Down she goes | Motive Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Down she goes
October 8, 2021
2:13 pm
file
Member
Members
Forum Posts: 115
Member Since:
August 1, 2015
sp_UserOfflineSmall Offline

Alas, I was wondering when it would happen but Savvy Savings and TFSA rate now down to 1.1%.

October 8, 2021
2:34 pm
hwyc
GTA
Member
Members
Forum Posts: 465
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Nooo...sf-yell

October 12, 2021
7:19 am
KamWest
Toronto
Member
Members
Forum Posts: 136
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

I am finally going to take the plunge with Saven Financial, the 1.35% is too good to pass up.

Sorry Motive but you are now a mere shadow of what you were a couple of years back.

Not to worry though, we thought Canadian Tire was finished and they cam back so there is hope for Motive yet.

Until then I am going to start the daunting task of moving money from Motive to Simplii and then from Simplii to Saven.

So absolutely stupid that I cannot move money directly from Motive to Saven

PS. Saven has no deposit limits just like Motive and Canadian Tire.

October 12, 2021
8:34 am
Alexandre
Member
Members
Forum Posts: 469
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

I am moving money from Motive, too. Will top up Neo Financial account I already have, which is at 1.3% currently. Then, will go down the list of all accounts I have with interest above 1.1% and will top up them, too. Starting with top rate and down to 1.1%.

October 12, 2021
11:04 am
gicjunkie
Ontario
Member
Members
Forum Posts: 511
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

Unfortunatley, still no joint accounts allowed at NEO or Saven. Maybe in the not too distant future?

October 12, 2021
11:11 am
dougjp
Member
Members
Forum Posts: 328
Member Since:
January 9, 2011
sp_UserOfflineSmall Offline

I moved money to Motive less than 2 weeks ago. Sorry if I triggered some upper cash limit that caused this! (joking) sf-surprised

Anyway, all funds at Motive were withdrawn first thing this morning. I agree with KamWest, you used to be able to count on Motive/CDF being consistently competitive, sometimes both HISA and GIC.

Something put me off Saven and Neo initially, but I'll have to look into them again. I don't have a smartphone though.

"I saw a subliminal advertising executive, but only for a second." ~ Steven Wright

October 12, 2021
12:08 pm
hwyc
GTA
Member
Members
Forum Posts: 465
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

HISA trend is still downward in general with no turnaround on the horizon. I am considering this option instead ( 1 yr GIC @ 1.35%), since I met the age requirement.

On Motive GICs with a term of at least 12 months, customers over the age of 57 also have the option of having interest paid monthly into a Motive Savings account.

October 12, 2021
12:13 pm
KamWest
Toronto
Member
Members
Forum Posts: 136
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

Not sure if I would tie up the funds with Saven doing 1.35%

Here is what I ended up doing...

Had my funds at Motive now at 1.10%

I moved them to CTC at 1.25%

Once that clears I will move to Saven at 1.35%

Since Saven has a CTC link it was a better option than using simplii as an intermediate because they pay virtually no interest.

October 12, 2021
2:41 pm
canadian.100
Member
Members
Forum Posts: 440
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

KamWest said
I am finally going to take the plunge with Saven Financial, the 1.35% is too good to pass up. 

Saven is still quite new and trying to attract new depositors - I wonder how long they will keep the 1.35% rate before reducing it as is the usual......

October 12, 2021
4:53 pm
rhvic
Victoria, BC
Member
Members
Forum Posts: 397
Member Since:
May 28, 2013
sp_UserOfflineSmall Offline

Voting with my money, which is moving from Motive to EQ, where half will go into a 3 month GIC, half into a 6 month GIC, both at 1.30%. Not sure how long EQ's 1.25% rate on savings will last at this time.

October 12, 2021
5:09 pm
suburbs4life
Member
Members
Forum Posts: 80
Member Since:
April 20, 2019
sp_UserOfflineSmall Offline

Eq bank Rate won’t Last long now that motive dropped theirs.
How are HISA rates determined in Canada? Based on 5 year Fed gov bond yields? 10 year bond yields in us have been increasing. I was hoping there would be HISA Rate stability now.

October 12, 2021
5:28 pm
Loonie
Member
Members
Forum Posts: 7498
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Hubert's one-year graduated rate at 1.3, cashable every 3 months if rates improve might be worth considering for some people as an alternative at this time.

I would speculate that when one of these FIs breaks rank, others will almost certainly follow because none of them wants the influx of HISA money

I'm good til Jan 31 with promo rates. Will see what happens between now and then.

October 12, 2021
6:22 pm
AltaRed
Member
Members
Forum Posts: 1535
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

Loonie has it right in terms of edging down. FIs only pay what they need to attract just enough funds needed for the lending side of their business. Anything more is a boat anchor for them.

@post#11: HISA rates have no relationship with 5 or 10 year bonds. It's tied more to the BoC short term interest rate and the general consensus is it is not going up until sometime in 2022. Big institutions can borrow commercial paper at 20-25bp or less, with 90 day T-bills at 11bp (not been above 25bp for over a year). Be thankful you are getting ~1% (or better) with fintechs and not 0.3%.

October 12, 2021
7:11 pm
mordko
Member
Members
Forum Posts: 92
Member Since:
April 27, 2017
sp_UserOfflineSmall Offline

BoC may not move for a few months on the rate but they will end QE.

As bond rates go up, new money supply goes down, mortgage rates go up and people gain confidence to spend and invest, there is a good chance money starts flowing elsewhere and HISAs will regain interest in attracting new funds. Sooner rather than later.

Obviously I have no clue what will actually happen but change in HISA rate direction is at least possible in 21.

October 12, 2021
7:41 pm
suburbs4life
Member
Members
Forum Posts: 80
Member Since:
April 20, 2019
sp_UserOfflineSmall Offline

Much appreciated altared. So close to 1% should be expected For the next 18 months.

October 12, 2021
7:54 pm
AltaRed
Member
Members
Forum Posts: 1535
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

suburbs4life said
Much appreciated altared. So close to 1% should be expected For the next 18 months.  

I have no idea whether 1% is sustainable. My key point is they have room to go down. Mordko appears to be more convinced the end of QE will indirectly cause the opposite to happen.

October 29, 2021
1:12 am
mikehampel
Member
Members
Forum Posts: 12
Member Since:
January 10, 2021
sp_UserOfflineSmall Offline

I am confused. BofC had q/e and 0 rates for 2 years and Motive HISA rate was higher. Now BofC says they will raise short rates and HISA at Motive goes lower?

Why is this disconnect?
Market doesn't believe BS from BofC?

October 29, 2021
4:42 am
dougjp
Member
Members
Forum Posts: 328
Member Since:
January 9, 2011
sp_UserOfflineSmall Offline

mikehampel said
I am confused. BofC had q/e and 0 rates for 2 years and Motive HISA rate was higher. Now BofC says they will raise short rates and HISA at Motive goes lower?

Why is this disconnect?
Market doesn't believe BS from BofC?  

Just a guess, but I don't think the two are related events.

Motive, historically, blows hot and cold with their rates. In other words, sometimes they are very competitive, either in GICs or HISA (seldom both at the same time). Then they make the decision to exit the competitive rate market. They are just a filler for Canadian Western Bank funding sources. When I saw this latest rate drop, that was my reaction, not that this signaled any general rate trend. Of course I could be wrong! sf-confused

"I saw a subliminal advertising executive, but only for a second." ~ Steven Wright

Please write your comments in the forum.