New Cha-Ching Chequing and Savvy Savings Account | Page 2 | Motive Financial | Discussion forum

Rick said
About bloody time they offered a savings account with a decent rate. Opened one each toady! Just transferred to Hubert from EQ, so have to wait a week to move it to the new account.
Unlimited Interac e-Transfers, but not free:
Interac® e-Transfer makes it easy. Send money to anyone with a mobile phone number or email address for just $1.00. Receive money right to your Motive account for free. Also, they do pay interest on the new chequing account. .25% while regular account pays .6% No biggie one way or another.
Not sure about the 5 buck fee for deposits?? Doesn't sound right, and obviously, if internal transfers are free and unlimited, can work around by transferring from external account to chequing first.  

Rick when I dealt with Coast Capital on their seniors account I remember some restrictions similar to what is mentioned. I used to transfer in/out using the chequing account if I recall. It was while ago and I have left the Coast Capital bad memories in the past.

$25 offer Savvy Savings

For a limited time only, you can earn $25.00 when you open a Motive Savvy Savings Account with a minimum deposit of $1000.00. To qualify for this offer, you must be a) an eligible client; and b) open an eligible Savvy Savings Account with a minimum investment of $1000.00 for 90 consecutive days.

Terms and Conditions:

From November 9, 2018 to February 7, 2019 (the “Offer Period”), earn a $25.00 Cash Bonus when you open a new Motive™ Savvy Savings Account online.

To qualify for the $25.00 Cash Bonus you must:

1. Visit motivefinancial.com;

AND

2. Use the digital application form to open a new Motive™ Savvy Savings Account (the “Savings Account”) during the Offer Period and keep the account open, in good standing (for example, your Savings Account must not be in an unauthorized overdraft), and remain in an Eligible Plan until February 7, 2019.

AND

3. Make a deposit of a minimum amount of $1000.00 into the Savings Account by February 7, 2019.

Exclusions:
Customers who have an Existing Savings Account are not eligible.

Link to offer

Had their regular online savings account, phoned and a minute later the old account is now the Savvy Savings Account. Easy.

I just spoke with Motive re the $25 bonus. To get this bonus, the deposit MUST come from Zag bank. Since my Zag account is already down to zero, I get nada on this offer. (they did say if I provided proof that there were funds in Zag which I transferred to another FI, and then from that FI to Motive, they might go for it. However, I only had $100 in Zag, and this does not meet their minumum of $1000.)

This is odd, since on their page https://www.motivefinancial.com/Offer/
they state: "* For a limited time only, you can earn $25.00 when you open a Motive Savvy Savings Account with a minimum deposit of $1000.00. To qualify for this offer, you must be a) an eligible client; and b) open an eligible Savvy Savings Account with a minimum investment of $1000.00 for 90 consecutive days. We may change this offer and these Terms and Conditions at any time without giving you notice."

No mention of Zag?? I had stated money would come from Hubert; they said that does not get the bonus.

I am not 'Motivated' to open yet another savings account at Motive, to get the 2.8%. And they would not state if there was any increase to come in their regular rate of 1.5%, which I already have.

canadian.100, I asked to change the existing account. I don't expect more than 2 withdrawals in any month, plus I have another Motive joint savings account (linked to external) that I left as is for now so I could transfer into that first if I really wanted to.

I've got my $25 bonus deposited to Savvy Savings account today.

14-Mar-2019 Transfer Credit TIME TO ZIG OFFER $25.00

savemoresaveoften said
They deposited my cheque last week and recd email saying account info etc will be sent by snail mail. I signed up beginning of month. Its a slow process it seems....  

Slow is an understatement. I wrote and mailed my cheque and application on Feb 19. I received my debit card today, four weeks later! Only when my PIN arrives (apparently in a few days) will I be able to login ...

This makes watching grass grow look like an extreme sport.

Alexandre said
I did a review of the account opening process with Motive.

There are few hints I also listed there, based on my experience. One of them: if you don't want to wait till your login password comes in mail, just phone Motive. They'll verify your identity and will provide you with temporary password, over the phone.  

As it happens, I completed their Savvy Savings online application on Friday March 15 and mailed in my starter deposit the same day without having had the benefit of reading your thread. I have now reduced my expectations considerably. Ironically, the new DUCA offer is probably going to trump my primary reason for opening a Motive account in the first place, so now it doesn't really matter how long they take. Might come in handy down the line one day though, who knows

Londonguy said

Time for you to pass the "longest wait" trophy to me, I think.

Today is April 29th and they still haven't opened my account from my March 15th application. Last contact I had was an email dated March 27th acknowledging that everything I submitted was in order, while also claiming they were busy and it would take 2 or maybe 3 weeks. Obviously that self-imposed liberal deadline came and went without anything happening. They also have yet to cash my initial deposit cheque, which IMO is not a good sign of back room progress.

How can any financial entity equipped to take online applications and conduct EFT commerce take over 6 weeks to execute something as routine as opening a new account? Maybe the part-time clerk who processes new applications who only comes in for 3 hours on Wednesday mornings has resigned? Maybe she takes her dog to the office and it ate my cheque?

I think the Great Banker in the Sky is trying to tell me not to open this account...  

That is a long time, although, I would just add that Motive Financial is set up as a small, "add on" virtual personal banking branch of Canadian Western Bank (much like the Manitoba credit unions). As such, they likely have a very small staff consisting of their V.P./Division Manager, an Assistant Manager, and a handful of client-facing and non-client-facing representatives. So, in terms of support, we really cannot Tangerine or even Motus level of turnaround times.

Something seems to be amiss, though, so I would recommend following up with their Division Manager, Adam Skoreyko, at adam.skoreyko[at]cwbank[dot]com. Failing that, I would proceed through the complaint handling process, described here, which would involve first contacting CWB's Complaints Handling Officer and then proceeding through to CWB's Ombudsman, if necessary.

Cheers,
Doug

Some will recall we had the same problem with EQ early on.
Motive offers one of the best, if not the best, HISA rates right now (not a promo). So, they are probably inundated with applications.