Motive Financial is the online banking division of Canadian Western Bank (CWB). Originally, this online platform was called Canadian Direct Financial which was created in 2008, however, in 2017 the company rebranded and Motive Financial was born.
Due to the fact that Motive Financial is an online bank only, they are able to offer various account options with high interest rates. So, if you are comfortable doing your banking online either through your laptop, smartphone, or tablet, then Motive Financial just may be the ideal choice for you and your banking needs. Read my Motive Financial review to find out why.
Motive Financial account rates
- Motive Savings Account – 1.25% up to $5,000,000.01 then 0.50% after that
- Motive Savvy Savings Account – 1.75%
- Motive RSP Savings Account – 0.25% up to $25,00, 1.25% after that
- Motive TFSA Savings Account – 1.75%
- Motive Chequing Account – 0.60%
- Motive Ch-Ching Chequing Account – 0.25%
- Motive Financial also offers GICs for those interested
*These rates were correct at the time this article was written (July 2020)
The stand-out account here is the Motive Savvy Savings Account, which is their high interest savings account, at 1.75% interest. That’s one of the better high interest savings accounts in Canada. Admittedly, Motive used to lead the pack, but the recent interest rate cuts by the bank of Canada has forced Motive to drop their rates.
Another great feature is the ability to earn interest on both of Motive Financial’s chequing account options. Sure, the interest rate isn’t high, but the ability to earn interest on a chequing account isn’t a common feature, especially when it comes to traditional banks.
The Motive Ch-Ching Chequing account also comes with zero monthly fees, unlimited transactions and e-Transfers, plus you’ll get your first 50 personalized cheques for free. Not a bad deal at all for a no-fee chequing account!
The Motive Chequing account, which has a higher interest rate (0.60%) is quite similar and offers many of the same perks, however, e-Transfers are not free under this account and do come with a $1 fee per transfer.
Motive Financial also offers GICs, however, since the rates on GICs are constantly changing, I decided not to include the current rates in this article. That being said, they are available for those who are interested.
How Motive Financial compares to others
The best high interest savings accounts in Canada have changed dramatically over the last few months. Due to COVID-19, the bank of Canada has lowered interest rates. Every online bank had to cut their rates, but some lowered their rates more than others.
Motive Financial has one of the highest interest rates available. EQ Bank typically has rates similar to Motive, however, they don’t have a TFSA option. Motusbank offers 1.60% for their TFSA and 1.40% for their savings account. There are still lots of options out there, but with rates so low right now, don’t expect a huge a return.
My Motive Financial review is positive. While online banks are nothing new to Canada, Motive Bank does offer some great account options for Canadians. Their high interest rates on their HISA are a stand-out and they have some great perks and inclusions in their chequing accounts as well.