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Email this9:00 pm
March 16, 2019
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Hi All,
Pretty much all's in the title. Already have accounts with Simplii, Tangerine, EQ Bank. I'd like to open one more Online Savings Account.
Look forward to your input, and please PM me with a referral code if you wish.
Thanks!
5:54 am
May 24, 2016
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PM sent
1:18 pm
October 21, 2013
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If it's just a savings account you want, I'd go with Motive Savvy Savings (2.8%), Hubert (2.5%), or AlternaBank 2.35%.
Motive is a bank, thus CDIC-insured, as is AlternaBank (not to be confused with Alterna Credit Union, which owns it).
However, I'm not sure how long this rate will last at Motive.
Hubert will probably not go below 2.4 in the foreseeable future. It's a Manitoba credit union, so is insured by Manitoba credit union insurance, unlimited. You might also consider their one-year GIC, redeemable without penalty every 3 months (or with zero quarterly interest if you redeem at another time; each quarter pays a bit more than the previous one, currently beginning at 2.95% and yielding an annual rate a bit over 3.1%.
If you live in Quebec, Hubert is not available to you.
AlternaBank recently increased their rate from 2.3%. They rarely change their savings rate. They offer more services than Hubert, if that's what you need.
1:32 pm
March 16, 2019
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Loonie said
If it's just a savings account you want, I'd go with Motive Savvy Savings (2.8%), Hubert (2.5%), or AlternaBank 2.35%.Motive is a bank, thus CDIC-insured, as is AlternaBank (not to be confused with Alterna Credit Union, which owns it).
However, I'm not sure how long this rate will last at Motive.Hubert will probably not go below 2.4 in the foreseeable future. It's a Manitoba credit union, so is insured by Manitoba credit union insurance, unlimited. You might also consider their one-year GIC, redeemable without penalty every 3 months (or with zero quarterly interest if you redeem at another time; each quarter pays a bit more than the previous one, currently beginning at 2.95% and yielding an annual rate a bit over 3.1%.
If you live in Quebec, Hubert is not available to you.AlternaBank recently increased their rate from 2.3%. They rarely change their savings rate. They offer more services than Hubert, if that's what you need.
Thank you for the detailed response. Any thoughts on Achieva?
1:52 pm
December 12, 2009
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I'm uncertain as to how long Motive Financial's rate will last. Also, keep in mind that you are limited in the number of free transactions you can make on Motive's Savvy Savings Account. Although I don't bank with them, EQ Bank and Oaken Financial would be the two worthy of a good look, especially GIC rates. 
Motive and Achieva are both excellent in terms of companion free chequing accounts, debit card and ATM access, so much so that they're basically awash in terms of core banking and online banking systems (they use the same systems).
I personally like Hubert Financial, for their excellent customer service, superior GIC rates, ease of account opening, electronic linking of external bank accounts, dividends paid on member shares since 2004 (possibly earlier, but 2004 is what they document online), etc. Implicity Financial is also excellent because you get a debit card and can make unlimited transactions, except for bill payments, for free, though point of sale purchases are $1.00 each.
Downside to Achieva would be (a) lower rates than Hubert and elsewhere and (b) you're limited to 1 free debit per month. Upside is they pay you $1.00 per month for enrolling in e-Statements and cheque books are free.
Cheers,
Doug
6:42 pm
October 21, 2013
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Personally, I would not choose Achieva for this purpose. However, you may have some other considerations that have not been mentioned.
Doug has basically covered their pros and cons, I think. If you're willing to go with a MB CU and don't live in Quebec, then I would choose Hubert over Achieva. They tend to have slightly higher rates, don't limit withdrawals, are easy to deal with, and there's always that one-year GIC if you can use it.
Achieva does have a bonus if you get a referral, and someone here will give you one, I'm sure. However, I would not let that sway my decision.Achieva is cumbersome when it comes to transferring out as they don't offer EFTs.
My bias is that I do use Hubert myself. I also use Alterna.
There are a few people here who use Ideal Savings, which is another MB CU. I can't say much about the latter but they do have a good savings rate.
8:53 pm
October 29, 2017
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Don’t forget motusbank is coming very soon. Could have a teaser promo.
10:43 pm
December 12, 2009
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A number of people have referred to Motus Bank as "motusbank," which is their branding name. Just to point out, you wouldn't be wrong to refer to them as Motus Bank, with applicable spacing and capitalization, as that is the name, in English, that appears on their letters patent and on regulatory documents.
It will also be the name that appears in standard print font on the cheques, possibly with a "motusbank" logo + logotype appearing to the immediate left of the bank name and address.
Cheers,
Doug
1:12 am
October 21, 2013
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I left out Motus because OP is interested in a savings account only. So far, motus is pushing mortgages.
If they do offer an attractive savings account rate initially, it will surely not last, as they never do, and then OP might feel let down and regret the choice.
Similarly, Coast Capital might make an introductory offer if they ever get their act together.
If you're not in a hurry, there's no harm in waiting to see what comes forth. I don't think Motus will be more than 3 more weeks, FWIW.
6:05 am
November 15, 2018
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Loonie said
Personally, I would not choose Achieva for this purpose. However, you may have some other considerations that have not been mentioned.Doug has basically covered their pros and cons, I think. If you're willing to go with a MB CU and don't live in Quebec, then I would choose Hubert over Achieva. They tend to have slightly higher rates, don't limit withdrawals, are easy to deal with, and there's always that one-year GIC if you can use it.
Achieva does have a bonus if you get a referral, and someone here will give you one, I'm sure. However, I would not let that sway my decision.Achieva is cumbersome when it comes to transferring out as they don't offer EFTs.My bias is that I do use Hubert myself. I also use Alterna.
There are a few people here who use Ideal Savings, which is another MB CU. I can't say much about the latter but they do have a good savings rate.
"However, I would not let that sway my decision.Achieva is cumbersome when it comes to transferring out as they don't offer EFTs."
I don't know what your definition of EFT's is but I have been transferring money to & from my bank for years with Achieva.
8:26 am
December 12, 2009
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Loonie said
I left out Motus because OP is interested in a savings account only. So far, motus is pushing mortgages.
If they do offer an attractive savings account rate initially, it will surely not last, as they never do, and then OP might feel let down and regret the choice.Similarly, Coast Capital might make an introductory offer if they ever get their act together.
If you're not in a hurry, there's no harm in waiting to see what comes forth. I don't think Motus will be more than 3 more weeks, FWIW.
I expect Motus to follow Motive Financial in terms of rates - I think their rates will be premium to those of Meridian Credit Union rates. I think they'll offer comparable GIC rates to that of Hubert, Motive, EQ, and Oaken. I do think they may initially have a 3-4% savings account rate for 2-5 months before lowering it to 2.3-2.8%, probably setting around where Achieva is (currently) at at 2.40%. 😉
Not impressed with Coast's new CEO so far - they seem to almost have a hiring freeze (i.e., filling only essential positions) and they're restructuring positions yet again. It's somewhat bizarre.
Cheers,
Doug
8:28 am
December 12, 2009
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dommm said
"However, I would not let that sway my decision.Achieva is cumbersome when it comes to transferring out as they don't offer EFTs."
I don't know what your definition of EFT's is but I have been transferring money to & from my bank for years with Achieva.
Hrm, yeah, that surprises me about Achieva not offering EFTs (Coast doesn't have EFTs either, in the context of bank-to-bank transfers), but at least Achieva does provide free cheque orders to transfer funds. Will Achieva link external bank accounts for you for transferring funds, dommm?
Cheers,
Doug
9:35 am
October 29, 2017
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I have a CC account and use another bank to pull or push the money. It’s linked just fine.
11:05 am
October 21, 2013
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I was under the impression that, with Achieva, you could only transfer electronically to/from another FI by initiating at the other end. Perhaps I am wrong about that?
2:33 pm
May 24, 2016
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One can transfer electronically from Achieva to other FIs
3:37 pm
November 15, 2018
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Doug said
Hrm, yeah, that surprises me about Achieva not offering EFTs (Coast doesn't have EFTs either, in the context of bank-to-bank transfers), but at least Achieva does provide free cheque orders to transfer funds. Will Achieva link external bank accounts for you for transferring funds, dommm?Cheers,
Doug
Both my wife & myself have for years been logging into our Achieva accounts & transfering funds to or from our TD Canada Trust accounts.
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