5.75% 120 Day GIC | Motive Financial | Discussion forum

Yes I also received this offer from Motive.
However I am currently in the Tang 6% promo and will not be switching.

I also remember how Motive responded to my enquiry of a few months ago about their 5+% GIC. There was no response.

They are a parking spot when Tang (or anyone else) doesn't offer a better rate.

It is the same offer that has been in place since July 17/23 - originally 5.40%, then upped to 5.75%. They sent a reminder email today, as there is only two weeks left - offer expires October 31.

This is not targeted, but read the fine print: only on 'new money' as of July 17. Also a reminder that Motive defaults to an auto-renewing GIC, and you have to expressly request no renewal (by phone) if that is what you want.

LK said
reminder that Motive defaults to an auto-renewing GIC, and you have to expressly request no renewal (by phone) if that is what you want.  

That might depend on an agent you have conversation with. I was told on maturity my GIC will be deposited to Motive account, without me asking. Received GIC certificate today, confirming that.

The 120D GIC offer T&C has been updated. Rate remains at 5.75% for the time being.

This 120D GIC Offer begins on November 1, 2023, and ends on January 31, 2024 (the “Offer Period”).

thegov said
A question -- its required to be new money going in to get the 5.75% rate -ok - so I deposit some funds for that.
However, during the 120 days I have other 1 year GICs maturing.
I would like to transfer those proceeds out before the end of the 120 days.
Is that a problem. Can't see anything about retention period in the terms and conditions.  

If I understand this correctly, there are 2 separate GICs. The 120 day one (which hasn't been opened yet), and another 1-year one that will mature in the next 4 months.

If so, then there is no connection between them. When your existing 1-year GIC matures, you can do whatever you want: keep it at Motive or move it elsewhere.

The 120-day GIC at Motive is not like a Tangerine or Simplii HISA promo. It has nothing to do with new money/old money. It's just a 4-month GIC.

Itellyouwutt said

If I understand this correctly, there are 2 separate GICs. The 120 day one (which hasn't been opened yet), and another 1-year one that will mature in the next 4 months.

If so, then there is no connection between them. When your existing 1-year GIC matures, you can do whatever you want: keep it at Motive or move it elsewhere.

The 120-day GIC at Motive is not like a Tangerine or Simplii HISA promo. It has nothing to do with new money/old money. It's just a 4-month GIC.  

Ok thx. I was thinking of some of the brokerage deals where you have to keep the total net new money above a level for a set period of time to qualify for whatever promotion.
Got hold of someone at Motive - don't think the most experienced - but seemed to think its only at the point of purchase of the 120 day GIC that "new" money is required to qualify for the 5.75% rate (rather than their standard much lower rate). So hopefully no issue when the first 1 year matures & I withdraw it.
Looks like Motive haven't (yet) got into the complexities of other places.

thegov said

Ok thx. I was thinking of some of the brokerage deals where you have to keep the total net new money above a level for a set period of time to qualify for whatever promotion.
Got hold of someone at Motive - don't think the most experienced - but seemed to think its only at the point of purchase of the 120 day GIC that "new" money is required to qualify for the 5.75% rate (rather than their standard much lower rate). So hopefully no issue when the first 1 year matures & I withdraw it.
Looks like Motive haven't (yet) got into the complexities of other places.  

Hi there...yup you make a good point about some brokerage deals where you $ has to stay with them. In this case, as has been pointed out all that matters is that the money is "new" to Motive.

It also means that when your existing GIC matures, if it's still during the promo period you won't be able to pivot those funds into a new 6% GIC.

However, if you have the desire and means, I don't see why you couldn't purchase a second 6% GIC before your current one matures. Then when it does, move the funds wherever you want.

Should the Motive 4-mo (unregistered) GIC promo, ending Jan 31/24, be added to the promo page?

iotama said
I for one don't understand Motive's bizarre requirement of having to make a call to Motive for this GIC purchase (or for Motive's general GIC maturity). I mean this is 2023 and all it should take is one checkmark on Motive account dashboard. What is the authentication for? Biometrics? Voice recognition? Telemetry? Playing gods? If we are logged into the dashboard, we should be considered authenticated well enough. . Apologies.   

They don't want to build a function to check its new money - unlikely anything to do with authentication.
Rep justs looks at account & can make decision.
Time wasting for us - but likely a one-off or pilot event for them.
The maturity business is silly but again sounds like they don't want to change code to provide maturity instructions

Re my previous post (post 18), the GIC mentioned in post 7 matured just as promised when I purchased. It went to my cash account. No further work was required on my part.