5.75% 120 Day GIC | Page 2 | Motive Financial | Discussion forum

I decided not to buy any GIC from MF disregarding its rate. Because 1. Its GIC is auto-renew at maturity when bought online. 2. It's hard if not impossible to get through its phone line to change the maturity option to undo auto-renew.

The promo rate is now 5.50% for 4 months GIC; offer available until March31, 2024.

Note that the promo rate of 5.5% for 120 days is for new money only. I have a GIC at Motive which matures next week, but presume I could not get this rate as the money is considered 'old'.

By the way, I did call Motive re that GIC which renews this week, as of course it was set to automatically renew for another one year term. I was pleasantly surprised to get a return call within five minutes of leaving a message, during which I asked instead that it be put in my savings account. Sadly, when I did get the call-back, I was taken aback that the person did nothing to identify herself, just said 'what can I do for you?" without telling me she was returning my message to Motive. Poor service quality.

My 5.75% promo GIC matured today, funds deposited to Savings account. Exactly as I instructed CSR over the phone when opening GIC.
Just FYI.

Just called Motive, have a 120-day GIC maturing to savings account in a few days, to get the current 120-day 5.5% rate GIC for new money I have to move the matured funds out of Motive and then back in, according to phone rep.

Their site says "This special interest rate only applies to funds not held on deposit at Motive Financial prior to November 1, 2023".

The phone rep came on immediately, in all my years with Motive I've never experienced waits like some people on here are reporting, always been pretty much immediate for me. In general I've always experienced top-notch service with Motive.

Bill said
Just called Motive, have a 120-day GIC maturing to savings account in a few days, to get the current 120-day 5.5% rate GIC for new money I have to move the matured funds out of Motive and then back in, according to phone rep.

Their site says "This special interest rate only applies to funds not held on deposit at Motive Financial prior to November 1, 2023"..................

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So has anybody tried this and can confirm that it indeed works i.e. move money out and then back in and into the 120-day GIC?

EDIT: Just checked and there site now says: ".......buy a GIC with new money. New Money is defined as funds not held on deposit with Motive Financial prior to February 1, 2024".

Lodown said

So, does money in a GIC constitute "funds held on deposit" or is it just what is in the daily interest bank accounts?  

i believe they count everything under ur name. GIC is a fixed deposit.