90 Day Promo on 1st Savings Account, Non-Registered & Registered 2.25% - 2.35% | Page 2 | motusbank | Discussion forum

2of3aintbad said
Anyone had experience in transferring in a TFSA to motusbank? In particular, from EQ. The 90 days would take you to September or October, but much of it could be used up waiting for the transfer.  

Keep in mind that Motus has a $50 fee to transfer TSFA out to another FI. See section 33(6): https://www.motusbank.ca/Legal-Stuff/Terms

Most people who deal with motus probably already have a savings account. It makes no sense to me to offer a promo that requires you to be a member in advance but not to have had a savings account.
I would expect the marketing strategy to be to upgrade people's accounts, not downgrade them.

LK said

Keep in mind that Motus has a $50 fee to transfer TSFA out to another FI. See section 33(6): https://www.motusbank.ca/Legal-Stuff/Terms  

Right, but my plan would be to open the TFSA account as late as possible, then withdraw everything November 1 to include the previous month's interest. Maybe into a 60 day GIC to reinvest in January 2022 in a TFSA wherever.

I called them this morning. Just to be sure. Didn't want any possibility of me missing out on the 2.25% offering. I do have a savings account with them as well as one small unregistered GIC. They said that many people (already customers), only have a chequing account with them but not a savings. So, they could get the 2.25% by opening up a HISA with them. She said I could do the TFSA HISA but of course I have no room to take advantage of it. Oh well.

2of3aintbad said

Right, but my plan would be to open the TFSA account as late as possible, then withdraw everything November 1 to include the previous month's interest. Maybe into a 60 day GIC to reinvest in January 2022 in a TFSA wherever.  

I called Motus this morning to ask about the TSFA process when transferring from another FI. 1. The 90 day promo starts when you open the TSFA account. 2. Then you request the Motus to initiate a transfer of the TSFA funds -- meanwhile the clock is ticking. 3. Assuming your TSFA funds are transferred from your other FI to Motus in (say) 4-6 weeks (30 to 45 days), you would only have 60 days or 45 days left on the promo rate. Not worth it for me.

"The Offer period commences at 9:00 AM on June 18, 2021 and ends at 5:00 PM on July 31, 2021. The Promotional Period commences at 12:01 AM on the day the Eligible Account is opened and ends at 12:00 midnight of the 90th day following the day the Eligible Account was opened."

If you wanted to go as late as possible, open a TSFA account around July 29 and then start the transfer of TSFA funds from other FI (assuming you have no room in your TSFA for this year).

hwyc said
Does that mean the 2.40% TFSA promo ended prematurely before Jun 30th ?  

You would need to call them to ask if you can still get in on the 2.4% promo, but guess is that it is no longer available, and has been replaced by the current 90 days promos on savings and registered.

The current promo says: "For example, as of June 18, 2021, the combined rate of interest would be 2.25% per annum for Eligible Deposited Funds (Posted Rate of 1.00% + Bonus Interest Rate of 1.25%). ... Any change to the Posted Rate will result in a corresponding change to the combined rate of interest for Eligible Deposited Funds. The Bonus Interest Rate and the Posted Rate may change at any time without prior notice."

Alexandra said
I called them this morning. Just to be sure. Didn't want any possibility of me missing out on the 2.25% offering. I do have a savings account with them as well as one small unregistered GIC. They said that many people (already customers), only have a chequing account with them but not a savings. So, they could get the 2.25% by opening up a HISA with them. She said I could do the TFSA HISA but of course I have no room to take advantage of it. Oh well.   

LK said

Each account seems to be independent for the purposes of the promo. So if you have a savings account, you are still eligible to open a TSFA account and get the promo for the TSFA account. But see my other post above re timing issues on the TSFA promo if you're transferring from another FI.  

HISAhopper said

Are you saying you are qualified for this promo with a TFSA 2.35% although you already have a saving account?
I just want to know if a person who already has saving account is still qualified for this TFSA 2.35% promo.  

In response to HISAhopper & contrary to what Alexandra & LK have reported, if you already have a HISA OR TESA, you are precluded from this offer.

As per what Alexandra was told, that she's eligible for the TESA offer even though she currently has a HISA, my wife is in the same position in reverse. She has a TESA & opened a HISA, but it only showed 1%. We called motus & they confirmed that to be the case with no recourse, so either Alexandra misunderstood or was misinformed & LK's post was pure conjecture.

Furthermore, the T & C clearly state " An Eligible Member is... a Member who does not currently hold and has not previously held a High Interest Savings Account in a non-registered, RRSP or TFSA within the six (6) months immediately prior to the start date of the Offer Period". Case closed!

speedwagen said

LK said

Each account seems to be independent for the purposes of the promo. So if you have a savings account, you are still eligible to open a TSFA account and get the promo for the TSFA account. But see my other post above re timing issues on the TSFA promo if you're transferring from another FI.  

HISAhopper said

Are you saying you are qualified for this promo with a TFSA 2.35% although you already have a saving account?
I just want to know if a person who already has saving account is still qualified for this TFSA 2.35% promo.  

In response to HISAhopper & contrary to what Alexandra & LK have reported, if you already have a HISA OR TESA, you are precluded from this offer.

As per what Alexandra was told, that she's eligible for the TESA offer even though she currently has a HISA, my wife is in the same position in reverse. She has a TESA & opened a HISA, but it only showed 1%. We called motus & they confirmed that to be the case with no recourse, so either Alexandra misunderstood or was misinformed & LK's post was pure conjecture.

Furthermore, the T & C clearly state " An Eligible Member is... a Member who does not currently hold and has not previously held a High Interest Savings Account in a non-registered, RRSP or TFSA within the six (6) months immediately prior to the start date of the Offer Period". Case closed!  

Hi there,

There seems to be a bit of flexibility. For example, their fine print also says "An Eligible Member is: (a) an individual human person who is a member in good standing with motusbank as of the start date of the Offer Period..." (June 18). I was not a member of Motus at the start of the Offer Period. I became a member last week, then opened a savings account, and got the 2.25% rate.

So I would recommend that if folks have questions, phone them. They appear to be a bit flexible on certain things in their T&C (as above). I phoned them three times over two days to ask questions, and each time I got a human on the line in under 5 minutes -- am sure that isn't common in terms of wait times, but it is worth a try if anyone wants to ask about their specific circumstances and what they're eligible for.

Using their "Money Mover" to pull funds from a linked external account is agonizingly slow. Initiated 3 test transfers last Thursday 24th - I finally saw them when logging in this morning on Wed. 30th. (though it was dated 29th).

However when pushing funds from a linked external account (Oaken) to Motus on 3 occasions, they landed in the Motus account next day, and in one case, the same day!

GR said
Promos if you open first savings accounts by July 31, 2021. Promo rate (subject to change) applies for 90 days.
HISA 2.25%
RRSP 2.25%
TFSA 2.35%

https://www.motusbank.ca/Earn-more-on-your-first-savings-account?ip_name=boost&ip_pos=home-rates&ip_cr=learn-more  

The offer of the HISA at 2.25% has now changed to 1%.