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Savings Accounts Interest Rate Increased Again
June 3, 2022
8:29 pm
GR
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2% is new rate for Savvy Savings account and TFSA Savings account.

June 3, 2022
9:00 pm
Dean
Valhalla Mountains, British Columbia
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.
That'll raise some eyebrows (https://www.motivefinancial.com/en/rates). sf-surprised

Let 'The Fire' Spread ❗

    Dean

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

June 4, 2022
9:01 am
JohnnyCash
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I need options as the month of June draws to an end and this Motive increase will come in handy as a place to deposit some funds. I declined to accept the Tangerine offer of 2.2% until the end of November, just too low for that long of a duration. I'm not a fan of Meridian, however, I did sign up for their 2.75% offer for 8 months to have somewhere to place a majority of my funds if required. The two current promo's I'm on, HSBC 2.65% and Simplii 2.75% hopefully get extended and increased before I need to move my funds out.

June 4, 2022
9:45 am
Dean
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JohnnyCash said

. . .

I declined to accept the Tangerine offer of 2.2% until the end of November, just too low for that long of a duration.

. . .

Dear Johnny ... we thinks you missed the Fine Print

You had Nothing to lose by accepting that Tangerine 2.2% offer . . .

    Your money isn't locked in / It's good till Nov. 30th / Tangerine can elect to Raise the rate anytime during that period / You can move you money in & out of there at will, without losing the offer.

Think Again sf-smile

    Dean

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

June 4, 2022
10:21 am
JohnnyCash
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Dean said

JohnnyCash said

. . .

I declined to accept the Tangerine offer of 2.2% until the end of November, just too low for that long of a duration.

. . .

Dear Johnny ... we thinks you missed the Fine Print

You had Nothing to lose by accepting that Tangerine 2.2% offer . . .

    Your money isn't locked in / It's good till Nov. 30th / Tangerine can elect to Raise the rate anytime during that period / You can move you money in & out of there at will, without losing the offer.

Think Again sf-smile

    Dean

  

No, I didn't miss anything. If they want to offer me a promo, then pay up! Otherwise, I'll ignore their offers until they are prepared to " Show me the money! ".

I do understand and appreciate the point you were trying to make and I did " Think Again " before choosing to ignore the offer.

June 4, 2022
12:06 pm
HermanH
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JohnnyCash said I do understand and appreciate the point you were trying to make and I did " Think Again " before choosing to ignore the offer.  

There are potential benefits of declining their 2.2% offer. If you accept it, then you are not going to get another offer before the expiration of your current offer. If you decline it, you at least have the chance of getting a better offer. You may not get one, but any chance is better than no chance.

June 7, 2022
2:51 pm
Cdn Catlady
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**Edit - no sooner had I posted this than I received an email from Motive advising the new rates and adjustment on my accounts... ESP sf-laugh

I just checked an Motive Savvy is at 1.75% not 2% as you list.
"Motive Savvy Savings Account
Minimum Balance Interest Rate
$0.00 - $5,000,000.00 1.750%"

June 7, 2022
3:11 pm
Loonie
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At this moment, Motive Savvy Savings is showing 2%.
https://www.motivefinancial.com/en/rates

June 7, 2022
5:16 pm
canadian.100
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Loonie said
At this moment, Motive Savvy Savings is showing 2%.
https://www.motivefinancial.com/en/rates  

Yes it shows only on the general webpage but NOT on an individual Account. On the Individual Account page it shows as 1.75% as per "copy/paste" below. They said they will be changing this on June 9th and backdating for the 2%.

"Account Activity
Current Balance$xxxx Current Interest Rate 1.750%
More Details"

June 7, 2022
6:51 pm
Loonie
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Better late than never?
They ought to be able to get it right in the first place , but there are worse sins in the banking world.

June 8, 2022
6:57 am
Alexandre
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canadian.100 said

Yes it shows only on the general webpage but NOT on an individual Account. On the Individual Account page it shows as 1.75% as per "copy/paste" below. They said they will be changing this on June 9th and backdating for the 2%.

"Account Activity
Current Balance$xxxx Current Interest Rate 1.750%
More Details"  

I noticed Motive is slow to change this on their Accounts web pages. They probably do it during their scheduled maintenance window, while changing info on general webpage goes through easier change management approval process.

Long story short: should be updated after the weekend for sure.

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