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Motive accounts which is best?
July 31, 2019
11:23 am
HSY
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Just wondering if anyone has any thoughts on which is the best motive chequing account , they seem the same to me, with simply a minute difference in the interest rates - not sure why they have two ? I did sign up for the cha-ching chequing account, back in June, but looking at them today, they look exactly the same. Thoughts? ( i plan to use it to transfer money in or out and then into the cha ching savings account without incurring the charges , since transfer between accounts is free. ) thanks

July 31, 2019
11:43 am
Shawguy
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Cha ching has free etransfers, the other with the higher interest rate does not.

That is the main difference

July 31, 2019
12:12 pm
canadian.100
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Shawguy said
Cha ching has free etransfers, the other with the higher interest rate does not.

That is the main difference  

If that is the only real difference, seems odd for Motive to have 2 chequing accounts.
Guess the higher interest (account) is offset by charging for interac etransfers.

July 31, 2019
2:51 pm
Rick
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Cha ching also has 2 free non-Exchange network withdrawals. But you're right. When they first offered them, didn't really see the point of switching. Hardly ever use e-transfers, no need to use non-Exchange networks, so I just stuck with the old Chequing account. Better interest rate is nice, but not a factor. Don't keep spare cash in my chequing account.
Oh yeah...they hit me with a hard credit check when I switched our savings accounts to Cha-Ching. Kind of unexpected as we've been with them for years.

August 7, 2019
5:25 pm
Briguy
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It's nice having the free etransfers in the ChaChing chequing account since there are free transfers from the Savvy Savings to it, so you can maximize your money in Savvy Saving and then transfer needed amount to ChaChing to pay bills,transfer money out etc.

Similarly, Motive Financial used to have a line of credit that was free if you paid it off same day. It's probably grandfathered in for those that have it. So you could have all your money in your savings account and if your cheque or automatic withdrawal exceeded your chequing account balance your line of credit would cover it and you could transfer money into it from the savings account before end of day and not incur nsf charges.

August 8, 2019
1:28 am
Rick
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Briguy said
Similarly, Motive Financial used to have a line of credit that was free if you paid it off same day. It's probably grandfathered in for those that have it. So you could have all your money in your savings account and if your cheque or automatic withdrawal exceeded your chequing account balance your line of credit would cover it and you could transfer money into it from the savings account before end of day and not incur nsf charges.  

More like a overdraft with a $3,000 limit. Don't they offer it anymore? As I recall it was on the account application. Still use it occasionally. They charge credit card rates when you use it, but yes, if you pay it off in the same day there is no charge. When I schedule bills the same day as payday, the bills come out before the pay goes in, so always go into overdraft for a few hours, until the next sweep.

August 8, 2019
2:58 am
Briguy
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Rick said

More like a overdraft with a $3,000 limit. Don't they offer it anymore? As I recall it was on the account application. Still use it occasionally. They charge credit card rates when you use it, but yes, if you pay it off in the same day there is no charge. When I schedule bills the same day as payday, the bills come out before the pay goes in, so always go into overdraft for a few hours, until the next sweep.  

Yeah, they got rid of it now. It still appears on account application but they don't actually activate it anymore. I wasn't able to get it.

August 8, 2019
8:48 am
Doug
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Briguy said

Yeah, they got rid of it now. It still appears on account application but they don't actually activate it anymore. I wasn't able to get it.  

If they didn't do up a manual LOC of application for me, I would decide not to use Motive Financial for my day-to-day banking provider and primary bank. That's a dealbreaker for me. What I'd instead do is open the Savvy Savings Account to park cash and a Savings Account to do unlimited transactions. Wouldn't get e-Transfers, but not essential. Could do unlimited Me-to-Me Transfers from the Savings Account.

I'll let you know next year if they'll do up a manual application for a LOC for me, or if I end up with Innovation Credit Union, North Peace Savings Credit Union, or Alterna Bank instead. 😉

Cheers,
Doug

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