depending on how negative interest rate is defined that is ...
Deal Expert
Jan 7, 2002
29710 posts
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Waterloo, ON
LOL808 wrote: real interest rate is probably already negative ...
Yup, real (after inflation) bond rates already are. They've been negative since the COVID-19 lockdowns began. Currently the real yield on Canada Real Return Bonds is about -0.20%. That means that while the nominal yield is positive, after inflation it's negative.

But that's not what's usually meant when economists talk about negative interest rates. By their definition interest rates are negative when banks charge you interest to keep cash with them, rather than paying you interest on those deposits.
veni, vidi, Visa
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Dec 16, 2012
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porksoda wrote: Do the TFSA transfer instead, if you have a huge sum in tfsa. The interest will be tax free otherwise you pay taxes on interest earned.

Tangerines special rate accounts all savings were at 2% or 2.3% (if opened within 30 days). USD, CDN, TFSA etc...

It is around 50K and that is why I am wondering is the extra boost worth the interest hit I will take. I was not planning to do a transfer as I am not sure if Tangerine would cover the fee if I want to put in in a Savings account. I already have a TFSA with tangerine so I think I would just get 2%. I am also not sure if on dec 31st if I would take it all out or leave it Feburary.
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May 17, 2006
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50k for 30days at 2% is ~$82.20 and at 2.3% is ~$94.52.

For a few months the interest would still be better than a lower interest, it will be good and i probably wouldn't take it out of tfsa. I know tangerine charges $50 to transfer out, it would depend on your existing financial institution to see what the cost would be.

Also note in some cases the tfsa transfer can take upto 4-6weeks.

Another option is take it out of the institution dec 20ish and then you can avoid the $50 if you invest all of it in January.
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May 7, 2007
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joshnet wrote: Down to 1.55%, as everyone shifts down some more.
Looks like Motive tends to stay lately 0.05% above the EQ Bank. :)
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Dec 16, 2012
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porksoda wrote: 50k for 30days at 2% is ~$82.20 and at 2.3% is ~$94.52.

For a few months the interest would still be better than a lower interest, it will be good and i probably wouldn't take it out of tfsa. I know tangerine charges $50 to transfer out, it would depend on your existing financial institution to see what the cost would be.

Also note in some cases the tfsa transfer can take upto 4-6weeks.

Another option is take it out of the institution dec 20ish and then you can avoid the $50 if you invest all of it in January.
Yeah, I probably would just take out the money of the tfsa and do a manual transfer to Tangerine if I would do it, I probably could put some of it into their TFSA as I still have unused contribution room of like 20K. I not sure how much interest I would pay though on the amount at tax time. So still have to work that out.
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May 17, 2006
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xiaobao wrote: Yeah, I probably would just take out the money of the tfsa and do a manual transfer to Tangerine if I would do it, I probably could put some of it into their TFSA as I still have unused contribution room of like 20K. I not sure how much interest I would pay though on the amount at tax time. So still have to work that out.
The point i was making was that keep the TFSA funds within TFSA, you can do a transfer but see if its worth the effort.
If you do have room in tfsa you can do it like that if you won't be filling up your tfsa room this year.
Sr. Member
Dec 26, 2015
881 posts
736 upvotes
Manitoba
question for anyone has a joint account with Motive.
If we have a joint savings account, can my wife and I open separate TFSA's from the same log in or will it force us to have separate logins?
Deal Addict
Mar 14, 2014
1354 posts
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Veeshmack wrote: question for anyone has a joint account with Motive.
If we have a joint savings account, can my wife and I open separate TFSA's from the same log in or will it force us to have separate logins?
A quick call to Motive is your best course of action, getting it from the horse's mouth is always best.
Sr. Member
Oct 8, 2006
679 posts
505 upvotes
Okanagan Valley
Veeshmack wrote: question for anyone has a joint account with Motive.
If we have a joint savings account, can my wife and I open separate TFSA's from the same log in or will it force us to have separate logins?
have had joint accounts with them for many years and our individual TFSA's have to be accessed from separate logins.
Sr. Member
Dec 26, 2015
881 posts
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Manitoba
Smiling Face With Open Mouth
flyjazz wrote:
A quick call to Motive is your best course of action, getting it from the horse's mouth is always best.
happy camper wrote: have had joint accounts with them for many years and our individual TFSA's have to be accessed from separate logins.
sent them an email and they said I'd be able to access from the same login
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Aug 18, 2005
21223 posts
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Burlington-Hamilton
I moved my money out of Motive again for Tangerine 1.7%.

Man, somehow I long for the days of PC Financial giving 4% as their normal interest rate.
- casual gastronomist -
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Aug 1, 2006
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Toronto
Jucius Maximus wrote: I moved my money out of Motive again for Tangerine 1.7%.

Man, somehow I long for the days of PC Financial giving 4% as their normal interest rate.
Big 5 banks savings accounts are about 0 to 0.01 % now . LOL
Deal Addict
Jul 1, 2006
1051 posts
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Anyone else having trouble logging in to online banking this afternoon?

"The online banking system cannot be accessed. Please try again later (code 000007001008)."

:rolleyes:

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