Down she goes | Motive Financial | Discussion forum

Nooo...

I am moving money from Motive, too. Will top up Neo Financial account I already have, which is at 1.3% currently. Then, will go down the list of all accounts I have with interest above 1.1% and will top up them, too. Starting with top rate and down to 1.1%.

I moved money to Motive less than 2 weeks ago. Sorry if I triggered some upper cash limit that caused this! (joking)

Anyway, all funds at Motive were withdrawn first thing this morning. I agree with KamWest, you used to be able to count on Motive/CDF being consistently competitive, sometimes both HISA and GIC.

Something put me off Saven and Neo initially, but I'll have to look into them again. I don't have a smartphone though.

Not sure if I would tie up the funds with Saven doing 1.35%

Here is what I ended up doing...

Had my funds at Motive now at 1.10%

I moved them to CTC at 1.25%

Once that clears I will move to Saven at 1.35%

Since Saven has a CTC link it was a better option than using simplii as an intermediate because they pay virtually no interest.

Voting with my money, which is moving from Motive to EQ, where half will go into a 3 month GIC, half into a 6 month GIC, both at 1.30%. Not sure how long EQ's 1.25% rate on savings will last at this time.

Hubert's one-year graduated rate at 1.3, cashable every 3 months if rates improve might be worth considering for some people as an alternative at this time.

I would speculate that when one of these FIs breaks rank, others will almost certainly follow because none of them wants the influx of HISA money

I'm good til Jan 31 with promo rates. Will see what happens between now and then.

BoC may not move for a few months on the rate but they will end QE.

As bond rates go up, new money supply goes down, mortgage rates go up and people gain confidence to spend and invest, there is a good chance money starts flowing elsewhere and HISAs will regain interest in attracting new funds. Sooner rather than later.

Obviously I have no clue what will actually happen but change in HISA rate direction is at least possible in 21.

suburbs4life said
Much appreciated altared. So close to 1% should be expected For the next 18 months.  

I have no idea whether 1% is sustainable. My key point is they have room to go down. Mordko appears to be more convinced the end of QE will indirectly cause the opposite to happen.

mikehampel said
I am confused. BofC had q/e and 0 rates for 2 years and Motive HISA rate was higher. Now BofC says they will raise short rates and HISA at Motive goes lower?

Why is this disconnect?
Market doesn't believe BS from BofC?  

Just a guess, but I don't think the two are related events.

Motive, historically, blows hot and cold with their rates. In other words, sometimes they are very competitive, either in GICs or HISA (seldom both at the same time). Then they make the decision to exit the competitive rate market. They are just a filler for Canadian Western Bank funding sources. When I saw this latest rate drop, that was my reaction, not that this signaled any general rate trend. Of course I could be wrong!