Motive's Savvy Savings Account Dropping March 10 to 2.20% (from 2.80%) | Motive Financial (formerly Canadian Direct Financial) | Discussion forum

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Motive's Savvy Savings Account Dropping March 10 to 2.20% (from 2.80%)
March 9, 2020
4:59 pm
GR
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Savvy savings account that was 2.80% since Nov 2018 is dropping 60 basis points to 2.20% March 10, 2020!!

https://www.motivefinancial.com/Rates/

March 9, 2020
6:12 pm
Doug
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GR said
Savvy savings account that was 2.80% since Nov 2018 is dropping 60 basis points to 2.20% March 10, 2020!!

https://www.motivefinancial.com/Rates/  

In fairness, they've held out since November 2018, but yes, it's lower than even I thought. 😉

I told you'd they go to 2.40%...evidently, they went further.

If BoC cuts a further 50 bps, let alone 100 bps, you will not be able to get a rate above 2% before long.

That said, I purchased Imperial Oil Limited (IMO) and Canadian Natural Resources Limited (CNQ) today. I'm going to nosh on a further financial stock tomorrow.

Cheers,
Doug

March 9, 2020
7:31 pm
Bud
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Doug said
That said, I purchased Imperial Oil Limited (IMO) and Canadian Natural Resources Limited (CNQ) today. I'm going to nosh on a further financial stock tomorrow.

Cheers,
Doug  

Too early i think. Tmrrw dead cat bounce looks
Why did you buy those over Suncor?

March 10, 2020
7:47 am
krwilson
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Finally had moved money to Motive a month ago....now it's off to Tangerine till the end of May 2020. Though I am sure that Tangerine will screw me some day soon! This rate drop made me take a look and it seems that Motive has now set limits on what you need to earn interest....needing $1000 or more by my reading. A little sneaky?

motive1.jpgmotive2.jpg

March 10, 2020
8:07 am
GR
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Quote from krwilson above:
Motive has now set limits on what you need to earn interest....needing $1000 or more by my reading. A little sneaky?

Incorrect. No minimum. See legal notes directly under Savings Accounts, not legal notes under GICs.

March 10, 2020
8:32 am
Rick
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Funny how when the BoC rate drops, everyone jumps to lower rates - but they seem to drag their feet when the BoC rate goes up.

March 10, 2020
8:34 am
krwilson
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My mistake....thanks for the correction. I just looked again and see I missed the correct legal for the savings account.

March 10, 2020
9:10 am
Bud
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Dead cat bounce
"El-Erian (formerly Pimco) has for weeks been cautioning investors against buying market dips as they’ve been conditioned to do in recent years because it’s a strategy that’s worked."

March 17, 2020
6:09 pm
Bud
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Doug on March 9th above you purchased Imperial Oil at around 23.40 it closed today at 12.67. You also purchased Cnq that day at 21.43 now sellin for 12.96. You said the next day Im buyin financial stocks which ones did you buy? I lost on oil stocks I sold two weeks ago.

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