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Motus Bank GIC promos looks OK
May 25, 2019
1:37 pm
Pennywise
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I just saw this at MOTUS BANK.
they are part of MERIDIAN I THINK.
3.0 PERCENT 18 MONTH
3.1 percent TFSA
In current outlook this looks a decent rate

https://www.motusbank.ca/Accounts/Investing

May 25, 2019
3:56 pm
Saver-Mom
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You may have just seen those rates, but they were posted 2 months ago in this thread:

https://www.highinterestsavings.ca/forum/motusbank/motus-has-launched/#p38873

There has been a lot of discussion since then on that thread, have a look.

Peter the 1-5 year motus rates have risen a bit, so it looks like they are now #1, with a five year rate of 3.25%.

Let’s hope this stimulates further increases!

May 25, 2019
6:29 pm
Bud
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5yr 3.25 doesn't deserve to be listed
the cashable escalator does if its allowed for non-registered accounts apparently it might be we'll see has anyone tried

May 25, 2019
7:26 pm
Peter
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Looks like the TFSA and RRSP GICs are higher than the non-registered GICs. I've listed these as "promos" for now, even if they might not technically be promos.

May 25, 2019
8:55 pm
Saver-Mom
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Right, I had not noticed that.
As to if the escalator is cashable, I am still not sure after reading their terms:

2.7.7 Three (3) Year Escalator

motusbank’s Three (3) Year Escalator is cashable in whole or in part on its anniversary date and 30 days thereafter. At all other times this product is non-redeemable.

2.7.8 Five (5) Year Escalator

motusbank’s Five (5) Year Escalator is transferrable to a non-redeemable term deposit that is at least one year in length on its anniversary date, or 30 days thereafter. At all other times this product is non-redeemable

May 27, 2019
6:26 am
Bud
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Motus client service score 2 for 3 against haha

"The escalator GICs are currently only available for registered accounts."

no rush to invest

June 27, 2019
5:28 am
fsabbagh
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They just dropped the rate on 18 month from 3% to 2.75%

July 9, 2019
11:24 pm
Loonie
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The five year Registered GIC (non-escalator) is now 3.20%, down from 3.25%.

August 13, 2019
6:01 am
Nav66
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Motus GIC promo rates have dropped .25%. 5yr rate is now 2.95% vs 3.2%. 5yr escalator rate is now 3% vs 3.25%

August 13, 2019
8:37 am
Doug
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Nav66 said
Motus GIC promo rates have dropped .25%. 5yr rate is now 2.95% vs 3.2%. 5yr escalator rate is now 3% vs 3.25%  

Thanks, @Nav66, for the update. I fully expected this on the longer end of Motus' GIC terms. In the next phase, before the end of the year, I expect Motus Bank to drop all its 1-5 year GIC rates and HISA rate by a further 0.25-0.50%. At a minimum, I also expect them to equalize their TFSA rate down from 2.5% to 2.25%, in line with their HISA rate. sf-cool

In sum, Motus Bank is operating exactly as I have predicted they would.

Cheers,
Doug

August 13, 2019
9:07 am
Nav66
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I should point out that the rate changes apply to Motus RRSP and TFSA GICs.

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