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Email this7:23 am
November 16, 2019
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dougjp said
I suppose this could be considered by most as a continuation of a HISA source for 12 months (or longer, should they waive fees), albeit not that competitive anymore (since National got involved 6+ months ago in such decisions?), as Motive's comparative rates changed then for the worse.Two questions that are not clear to me:
- What rate applies for an existing Motive TFSA savings account? I believe I was getting Savvy savings rates before. It's not personally important because my balance is $ 0.01, but others should know 🙂
- What happens if, as I suspect, most 'online bank savers' don't have a chequing account with Motive to be migrated to this Progress transactional account, but want one (don't know why :D!). I guess they would accept a new application at National under this 'umbrella' Total package, but who knows. Technically, based on their 'Everyday bank accounts' description, if it isn't migrated, the deal isn't applicable.
I am currently getting the Savvy rate of 2.25% on the TFSA but am preparing to have to move it. If there are fees to move it I guess you can withdraw it in December and re-contribute same in Jan 2026?
7:30 am
April 6, 2013
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Motive TFSA savings accounts will be migrated to National Bank Cash Advantage Solution accounts:
5.9 Motive Financial Accounts Migrating to Cash Advantage Solution
Your Motive Financial RRSP, TFSA and RRIF accounts will migrate to National Bank’s Cash Advantage Solution, as described in the table below.
Motive Financial National Bank Features or Key Differences TFSA Savings Account
RRSP Savings Account
RRIF Savings AccountCash Advantage Solution
(CAS)The applicable interest rate varies according to the total amount deposited in the account. There are 5 tiers of applicable interest rates; you can find them on nbc.ca/liquidity.
Interest is calculated on the total daily balance at the end of each day, using the interest rate of the corresponding tier. Interest is added to your account on the last day of each month.
The Progress Account has cheques. So, a separate chequing account won't be needed.
7:38 am
September 30, 2017
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Looks like most of you missed the memo! …Savvy rate is no longer 2.25%
On the other hand, I love to hear from those with a 10 yr GIC with Motive. Quite sure you don't see this coming.
7:42 am
April 6, 2013
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pentel said
Is this National Bank migrated package "The Total" a combined chequing/savings account? I see that the Motive Savy Savings Account and the other three Motive accounts are migrated to "The Total" with 2.25% and 1% respectively.
What would be ideal is a no-fee NB HISA at 2.25% and a separate no-fee NB chequing account. It sounds like by grouping the chequing and savings under The Total package, if I want the 2.25% rate, I need to pay $28.95 a month (after the 12 months waiver).
The account is the National Bank CAD Progress account which does support cheques. A National Bank chequing account is not needed.
The package is "The Total" package. I suspect one could switch The Total package to other packages, like The Minimalist ($3.95/month) or The Connected ($15.95/month), or to no package.
8:22 am
January 9, 2011
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Norman1 said
Motive TFSA savings accounts will be migrated to National Bank Cash Advantage Solution accounts:5.9 Motive Financial Accounts Migrating to Cash Advantage Solution
Your Motive Financial RRSP, TFSA and RRIF accounts will migrate to National Bank’s Cash Advantage Solution, as described in the table below.
Motive Financial National Bank Features or Key Differences TFSA Savings Account
RRSP Savings Account
RRIF Savings AccountCash Advantage Solution
(CAS)The applicable interest rate varies according to the total amount deposited in the account. There are 5 tiers of applicable interest rates; you can find them on nbc.ca/liquidity.
Interest is calculated on the total daily balance at the end of each day, using the interest rate of the corresponding tier. Interest is added to your account on the last day of each month.The Progress Account has cheques. So, a separate chequing account won't be needed.
So, a Motive TFSA HISA account currently earning 2% will get 0.65% up to $ 10,000-, 0.75% to $ 50,000-?
If true, therefore I guess it's how to close a TFSA account after bringing the balance to zero with the least work, as there is no point migrating. Or maybe just ignore them.
People with Motive TFSA GICs (linked to their Motive TFSA HISA) will have to migrate and then, presumably if renewal instructions with Motive can't be relied upon, they will have to contact National to set instructions to not renew (assuming non competitive rates).
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
8:57 am
April 6, 2013
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dougjp said
So, a Motive TFSA HISA account currently earning 2% will get 0.65% up to $ 10,000-, 0.75% to $ 50,000-?
If true, therefore I guess it's how to close a TFSA account after bringing the balance to zero with the least work, as there is no point migrating. Or maybe just ignore them.
…
Eventually.
For the first three months, there is a promotional rate that will be the “$100,000 – $499,999.99” rate. Currently, that rate is 2%:
Promotion conditions for TFSA Savings Account
As part of your transition from Motive to National Bank, your TFSA savings account will be migrated to National Bank’s Cash Advantage Solution with a promotional rate for a period of 3 months starting at migration date (for example: if the migration date is September 1st, the promotion end date will be December 1st). The Cash Advantage Solution is an investment product that will be held in a TFSA account.
For the promotion period, the interest rate will be calculated according to the “$100,000 – $499,999.99” tier applicable rate (“promotional rate”) on the total migrated amount in the Cash Advance Solution. The applicable rate is subject to change and is available at nbc.ca/liquidity or at any National Bank branch. Before the end of the promotion period, you will receive information on the variable tiers in which your Cash Advantage Solution daily balance falls and any additional details that will apply at the end of the promotion.
|
0.65% $1 and over |
0.75% $10,000 and over |
1.00% $50,000 and over |
2.00% $100,000 and over |
2.50% $500,000 and over |
11:29 am
October 27, 2020
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In regard to Motive's Savvy Savings account, the document linked to in this thread (https://welcome.nbc.ca/content/dam/cwb/pdf/pdf-product-service-migration-guide-motive-wave3.pdf) in section 2.1 says:
Fixed Monthly fees = $28.95 (waived for a period of at least 12 months)
But further down in the same section, the document reads:
Minimum daily balance to have flat monthly fees waived = $6,000
So my understanding is that if I have less than $6,000 in National Bank's equivalent of Motive's Savvy Savings Account, the $28.95 monthly fee will not be waived?
11:50 am
April 6, 2013
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Not correct. Those migrating from Motive Financial accounts have a special waiver for at least the first 12 months on The Total monthly package fee:
2.1 The CAD Progress Account™
… As part of your transition from Motive Financial to National Bank, your monthly package fees will be waived for at least 12 months after migration. You will receive a notice before the end of the waiver period. Afterwards, there may be other rebates and waivers that you may be eligible for.
…
After the special waiver ends, one will need to maintain a $6,000 minimum in the CAD Progress Account to have the $28.95/month fee waived.
12:00 pm
September 24, 2019
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I have three TFSA GIC's with Motive. One matures 26 Dec 25 and the other two both mature on 02 Jan 2026.
I'll for sure cash the 26 Dec 25 one and re-invest that amount into a TFSA with another institution in Jan 2026.
Currently it appears National bank is offering a 18 Mo GIC @ 2.7% for 18 months.
Should I do the 18 month for those two GIC's and cash in July of 2027 or cash everything and re-invest them in unregistered account until Jan 2027?
12:53 pm
October 2, 2025
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Norman1 said
pentel said
Is this National Bank migrated package "The Total" a combined chequing/savings account? I see that the Motive Savy Savings Account and the other three Motive accounts are migrated to "The Total" with 2.25% and 1% respectively.
What would be ideal is a no-fee NB HISA at 2.25% and a separate no-fee NB chequing account. It sounds like by grouping the chequing and savings under The Total package, if I want the 2.25% rate, I need to pay $28.95 a month (after the 12 months waiver).
The account is the National Bank CAD Progress account which does support cheques. A National Bank chequing account is not needed.
The package is "The Total" package. I suspect one could switch The Total package to other packages, like The Minimalist ($3.95/month) or The Connected ($15.95/month), or to no package.
I hope National Bank will allow to switch to one of their other chequing (The Minimalist ($3.95/month) account as the chequing account in this migration is $28.95/month with unlimited transactions. I don't need unlimited transactions from National Bank, I have no fee chequing with Tangerine. I do want a bare bone (Minimalist) chequing account from National Bank to easily transfer funds (there is no transactional limit on cheques, except for NSF cheques).
12:58 pm
October 2, 2025
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Pythagoras said
In regard to Motive's Savvy Savings account, the document linked to in this thread (https://welcome.nbc.ca/content/dam/cwb/pdf/pdf-product-service-migration-guide-motive-wave3.pdf) in section 2.1 says:Fixed Monthly fees = $28.95 (waived for a period of at least 12 months)
But further down in the same section, the document reads:
Minimum daily balance to have flat monthly fees waived = $6,000
So my understanding is that if I have less than $6,000 in National Bank's equivalent of Motive's Savvy Savings Account, the $28.95 monthly fee will not be waived?
Yes, if you have less than $6,000 in National Bank's migrated account from Motive, you will be charged a fee of $28.95/month after the initial 12 months waiver.
1:39 pm
September 24, 2019
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Maybe I'm missing something. When I look up National Bank of Canada it says:
No monthly fees for their HISA
Interac transactions $1.25
Unlimited transfers between National Bank Accounts
ABM withdrawals: 1st one free per month, subsequent withdrawals $5.00 each
2:00 pm
January 12, 2019
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.
I'm Completely Gobsmacked . . .
In reading through a number of posts on this thread, I take it that Some here are 'Actually' considering staying with NBoC, after the migration is complete‼️
What the *&^%$# am I missing⁉️
- Dean
" Live Long, Healthy ... And Prosper! "
2:13 pm
September 24, 2019
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Dean said
.
I'm Completely Gobsmacked . . .In reading through a number of posts on this thread, I take it that Some here are 'Actually' considering staying with NBoC, after the migration is complete‼️
What the *&^%$# am I missing⁉️
Dean
What can you do Dean if you have GIC's with Motive that aren't maturing for a number of years?
2:14 pm
May 28, 2013
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I pulled the plug two weeks ago and closed my Motive accounts. Oddly, I am still getting their 'migration' email notifications.
3:31 pm
January 9, 2011
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Alexandra said
Maybe I'm missing something. When I look up National Bank of Canada it says:No monthly fees for their HISA
Interact transactions $1.25
Unlimited transfers between National Bank Accounts
ABM withdrawals: 1st one free per month, subsequent withdrawals $5.00 each
Or, maybe you Found Something.... What I mean is, for those of us 'savers' who don't care about chequing or savings for that matter (we already have better alternatives) and just want a parking spot for maturing GIC interest that we move elsewhere immediately on receipt.
OK then, let's say at the end of 12 months you close every 'migrated type' account from this special Motive migration 'deal', and open just a HISA. This assumes a continuing interest in watching if National offers GIC rates worth taking (it's up to them, if they aren't interested it's not our problem).
Can National HISA accounts have ETF's set up to other banks?
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
3:40 pm
January 12, 2019
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Alexandra said
What can you do Dean if you have GIC's with Motive that aren't maturing for a number of years?
- That ⬆️ Withstanding.
I too have one last Motive GIC that won't mature until After the migration is complete.
One day after it matures, I'm ... Gone-Zo❗
- Dean
" Live Long, Healthy ... And Prosper! "
3:54 pm
May 15, 2007
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hwyc said
Looks like most of you missed the memo! …Savvy rate is no longer 2.25%
NBC's own page is therefore wrong (since those rates have decreased by 0.25%) and they couldn't even spell the name of the Motive account correctly "Motive Savy® Savings Account"
https://welcome.nbc.ca/motive-financial/rates.html
5:09 pm
October 2, 2025
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Dean said
.
I'm Completely Gobsmacked . . .In reading through a number of posts on this thread, I take it that Some here are 'Actually' considering staying with NBoC, after the migration is complete‼️
What the *&^%$# am I missing⁉️
Dean
Leaving the GIC reason aside, the migrated HISA rate is 2.25% which is similar to what Motive has to offer on their Savy Savings Account and this comes with the chequing account which has free bank draft, 100 personalized cheques that is not offered by Motive. The chequing will allow funds withdrawal with no transactional limit. Since there is no fee for 12 months, there is no harm staying and see what happens next when the 12 months is up.
5:52 pm
December 12, 2009
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Alexandra said
What can you do Dean if you have GIC's with Motive that aren't maturing for a number of years?
You could keep the GICs and proactively close the Motive chequing and savings accounts.
Please write your comments in the forum.