Comments on: Motive Financial Review

By: The Best High-Interest Savings Accounts in Canada - Money We Have

The Best High-Interest Savings Accounts in Canada - Money We Have — Mon, 02 Mar 2020 01:30:06 +0000

[…] Motive Financial is the online banking division of Canadian Western Bank (CWB) and currently has one of the highest interest rates at 2.80% on deposits in their Motive Financial Savvy Savings Account. This is pretty impressive since it’s .50% more for a non-promotional rate compared to EQ Bank who has long been the industry leader. With Motive, there are no fees and unlimited e-transfers so this is a great account to put your money for any short term savings. I should note that the 2.80% is capped on your first $1 million dollars. After that, you’ll earn “just” .25% interest. If you want to learn more about Motive Financial and what other accounts they have, you can read my Motive Financial review. […]

By: Victoria Businesswomen

Victoria Businesswomen — Mon, 24 Feb 2020 08:54:45 +0000

Great article. Thanks for the detailed information. Your blog is by far the best source I’ve found.
Thank you for sharing your experience!

By: Barry Choi

Barry Choi — Sat, 11 Jan 2020 00:48:26 +0000

In reply to Adrian. Adrian, I obviously can't speak on behalf of the bank, but since your money is protected by CDIC, your money is probably good there.

By: Adrian

Adrian — Sat, 11 Jan 2020 00:39:33 +0000

Any idea how secure Motive is in terms of longevity? Looking for a good HISA to stick part of my parent’s retirement savings in, but CDIC only covers up to $100,000 per account and Im weary to put more if theres a chance the bank will fold.

By: Carol

Carol — Thu, 05 Dec 2019 04:40:31 +0000

I’ve had the same problem as Russ and am wondering if I should actually be putting my money in Motive. I started the process a month ago. I have finally been ‘approved’. However my bank card came last week and there is still no pin in the mail. As well I can’t open the multiple PDF’s sent or the web links and, even though I signed up through my other bank there is still no access. I signed up for EQ bank within 5 minutes, including linking my traditional bank and has money in the account right away.

By: Russ

Russ — Sat, 23 Nov 2019 19:18:00 +0000

Motive may be giving a high-interest rate however there service sucks. I applied for an account on the 28 of October. I filled out the forms and included the bank account I wanted to transfer my funds from. Since this is an internet bank that is the only way I can deposit my funds. Finally, I received my codes to access my account on the 21 of November so that’s more than 3 weeks. They say they have a lot of people applying well maybe hire a few more people to process the info.

So I logged in thinking I could transfer my funds, as I had already given my information for the account I wanted to transfer from. Guess again I now need to fill out a form with this information and sign it. I understand signing, ok, however, why fill out the information online, to begin with. Better why not fill out the form and sign it and send it to them with the original application. Wait, it gets even worse. I try to download the PDF form to fill it out and print it. The site won’t let me, customer service had to email another form to me. So I fill out the form and send it in. It is now the 23 of November and I am still waiting to be able to transfer my funds. I am sure it will take another 3 weeks for them to process this form.

So just for fun, I tried to access their other forms on the site. Well, guess what none of them are assessable just like the transfer form. It just seems they are not really interested to have me as a client. Now Lise is saying the site freezes up I really don’t know if I should actually deposit any money in this bank I may end up making a bit more interest but never be able to get it out.

By: Barry Choi

Barry Choi — Sun, 29 Sep 2019 11:21:24 +0000

In reply to Eric. Eric, Thanks for catching that. I had updated my mostusbank review with the new rates but I forgot I had mentioned them in this article.

By: Eric

Eric — Sun, 29 Sep 2019 04:18:12 +0000

Hi Barry,

Came across the article tonight and was looking around for the best rates on a TFSA savings account. Looked into your article for Motive and motusbank. It seems like motusbank’s TFSA savings account rate is now 2.35%

By: Barry Choi

Barry Choi — Tue, 03 Sep 2019 00:36:08 +0000

In reply to Tim.

Tim,

What you’re looking for is a high interest investment savings account. ALl banks have them for example.

https://www.secure.bmoinvestorline.com/selfDirected/pdfs/HISA_factsheet_CAD_EN.pdf
https://www.tdassetmanagement.com/document/PDF/TD%20ISA%20Product%20Features.pdf (f-series can only be bought through an advisor)

By: Tim

Tim — Mon, 02 Sep 2019 16:31:32 +0000

Hi Barry,
What do you recommend for cash balances that aren’t paying interest in self directed RRSPs?