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2 Yr. GIC Rate Lowered to 5.90%
December 4, 2023
8:21 am
GR
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Interest rate for GIC term of 2 yrs. to under 3 yrs. down to 5.90% (was 6.0%).

December 4, 2023
8:45 am
AltaRed
BC Interior
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Motive is still an outlier relative to other 'banks' across the term spectrum. Motive/CWB must have some relatively unique lending opportunities that can demand higher loan rates. Otherwise, it seems like they are looking for asset growth over net interest margin.

December 4, 2023
9:21 am
Dean
Valhalla Mountains, British Columbia
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GR said

Interest rate for GIC term of 2 yrs. to under 3 yrs. down to 5.90% (was 6.0%).  

As their coffers began to fill up, this was Bound to happen.

It was just a matter of time. sf-smile

    Dean

P.S.
You can still get a 2yr GIC @ 6+%
from the GIC Brokers.

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 4, 2023
10:14 am
Itellyouwutt
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Dean said
P.S.
You can still get a 2yr GIC @ 6+%
from the GIC Brokers.  

And you don't have to call Motive! istockphoto-187420619-612x612.jpg

December 4, 2023
6:43 pm
Dean
Valhalla Mountains, British Columbia
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.
Touché ❗ ⬆ sf-laugh

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 4, 2023
7:52 pm
canuckles
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Ugh, I was going to purchase a 35 month GIC! sf-frown Was waiting for my funds to be released from hold. Didn't want to call them. Of course it got released from hold today sf-frown

December 4, 2023
9:08 pm
althisa
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Itellyouwutt said

And you don't have to call Motive! istockphoto-187420619-612x612.jpg  

I called Motive today as a test run.
1 hour 15 minutes wait,
After a conversation with a pleasant but exhausted CSR. I found out best time to call is mid day CST and mid week, not Monday or Friday for shortest wait time

December 4, 2023
10:34 pm
smayer97
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Itellyouwutt said

And you don't have to call Motive! istockphoto-187420619-612x612.jpg  

You DO have to call IF you want non-standard period, e.g. NOT 12, 24, 36 months but something in between, or if you want a joint GICs.

I have found their wait times VERY reasonable most of the time. And reps are very nice, accommodating, patient, and knowledgeable (except for one I came across BUT I learned she is new, so understandable). So far, service has been very good.

Opening accounts is very manual, and somewhat slow, especially TFSAs.

BTW, they will hold rates for up to 5 days for non-registered GICs and up to 14 (or 15) days for TFSAs. AND I am told that they typically only change rates on a Monday. So if you see some change coming, you can plan ahead.

December 4, 2023
10:39 pm
smayer97
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Dean said

As their coffers began to fill up, this was Bound to happen.

It was just a matter of time. sf-smile

    Dean

P.S.
You can still get a 2yr GIC @ 6+%
from the GIC Brokers.  

Rate change is more driven by short-term bond markets. And rates are dipping a bit ATM.

BUT the fact that the Motive dip is very small and still very high relative to others is amazing.

December 5, 2023
1:44 pm
canuckles
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canuckles said
Ugh, I was going to purchase a 35 month GIC! sf-frown Was waiting for my funds to be released from hold. Didn't want to call them. Of course it got released from hold today sf-frown  

A follow up on this story. I called Motive (on hold for an hour?) and they let me have the old 6% rate since I initiated the fund transfer prior to the increase. They also informed me that I could have called for them to manually release the funds to purchase the GIC earlier. Although, as indicated in this thread, I didn't feel like being on hold for so long. Ultimately, happy ending. sf-smile

December 5, 2023
4:01 pm
Dean
Valhalla Mountains, British Columbia
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althisa said

I called Motive today as a test run.
1 hour 15 minutes wait,
After a conversation with a pleasant but exhausted CSR. I found out best time to call is mid day CST and mid week, not Monday or Friday for shortest wait time  

I had to call Motive twice in these past few days . . .

    - Mid morning call their time on Thursday; ~20 min wait.
    - Early afternoon call their time today (Tuesday); ~30 min wait.

FWIW ... Motive's offices are in Edmonton. their time is MST

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 11, 2023
8:51 am
althisa
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The one year GIC is down to 5.75%
Screen-Shot-2023-12-11-at-11.47.35-AM.png

The 6% offer did not last long., ebb and flow of interest rates as someone on this forum indicated

Parama Credit Union still offering 6% for a year, and Motor city offering 6.29% for 10 months

December 15, 2023
3:49 pm
R220
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I was told that rates will drop on Monday.
It was a CSR on the phone who told me. Phone wait time was ~ 8 mins.

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