Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this2:26 am
September 30, 2017
Offline
Motive Savvy 4.10% today!
... sticking it here, I'm sure Peter will update the chart leader soon enough (after sunrise in BC?) ... Savvy's now beating my TD ISAs, ha
6:35 am
April 21, 2022
Offline
hwyc said
Motive Savvy 4.10% today!... sticking it here, I'm sure Peter will update the chart leader soon enough (after sunrise in BC?) ... Savvy's now beating my TD ISAs, ha
Wow! I was planning on moving funds to Motive for 3.8% at the end of the month as I have a Tangerine promo expiring. Thanks for the heads-up.
5:41 am
October 27, 2018
Offline
Good for Motive in upping the rate 30 pts to 4.10%.
On the other hand, our funds are earning 4.35% at ISAs (with cdic), so no go on transferring back. Maybe next time.
p.s. FI's are charging "inactivity fees", so it's a good habit to transfer in or out $1.00 every 6 months for activity, i.e. Canada Day & New Years
9:27 am
November 3, 2022
Offline
Patch002 said
...p.s. FI's are charging "inactivity fees", so it's a good habit to transfer in or out $1.00 every 6 months for activity, i.e. Canada Day & New Years
That's a pretty broad statement. Some FIs charge and some do not. It might be helpful to identify which ones place this charge on accounts.
10:42 am
April 14, 2021
Offline
Patch002 said p.s. FI's are charging "inactivity fees", so it's a good habit to transfer in or out $1.00 every 6 months for activity, i.e. Canada Day & New Years
I've heard of accounts being declared inactive by the bank after 6 months, but I have not yet encountered one trying to levy an dormant penalty before at least one year of inactivity. Can you specify which bank(s) are so extreme as to start the process after 6 months?
10:53 am
January 7, 2020
Offline
I hadn't had occasion to look at my Motive account for quite some time
This news caused me to have a look
Discovered that my checking account was gone!
When I called, they told me it was closed in February, after 24 months of inactivity
(Actually, I'm not sure when I used that checking account, just opened it up for potential convenience, to get money in and out of the Savvy Savings account)
I inquired what happened to money in the account
I was told the would have taken $20.00 out for dormancy fee-- but there was no money there to take
(I actually thought I had a dollar in there-- but maybe not. )
I never got any kind of notice, or warning
I have received such warnings from a few fi's-- Laurentian, and Manulife
I'll take this as a lesson to not leave any money behind, as I have been wont to do in the past.
Try to keep them from getting their $20.00 out of me, at least
11:19 am
October 27, 2018
Offline
HermanH said
I've heard of accounts being declared inactive by the bank after 6 months, but I have not yet encountered one trying to levy an dormant penalty before at least one year of inactivity. Can you specify which bank(s) are so extreme as to start the process after 6 months?
I don't track which FI's levy charges or closes accounts for inactivity. I don't care. I am suggesting that one gets in the habit of transferring $1 every 6 months or so in order to stay active.
1:24 pm
August 9, 2014
Offline
It is kind of interesting CWB is willing to offer such a high interest rate when we have peaked out on this interest rate cycle.
Is this the side effect of the bank run in US, consider most deposit of CWB is probably not coming from retail banking, but from companies that have far above what CDIC cover.
2:28 pm
January 12, 2019
Offline
.
As in most such cases Jon (post #8), it's all about 'Supply And Demand'.
When an FI needs more $$$ to lend out, they raise their SA &/or GIC rates
to attract more funds.
Banking 101 
-
Dean
" Live Long, Healthy ... And Prosper! "
7:51 pm
April 6, 2013
Online
Also, in Canada, when a financial institution finds money flowing into savings accounts and other demand deposits faster than the money can be used, the financial institution lowers the rate of interest on those deposits to slow the inflow.
That's in contrast to Silicon Valley Bank in the US that supposedly, instead, put all the extra demand deposit money into higher yielding long-term US government bonds.
5:48 am
August 9, 2014
Offline
I certainly undestand the basic of supply and demand, this is too simple for anyone on this forum.
Is just that there are potentially cheaper sources of funding, such as inter bank lending, that can do the job.
I am wondering have other FIs hold back lending to CWB in light of their unique situations of having most of their deposit uninsured out of fear and caution.
Of course this is just speculation.
7:03 am
January 28, 2015
Offline
I just bought a 100k Gic this month at Motive @4.95% for 7 years paying monthly
412.50 and another one 2 months ago @5.10% for 10 years paying 425.00 monthly into savings account earning another 4.10 %
1:05 pm
October 21, 2013
Offline
I would imagine that a lot of people whose mortgages are due for renewal are choosing variable for short term as BoC etc are forecasting lower rates to come.
6:20 am
September 30, 2017
Offline
Motive TFSA Savings Account also 4.10% (was 3%) 
Effective 12-June-2023
… note that some FI place TFSA under the investment category. Motive is one
11:20 am
June 6, 2023
Offline
Please explain Jon or some one so G.I.C. are not insured at CWB ?
how do banks raise uninsured money ?
11:31 am
January 12, 2019
Offline
.
This one's for Fat_Dog ...
FYI ➡ https://www.cwbank.com/en/personal/banking-services/canada-deposit-insurance-corporation
- Dean
P.S.
Welcome to the Club
" Live Long, Healthy ... And Prosper! "
12:38 pm
November 16, 2019
Offline
fat_dog said
Please explain Jon or some one so G.I.C. are not insured at CWB ?how do banks raise uninsured money ?
Both TFSA & GIC's are CDIC insured at CWB
2:16 pm
August 9, 2014
Offline
What I want to say is CWB mostly deal with bigger businesses that have far more than 100000 CAD CDIC limit.
8:00 pm
April 6, 2013
Online
Banks can raise uninsured money by issuing notes that specifically don't come with CDIC coverage or by issuing the same GIC's in amounts that exceed the $100,000 CDIC limits.
For example, the Royal Bank Prime-Linked Cashable one-year GIC is eligible for CDIC coverage. However, amounts above $100,000 in total do not qualify for CDIC coverage.
The GIC will pay Prime minus 2.45% = 4.5% for under $100,000, fully covered by CDIC. The GIC will pay Prime minus 2.0% = 4.95% for $1 million or more, with only the first $100,000 covered by CDIC.
An example of uninsured deposit notes is the $500 million offering of 1.8-year 2.753% and four-year 3.362% deposit notes by Equitable Bank in February 2022.
Please write your comments in the forum.