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5.75% 120 Day GIC
October 16, 2023
5:49 am
COIN
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Not sure if this is targeted or not.

October 16, 2023
6:30 am
Patch002
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Yes I also received this offer from Motive.
However I am currently in the Tang 6% promo and will not be switching.

I also remember how Motive responded to my enquiry of a few months ago about their 5+% GIC. There was no response.

They are a parking spot when Tang (or anyone else) doesn't offer a better rate.

October 16, 2023
11:09 am
Dean
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.
Good description ... 'Parking Spot'.

And I'm guessing, most of us have more than one.

    Dean

P.S.
I received that 5.75% 120 Day GIC offer as well
today. But I'm going to pass on it ... cuz I have
Better 'Parking Spots'. sf-smile

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

October 16, 2023
3:28 pm
LK
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It is the same offer that has been in place since July 17/23 - originally 5.40%, then upped to 5.75%. They sent a reminder email today, as there is only two weeks left - offer expires October 31.

This is not targeted, but read the fine print: only on 'new money' as of July 17. Also a reminder that Motive defaults to an auto-renewing GIC, and you have to expressly request no renewal (by phone) if that is what you want.

October 17, 2023
10:27 pm
everhopeful
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I'd like to take advantage of this, but I am already CDIC maxed in their Savvy savings account (best HISA rate currently). As they are counting "new money money only", it means that the GIC wouldn't be insured. It sucks that they have joined Simplii and Tangerine in the targeted people/balance promo shenanigans. So I will take a pass on this offer.

October 19, 2023
8:15 am
Alexandre
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LK said
reminder that Motive defaults to an auto-renewing GIC, and you have to expressly request no renewal (by phone) if that is what you want.  

That might depend on an agent you have conversation with. I was told on maturity my GIC will be deposited to Motive account, without me asking. Received GIC certificate today, confirming that.

October 19, 2023
8:53 am
Laertes
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Alexandre said

That might depend on an agent you have conversation with. I was told on maturity my GIC will be deposited to Motive account, without me asking. Received GIC certificate today, confirming that.  

Same with me. Told right off that would mature to Motive account.

November 1, 2023
6:48 pm
hwyc
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The 120D GIC offer T&C has been updated. Rate remains at 5.75% for the time being.

This 120D GIC Offer begins on November 1, 2023, and ends on January 31, 2024 (the “Offer Period”).

November 29, 2023
8:27 am
thegov
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A question -- its required to be new money going in to get the 5.75% rate -ok - so I deposit some funds for that.
However, during the 120 days I have other 1 year GICs maturing.
I would like to transfer those proceeds out before the end of the 120 days.
Is that a problem. Can't see anything about retention period in the terms and conditions.

November 29, 2023
8:36 am
Itellyouwutt
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thegov said
A question -- its required to be new money going in to get the 5.75% rate -ok - so I deposit some funds for that.
However, during the 120 days I have other 1 year GICs maturing.
I would like to transfer those proceeds out before the end of the 120 days.
Is that a problem. Can't see anything about retention period in the terms and conditions.  

If I understand this correctly, there are 2 separate GICs. The 120 day one (which hasn't been opened yet), and another 1-year one that will mature in the next 4 months.

If so, then there is no connection between them. When your existing 1-year GIC matures, you can do whatever you want: keep it at Motive or move it elsewhere.

The 120-day GIC at Motive is not like a Tangerine or Simplii HISA promo. It has nothing to do with new money/old money. It's just a 4-month GIC.

November 29, 2023
8:40 am
Itellyouwutt
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Laertes said

Same with me. Told right off that would mature to Motive account.  

You should log into your account the first business day after maturity to confirm that it has not been automatically renewed. If so, then don't panic -- you can cancel it. But you want to call them right away (good luck with that) so you don't lose interest.

In my experience with Motive they have always automatically renewed GICs for the same term, regardless of whether the instructions were different. I think their system is just set up to do that, despite what their CSRs say when you open the GIC.

November 29, 2023
8:53 am
thegov
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Itellyouwutt said

If I understand this correctly, there are 2 separate GICs. The 120 day one (which hasn't been opened yet), and another 1-year one that will mature in the next 4 months.

If so, then there is no connection between them. When your existing 1-year GIC matures, you can do whatever you want: keep it at Motive or move it elsewhere.

The 120-day GIC at Motive is not like a Tangerine or Simplii HISA promo. It has nothing to do with new money/old money. It's just a 4-month GIC.  

Ok thx. I was thinking of some of the brokerage deals where you have to keep the total net new money above a level for a set period of time to qualify for whatever promotion.
Got hold of someone at Motive - don't think the most experienced - but seemed to think its only at the point of purchase of the 120 day GIC that "new" money is required to qualify for the 5.75% rate (rather than their standard much lower rate). So hopefully no issue when the first 1 year matures & I withdraw it.
Looks like Motive haven't (yet) got into the complexities of other places.

November 29, 2023
9:03 am
Alexandre
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1. Offer Period
This 120D GIC Offer begins on November 1, 2023, and ends on January 31, 2024 (the “Offer Period”).

2. Eligibility

To be eligible for this 120D GIC Offer, you must :

be a new Motive client or be an existing Motive client transferring funds to Motive from another financial institution;
and
buy a GIC with new money. New Money is defined as funds not held on deposit with Motive Financial prior to November 1, 2023.

https://www.motivefinancial.com/en/120-day-gic

November 29, 2023
1:15 pm
Itellyouwutt
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thegov said

Ok thx. I was thinking of some of the brokerage deals where you have to keep the total net new money above a level for a set period of time to qualify for whatever promotion.
Got hold of someone at Motive - don't think the most experienced - but seemed to think its only at the point of purchase of the 120 day GIC that "new" money is required to qualify for the 5.75% rate (rather than their standard much lower rate). So hopefully no issue when the first 1 year matures & I withdraw it.
Looks like Motive haven't (yet) got into the complexities of other places.  

Hi there...yup you make a good point about some brokerage deals where you $ has to stay with them. In this case, as has been pointed out all that matters is that the money is "new" to Motive.

It also means that when your existing GIC matures, if it's still during the promo period you won't be able to pivot those funds into a new 6% GIC.

However, if you have the desire and means, I don't see why you couldn't purchase a second 6% GIC before your current one matures. Then when it does, move the funds wherever you want.

November 30, 2023
4:38 am
iotama
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I for one don't understand Motive's bizarre requirement of having to make a call to Motive for this GIC purchase (or for Motive's general GIC maturity). I mean this is 2023 and all it should take is one checkmark on Motive account dashboard. What is the authentication for? Biometrics? Voice recognition? Telemetry? Playing gods? If we are logged into the dashboard, we should be considered authenticated well enough. . Apologies. sf-laugh

January 1, 2024
4:36 pm
LK
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Should the Motive 4-mo (unregistered) GIC promo, ending Jan 31/24, be added to the promo page?

January 1, 2024
4:53 pm
Peter
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LK said
Should the Motive 4-mo (unregistered) GIC promo, ending Jan 31/24, be added to the promo page?  

Thanks for the nudge. I've added it now: https://www.highinterestsavings.ca/promotions/

January 2, 2024
8:49 am
thegov
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iotama said
I for one don't understand Motive's bizarre requirement of having to make a call to Motive for this GIC purchase (or for Motive's general GIC maturity). I mean this is 2023 and all it should take is one checkmark on Motive account dashboard. What is the authentication for? Biometrics? Voice recognition? Telemetry? Playing gods? If we are logged into the dashboard, we should be considered authenticated well enough. . Apologies. sf-laugh  

They don't want to build a function to check its new money - unlikely anything to do with authentication.
Rep justs looks at account & can make decision.
Time wasting for us - but likely a one-off or pilot event for them.
The maturity business is silly but again sounds like they don't want to change code to provide maturity instructions

January 2, 2024
9:53 am
Laertes
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Has anyone had their 5.75% 120-day GIC mature yet? If so, did it just mature to your cash account as they said? Someone must have had it mature by now. Mine will mature on January 8, but I am travelling. I will report once I am back.

January 8, 2024
3:47 pm
Laertes
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Re my previous post (post 18), the GIC mentioned in post 7 matured just as promised when I purchased. It went to my cash account. No further work was required on my part.

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