120D GIC 5.25% offer until Oct 31, 2024 | Motive Financial | Discussion forum

hwyc said
As per thread title. I think this may be Motive's strategic spot to compete for non-registered short-term deposits. ... does give me choice.

This looked very appealing to me as I have a 120d GIC maturing at Motive mid-October.

Alas, checking further, the 120d 5.25% offer is for new money only - same as the previous offer I took advantage of.

If I were able to scratch together enough additional cash to take advantage of this special and then withdraw my maturing GIC after that, could I be penalized considering Motive's objective is to increase deposits?

Under the stated conditions and current rates, the original 120d GIC will be leaving Motive upon maturity anyway, so their objective is short-lived.

I will dig further into the T&C for these promotions with the hope I can 'extend' my investment another 120d - which could be good for both Motive and me. I would prefer to do this with the original investment but adding more money with the intent to withdraw the original investment at maturity works as well.

rodeworthy said

hwyc said
---cut----

Alas, checking further, the 120d 5.25% offer is for new money only - same as the previous offer I took advantage of.
---cut--

You can create new money by moving it out of Motive and then right back in.

Dean said
.
But it's too bad their website is Still a 'Dogs Breakfast'.

And with No Hope for change, in sight.

Dean

  

Their website may end up being the least of your worries if NB shuts it down. I suppose it will also bring an end to the complaints.

I'm confused about how Motive specifies the terms of the 120 day GIC offer. They state that it can apply to "funds not held on deposit with Motive Financial prior to June 1, 2024". I presume this refers to your account balances (?) as of that date (not anytime prior) and if new funds are deposited which brings balances above that of June 1 they can be entered into a 120 day GIC - is this what they're saying?? Or can any amounts deposited after June 1 be used towards a GIC regardless of any withdrawals that may have been made or are planned?

For example, say my balance on June 1 was $100K. If I deposit an additional $100K after June 1, it alone can be used to purchase a GIC, but what will be the effect of this on the original June 1 balance funds - can they be withdrawn or is it also basically untouchable for the 120 day period as well as the period since June 1? Very confusing. I hope someone can understand what I'm trying to say - or what they are saying!! I would phone but have had very bad wait times in the past as well as some bad information provided.

I routinely move the money out of Motive to TD and back to Motive and it’s then considered “new money”.

MAC99 said
I routinely move the money out of Motive to TD and back to Motive and it’s then considered “new money”.  

Scenario: I have matured GIC funds deposited in the savings account as of yesterday from an older 120 day GIC with Motive. I withdraw them to another FI (2 days) and move it back to Motive (5 days) and they will be considered as "new money" and I can create a new 120 day GIC with that same amount?
Thanks

zgic said
Scenario: I have matured GIC funds deposited in the savings account as of yesterday from an older 120 day GIC with Motive. I withdraw them to another FI (2 days) and move it back to Motive (5 days) and they will be considered as "new money" and I can create a new 120 day GIC with that same amount?
Thanks  

That's correct. I've done it several times and will do it again on Oct 21 to get back in prior to the Oct 25 deal expiry

Well, even 4.75% looks better than what one can expect soon, given the latest rate cut. I will park some money, transferred from Tang (where my latest promo is set to expire Oct. 31), into this GIC for the 120 day term.