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Straightforward process so far
January 23, 2024
9:11 am
Corni
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January 23, 2024
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I was browsing HISA site for a good couple of years and that was a good source of info for managing my savings. Recently I decided to make a move from Meridian CU to Motive Financial because of the better rate. Opening the account was straightforward and also linking to the external account. Based on some feedback I was prepared for longer waiting times for calls but that did not happen. One call had to wait 15 min and the second one for confirming the external account a couple of minutes. So far so good, at the end of the day is a trade off if you want better rates.

January 24, 2024
10:10 am
Dean
Valhalla Mountains, British Columbia
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.
Unfortunately, from there ... it starts to get Worse at Motive. Especially with their *&^%$# Antiquated process of setting up GICs, and their other annoying Warts & Quirks.

There have been hints that Motive will clean up their act this year, but there's been no word on When that will actually happen ... or if it really will.

When it comes to their Rates, their Motive Savvy Savings Account is still quite Stellar, but their GICs have long since lost the luster.

For many of us here, Motive is a disappointing mixed bag.

Caveat Emptor,

    Dean

P.S.
Welcome to 'The Club', Corni ❗ sf-smile

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

January 24, 2024
11:47 am
Primus
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I'm not sure what Dean experienced, but my account opening and GIC setup experience was straightforward and easy, once I waited out the 2-3 days for the external account links to be set up. Then it's a matter of calling in, pull the funds into the Motive savings account, and have the rep on the phone to set up the GIC. Total required time - 5 minutes.

Dean is also completely wrong about the Motive rates - their savings account is barely acceptable, but the 5.75% 120-day GIC is the best deal out there right now.

January 24, 2024
11:54 am
AltaRed
BC Interior
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I have no skin in this game but isn't a 4.1% HISA rate not the best on the chart? Or do you mean it is not remotely competitive with MMF, Cash ETF, or brokerage ISA rates, in which case I agree?

January 24, 2024
12:05 pm
savemoresaveoften
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AltaRed said
I have no skin in this game but isn't a 4.1% HISA rate not the best on the chart? Or do you mean it is not remotely competitive with MMF, Cash ETF, or brokerage ISA rates, in which case I agree?  

Right now Motive's 2 strengths are the 4.1% HISA and the 120day special GIC at 5.75%. GIC enrolment ends Jan 31.

January 24, 2024
1:07 pm
Bob
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Have a number of accounts with Motive for several years, never had a problem.

January 24, 2024
1:11 pm
Warwick111
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Setting up a GIC is very easy. If funds are already available in Motive, I can purchase a GIC with a few mouse clicks. I only need to call in if funds are on hold and the CSR will remove the hold so I can purchase a GIC immediately.

There are two additional features which Motive has but most other FIs do not.

1. "On Motive GICs with a term of at least 12 months, customers over the age of 57 also have the option of having interest paid monthly into a Motive Savings account"
This is without reduction of the annual interest rate.

2. You can purchase a GIC and it does not have to be on a fixed term. You can select the length of the term to take advantage of the higher rates. For example, if you want to buy a 2 year GIC, the current rate is 4.85%. You can buy a 23 month GIC at 5.25 % instead because 12 month to < 24 month will be paid at the 1 year rate.

January 24, 2024
1:44 pm
Primus
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AltaRed said
I have no skin in this game but isn't a 4.1% HISA rate not the best on the chart? Or do you mean it is not remotely competitive with MMF, Cash ETF, or brokerage ISA rates, in which case I agree?  

It is definitely not. DUCA offers 5.5%, no strings attached. Thus my rating of "barely acceptable".

January 24, 2024
4:15 pm
AltaRed
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I had to look that up just to satisfy my curiosity - promotional rate, not unlike those by Tangerine and Simplii, and obviously only available to ON residents.

None of those liquid deposits can last very long at those rates because they cannot to that degree relative to the BoC overnight rate of 5%.

January 24, 2024
6:22 pm
Primus
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I was a BC resident when I opened a DUCA account, although now small print states ON residents only. Should try calling anyway to confirm eligibility for others. Otherwise theres' no expiry date and no selection lottery.

January 24, 2024
7:39 pm
smayer97
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Simplli HISA @ 6% promo for 5 months is tops. Available until Jan 31 sign-up. only for new customers though.

January 24, 2024
7:52 pm
Dean
Valhalla Mountains, British Columbia
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Bob said

Have a number of accounts with Motive for several years, never had a problem.  

I guess my problem with Motive is that I am compelled to compare them with three of the other online FIs I deal with (Oaken, Tangerine, and the original Hubert). Compared to them (and others) Motive's website and features are Sadly Failing, and quite Far behind the times.

There's hope, though ... some Motive CSRs have indicated that this year we 'May' see some Big positive changes & upgrades to their website & features, bringing them up to speed with some of the better online FIs.

'Fingers Crossed' it actually happens ... let's wait 'n see. sf-smile

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

January 24, 2024
11:35 pm
Primus
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Unfortunately for Dean and I, the Hubert's "new" Access CU website and app lool like they were made 15 years ago I'll take Motive (or anyone else, even Oaken) over these jokers any day.

Like Dean, I've also used all three - Tangerine by far the best, Motive and Oaken are mediocre, and Access - well let's just say that every penny I have with them is leaving next month.

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