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Email this5:52 am
September 30, 2017
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Earn 2.25%* on your first TFSA savings account - link at motusbank
... T&C
1:25 pm
May 15, 2007
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Thanks for sharing. Their definition of "first TFSA savings account" is "a Member who does not currently hold and has not previously held a TFSA High Interest Savings Account within the six (6) months immediately prior to the start date of the Offer Period".
I also noticed that part of their marketing message is this: "If you've never contributed to a TFSA before you can deposit a total of $75,500." -- perhaps they should say "up to $75,500" since that full amount is only for those turning 30 or over this year.
Lastly, since the 122-day promo period ends early into a new year, be aware that motusbank has a $50 transfer out fee for a TFSA (and RRSP). motusbank's normal TFSA interest rate is 1.25%, which is actually pretty good as that puts it tied for second place on our comparison chart.
2:18 pm
September 29, 2017
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Thanks for doing the leg work and sharing. Just saved me and my family members a ton of time (since we already hold TFSA's).
5:54 pm
October 21, 2013
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Peter said
.I also noticed that part of their marketing message is this: "If you've never contributed to a TFSA before you can deposit a total of $75,500." -- perhaps they should say "up to $75,500" since that full amount is only for those turning 30 or over this year.
In addition,you have to have been in Canada all those years. Recent immigrants will have to deduct.
8:11 am
March 8, 2018
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I am looking to transfer TFSA to Motus from EQ.
I already have a HISA with Motusbank, how easy/hard to open a TFSA there?
How long does it take from the day you initiate the transfer online till you see the money in the TFSA account? (I guess the interest will be lost during that time!)
Thanks for any input.
8:31 am
November 8, 2018
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Opening TFSA was easy: I logged to my Motus Web banking, main screen has prominent "ADD AN ACCOUNT" button at the top right. I selected it, and through it added TFSA to other accounts I already have. The process was fully completed in one Web session.
I haven't tried moving TFSA funds from elsewhere to Motus, so can't help with that part.
8:43 am
March 8, 2018
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Alexandre said
Opening TFSA was easy: I logged to my Motus Web banking, main screen has prominent "ADD AN ACCOUNT" button at the top right. I selected it, and through it added TFSA to other accounts I already have. The process was fully completed in one Web session.I haven't tried moving TFSA funds from elsewhere to Motus, so can't help with that part.
Thanks for the input. People say in general it takes up to 2 months.
(Meridian did it for me a while back, transfer from Tang was completed within a week)
1:40 pm
November 8, 2018
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"Up to two months" makes it not worth the effort.
2:53 pm
November 21, 2015
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HISAhopper, do you really mean "transfer of TFSA", or do you mean "transfer of funds, that were in December in TSFA", that you have withdrawn from TFSA on the second last day of 2021, and placed into non-reg daily account, as I did. In the second scenario, it takes three BUSINESS days for EQB to release the funds!
By the way, Motus rep told me, that the special TFSA offer will last till end of January. This info I did not verify with a second phone call.
6:24 am
March 8, 2018
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julio said
HISAhopper, do you really mean "transfer of TFSA", or do you mean "transfer of funds, that were in December in TSFA", that you have withdrawn from TFSA on the second last day of 2021, and placed into non-reg daily account, as I did. In the second scenario, it takes three BUSINESS days for EQB to release the funds!
By the way, Motus rep told me, that the special TFSA offer will last till end of January. This info I did not verify with a second phone call.
Thanks for the input, I mean "transfer of funds from the EQ TFSA".
I committed to EQ GIC TFSA for 3 months from Oct 2021 to Jan22, 2022, no chance of withdrawing at the end of year. I knew it was kind of a trap but thought TFSA rate in 2022 would not be much better and there were no transfer fee out of EQ.
I don't mind moving it around as my screen name is "hopper" but like Alexandre said it is not worthy if the process takes too long.
And thanks for the tip about motus TFSA last till end of Jan.
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