Earn 3.30% (was 3.00% or 2.75%) on first savings account for 122 days | motusbank | Discussion forum

Corporate personhood is granted in places like Canada Business Corporations Act subsection 15(1):

Capacity of a corporation

15 (1) A corporation has the capacity and, subject to this Act, the rights, powers and privileges of a natural person.

hwyc said
Here it goes again Savings Account Bonus Interest Rate Offer

T&C here

... Currently there is a similar (2.75%) but longer (8 months) offer from Meridian CU discussed here. Yet Meridian is not a CDIC member.  

Although not CDIC.. but covered by FSRA 250,000

There is a huge difference between organizations that operate in the public interest and modern global corporations that do not, just as there is between 2 or 3 thousand years ago and the current context. No comparison.

Proposed revised definition by someone with no legal or business training and 2 eyes and ears.

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Capacity of a corporation

15 (1) A corporation has the capacity and, subject to this Act, the rights, powers and privileges of a natural person( and a whole lot more, with preferential tax rates to boot).

  

Let's get back on topic for this thread about Motus interest promo. In post 2, I merely wanted to indicate how ridiculous the fine print is on so many of the terms and conditions for the financial institutions. Instead, the wording should be brief and simple to read and understand. (poor examples include Simplii, Scotiabank, etc.)

If you are going to deal with motus, I recommend getting a chequing account too. You can move money out by writing a cheque and depositing it elsewhere. There will be a hold at the other end, of course, but you will secure whatever deal you were after.

The availability of cheques for quick transfers is one of the reasons (along with higher insurance) that I tend to favour Ontario CUs. As far as I know, they all offer chequing, as do motusbank and Alterna Bank, both owned by CUs. Motive, Simplii, Tangerine also offer chequing.

You can't get your money out of Oaken, WealthOne, Peoples, EQ by cheque; you have to wait for an "electronic" transfer to somewhere else. Apparently some electrons move faster than others!

hwyc said
If you follow the May 20th link in #1 today, you will land on a "Bonus Interest Rate Offer" of 3% ... but I don't know if it is retroactive or not. T&C now says June 9th. It will be so unfair to people opened one just a few days earlier.

OTR - base rate is still 1.55%   

Go into the account to check that the interest rate has been increased~ keep up with 3%

The fact that you can only transfer out a maximum of $10,000 per day is a no-go for me. I don't even understand how banking laws allow a bank to refuse to release any sum of money that you may be holding in an account. If you also open a chequing account, I wonder if you could transfer a sum (for example $200,000) from your high interest savings to your chequing account and then deposit it by cheque to another institution.