New Cha-Ching Chequing and Savvy Savings Account | Page 2 | Motive Financial (formerly Canadian Direct Financial) | Discussion forum

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New Cha-Ching Chequing and Savvy Savings Account
November 12, 2018
10:45 am
Doug
British Columbia, Canada
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My $0.02 cents* (*or whatever it's worth now due to purchasing power erosion):

Sadly, Motive Financial appears to be just rebranding their chequing and savings accounts (at least the third time now) rather than offering substantive improvements to their banking system (they have online enrollment and fulfillment of new account applications, apparently, which is good, but what about (a) higher EFT transfer limits and (b) paperless linking of additional external accounts?). The unlimited free Interac e-Transfers is welcome, but they always seem to be a proverbial day late and a figurative (perhaps literal, too?) dollar short here. They're following the lead of Simplii Financial, EQ Bank, Alterna Bank, et al. To their credit, though, they are ahead of Tangerine, which should replace its proprietary, non-instant EMT system which, while market-leading in its time, has become passé and under-whelming.

The charging of additional transaction fees on the savings account is an effort to get people to use their chequing account more, which pays a lower rate of interest, so it's not entirely surprising. Yes, you should be able to deposit to chequing and transfer to savings via internal transfer, so that's not a big inconvenience. Something to be mindful about.

Cheers,
Doug

November 12, 2018
4:58 pm
Jean Sawatsky
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Rick said
About bloody time they offered a savings account with a decent rate. Opened one each toady! Just transferred to Hubert from EQ, so have to wait a week to move it to the new account.
Unlimited Interac e-Transfers, but not free:
Interac® e-Transfer makes it easy. Send money to anyone with a mobile phone number or email address for just $1.00. Receive money right to your Motive account for free. Also, they do pay interest on the new chequing account. .25% while regular account pays .6% No biggie one way or another.
Not sure about the 5 buck fee for deposits?? Doesn't sound right, and obviously, if internal transfers are free and unlimited, can work around by transferring from external account to chequing first.  

Rick when I dealt with Coast Capital on their seniors account I remember some restrictions similar to what is mentioned. I used to transfer in/out using the chequing account if I recall. It was while ago and I have left the Coast Capital bad memories in the past.

November 12, 2018
11:31 pm
Rick
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Nancy Robinson said
Rick when I dealt with Coast Capital on their seniors account I remember some restrictions similar to what is mentioned. I used to transfer in/out using the chequing account if I recall. It was while ago and I have left the Coast Capital bad memories in the past.  

Come to think of it.... I don't I've ever had a bank I used for D2D banking that I didn't transfer funds from checking to savings and back to pay bills from checking. Soooo.....nothing new I guess. I do pay a few bills directly from my Motive savings account so do take advantage of the unlimited transactions feature of that account.

I agree with Doug though.... More work to be done. Especially with the registered HISAs rates.

And CC seems t have more than their share of bad breakup stories. sf-confused

November 15, 2018
11:50 am
Alexandre
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$25 offer Savvy Savings

For a limited time only, you can earn $25.00 when you open a Motive Savvy Savings Account with a minimum deposit of $1000.00. To qualify for this offer, you must be a) an eligible client; and b) open an eligible Savvy Savings Account with a minimum investment of $1000.00 for 90 consecutive days.

Terms and Conditions:

From November 9, 2018 to February 7, 2019 (the “Offer Period”), earn a $25.00 Cash Bonus when you open a new Motive™ Savvy Savings Account online.

To qualify for the $25.00 Cash Bonus you must:

1. Visit motivefinancial.com;

AND

2. Use the digital application form to open a new Motive™ Savvy Savings Account (the “Savings Account”) during the Offer Period and keep the account open, in good standing (for example, your Savings Account must not be in an unauthorized overdraft), and remain in an Eligible Plan until February 7, 2019.

AND

3. Make a deposit of a minimum amount of $1000.00 into the Savings Account by February 7, 2019.

Exclusions:
Customers who have an Existing Savings Account are not eligible.

Link to offer

November 16, 2018
9:32 am
Kyle
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November 16, 2018
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Have any existing Motive account holders who signed up online for one of the new Motive Financial accounts (e.g. Savvy Savings Account) received an e-mail request from Motive or CWB to fill in and sign the CRA (Canada Revenue Agency) form called "Declaration of Tax Residence for Entities – Part XVIII and Part XIX of the Income Tax Act". I opened one of the new accounts online last week and yesterday (8 days later) got an e-mail request to fill in this CRA form. Is this a new legit CRA requirement for all new financial accounts? Given that I am a long time account holder with Motive (and CDF) they would already have all the needed info to fill in the form - the only bit they are missing is my signature but I am a bit surprised it is not required upfront before opening the account.

November 16, 2018
11:37 am
Bill
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Had their regular online savings account, phoned and a minute later the old account is now the Savvy Savings Account. Easy.

November 19, 2018
2:33 pm
Peter
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Kyle said
Have any existing Motive account holders who signed up online for one of the new Motive Financial accounts (e.g. Savvy Savings Account) received an e-mail request from Motive or CWB to fill in and sign the CRA (Canada Revenue Agency) form called "Declaration of Tax Residence for Entities – Part XVIII and Part XIX of the Income Tax Act". I opened one of the new accounts online last week and yesterday (8 days later) got an e-mail request to fill in this CRA form. Is this a new legit CRA requirement for all new financial accounts? Given that I am a long time account holder with Motive (and CDF) they would already have all the needed info to fill in the form - the only bit they are missing is my signature but I am a bit surprised it is not required upfront before opening the account.  

I just got the same.

November 19, 2018
3:21 pm
rhvic
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I just spoke with Motive re the $25 bonus. To get this bonus, the deposit MUST come from Zag bank. Since my Zag account is already down to zero, I get nada on this offer. (they did say if I provided proof that there were funds in Zag which I transferred to another FI, and then from that FI to Motive, they might go for it. However, I only had $100 in Zag, and this does not meet their minumum of $1000.)

This is odd, since on their page https://www.motivefinancial.com/Offer/
they state: "* For a limited time only, you can earn $25.00 when you open a Motive Savvy Savings Account with a minimum deposit of $1000.00. To qualify for this offer, you must be a) an eligible client; and b) open an eligible Savvy Savings Account with a minimum investment of $1000.00 for 90 consecutive days. We may change this offer and these Terms and Conditions at any time without giving you notice."

No mention of Zag?? I had stated money would come from Hubert; they said that does not get the bonus.

I am not 'Motivated' to open yet another savings account at Motive, to get the 2.8%. And they would not state if there was any increase to come in their regular rate of 1.5%, which I already have.

November 19, 2018
4:37 pm
canadian.100
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Bill said
Had their regular online savings account, phoned and a minute later the old account is now the Savvy Savings Account. Easy.  

Could you not keep the old regular savings account open too? Or is that what you requested - close the old savings acct and open the new Savvy Savings acct. Seems it would be an idea to route withdrawals out of the Savvy Savings to the Regular Savings to avoid that $5 fee in the event you did a 3rd withdrawal in a month (from Savvy directly to your linked external account).

November 19, 2018
7:39 pm
Bill
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canadian.100, I asked to change the existing account. I don't expect more than 2 withdrawals in any month, plus I have another Motive joint savings account (linked to external) that I left as is for now so I could transfer into that first if I really wanted to.

November 26, 2018
10:18 am
SavvyStew
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November 26, 2018
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After reading the posts here about the $25.00 offer only applying to Zag customers, I reached out and this is the response I got via email:

"This is indeed an offer being put out to Zag Bank customers. Unfortunately it is not open to all customers.

Thank you"

This position is clearly not supported by the Terms and Conditions of the offer, which makes no reference to Zag Bank and it was advertised to me on Facebook, so it is not being put out exclusively to Zag Bank customers.

This is deceptive advertising and I intend to make a complaint to the Competition Bureau. I certainly no longer intend to open an account with this company.

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