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 – 1.50% up to $5,000,000.01 then 0.50% after that
  • Motive Savvy Savings Account – 2.8% up to $1,000,000.01 then 0.25% after that
  • Motive RSP Savings Account – 0.25% up to $25,00, 1.25% after that
  • Motive TFSA Savings Account – 2.40%
  • 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 (June 2019)

The stand-out account here is the Motive Savvy Savings Account, which is their high interest savings account, at 2.8% interest. That’s a pretty generous interest rate that you will be hard-pressed to find from either brick and mortar banks or other online banks. In fact, right now, it seems to be one of the highest annual interest rates on a HISA in Canada.

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

Motive Financial really stands out right now with their high interest rates on the Motive Savvy Savings Account. While online banks do tend to be able to offer higher rates than the big names, Motive Financial has even out-done fellow online favourites such as motusbank (2.10% on HISA) and EQ Bank (2.45% on HISA) both of which have reputations of being strong players in this field. Without a doubt, Motive Financial deserves a spot as one of the best high interest savings accounts in Canada.

Motive Financial’s TFSA account rate of 2.40% just beats motusbank’s offer of 2.35%. What’s impressive about Motive Financial is that they’ve been relatively consistent with their rates. They’ve been at 2.80%/2.35% for their accounts for quite some time, whereas motusbank dropped their rates just a few months after they launched.

Final thoughts

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.