Motive vs Manitoba CUs | Motive Financial | Discussion forum

Rick said
We're in a similar situation as you (only the names have been changed to protect the innocent). Been using Motive for my D2D banking and TFSAs for just over 5 years now. One big reason is they are CDIC covered. No worries about Manitoba insurance, but it's the egg/basket thing for us. We can work the 100K limit over several accounts, which is just perfect at this particular time. Nothing but good things to say about the CSR's. They are friendly, helpful, and have gone above and beyond helping me with transfers and special requests. Probably more than I deserved. The switch from CDF to Motive had a few hiccups, but seems like a long time ago now. I've stated on this site several times that their accounts were long overdue for a rate hike, but their GIC's are competetive. Now that they have the leading rate with the Savvy savings account, they have my liquid savings (for now). Makes shuffling funds around instantaneous. Keeping my other options open though. They use Me2Me so you can play the double interest game pulling funds from your other FI's. Their GIC rates tend to jump around more than others. They'll give one of the best 5 year rates, then drop it down a few points after a week or two. Don't like that their RSP Savings account only pays interest for the year on Dec 31. Kind of handcuffs us a bit for spacing our ladders. Big reason they have very little of our RSPs now. Like to keep track of interest on a monthly basis instead of being surprised at the end of the year. Every time I ask, they say they are planning RIF's, but I think they're still in the fridge waiting to be put on the back burner...it's been years. I like that you have to talk to a real person to link accounts to your other banks as well. Seem a little more personal, and secure.
They're not perfect (who is), but I'm mostly happy with them. According to some here, your experience may differ  

Thanks Rick!

I am going to do a monthly review on their rates vs Accelerate before I jump in.

Edit:
I am not in the mandatory age of RRIFs but do flush my RRSP funds through RRIF for TFSA purchases. The latter is part of our estate planning along with a reduction of FIs to deal with (so some of the good ones may have to go). And thirdly....have to consider those that are difficult to deal with a POA.

toto said
We keep all of our rrsps at accelerate, I've riffed a couple rrsps already without a hitch, and the girls at accelerate are top notch for customer service, plus their rates are always decent. That was my decision for transferring them all to accelerate.
As for motive, when I bought a gic from them last November they were having technical problems that lasted for months, I had to keep phoning to check if they had my account online yet, it took 2 months!
Plus multiple calls because they messed up the interest payout and maturity instructions on the certificate, when I got an interest payment to my account and transferred it out online , I got an email from them that they were having issues again and the transfer will not go thru!
Had to wait 2 more days and phone them to see if I could put a simple transfer thru.
Yes motive has cdic insurance as opposed to Manitoba cu insurance, but I'm ok with just keeping my rrsps there, not my non registered.  

Thanks. Since I am not at mandatory age for RRIF the only reason I flush RRSP funds through RRIF for income tax splitting.

If I recall Accelerate has a minimum balance required for a RRIF....is that correct. I would never take from a GIC. I would be a withdrawal from a RRIF savings account. And forget if they would consider my managed withdrawal to be ok of if they would also force me to take the mandatory %. I will always take more than the mandatory %.

So here is what I have been doing. I flush $12,200 from RRSP to RRIF and then withdraw $5000, $5000, and $1000 which gives me roughly $5495 x 2 for 2 TFSA’s with a 10% withhold.

Would I be able to do that with Accelerate? And leave $50 in the RRIF savings account.

Rick said

Sorry you had such a poor experience with them. Hope the CSR's dealt with your problem professionally and with the courtesy I have experienced with them. Like I said, they are not perfect, but who is? Proof for me is how my issues are resolved, like a local bank where you talk to a real person you can go back to and can actually address your problem, or a handcuffed face touting corporate policy and toeing the company line. I don't think there has been a bank I've dealt with through my whole life where I haven't had issues. We had a difference of understanding of what overdraft protection was during a computer issue and they messed up one of my terms, but both were fixed with a quick phone call and ended up getting a better rate on the term. Motive had a streak at the changeover that was poorly rolled out and with more issues than should have been necessary. Nothing compared to the grief Peoples caused me by being hacked, playing Tang's constant games, Simplii's archaic sign up process and Tang style rate games,....the list goes on. Their savings account rates cost them a lot of my business. They were never the "best' and continued to lag for literally years before the new accounts. I stuck with them as long as I could before seeking greener pastures. A few basis points on minimal savings set aside for bill payments wasn't a big deal. Six figures plus is a different story. I'm satisfied with them for D2D banking, they currently lead the pack with their Savvy account so they have my liquid savings and they have a decent online/app access.
My needs may be different than yours, look at options, rates and whatever is relevant to you and good luck whatever you do.  

Good points Rick. And yes everyone is tailoring their needs. But to your who’s perfect comment......all that I have are good except Outlook Fiancial has been bad for me. 80% of my GIC requests, I had to follow up. I just have too many bank accounts!!