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Motive Savvy Savings account changes effective 14 July, 2024
July 8, 2024
6:44 pm
JohnnyCash
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Number of included transactions:------2 ----------------Unlimited
Transactions fee beyond included:----$5----------------Free
Interac e-Transfers:----------------------------$1----------------Free
Non-Exchange ATM withdrawals:------$1.50-----------Free

Above indicates current charges followed by the the new charges effective July 14. NB: Transactions internally between accounts were always free.

July 8, 2024
9:48 pm
everhopeful
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Hmmm, really makes me wonder what the Motive (pardon the pun sf-wink) behind this change is.

Are they feeling the competition from the Wealthsimple Cash account?

Will their regular savings account (1%) disappear now? ...since the lack of fees was the only advantage of that account over the Savvy one.

I just hope they keep the rate the same, even though I keep little funds in the Savvy account (I am CDIC maxed with GICs with them right now)

July 9, 2024
2:57 am
JohnnyCash
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everhopeful said
Hmmm, really makes me wonder what the Motive (pardon the pun sf-wink) behind this change is.

Are they feeling the competition from the Wealthsimple Cash account?

Will their regular savings account (1%) disappear now? ...since the lack of fees was the only advantage of that account over the Savvy one.

I just hope they keep the rate the same, even though I keep little funds in the Savvy account (I am CDIC maxed with GICs with them right now)  

Their regular Motive Savings account has disappeared and Is no longer available to new applications, those that already have it are grandfathered.

I suspect they realize they need to take it up a notch or two if they want to stay in the game. They've been pushing hard on the GIC's for several months now.

What's most interesting is this is happening after the announced National Bank acquisition. You would think if CWB were going to wind down the Motive division, why bother with these changes now.

July 9, 2024
5:48 am
dougjp
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JohnnyCash said

Their regular Motive Savings account has disappeared and Is no longer available to new applications, those that already have it are grandfathered.

I suspect they realize they need to take it up a notch or two if they want to stay in the game. They've been pushing hard on the GIC's for several months now.

What's most interesting is this is happening after the announced National Bank acquisition. You would think if CWB were going to wind down the Motive division, why bother with these changes now.  

I always wondered why they had to have two savings accounts, which I was forced to have to get around the savvy savings 2 transfer limit. It was a nuisance to keep active every < year to stop being dormant.

Thanks, I couldn't find any information about their regular savings account disappearing including google searches, except to see it doesn't exist as available on the Motive web site.

Just transferred from there to savvy savings to zero balance it.

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

July 10, 2024
12:57 pm
dommm
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JohnnyCash said
Number of included transactions:------2 ----------------Unlimited
Transactions fee beyond included:----$5----------------Free
Interac e-Transfers:----------------------------$1----------------Free
Non-Exchange ATM withdrawals:------$1.50-----------Free

Above indicates current charges followed by the the new charges effective July 14. NB: Transactions internally between accounts were always free.  

I have been on their web site & looked for that info but could not find anything regarding updated fees. Could you provide a link please. Thanks

July 10, 2024
1:19 pm
HermanH
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I received that notification and details via Canada Post.

July 10, 2024
2:17 pm
dommm
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JohnnyCash said
Number of included transactions:------2 ----------------Unlimited
Transactions fee beyond included:----$5----------------Free
Interac e-Transfers:----------------------------$1----------------Free
Non-Exchange ATM withdrawals:------$1.50-----------Free

Above indicates current charges followed by the the new charges effective July 14. NB: Transactions internally between accounts were always free.  

Update: I called CR & confirmed your OP. I transfered my small amount from the savings to the savvy & closed the savings account. Thanks

July 10, 2024
2:18 pm
JohnnyCash
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dommm said

I have been on their web site & looked for that info but could not find anything regarding updated fees. Could you provide a link please. Thanks  

Look in your mailbox if you're an account holder, or wait until Sunday to check the website.

July 11, 2024
5:06 am
file
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Canadapost says my notice is arriving today, or close to it. This was really the only thing preventing me from using Motive for day to day banking, so maybe I'll switch now and then when the dust settles after the acquisition... go from there. Decisions, decisions.

July 11, 2024
5:19 am
dommm
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JohnnyCash said

Look in your mailbox if you're an account holder, or wait until Sunday to check the website.  

See post 7. Thanks

July 11, 2024
7:03 am
Alexandre
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I've got my letter from Motive yesterday, July 10. It were dated July 1. Must be bad weather, holidays, postal office employees working from home, etc., etc.

Sending snail mail to every customer, so old fashioned...

The letter confirms what was said already.

I wonder if they plan to become more like EQ bank, with single Savings/Chequing account.

July 11, 2024
8:58 am
mustang
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My snail mail letter just arrived today. It is dated July 1

July 11, 2024
10:02 am
JohnnyCash
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Alexandre said
I wonder if they plan to become more like EQ bank, with single Savings/Chequing account.  

What's to be seen is whether the free unlimited non-Exchange ATM withdrawals will have the fees rebated like EQ, or simply not be recorded as a charge.

July 11, 2024
3:11 pm
Dean
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mustang said

My snail mail letter just arrived today. It is dated July 1  

    Ditto ⬆

I wonder if this is all leading up to a 'New & Improved' Motive Savvy Savings Account ... with a Much Lower interest rate.

I wouldn't be surprised. sf-confused

    Dean

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

July 11, 2024
3:21 pm
dougjp
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Dean said

    Ditto ⬆

I wonder if this is all leading up to a 'New & Improved' Motive Savvy Savings Account ... with a Much Lower interest rate.

I wouldn't be surprised. sf-confused

    Dean

  

That last part ruined my day. sf-surprised But the comment is stereotypical of banks.

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

July 11, 2024
6:20 pm
Dean
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.
Well . . .

As part of all the Savvy changes, if they also end up Lowering the Savvy rate (now @ 4.10%), there'll be a 'Loud Sucking Sound' heard ... Far & Wide ❗

Time will tell, eh sf-smile

    Dean

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

July 11, 2024
7:13 pm
everhopeful
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Got my letter today... really seems like something that could have been easily emailed (nobody gets mad when the fees go down hehe). They will fit in well with National Bank (my brokerage)... both seem to have quite good platforms for daily transactions, but any account openings or moves seems laborious and long.

It really seems like Motive is really pushing to have their Savvy account be the daily driver for our finances. Like others, I am weary of the rate declining, but they have WS Cash account as stiff competition. I don't think I will do daily banking with them, but it is nice to have a HISA linked to an actual Interac ATM card rather than a prepaid credit card (even though it loses out on cashback and online shopping)... perfect place to park some emergency funds.

July 13, 2024
1:19 am
notsavvy
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Still not really sure what the point of them having two different savings accounts. One with more fees and very little interest rates.

Anyway, so when the savvy savings has free e-transfers, any thoughts as to why does the chequing still charge $1 each? Or is that just a credit union thing? Aka, where the accounts with physical branches you have to actually pay extra for "unlimited transactions" ? Then again, don't they also charge $5 a month just have have a chequing account in the first place? Been many years since moved to virtual only accounts, so things may have changed. Still not sure why family members are willing to pay $10+ a month to the big 5 just to have an account with them...

As a side note, I though it was hilarious that they are a virtual bank, but yet they have to physically send me t5 slips. Not to mention the letter regarding these new changes to the accounts. Or do I assume that is only because I unsubscribed to their newsletters?

July 13, 2024
7:52 pm
everhopeful
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>> The standard savings account is basically mothballed now... nobody can apply for it, and I only keep mine open because I have another FI linked to it that I would have to modify if closed (which I may do now to avoid the internal transfers in Motive)

>> I think the chequing will either have the fees matched to the savings (another round of snail mail?), or more likely I predict it will be mothballed as well, leaving the Savvy account as all-in-one banking. If their Motivesf-wink is to compete with EQ and WS, this would align their offerings with the competition. If this happens it will be interesting to see if cheques migrate over, I think they might ditch them because of the declining demand.

>> I think the physical T5's and notices are symptoms of being a division of a classic bank (CWB). I don't expect that to improve with National Bank taking over, they are my stock brokerage and they are similarily old fashioned on their processes.

In fact, I am surprised that any of these account changes are happening at all during the regulatory approval phase. I'm taking it as a hopeful sign that there might be a future for Motive under NB... I was fearful that they were going to do a crash and burn like RBC did with Ally and now HSBC, so this is at least a good first foot forward, but there are many steps left in the journey.

July 14, 2024
5:29 am
hwyc
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Is there still a thing called account type conversion? I convert mine from Savings to Savvy when Motive launched Savvy.

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