Motive Financial accounts migrating to National Bank | Page 10 | Motive Financial | Discussion forum

zgic said

I got the NB package and had not looked at it. And now I saw this "..a $28.95 monthly fee that is waived for the first 12 months only" on this website and your post here.
Per month wow
Can we call right away next week to cancel? Do we call Motive or NB for the cancellation? I guess just call the Motive old line. I have not used Motive for quite a while now.
Have you already cancelled?  

Yes, I received the confirmation email today. I sent them an email with my personal access number. I expected a longer turn-around time.

As I see it, there's no benefit in keeping the new account after the merger. Some folks are exhibiting toxic positivity behavior and hoping the interest rates will also be grandfathered the first year.

I already have a National Bank account from before (just one HISA). I saw two inactive/unselectable "Progress" accounts appear in it around a couple of months back.

I have Motive chequing, saving and a few TFSAs, though all now emptied at this point to $0.

So if I instruct Motive to close my accounts now, will I still be migrated and given NBC's Total Package? (Since those two new Progress accounts are sitting in my NBC dashboard, apparently waiting to receive the Motive accounts into each?)

Anyone else here with both Motive and pre-existing NBC account, and who closed their Motive and can share the experience or tips?

Thanks!

I've read through this whole thread. I found some additional information on a reddit post. I thought I'd pass it on here in case it's useful, and to ask if anybody has heard otherwise. I hope it's OK to quote the content here!

Following this info, I'm trying to get through to Motive to close my chequing account before the Migration (so they don't set up a Total package for me during the Wave 3 migration). I've had the chequing account for 11 years but never used it. I otherwise have only a Savvy Savings account and a $7k GIC that matures in May 2028.

--- snip snip ---

Ok, update. I called National Bank (phone queue - press 0 2 # # 4)

I confirmed with a National Bank rep that if all you have migrating from Motive are Motive GICs and a Motive Savings account (the scenario I laid out above \^ ), you can call National Bank after the migration to confirm that you won't be charged any fees at all - \_because there is no Motive Chequing Account being migrated over.

The National Bank products "The Total", "The Connected", and "The Minimalist" that Motive customers would otherwise inherit is only applicable if you hold a Motive / CWB Chequing account, and that is also being migrated.

So for the scenario I described, holding only Motive GICs, it appears you are ok, and no fees will be charged for holding those GICs and a Savings Account at National Bank until they mature. But you should call in to National Bank after the migration to confirm your own situation.

As for extracting the next 5-7 years of matured legacy Motive GICs upon settlement from your new (no fee) National Bank Savings Account, that is a separate question. If you also hold an NBDB brokerage account, the National Bank agent said you could make an EFT connection to transfer between your National Bank Savings and eg. the NBDB Cash/Margin CAD side of your NBDB account - which itself can be easily connected to any other retail bank.

Or perhaps National Bank will cut a cheque for pick-up at one of their branches, or make an EFT connection from your new National Bank Savings account to another FI, but I didn't see that anywhere in the migration mailer.

EFTs minimize the fraud risk vs. Email-Transfers, for large (or any) sums of money.

--- snip snip ---

RicksBank said
I've read through this whole thread. I found some additional information on a reddit post. I thought I'd pass it on here in case it's useful, and to ask if anybody has heard otherwise. I hope it's OK to quote the content here!

…

--- snip snip ---

Ok, update. I called National Bank (phone queue - press 0 2 # # 4)

I confirmed with a National Bank rep that if all you have migrating from Motive are Motive GICs and a Motive Savings account (the scenario I laid out above \^ ), you can call National Bank after the migration to confirm that you won't be charged any fees at all - \_because there is no Motive Chequing Account being migrated over.

The National Bank products "The Total", "The Connected", and "The Minimalist" that Motive customers would otherwise inherit is only applicable if you hold a Motive / CWB Chequing account, and that is also being migrated.
…

--- snip snip ---

That does not sound correct at all.

According to section 2.1 The CAD Progress Account™ in the Motive migration guide, the two Motive chequing accounts and the two Motive savings accounts will be migrated to National Bank CAD Progress accounts with "The Total" package.

The initial interest rates of those National Bank CAD Progress accounts also has the two Motive savings accounts:

Everyday bank accounts

We are pleased to offer you the CAD Progress Account™, a transactional account that allows you to carry out your everyday banking while earning monthly interest. Here are the current interest rates for your bank accounts:

Motive Financial accounts	National Bank migrated package*	Rate
Motive Savvy® Savings Account	The Total®	2.00%
Motive Cha-Ching Chequing® Account	The Total®	0.75%
Motive Chequing Account	The Total®	0.75%
Motive Savings Account	The Total®	0.75%

*Waived monthly fees for a period of at least 12 months after migration.

There is going to be no charge after migration because (1) "The Total" package includes unlimited electronic and branch transactions and (2) the $28.95/month for the "The Total" package will be waived for at least 12 months after migration.

That special migration waiver for the $28.95/month may not be extended after 12 months.

Make sure one is looking at the correct migration guide. The migration for the Canadian Western Bank branded accounts is different. It's the Canadian Western Bank branded savings accounts that won't be migrating to National Bank CAD Progress accounts with "The Total" package:

2.2.1 High Interest Savings Account
…
The following table outlines which specific CWB accounts will migrate to National Bank HISA. Your post‑migration interest rates may vary from previous interest rates at CWB. For current National Bank rates, please visit nbc.ca/rates.

CWB Savings Accounts	National Bank Migrated Accounts	Rate
Summit Savings Account® (incl. Staff and Family)	High Interest Savings Account	Applicable rates are available at nbc.ca/hisa
Flex Notice Canadian Account (31‑day and 93‑day)	High Interest Savings Account	Applicable rates are available at welcome.nbc.ca/product-rates

Norman1 said
That does not sound correct at all.
 

My reading of the message I quoted and your reply is that there is just one simple difference: He was told by a NBC rep on the phone that if a Motive chequing account is not being migrated from Motive, NBC will give you just a CAD Progress account that is not bundled in a Total package. To me that would mean that I don't have to worry what happens after "at least one year" of having the Total $29/month fee waved. My (Motive, not CWB) GIC doesn't mature for 2.5 years.

However, I agree that section 2.1 clearly indicates that the Savvy accounts will be migrated into a CAD Progress Account within a Total package. Perhaps the fellow I quoted misunderstood the NBC rep, or the NBC rep was unclear or wrong.

I guess I'll just have to phone NBC after the migration to ask how I can avoid fees for an account that I only need to receive the funds from the maturing GIC in May 2028. The Total package fee of $28.95/month is higher than the $26.82/month that my GIC is earning. I don't even like the idea of paying $3.95 for a Minimalist package instead of the Total package. Perhaps they'll allow us to specify an EFT to an external bank for the maturing GIC proceeds?

I have ha

RicksBank said

The "Waves" are detailed on their website somewhere. For example, Wave 1 (or Wave 2?) was just the Edmonton region.

The front page of my fold-out "Migration Letter" dated October 6, 2025 (not the 80-page booklet) says "Migration Weekend scheduled for November 21 to November 23, 2025 (Wave 3)".

Since you said you logged in already, I tried to login to NBC using my Motive credentials, but that didn't work. So, I'm asking if your migration is complete since you are already able to login to the NBC website and see your account. I'm confused though because you said you only received your package a few days ago, as did I. My Wave 3 migration isn't until November 21-23.  

I have had an account at National Bank for several years. So, that is what I am talking about--i.e., I just logged into my long-existing National Bank account. And that is where I now see the new Progress account.
This clearly was migrated from my Motive Savings account-- even though I had tried to avoid that happening by closing the Motive account earlier

RicksBank said
…

I guess I'll just have to phone NBC after the migration to ask how I can avoid fees for an account that I only need to receive the funds from the maturing GIC in May 2028. The Total package fee of $28.95/month is higher than the $26.82/month that my GIC is earning. I don't even like the idea of paying $3.95 for a Minimalist package instead of the Total package. Perhaps they'll allow us to specify an EFT to an external bank for the maturing GIC proceeds?

One doesn't need to keep "The Total" package on the CAD Progress account.

After ordering cheques for the CAD Progress account using the package discount, one can cancel the package and have the account with no package.

The National Bank investment account (bank holding account) holding the GIC can receive the GIC principal and interest at maturity into its cash balance. One can then obtain a bank draft for the cash balance. Not sure if the usual $9 fee for a bank draft applies.

Yes, there will be fees for the CAD Progress account without a package. See my earlier post.

I have Motive accounts only (no CWB or NBC accounts) and still have not yet received any instructions on how to access my accounts online after the migration.

RicksBank said

Could it be jammed up somewhere due to the rotating postal strikes?

The contents of the first mailout are online. Have you received that (an 80-page booklet etc)? There will be followup mailings with account access info which I haven't received yet.

https://welcome.nbc.ca/motive-financial/timeline-wave3.html  

Thanks. I received the 80-page booklet along with the 6-page "Your Migration Letter". I also received the pin for my debit card although I haven't received my card yet.