New client deposit earn 5.35 (formerly 5.75%) for 120 days | Page 4 | Motive Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
New client deposit earn 5.35 (formerly 5.75%) for 120 days
November 14, 2024
5:50 am
hwyc
GTA
Member
Members
Forum Posts: 1291
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Sent you PM, pls check.

Oops! I mixed up. The $100 e-gift card offer ended Oct 31st.
No referral is required for the new client offer.

November 14, 2024
9:33 am
RetirEd
Member
Members
Forum Posts: 1190
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

Hmm: Saving a bank login is insanely dangerous! It makes perfect sense for them to not enable it. Any bad actor who finds or steals your phone or gets access to your computer has your bank cred! Any saved login is a bad idea, but for something enabling banking it's a drain-hole bigger than your phone.

RetirEd

November 17, 2024
3:44 am
Hmm
Member
Members
Forum Posts: 168
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

@RetirEd,

Sure, no other financial institution in the world imposes such outdated restrictions in this modern era of biometric authentication, desktop PCs with passwords, and widely accepted cookie-based browser authentication.

Claiming saved logins are "insanely dangerous" is out of touch, especially when even CRA—dealing with highly sensitive data—relies on them as part of their online system. You can suspend 2FA with CRA and other FI only send them if their cookies are absent or you log-in from a different location or browser. I suppose if we use a telephone for telephone banking we won't need to put up with OTP.

And as for Motive requiring a mailed void cheque to link external accounts, I’m sure a few will gaslight and defend it, but it’s an archaic process which fails to align with modern digital banking practices.

November 18, 2024
11:47 am
VP77
Member
Members
Forum Posts: 7
Member Since:
November 18, 2024
sp_UserOfflineSmall Offline

Hey Folks,

Looking for a referral for new Motive account.

Thanks.

November 18, 2024
6:07 pm
MG
Member
Members
Forum Posts: 287
Member Since:
February 16, 2013
sp_UserOfflineSmall Offline

VP77 said
Hey Folks,

Looking for a referral for new Motive account.

Thanks.  

I believe their referral program ended on October 31. sf-cry

November 19, 2024
5:48 pm
VP77
Member
Members
Forum Posts: 7
Member Since:
November 18, 2024
sp_UserOfflineSmall Offline

MG said

I believe their referral program ended on October 31. sf-cry  

Oh, okay!

November 19, 2024
5:58 pm
VP77
Member
Members
Forum Posts: 7
Member Since:
November 18, 2024
sp_UserOfflineSmall Offline

Please reply if you know.

For Motive, new client interest rate (in this case 5.35% for current offer) stays same for 120 days right? Even when Bank of Canada decreases rates in December !? Or does it come down like it did from 5.75 to 5.35 last month.

Because Simplii and Tangerine explicitly states that even if regular interest rate changes, promotional rate changes accordingly, such that Total rate stays same for offer period.

I didn't find same wording with Motive in their T&C that total rate stays same for 120 days.

Anyone?

November 19, 2024
6:01 pm
Peter
Admin
Forum Posts: 1453
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

This suggests the total rate will decrease at Motive:

3. How Interest is Calculated and Paid
The special annual interest rate of 5.35% is a combination of the regular posted annual interest rate set by Motive Financial payable on a Savvy Savings Account (“Regular Interest”), plus the promotional bonus annual interest rate (“Promotional Interest”) of 2.15%.

Regular Interest is calculated on the daily closing balance at the applicable rate tier and paid on the last day of the month, for the period beginning on the last day of the previous month and ending on the second last day of the month. Promotional Interest is calculated on the daily closing balance and paid as a separate transaction on the last day of the month for the period beginning on the last day of the previous month and ending on the second last day of the month.

Regular Interest rates may change at any time without prior notice. Regular Interest is posted on the Motive Financial website.

November 20, 2024
3:26 am
smayer97
Member
Members
Forum Posts: 951
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

Correct...decreases with BoC rate changes

November 20, 2024
8:22 am
VP77
Member
Members
Forum Posts: 7
Member Since:
November 18, 2024
sp_UserOfflineSmall Offline

Thanks Peter and smayer97.

That really sucks, because generally meaning of new client offer is rate is locked for said duration.
Checked with the CSR, promotional rate will stay same but regular will change accordingly with BoC rate changes!

December 9, 2024
6:46 pm
hwyc
GTA
Member
Members
Forum Posts: 1291
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

hwyc said in #2
Also on a different note (via their email). Until Oct 31st, refer a friend to Motive and you'll both receive a $100 e-gift card!  

... received one TangoCard.com card today from a referral made near end of September. It's a pleasure 🙂

December 10, 2024
4:38 am
RetirEd
Member
Members
Forum Posts: 1190
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

hwyc: Was that an unrestricted gift card, or one you can only use at specified merchant(s)?

RetirEd

December 24, 2024
6:00 am
hwyc
GTA
Member
Members
Forum Posts: 1291
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Note - New client offer changed. Bonus rate no longer 2.15% !!!

Regular rate 2.75% (+ 2% bonus) from Dec 23rd onward, further down from 3.20% (was 3.60%)

December 25, 2024
7:30 am
Top Dogg
Member
Members
Forum Posts: 144
Member Since:
October 4, 2018
sp_UserOfflineSmall Offline

So it's showing my Current Interest Rate as 2.75%. So what is my overall interest rate including the promotional rate for the Motive Savvy Savings Account?

Thanks,
TD

December 25, 2024
7:50 am
Norman1
Member
Members
Forum Posts: 7271
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Depends on which offer you are on.

Offer was an extra 2.15% of promotional interest. For those who became a Motive client December 23 or later, the offer is an extra 2% of promotional interest.

December 25, 2024
7:52 am
Top Dogg
Member
Members
Forum Posts: 144
Member Since:
October 4, 2018
sp_UserOfflineSmall Offline

Norman1 said
Depends on which offer you are on.

Offer was an extra 2.15% of promotional interest. For those who became a Motive client December 23 or later, the offer is an extra 2% of promotional interest.  

Thanks for the reply. I became a member on October 17th.

December 25, 2024
11:43 am
Norman1
Member
Members
Forum Posts: 7271
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Becoming a client October 17, you have been earning 5.75%, 5.35%, and 4.90%:

Date Regular Promotional Total
2024-10-17 3.60% 2.15% 5.75%
2024-11-01 3.20% 2.15% 5.35%
2024-12-23 2.75% 2.15% 4.90%

I don't think the current Motive Savvy Savings New Client Promotional Offer (extra 2.00%) applies to those who became clients earlier:

2. Eligibility

To be eligible for this Savvy Savings New Client Promotional Offer (an “Eligible Client”), you must:

• be a new Motive client after November 30, 2024;
• not have been a client of Motive Financial during the six month period preceding the start date of the Offer Period [December 23, 2024 to February 14, 2025]; and
• open an eligible Motive Savvy Savings account during the Offer Period as the primary accountholder.

December 26, 2024
10:29 am
Top Dogg
Member
Members
Forum Posts: 144
Member Since:
October 4, 2018
sp_UserOfflineSmall Offline

Norman1 said
Becoming a client October 17, you have been earning 5.75%, 5.35%, and 4.90%:

Date Regular Promotional Total
2024-10-17 3.60% 2.15% 5.75%
2024-11-01 3.20% 2.15% 5.35%
2024-12-23 2.75% 2.15% 4.90%

I don't think the current Motive Savvy Savings New Client Promotional Offer (extra 2.00%) applies to those who became clients earlier:

2. Eligibility

To be eligible for this Savvy Savings New Client Promotional Offer (an “Eligible Client”), you must:

• be a new Motive client after November 30, 2024;
• not have been a client of Motive Financial during the six month period preceding the start date of the Offer Period [December 23, 2024 to February 14, 2025]; and
• open an eligible Motive Savvy Savings account during the Offer Period as the primary accountholder.

  

Hi Norman1,

Thanks for the heads up. I thought it was 4.90% but I just wanted some confirmation. Thanks for breaking it all down for me.

I still have my funds in Motive but Tangerine is offering me 5.20% until February 28th, 2025 and Simplii is offering me 5.25% until February 28th, 2025 as well. I'm not sure if I should just stick with Motive to see if they offer me a better promotional interest rate once the end of February rolls around or move my funds to either Tangerine or Simplii Financial now to take of advantage of the little extra bump in percentage points?

Kind regards,
TD

December 26, 2024
3:00 pm
Norman1
Member
Members
Forum Posts: 7271
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I don't think the funds need to stay with Motive for the entire 120 days of the offer.

The 2.15% promotional interest is calculated on each day's closing balance and paid at the end of the month. If the funds were withdrawn part way through the 120 days, Motive will pay 2.15% per annum extra interest for the days that the funds were there.

One just needs to leave the account open until the accrued promotional interest is paid.

December 26, 2024
4:15 pm
jorno319
Member
Members
Forum Posts: 38
Member Since:
June 20, 2023
sp_UserOfflineSmall Offline

Top Dogg said
I'm not sure if I should just stick with Motive to see if they offer me a better promotional interest rate once the end of February rolls around or move my funds to either Tangerine or Simplii Financial now to take of advantage of the little extra bump in percentage points?
TD  

If you joined Motive through a referral, make sure you have stayed for the 60 days with the required minimum balance to receive your referral bonus.

No permission to create posts

Please write your comments in the forum.