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GIC Rates Increase
July 25, 2023
10:51 am
hwyc
GTA
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GR said in post 15
All GIC rates are up for non-registered and registered GICs, including 5.60% for 1 yr. and 5.50 % for 2 yrs.

https://www.motivefinancial.com/en/rates  

I suppose most FI have done their rate adj by now, if they want to. Today I bought a 16-month term TFSA at 5.60% sf-smile

August 14, 2023
2:27 am
Greedy Guy
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Current GIC rates:
1yr 5.60%
2yr 5.65% (was 5.50%)
3yr 5.35%
4yr 5.10% (was 5.05%)
5yr 5.10%

August 28, 2023
1:01 pm
UkrainianDude
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Any one know Motive allows any grace period, I have opened recently a ten year GIC non registered and TFSA , but the rate has changed from 5.05% to 5.2%.
I would like to cancel losing interest and renew if allowed.

August 28, 2023
1:05 pm
Dean
Valhalla Mountains, British Columbia
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.

Hey Dude . . .

Go here https://www.motivefinancial.com/en/about-us/contact-us

You're Welcome sf-smile

    Dean

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

August 28, 2023
1:28 pm
UkrainianDude
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Dean said
.

Hey Dude . . .

Go here https://www.motivefinancial.com/en/about-us/contact-us

You're Welcome sf-smile

    Dean

  

I appreciate your sarcasm. But the waiting time can be abysmal.

We are currently experiencing higher than normal call volumes. For non-urgent requests: please leave a message to receive a call-back, or email info@motivefinancial.com. Messages will be returned in the order that they are received.

August 28, 2023
2:28 pm
Dean
Valhalla Mountains, British Columbia
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UkrainianDude said

. . . please leave a message to receive a call-back . . .

I usually get a call-back from them, in ~ 2 hours.

To each, their own.

    Dean

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

August 29, 2023
12:36 am
Lamaison
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Dean said

UkrainianDude said

. . . please leave a message to receive a call-back . . .

I usually get a call-back from them, in ~ 2 hours.

To each, their own.

    Dean

  

Have you tried recently?? Not long ago I waited on hold for about 2 hrs. While on hold, the messages I heard many, many times stated that the timeframe for a callback (rather than waiting on hold) would be 1-2 days - and then you have to hope that you're available then and that there isn't a weekend coming up to delay things another 2-3 days.

August 29, 2023
12:46 am
HermanH
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[[ shiver ]]

August 29, 2023
3:58 am
rodeworthy
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I called Motive yesterday (August 28). I ignored the offer for a call-back.
I was on hold for less than 1 hour before the call was picked up. Our issue was handled expeditiously and in a friendly manner.

August 29, 2023
9:43 am
Dean
Valhalla Mountains, British Columbia
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.
It sounds like they might have Finally hired some more CSRs. sf-smile

But then again ... I'm sure our experiences will continue to vary, depending on the day of the week, and the time of day.

Plan Wisely sf-cool

    Dean

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

September 6, 2023
6:01 am
JenE
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Received by email this a.m.

Earn more at ⚡ speed with our 5.75%* 120-day GIC Special
Cash sitting idle at another Canadian financial institution? Move it to a 120-Day Motive GIC, then sit back and watch it grow! Give us a call by Oct. 31 – this limited time offer is only available by phone.
Earn at 5.75%* with 3 simple steps:

Open a Motive Savvy Savings or Cha-ching Chequing account online (if you don’t already have one). There’s no set-up or monthly fee.
Transfer funds into your Motive account from another Canadian financial institution.**
Call 1-877-441-2249 to purchase your GIC.

September 18, 2023
1:25 am
Greedy Guy
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Sept 18 GIC rates update:
1yr 5.65% (was 5.65%)
2yr 5.70% (was 5.65%)
3yr 5.40% (was 5.35%)
4yr 5.28% (was 5.20%)
5yr 5.28% (was 5.20%)

September 30, 2023
8:22 am
frugal lady
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GR said
All GIC interest rates increased including 1 yr. @ 5.30%. 2 yrs. @ 5.25% and 5 yrs. and 7 to 10 yrs. @ 4.95%.
GICs do not need to be exactly 1 yr. or 2 yrs., etc. For example, the rate of 5.30% would apply to GICs for a term of 1 yr. to under 2 yrs. (e.g. 23 months).
Reminder that Motive pays monthly interest at same rate as annual for clients ages 57+.

https://www.motivefinancial.com/en/rates  

Thanks for this information. I did not realize you could change the term to months vs. exactly 1 yr or 2 yr etc.

Reminder that Motive will auto renew GIC unless you request otherwise.

September 30, 2023
11:28 am
HermanH
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GR said
GICs do not need to be exactly 1 yr. or 2 yrs., etc. For example, the rate of 5.30% would apply to GICs for a term of 1 yr. to under 2 yrs. (e.g. 23 months).

Is Motive the only institution that allows for these minor monthly extensions in maturity?

November 6, 2023
1:41 am
Greedy Guy
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Nov 6 GIC rates update:
1yr 6.00% (was 5.80%)
2yr 6.00% (was 5.80%)
3yr 5.50% (no change)
4yr 5.30% (no change)
5yr 5.30% (no change)

November 6, 2023
5:33 am
savemoresaveoften
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good rate except last couple of times when i called in so they dont hold my funds, I am not able to get through after being on hold for 30mins plus. No option to request for a call back either.

November 6, 2023
9:26 am
Dean
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Greedy Guy said

Nov 6 GIC rates update:
1yr 6.00% (was 5.80%)
2yr 6.00% (was 5.80%)
3yr 5.50% (no change)
4yr 5.30% (no change)
5yr 5.30% (no change)  

Thanks for the Heads-Up , Greedy ... Much Appreciated !

Now we have two FIs offering 1&2Yr GICs @ 6.00% ... Motive & Oaken.

Any bets on who'll be next ? sf-smile

    Dean

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

November 6, 2023
11:36 am
Alexandra
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Dean said

Thanks for the Heads-Up , Greedy ... Much Appreciated !

Now we have two FIs offering 1&2Yr GICs @ 6.00% ... Motive & Oaken.

Any bets on who'll be next ? sf-smile

    Dean

  

I like that you can do 35 Months @6.0 with them. Must be compounded interest though. 12;24;36 month etc. interest can be paid annually.

November 6, 2023
12:58 pm
GR
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Alexandra said

I like that you can do 35 Months @6.0 with them. Must be compounded interest though. 12;24;36 month etc. interest can be paid annually.  

I don't agree that an odd term GIC can only earn compound interest at Motive. I have an odd term GIC and they pay interest monthly at annual rate for ages 57+. I believe that they would pay interest monthly or annually on an odd term GIC.

November 6, 2023
1:01 pm
iotama
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Both Oaken and Motive 6% now. I'm going with Oaken since Motive is still not 100% DIY online with GICs (ie, auto-renewals, unless you call them). I've now actually come to absolutely hate calling any financial institution for anything.

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