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Email this9:48 am
January 12, 2019
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Two more Migration questions . . .
- > Will existing GIC maturity instructions be maintained ?
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> Will access to Linked Accounts be maintained ?
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> Will both Motive SAs (Regular & Savvy) be merged into one SA ?
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I'll be glad with this is all over 
- Dean
" Live Long, Healthy ... And Prosper! "
1:27 pm
October 22, 2024
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pentel said
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.
Another perk is that the banking package will also waive the fee for the World Elite credit card. Even if you decide to stay after the 12 months, and you keep $6,000 in the account, you would have a bank account that gives you 2.25% interest and a free premium credit card.
3:38 pm
February 15, 2023
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According to the Motive CSR that I spoke to, all GIC maturity instructions are supposed to be carried forward to NBC. With that being said, I'll be watching closely to make sure. I have a dozen non-registered GICs with Motive all maturing in 2026 and I have instructions for each of them to be deposited back into my savings account. My wife has eight TFSA GICs maturing in 2026 as well and she has instructed Motive to do the same (back into TFSA savings account). For my non-registered savings I'll be moving elsewhere... maybe Saven. For the wife's TFSA savings, probably take it all out in December of 2026 and recontribute in January 2027. I use BMO as my "full service" bank and an not interested in another one.
8:18 am
November 19, 2022
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savvystacker said
Another perk is that the banking package will also waive the fee for the World Elite credit card. Even if you decide to stay after the 12 months, and you keep $6,000 in the account, you would have a bank account that gives you 2.25% interest and a free premium credit card.
If I have over 6k on my GIC will get the $30 fee waived?
8:27 am
October 4, 2018
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Maybe a dumb question but I've been told in the past that there's no such thing as one. Will this at all affect that Gift Card promotional offer that Motive offered several months back ie. If you haven't used the Gift Cards yet will they still be valid after the migration?
Thanks,
TD
7:59 pm
December 12, 2009
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Top Dogg said
Maybe a dumb question but I've been told in the past that there's no such thing as one. Will this at all affect that Gift Card promotional offer that Motive offered several months back ie. If you haven't used the Gift Cards yet will they still be valid after the migration?Thanks,
TD
Who is the issuer of the gift card? If it's an external issuer, it should still be valid. From CWB/Motive's perspective, the recorded the marketing charge already for the gift card issuance. If it's a "Motive Financial gift card" (i.e., promotional GIC rate) offer, then that likely won't be honoured.
Cheers,
Doug
9:31 pm
September 28, 2023
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savvystacker said Even if you decide to stay after the 12 months, and you keep $6,000 in the account, you would have a bank account that gives you 2.25% interest and a free premium credit card.
Highly doubtful that the 2.25% rate will last into 2027... they are just dangling that to us migrants to quench our griping. Later on they will lower us to the same big 6 rates as the other NB clients. Here's hoping they prove me wrong.
9:24 am
October 4, 2018
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doug said
Who is the issuer of the gift card? If it's an external issuer, it should still be valid. From CWB/Motive's perspective, the recorded the marketing charge already for the gift card issuance. If it's a "Motive Financial gift card" (i.e., promotional GIC rate) offer, then that likely won't be honoured.
Cheers,
Doug
Hi Doug,
Thanks for the reply. Tango Choice Rewards is the issuer. I assume that's a separate entity from Motive Financial altogether? It is not a "Motive Financial Gift Card'.
Kind regards,
TD
8:26 am
April 6, 2013
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pentel said
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).
National Bank chequing accounts don't seem to pay any interest. Instead, one may wish to keep the CAD Progress account and see if one can switch the account's package to The Minimalist before the 12 month fee waiver ends.
8:31 am
April 6, 2013
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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
Interac transactions $1.25
Unlimited transfers between National Bank Accounts
ABM withdrawals: 1st one free per month, subsequent withdrawals $5.00 each
The Motive accounts are being migrated to a National Bank CAD Progress account, not to a National Bank High Interest Savings Account.
10:00 am
October 21, 2019
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The elephant in the room is that $28.95 per month fee. I left the big banks because of fees and having to leave $x000’s in the account. I’ve only kept my Motive account around in case I needed it after rate changes at other institutions. I may just bail completely now.
10:38 am
January 12, 2019
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. . . If you can, it's ⬆️ Best to do it Now.
Who Knows ... It could be a PITA, after the Migration❗
- Dean
" Live Long, Healthy ... And Prosper! "
11:11 am
October 5, 2017
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The elephant in the room is that $28.95 per month fee at NB.
All my GIC's matured in May and I withdrew all the money.
I really didn't want any of my accounts transferred because I really don't intend to bank at NB, so why have any accounts at all.
So I just closed mine and my wife's account yesterday.
It was good while it lasted !!!
11:22 am
September 24, 2019
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Norman1 said
Alexandra said
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 eachThe Motive accounts are being migrated to a National Bank CAD Progress account, not to a National Bank High Interest Savings Account.
Well once all established at National, couldn't you transfer cash funds in CAD Progress Account to a new HISA with them?
12:03 pm
January 9, 2011
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Alexandra said
Well once all established at National, couldn't you transfer cash funds in CAD Progress Account to a new HISA with them?
That's likely easy, but there is no advantage as the HISA rate is 0.6%.
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
12:51 pm
April 6, 2013
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In contrast, the CAD Progress Account that the Motive accounts will be migrated to is to start off at 2.25% or 1%.
Only transfers from the National Bank HISA to another National Bank account are free. Otherwise, the transfer will be $5 after the one free per month.
Cheques cannot be written on the National Bank HISA. Looks like pre-authorized debits are supported. But, each PAD will be $5. See National Bank: Fee Guide - Personal Banking Solutions.
8:51 pm
October 2, 2025
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That's how it would work even if it is on Motive. I'll transfer my Savvy Savings to Chequing and write a cheque to withdraw. So here I transfer the CAD Progress Account (assuming this is where the Savvy Savings will end up) to a NB chequing account like The Total chequing or Minimalist chequing and write a cheque to withdraw for the purpose of transfer to an external account.
This is why I always prefer a financial institution that offers a chequing in addition to a HISA account. There is no transaction limit in writing a cheque.
p/s: Is NB saying that transfers between CAD Progress Account and other NB accounts is not free? If so, it is disappointing that they are treating the CAD Progress Account different from the rest of the NB accounts.
9:08 pm
April 6, 2013
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pentel said
That's how it would work even if it is on Motive. I'll transfer my Savvy Savings to Chequing and write a cheque to withdraw. So here I transfer the CAD Progress Account (assuming this is where the Savvy Savings will end up) to a NB chequing account like The Total chequing or Minimalist chequing and write a cheque to withdraw for the purpose of transfer to an external account.
…
No need to do that. One can write cheques on the CAD Progress Account.
No, transfers from the CAD Progress Account to other National Bank accounts are not free outside of a banking package. That's the same as National Bank's regular chequing account.
5:52 am
January 9, 2011
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Now I'm really confused.
(a) Dean's post 81 questions 2 and 3, and (b) how many free EFTs to other banks and how many links allowed for same. Savvy savings was unlimited, and no need for chequing accounts to transfer to first, or cheques.
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
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