Rate change alert: 1.75% for Savvy Savings and TFSA | Motive Financial (formerly Canadian Direct Financial) | Discussion forum

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Rate change alert: 1.75% for Savvy Savings and TFSA
July 27, 2020
5:23 am
WestCentral
Alberta
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Update: both the Savvy Savings and TFSA rates have now decreased from 2.05% to 1.75%

I just logged into Motive and it appears there's been a rate change for non TFSA Savvy Savings accounts. Down to 1.75%. I have both TFSA and non TFSA with them and my TFSA still shows 2.05%. Unfortunately it looks like like their systems are not integrated (yet, if ever) as the public Rates page linked from the home page of the website hasn't been updated yet.

Sorry my 1st post had to be a downer. I've been a frequent visitor and I appreciate everyone who contributes here.

July 27, 2020
7:10 am
fabafter50
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So I just move a pile of money over there yesterday, now they have dropped the Savvy savings to 1.75%. 2.05% is GONE, BABY, GONE. No warning, no email advising of the change.

I am assuming EQ is going to drop as well so I might as well just leave it here unless anyone has any thoughts?

July 27, 2020
7:22 am
LK
British Columbia, Canada
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The rate drop for Motive Savvy-Savings to 1.75% shows on my account, but they haven't updated their rate info yet at https://www.motivefinancial.com/en/rates.

I had phoned Tangerine previously and negotiated 1.8% until early December but only on the unregistered savings, not TFSA savings.

July 27, 2020
7:28 am
Alexandre
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LK said
The rate drop for Motive Savvy-Savings to 1.75% shows on my account, but they haven't updated their rate info yet at https://www.motivefinancial.com/en/rates.

Sad, but true. I see it, too. 1.75% it is.

They didn't even bother to send a courtesy email notifying of rate change.

July 27, 2020
7:33 am
Peter
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Within my account, the TFSA now shows as 1.75% as well.

July 27, 2020
7:48 am
WestCentral
Alberta
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For now, my TFSA has been spared from the rate cut. (Could it be that they do all the rate changes manually, and they just haven't got to me yet?)

Motive-20200727-TFSA-rate-redacted.jpg

July 27, 2020
8:19 am
LK
British Columbia, Canada
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They've just updated their website. 1.75% for both Savvy Savings and TFSA Savings.

July 27, 2020
8:21 am
WestCentral
Alberta
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Weirdness over at Motive today. Public "rates" page now shows 1.75% for both TFSA and non-registered Savvy Savings, so it appears it's a universal rate cut after all. Yet, my accounts online show TFSA still at 2.05%. When I toggle back and forth between Savvy TFSA and Savvy non-TFSA accounts, the rate changes. I suspect this is only temporary...

I guess if doing things this way helps them keep interest rates high, I shouldn't complain. Just doesn't make sense that it wouldn't be an automated process.

July 27, 2020
8:46 am
Norman1
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Could be a web browser caching issue. I think it was Alterna Bank who recommended that one do a manual refresh on their rate page to ensure one is seeing the latest version and not some cached version of it.

Try logging out, clearing the browser cache or starting a new browser session in "InPrivate" or "Incognito" mode, and logging in again.

July 27, 2020
9:19 am
Dean
Slocan Valley, West Kootenays, BC.
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WestCentral said

. . .

Sorry my 1st post had to be a downer. I've been a frequent visitor and I appreciate everyone who contributes here.  

Welcome to the CHISBA Site, WestCentral ❗

Buckle up, and enjoy the ride. sf-smile

    Dean

.
P.S.
EQ & Bridgewater are the only ones left now with SA's @ (or above) 2%.
It's just a matter of time I'm sure, and they'll drop their rates too.
Who knows ... it might even happen this week.

sf-cool " Live Long And Prosper " sf-cool

July 27, 2020
1:13 pm
Rick
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Bummer...just double checked....HISA shows 1.75, TFSA still shows 2.05 - for now.

July 27, 2020
7:58 pm
jennypenny
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It's official. Both my regular Savings and TFSA Account now shows 1.750%

July 28, 2020
8:54 am
Good
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Would not open a account at Motive because only allowed two withdrawals when not to your own account for free then $5.00 fee each transfer.

That is how they make up for a higher rate.

Bridgewater Bank does the samething except only allowed one transfer then $5.00 fee.

Interest rate is no big deal .Rather go to other places with unlimited transactions.

Transfer fee from a big bank is comparable .Plus unlimited if you have a chequing account.

July 28, 2020
9:18 am
Nehpets
Ontario
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Good said
Would not open a account at Motive because only allowed two withdrawals when not to your own account for free then $5.00 fee each transfer. .......  

Yes, but transfers between accounts incurs no fee, so you can open a Cha-Ching checking account, transfer funds for free to to the checking account and make a mobile deposit with the check to the external FI, subject, of course to the limits to mobile deposits by the external FI.

Other current options might be Hubert (same HISA rate with no limits on EFT) or Peoples Group, currently paying 1.8% on HISA and no limits or charges for EFT.

Are Bridgewater accounts are only available to residents of Alberta?

Stephen

July 28, 2020
9:27 am
dougjp
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Good said
Would not open a account at Motive because only allowed two withdrawals when not to your own account for free then $5.00 fee each transfer.

That is how they make up for a higher rate.

Bridgewater Bank does the samething except only allowed one transfer then $5.00 fee.

Interest rate is no big deal .Rather go to other places with unlimited transactions.

Transfer fee from a big bank is comparable .Plus unlimited if you have a chequing account.  

With one extra click, there are unlimited withdrawals, if you have both a savings and savvy savings. A silly setup, I know.

Savvy Savings - " Transfers between your Motive™ accounts Free"
Savings - " Monthly withdrawals* included Unlimited

July 28, 2020
10:21 am
KamWest
Toronto
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From the 2 chequing accounts only the Cha-Ching Chequing Account has free outgoing e-Transfer so if you use that feature a lot it's the better chequing account. Unfortunately it also has a lower interest rate than the regular chequing account but that is irrelevant to me because I keep minimal funds in chequing.

Ultimately I think the Cha-Ching Chequing Account is the better choice if you want all free transactions.

July 28, 2020
4:17 pm
Rick
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KamWest said
From the 2 chequing accounts only the Cha-Ching Chequing Account has free outgoing e-Transfer so if you use that feature a lot it's the better chequing account. Unfortunately it also has a lower interest rate than the regular chequing account but that is irrelevant to me because I keep minimal funds in chequing.

Same...close to zero as I can keep it the chequing. Not pleased they discontinued overdraft protection. I've done 2 e-transfers so I guess I'm down $2.00
Just logged in today to check rates and my TFSA still shows 2.05%. Yes...I cleared my cache.

July 29, 2020
4:38 pm
Alexandre
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Their Android app, Rates section, still shows 2.05% for TFSA and Savvy Savings accounts. Looks like it'll take some time before they'll update their rates everywhere.

August 1, 2020
3:04 pm
Adam1
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I would not be surprised if EQ drops their rate as well. My 2.8% promo with Tangerine expires on August 31 🙁

Adam

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