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Motive GIC 35 months
September 29, 2023
10:09 am
frugal lady
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I just wanted to thank the person who first mentioned the ability to purchase a 35 month GIC with Motive at the 2 year interest rate. (versus 36 months at 3 year rate). I searched the site without finding who that was.

September 29, 2023
1:57 pm
Dean
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.
A '35' Month GIC @ Motive ?!

I looked, but I can't find it https://www.motivefinancial.com/en/rates .

    Dean sf-cry

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

September 29, 2023
2:18 pm
Alexandra
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Dean said
.
A '35' Month GIC @ Motive ?!

I looked, but I can't find it https://www.motivefinancial.com/en/rates .

    Dean sf-cry

  

You have to go into your account with them. Look under "account services"
then "term deposits" From there you select the GIC and the term that you want.
So 24 months to 35 months and so on.

September 29, 2023
2:22 pm
hwyc
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frugal lady said
I just wanted to thank the person who first mentioned the ability to purchase a 35 month GIC with Motive at the 2 year interest rate. (versus 36 months at 3 year rate). I searched the site without finding who that was.  

Thank poster #39 in this thread. A 2nd poster also mention this feature in a later post ... I was benefited as well.

September 29, 2023
2:42 pm
Dean
Valhalla Mountains, British Columbia
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Alexandra said

You have to go into your account with them. Look under "account services"
then "term deposits" From there you select the GIC and the term that you want. So 24 months to 35 months and so on.  

    AHA ❗

Thanks Alexandra.

I'm still kinda new to Motive. sf-smile

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

September 29, 2023
6:44 pm
althisa
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Dean said

    AHA ❗

Thanks Alexandra.

I'm still kinda new to Motive. sf-smile

    Dean

  

BTW it not ONLY Motive that has a range for a term.
Another FI that provides a range for a specified GIC rate is BMO
e.g.
4 years - under 5 years 5.35% (48 months-59 months by my understanding)
https://www.bmo.com/main/personal/investments/gic/gic-rates/

And yes, thank you to the original posters who pointed this out.
It is a valuable learning from this forum.

November 14, 2023
8:54 am
Lodown
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Has anyone taken advantage of the Motive GIC offer where the Interest can be paid out monthly? If so, is the monthly Interest equal to Annual rate/365*days in month.....or is it less due to being paid out monthly instead of yearly.

December 21, 2023
4:26 pm
Lamaison
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Lodown said
Has anyone taken advantage of the Motive GIC offer where the Interest can be paid out monthly? If so, is the monthly Interest equal to Annual rate/365*days in month.....or is it less due to being paid out monthly instead of yearly.  

I just renewed a 12 GIC on which I got monthly interest for the last year. The new term was set to 23 months with no monthly interest option available. I phoned and was informed by a new employee (who took the time to check with someone else) that the monthly interest payment option was discontinued in January 2023. Anybody else experienced this?

December 21, 2023
7:33 pm
GR
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Refer to footnote 6 at bottom of Motive's rate page. Monthly GIC interest for ages 57+ at annual rate is only available on non-registered GICs, not registered GICs. See the footnote numbers at headings of each of the GIC type categories.

https://www.motivefinancial.com/en/rates

December 25, 2023
12:09 pm
smayer97
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frugal lady said
I just wanted to thank the person who first mentioned the ability to purchase a 35 month GIC with Motive at the 2 year interest rate. (versus 36 months at 3 year rate). I searched the site without finding who that was.  

Yes, THANK YOU! I have benefited this month!.

In fact, Motive even has rate holds while you move money around; 5 calendar days for non-reg'd GICs and 14/15 calendar days for reg'd GICs. AND because of a number of delays, they were willing to extend those holds even longer. So, I STILL ended up getting the 6% rates for up to 35 months. YAY!

And again, thank you!

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