Savvy Savings account rate drop to 1.25% | Motive Financial | Discussion forum

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Savvy Savings account rate drop to 1.25%
March 9, 2021
4:34 am
Alexandre
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I must have missed that, or Motive decided not to notify about their Savvy Savings account rate change. It is down from 1.55%, quite a substantial drop.

From their Web site https://www.motivefinancial.com/en/accounts

The Motive Savvy Savings Account’s 1.250% interest rate helps you stack up those savings.

March 9, 2021
6:38 am
dommm
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Thanks for the heads up Alexandre. Just transferred all but a few pennies from both my wife's & my Savvy Savings & will move those monies to EQ.

March 9, 2021
9:29 am
Dean
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Alexandre said

I must have missed that, or Motive decided not to notify about their Savvy Savings account rate change. It is down from 1.55%, quite a substantial drop.

From their Web site https://www.motivefinancial.com/en/accounts

The Motive Savvy Savings Account’s 1.250% interest rate helps you stack up those savings.

  

I was on their site yesterday and it was still @ 1.55%, so I guess that lower rate just happened.

Yet another indication that HISA & GIC rates are Still heading South.

    Dean

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

March 9, 2021
9:39 am
Dean
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dommm said

Thanks for the heads up Alexandre. Just transferred all but a few pennies from both my wife's & my Savvy Savings & will move those monies to EQ.  

I just checked EQ's SA is still @ 1.50%, so we can enjoy it while it lasts.

I'm guessing it will drop any day now. sf-confused

    Dean

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

March 9, 2021
10:36 am
Nehpets
Ontario
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Alexandre said
...Motive decided not to notify about their Savvy Savings account rate change. It is down from 1.55%, quite a substantial drop.
...

  

Missed it here too..no advance notification from Motive, not surprising...who would want to brag about that!!!!

Stephen

March 9, 2021
12:41 pm
Alexandre
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Motive used to notify, I scrolled through archived emails and found theirs from March 10, 2020 - exactly a year ago.

An interesting reading, and reminds how much have changed in just a year.

Hello fellow savers,

You'll have no doubt noticed the volatility in the financial markets due to growing global concerns about COVID-19. We're sure an astute saver like you has also seen the Bank of Canada's response with a 0.50% decrease to its benchmark interest rate on March 4, 2020.

Here at Motive, we remain committed to offering unbelievable interest rates every day: we don't advertise promotional rates that are set to expire. We do have to change our rates when market conditions demand it. Unfortunately, that time is now.

So, what does this mean for you?
• Effective today, March 10, the new interest rate for the Motive Savvy Savings Account, up to $1 million, will be 2.20%.

Yes, you'll be earning a little bit less interest on your hard-earned cash.

But, with a still-pretty-fantastic interest rate and the same savings-focused account features (think no monthly fees, two free transactions each month, and free withdrawals on The EXCHANGE Network's ATMs), you're well-positioned to save for what matters most to you.

Keep on saving,

The Motive Financial Team

March 9, 2021
5:07 pm
Canadianbull
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Wow, cheeky move.
Bye bye movie.
Moved everything to EQ.

March 9, 2021
5:52 pm
Adam1
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I'm happy that I locked in my 1.75% rate from Tangerine (February 8 to June 30) since now they're offering 1.5% on their new targeted promo. I wouldn't be surprised if EQ lowers their rate the same amount (from 1.5% to 1.2%) in the near future. They did the same thing last time Motive lowered their rate.

I still have my money in Simplii at 2.3% until March 31 from their promotion that started October 1, 2020, then moving it all to Tangerine at 1.75% until June 30. After that, who knows? ‍sf-confused

Adam

March 16, 2021
8:42 am
wcg66
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This was a surprise to me as well, as was all the other recent interest rate changes at Motive. Is there a way to sign up for notifications? EQ and Hubert are good about this.

April 14, 2021
10:16 am
KamWest
Toronto
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It is so unfortunate that they cannot match Canadian Tire at 1.55%

I have chequing, savings, e-transfers, actual cheques, linked accounts, mobile app etc there but was forced to move the funds to Canadian Tire.

These two are the only option if you want no account limits but the Canadian Tire account is sorely lacking in features compared to Motive.

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