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Email this12:39 pm
April 21, 2022
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Just got the email, Motive clients will be transitioning to National Bank:
Hey savers,
We’ve got news to share! Earlier this year, Motive Financial—as a division of Canadian Western Bank (CWB)—officially became a part of National Bank. We’re thrilled about the opportunity to offer a more comprehensive suite of products and services from coast-to-coast as a newly combined bank.
What does this mean for you?
After months of thoughtful planning, we have decided that CWB clients will migrate to National Bank products and platforms over time. When we’re ready, your Motive products will migrate to similar products at National Bank where you can continue on as the savvy saver that you are. You’ll also gain access to more products and services and a modern online banking platform with customizable features to allow you to easily manage and keep track of your savings.
What you can expect
We know how important saving for your future (or your next big moment!) is to you. It also remains really important to us. That’s why we will continue to offer you a similar interest rate* on your Motive savings accounts after you migrate (based on the rate held at the time of your migration). Guaranteed Investment Certificate (GIC) holders will continue to earn the same rate until maturity.
For now, there are no changes to your products or the way you interact with us.
So, when should you expect a change, you ask? We’re committed to creating a positive migration experience and plan to migrate your products and services in the coming months. As your migration approaches, we’ll provide important information about your products and services and any actions required on your part. And, in the meantime, we’ll soon send you an official welcome from National Bank that introduces you to our combined organization.
Looking to the future
Since we were the new kid on the digital banking block nearly a decade ago, we’ve always been focused on motivating and rewarding savers. It’s our absolute pleasure to help our clients save for what matters most in their lives, and we have no doubt that we’ll continue to see that commitment grow with National Bank who actively empower ambitious Canadians in their pursuit of financial success, whatever that means to them.
Thank you for continuing to trust us to help you save! Don’t hesitate to reach out to us in the way you usually do with questions, concerns or support with your products and services.
Psssst: Please don’t forget that Motive, CWB and National Bank will never proactively call, text, or email you to ask for your banking information, especially your one-time verification code number, PIN, password or login credentials.
12:56 pm
January 12, 2019
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Motive is being completely folded into the NBoC, with all Motive products replaced by NBoC products . . .
-
Quote:
" ... When we’re ready, your Motive products will migrate to similar products at National Bank ..."
Love 'em, or Hate 'em ... Motive will eventually become 'Toast'.
- Dean
P.S.
At least now we know why they never bothered
to upgrade the Motive website last year.
" Live Long, Healthy ... And Prosper! "
1:00 pm
September 28, 2023
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Good to hear an update, but quite weak on substance. I bet that similar interest rate* seems like it won't last. It seems like they will eventually all want us to keep money in their HISA currently offering a whopping 0.75% interest rate.
Glad to hear that they will keep the GIC's to maturity... I have quite a few with them right now.
I hope I am wrong, but this feels like Hubert (Sunova CU) being merged into Access CU. Awesome rates and a decent interface will become crappy-mediocre to fall in line with the rest of the big 6. The only bonus I see out of this is that the accounts might have branch teller service available after integration (though I rarely need it).
it was a good run, I have been with them since the Canadian Direct Financial days. Thank you CWB for giving my money some great returns over the years.
1:08 pm
April 21, 2022
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They are transitioning the accounts to National Bank. I think most people were suspecting they were just going to wind down Motive and close all the accounts.
1:18 pm
April 6, 2013
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Canadian Western Bank has been gone since March 1. This is displayed when one tries to download Motive Financial forms:
On March 1, 2025 Canadian Western Bank and National Bank of Canada amalgamated and continued as one bank under the name National Bank of Canada. Any reference in this website or any linked document(s) to “Canadian Western Bank” is hereby deemed to be amended to refer to “National Bank of Canada”.
Canadian Western Bank has been dropped from CDIC's member list.
All the Motive accounts and GIC's are now legally National Bank of Canada deposits. Just the naming/branding now is still Motive Financial.
Looks like National Bank isn't going to keep a digital-only line of products like CIBC did with its former PC Financial branded products.
1:24 pm
September 28, 2023
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It does show that NB has at least a little bit of respect for us. What RBC did when they bought Ally years ago was brutal.
1:33 pm
January 12, 2019
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.
FWIW ... This is what NBoC's GIC rates look like right now . . .
Warning: Make sure you're sitting down, before you click on that ⬆ link !
- Dean
" Live Long, Healthy ... And Prosper! "
1:52 pm
September 28, 2023
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It's not that terrible compared to the rest of the Big 6... they are all so far in the basement that not one of them show up on Peter's GIC chart here.
As part of the Big 6... we have to contribute our share of NB's CEO over $12 million dollar (2024) pay package, which is just a mere 30%! raise from the year before.
2:08 pm
April 21, 2022
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I might be a bit cynical, but I have a feeling Motive Savvy Savings clients will end up being transitioned to the National Bank HISA product. I had a look at their HISA product, like most of the other BIG 5, not impressive. Here are the associated fees:
*Service charges
Interac ® e-Transfers: $1.25
Bill payments at the counter:3 $2
eStatements: Free
Paper statements: $2.50
Free online fund transfers between your National Bank accounts2
ABM withdrawals: One free withdrawal per month
All other debit transactions:4 $5
https://www.nbc.ca/personal/savings-investments/accounts/high-interest.html#notes-item-dadd9b08cb
2:52 pm
September 28, 2023
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They might be nice and offer a bit higher rate and waive fees for a few months to a year, but it will be a pretty sure bet that that rate and those fees will apply to us by the end of next year or earlier.
Maybe they might surprise us though... they are my stock brokerage because they went commission-free nearly 4 years ago. Hopefully when the migration happens everything will mesh nicely.
3:57 am
December 20, 2019
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Dean said
.
FWIW ... This is what NBoC's GIC rates look like right now . . .Warning: Make sure you're sitting down, before you click on that ⬆ link !
Dean
Why do so many banks pay so much more for US dollar accounts?
It almost looks like they need US dollars
PS. Motive is done, just like Motus and the field keeps shrinking.
6:02 am
November 19, 2022
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KamWest said
Why do so many banks pay so much more for US dollar accounts?
It almost looks like they need US dollars
PS. Motive is done, just like Motus and the field keeps shrinking.
Because BOC dropped rates to 2.25%
Vs feds kept their at 4.25%
1:25 pm
January 9, 2011
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After a long run of multiple years when Motive had the best rates, or at least near the top, it was obvious 2-3 months ago what National was doing with it. Both HISA and GIC rates became relatively noncompetitive and have stayed that way.
So its not hard for them to say " That’s why we will continue to offer you a similar interest rate* on your Motive savings accounts after you migrate ". I'm sure that will be the case, and then as others have said, maybe over time the rates will drift towards being Big 6-dismal.
My last of 5 GICs I had with them expires this weekend, and then I'll watch what they do in future from the sidelines. At least with an updated website I should never have to read this sloppy created error message every time I get the e-mail with the 2 FA code! - " If you are not expecting this message, please your Financial Institution. "
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
8:08 pm
November 19, 2022
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I have long GIC with motive, 5,7,10 years from when rates were 5% plus.
I would have to deal with NB now.
I would rather not.
6:00 am
September 7, 2018
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UkrainianDude said
I have long GIC with motive, 5,7,10 years from when rates were 5% plus.
I would have to deal with NB now.
I would rather not.
I recently dealt with NB for the first time - very disappointing. I expect it will be my last time dealing with them.
7:04 am
September 11, 2013
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I don't see Canadian Western Bank on CDIC list anymore, guess that makes sense.
10:43 am
April 6, 2013
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Canadian Western Bank is legally gone. This is from the March 29, 2025 Canada Gazette:
OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS
BANK ACT
National Bank of Canada — Letters patent of amalgamation and order to commence and carry on business
Notice is hereby given of the issuance,
- pursuant to subsection 229(1) of the Bank Act, of letters patent amalgamating and continuing National Bank of Canada and Canadian Western Bank as one bank under the name, in English, National Bank of Canada, and, in French, Banque Nationale du Canada, effective on the first day of the month following the day on which National Bank of Canada becomes the sole shareholder of Canadian Western Bank; and
- pursuant to subsection 48(4) of the Bank Act, of an order authorizing National Bank of Canada to commence and carry on business, effective on the date on which the letters patent amalgamating National Bank of Canada and Canadian Western Bank as a bank under the name National Bank of Canada become effective.
March 29, 2025
Peter Routledge
Superintendent of Financial Institutions
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