

11:42 am
August 10, 2022

I have been with Motive for several years now and have had a few 120 Day GIC's with them in addition to holding money in the Savvy Savings account (i.e. HISA) when my money is not taking advantage of promotional offers from Tangerine (predominately) and Simplii (to a lesser degree). After hearing this news and the fact that their interest rate is not as competitive lately I have decided to open an HISA with Wealth One Bank of Canada for now. The account opening process with Wealth One was pretty fast except for trying to link external accounts. I ended up linking my new Wealth One account with Simplii during the account setup stage and then adding it as an external account with Tangerine (easy to do online once I had a digital cheque from Wealth One) and Motive Financial (had to call in after getting two small deposits). I might look at Saven Financial or PC Financial if I am not satisfied with Wealth One, although Wealth One's GIC rates are also very competitive and top of the charts right now. I will wait and see how this integration with National Bank goes but it does not look promising when looking at how other digital-only banks have faired when merged with the big banks.
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