Lower Rates for Savings Accounts & GICs | Motive Financial | Discussion forum

GR said
Savvy savings accounts rate lowered to 2.05% (from 2.20%) and all GIC rates lowered, now ranging from 1.90% to 2.30% for 1 yr. to 5 yrs., respectively.  

May 13, PM. rates on Savvy Savings and TFSA savings recorded as 2.20%, unchanged. As you didn't give a link for anything about rate changes, and they haven't changed their rates a day later, maybe it was a rumour and not actual?

Peter said
When I log in to my account, it says "Current Interest Rate: 2.20%".

But on their homepage (https://www.motivefinancial.com/) and rates page (https://www.motivefinancial.com/rates) it definitely says 2.05%.  

Interesting, Peter. I would say the latter is correct, and they just haven't updated it in two places. I suspect the plan may be to eventually have an integrated online banking platform and public website, but since they upgraded the public website to the new plaform first, they now need to update it in two places. With < 25 total staff (it's perhaps less than that), it hasn't been updated. Have you tweeted to alert them to the discrepancy so they can correct?

Cheers,
Doug

Rick said
Never seen that rate page before. Couldn't find a rate page after they "upgraded".
Been going here: https://access.motivefinancial.com/Rates/

They USUALLY give a heads-up Fridays rates will be changing as of following Monday.  

Thanks, Rick. That confirms it. They still have the old website up on the online banking platform servers. Note the effective dates; the effective dates on the public website supercede those.

I'm not sure when they updated the public website GIC rates, but perhaps one casualty of the new website is they've stopped that practice?

Cheers,
Doug

Disclosure: Finally, I am a happy stockholder in Canadian Western Bank, with my entry point around $17.90 per share.

GR said
dougjp,
I don't post rumours.

Rick,
Suggest you update your bookmark to the following:
https://www.motivefinancial.com/rates

New rate of 2.05% for Savvy savings now appears on account when you log in.  

Noticed the rate change this morning.

I posted what I saw. I posted exactly what rates I saw for the various accounts when I was IN my accounts, because as far as I am concerned, those are what I am/should be paid - "as advertised". I had no other links that I use, and was not aware they had multiple web sites that weren't interrelated.

Mind you, a bank that says answer a security question to place a permanent cookie on the computer (and it doesn't happen), 6 months ago, and still has the same incorrect text description regarding that, long after it was supposed to happen, shouldn't be expected to change an interest rate everywhere.

Doug said

@MotiveFncl @AdamSkoreyko Part of your old public website is still up at your online banking platform website (i.e., https://t.co/3cznKhbsy8; https://t.co/ogs9UNqHY3), and users are reporting, when logged in, they see the old GIC and HISA rates. I think this should be corrected

— Doug Mehus (@dmehus) May 13, 2020

Motive Financial has been alerted, and confirmed they're working on correcting the older versions of the public website still accessible as well as the areas where the outdated rates are still visible. 🙂

Cheers,
Doug  

The site I was using now shows same rates as new site