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Motive Savvy 2.20%
July 18, 2022
5:01 am
dougjp
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Seeing 3% this morning. Things are finally starting to get tasty. This week should be interesting.

" We may never pass this way again " - Seals & Crofts

July 18, 2022
10:04 am
rodeworthy
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JenE said
HermanH - my Motive account is listed as joint and pays 2.2%.  

hwyc said

That is odd. We also observed no indication that our Savvy is joint from their online banking interface. However, each of us is assigned his/her own Client Card/Access Number, each with respective password & security profile. The account will show on both logon. Then later, details on the T5 slip also serve as a definitive proof.

Hope this helps.  

Loonie said

I don't have a joint account at Motive but i have noticed that at some FIs, the full info is only included on the record of the "primary" account holder - which is annoying. If you are not logging on as primary, perhaps worth trying that route. Either way, try logging in as the other person to see if you can find it.  

Thanks to all who provided information on Motive Joint Accounts. Also the information on the two HISA is appreciated.

I have to agree with Loonie that it is annoying that a joint account is not clearly indicated when signing on to our accounts at many FI's.

I contacted Motive this morning. I expected a long wait due to their rate increases today. Not the case, the call was answered immediately. All dealings with Motive have been prompt and helpful to set up this account. I am impressed.

We were not quite completely set up as my spouse had not yet obtained login credentials. That got resolved during the call. I was verbally assured the account is a joint account but there is nowhere to find this information when logging in.

As Loonie and hwyc have suggested, the workaround to this was to log on with my spouse's account and observe that we both see the same account information and balances. This is assurance that the account is indeed joint. My wish would be that it would just say that in the account details. It is a very important detail for us older clients. I am still a bit confused by Jen's assertion that their account does indicate a joint status.

With respect to the two saving account strategies, I was concerned that there might be a need for both to avoid fees and to facilitate prompt movement of funds such as the case reported at some credit unions. That is not the case and since this account is for savings only and no need for multiple transactions we will be satisfied with only the Savvy Savings Account and GICs.

The very nice HISA interest rate increase today was icing on the cake and I am looking forward to having another excellent FI to help us cache our savings and earn some along the way.

July 18, 2022
1:21 pm
JenE
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Oh oh, looked at my and husband’s accounts again, and now recall that I named the saving accounts “joint”. Mystery solved, I hope. sf-embarassed

July 18, 2022
2:48 pm
hwyc
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... a good one 🙂

December 7, 2022
12:09 pm
Patch002
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Motive Financial last raised their HISA rate from 2.2% to 3.0% in July 2022. At that time, the Federal funds rate was 2.5%. (prime rate was 4.7%)

Fast Forward to today (Dec 7, 2022), the Federal funds rate is now 4.25% (1.75% higher) and Prime rate is/will be shortly 6.45%. Motive's interest rate is still 3.0%.

Why doesn't Motive raise their rate? Because I suspect that they feel that since they are not losing deposits then why raise?

Well, allow me to do my part in encouraging Motive Financial to raise HISA rate by transferring 99.9% of my funds out to TNG's 5.0% Promo.

Ditto for EQ's 2.5% rate.

Not mad, just doing what a reasonable person would/should do.

December 7, 2022
12:23 pm
MattS
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Patch002 said
Motive Financial last raised their HISA rate from 2.2% to 3.0% in July 2022. At that time, the Federal funds rate was 2.5%. (prime rate was 4.7%)

Fast Forward to today (Dec 7, 2022), the Federal funds rate is now 4.25% (1.75% higher) and Prime rate is/will be shortly 6.45%. Motive's interest rate is still 3.0%.

Why doesn't Motive raise their rate? Because I suspect that they feel that since they are not losing deposits then why raise?

Well, allow me to do my part in encouraging Motive Financial to raise HISA rate by transferring 99.9% of my funds out to TNG's 5.0% Promo.

Ditto for EQ's 2.5% rate.

Not mad, just doing what a reasonable person would/should do.  

Motive has been at or near the top for gic rates for some time and offer anything up to 10 yrs. They haven’t always stayed near the top for long. They want their customers to lock in to some sort of commitment apparently .. HISA money can be here today gone tmr

December 7, 2022
3:29 pm
dougjp
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Patch002 said
Motive Financial last raised their HISA rate from 2.2% to 3.0% in July 2022. At that time, the Federal funds rate was 2.5%. (prime rate was 4.7%)

Fast Forward to today (Dec 7, 2022), the Federal funds rate is now 4.25% (1.75% higher) and Prime rate is/will be shortly 6.45%. Motive's interest rate is still 3.0%.

Why doesn't Motive raise their rate? Because I suspect that they feel that since they are not losing deposits then why raise?

Well, allow me to do my part in encouraging Motive Financial to raise HISA rate by transferring 99.9% of my funds out to TNG's 5.0% Promo.

Ditto for EQ's 2.5% rate.

Not mad, just doing what a reasonable person would/should do.  

Of course, paying attention and putting in the time and effort means making more money. 🙂 These banks make a lot of their money on those who don't.

Over the years I've seen that Motive doesn't pay much attention to logical market induced rate changes, and doesn't do much in that regard very often. So they are often way below market, or like a few months ago, a market leader. However there are even worse examples, like CT Financial.

" We may never pass this way again " - Seals & Crofts

December 12, 2022
1:12 pm
Lamaison
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Patch002 said
Motive Financial last raised their HISA rate from 2.2% to 3.0% in July 2022. At that time, the Federal funds rate was 2.5%. (prime rate was 4.7%)

Fast Forward to today (Dec 7, 2022), the Federal funds rate is now 4.25% (1.75% higher) and Prime rate is/will be shortly 6.45%. Motive's interest rate is still 3.0%.

Why doesn't Motive raise their rate? Because I suspect that they feel that since they are not losing deposits then why raise?

Well, allow me to do my part in encouraging Motive Financial to raise HISA rate by transferring 99.9% of my funds out to TNG's 5.0% Promo.

Ditto for EQ's 2.5% rate.

Not mad, just doing what a reasonable person would/should do.  

-
Read my mind - I'm doing exactly the same.

December 12, 2022
2:06 pm
MattS
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They dropped their GIC rates too

December 12, 2022
7:52 pm
HermanH
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Interesting to see that their 6-yr rate is below 5%
I wonder what they are expecting to happen that year?

February 14, 2023
5:03 am
hwyc
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Savvy 3.80% (was 3.00%) ... no change in registered accounts

February 14, 2023
5:48 am
savemoresaveoften
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friendly reminder only 2 free withdrawals each month.

February 14, 2023
6:19 am
Patch002
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hwyc said
Savvy 3.80% (was 3.00%) ... no change in registered accounts  

Appreciate the information.

Going from 3.0 to 3.8 is nice but it's not enough for me to move funds back in.

A comment on the non-raising of Registered rates. MF is, in my opinion, showing disdain to their registered (i.e. captive audience) clients. I'd seriously consider options in T2033ing/transferring the funds out.

February 14, 2023
6:52 am
mechone
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It is for me ,I have 2 x100k - gics at over 5% paying monthly for the next 9 years into the savvy savings getting me another 3.8% on interest money

February 14, 2023
7:36 am
Patch002
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mechone said
It is for me ,I have 2 x100k - gics at over 5% paying monthly for the next 9 years into the savvy savings getting me another 3.8% on interest money  

First time that I've heard of a 9 year Monthly paying GIC. Usually they pay out annually or at maturity. Good for your decision. Me, I prefer to have funds liquid and high returns.
Different strokes for different folks, as the saying goes.

February 14, 2023
7:50 am
mechone
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Patch002 said

First time that I've heard of a 9 year Monthly paying GIC. Usually they pay out annually or at maturity. Good for your decision. Me, I prefer to have funds liquid and high returns.
Different strokes for different folks, as the saying goes.  

Motive have always allowed GIC's to be paid monthly and have up to 10 year A guaranteed income for the next 10 years kind of like CCP OAS payments. And I don't have all my eggs in one basket

February 14, 2023
12:48 pm
HermanH
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mechone said
It is for me ,I have 2 x100k - gics at over 5% paying monthly for the next 9 years into the savvy savings getting me another 3.8% on interest money  

You get paid out of a 5% GIC to earn interest on 3.8% savings account. If the savings rate does not change for the next 9 years, aren't you are losing out on 1.2% interest (not even counting the compounding interest component)?

February 14, 2023
7:43 pm
Lamaison
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The monthly interest payout is only available to GIC holders age 57 or older I believe. As he said, you get a good long term interest rate and the benefit of a steady monthly retirement income supplement.

February 14, 2023
8:51 pm
Norman1
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We found that age 57 requirement for monthly GIC interest earlier.

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