Transferring RIF's to Motive | Motive Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Transferring RIF's to Motive
April 11, 2023
12:55 pm
Alexandra
British Columbia
Member
Members
Forum Posts: 456
Member Since:
September 24, 2019
sp_UserOfflineSmall Offline

All I have with CWB are some RIFs. They all mature within the next couple of months. So I have decided to move them to Motive. I have TFSAs and non-registered GIC's with them currently. I don't think there will be a fee as same bank on paper.

Their rate right now is quite a lot greater than at CWB as well. Also, everything will show up on-line together now.

They, (Motive), will be sending me the forms via e-mail and I'll be returning the signed copies via snail mail. For those of you who are interested, the rep said anyone can transfer their RIF's to them. Their rates are the same as their TFSA and RRSP rates.

I was on hold this morning for about 10 minutes before actual contact. The rep seemed to know her stuff and answered all my questions to my satisfaction.

Anyway, we'll see how it ends up. I'll let you all know!!sf-embarassed

April 11, 2023
7:59 pm
Loonie
Member
Members
Forum Posts: 9172
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Thanks for the report.
If CWB does impose a transfer fee, I think you'd have a good argument with Motive that they should reimburse it.

May 6, 2023
6:54 am
davidgeorge
Member
Members
Forum Posts: 284
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

Hi, any update on your transfer? I am considering to transfer some TFSA fund to Motive from Hubert. Its 1 year rate @5.12 is very good.

Alexandra said
All I have with CWB are some RIFs. They all mature within the next couple of months. So I have decided to move them to Motive. I have TFSAs and non-registered GIC's with them currently. I don't think there will be a fee as same bank on paper.

Their rate right now is quite a lot greater than at CWB as well. Also, everything will show up on-line together now.

They, (Motive), will be sending me the forms via e-mail and I'll be returning the signed copies via snail mail. For those of you who are interested, the rep said anyone can transfer their RIF's to them. Their rates are the same as their TFSA and RRSP rates.

I was on hold this morning for about 10 minutes before actual contact. The rep seemed to know her stuff and answered all my questions to my satisfaction.

Anyway, we'll see how it ends up. I'll let you all know!!sf-embarassed  

May 6, 2023
11:31 am
Alexandra
British Columbia
Member
Members
Forum Posts: 456
Member Since:
September 24, 2019
sp_UserOfflineSmall Offline

davidgeorge said
Hi, any update on your transfer? I am considering to transfer some TFSA fund to Motive from Hubert. Its 1 year rate @5.12 is very good.

  

Hi. I have received the RIF forms from Motive for filling out and sending back for the transfer.

I don't know if Hubert will charge you for the TFSA transfer you are considering.

I have CWB RIF's (smaller ones) maturing on 18 May and a much larger one maturing on 12 June. Currently CWB is offering 5% for 14 month GIC's versus Motive's one year @5.12%. The CWB offer is supposedly good until the end of June......but they could take that back if it suits them. So my plan right now is to wait until 15 May and then call them to put all RIf's into the 14 month @5% as they will only guarantee that rate up until 30 days of the matured GIC. If, by the 15th they change their offer to a lower rate, then I will have the maturing GIC's put into the "Westearner" account then send in the one form to transfer the entire lump sum amount into a RIF with Motive. I could do the form thing twice...but too much hassle. I will only stay with CWB if their rate is at least equivalent to Motive's. So, really I am just delaying the inevitable. As I age, I am trying to cut back on the number of financial institutions I deal with.sf-embarassed

May 6, 2023
3:27 pm
davidgeorge
Member
Members
Forum Posts: 284
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

Thanks, Alexandra for the updates.

May 15, 2023
12:39 am
NCC1701Z
Lower Mainland
Member
Members
Forum Posts: 136
Member Since:
May 26, 2022
sp_UserOfflineSmall Offline

I was ready to transfer my RRIF to Motive 1-10 year GIC's as their rates are great but they have this crazy rule that you cannot withdrawal more than the minimum % for your age of the total of all RRIF's with them.

The plan was to create 10 GIC's for 1,2,3 to 10 year terms but even if they mature they told me I cannot withdraw them if the amount exceeded the minimum % of all.

May 15, 2023
11:14 am
Norman1
Member
Members
Forum Posts: 6591
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I would try to see if they would provide the legal agreement for their RRIF's. That minimum-withdrawals-only RRIF restriction does not make sense.

The challenge is there is no info about Motive Financial's RRIF offerings on their web site.

Their Legal page has the legal agreements for their non-registered accounts, RRSP plans, and TFSA plans. But, no agreement for Motive RRIF's.

One can't even determine if the Motive RRIF's are structured as a RRIF trust or is just a depositary plan.

May 15, 2023
1:09 pm
Alexandra
British Columbia
Member
Members
Forum Posts: 456
Member Since:
September 24, 2019
sp_UserOfflineSmall Offline

Alexandra said

Hi. I have received the RIF forms from Motive for filling out and sending back for the transfer.

I don't know if Hubert will charge you for the TFSA transfer you are considering.

I have CWB RIF's (smaller ones) maturing on 18 May and a much larger one maturing on 12 June. Currently CWB is offering 5% for 14 month GIC's versus Motive's one year @5.12%. The CWB offer is supposedly good until the end of June......but they could take that back if it suits them. So my plan right now is to wait until 15 May and then call them to put all RIf's into the 14 month @5% as they will only guarantee that rate up until 30 days of the matured GIC. If, by the 15th they change their offer to a lower rate, then I will have the maturing GIC's put into the "Westearner" account then send in the one form to transfer the entire lump sum amount into a RIF with Motive. I could do the form thing twice...but too much hassle. I will only stay with CWB if their rate is at least equivalent to Motive's. So, really I am just delaying the inevitable. As I age, I am trying to cut back on the number of financial institutions I deal with.sf-embarassed  

Talked with CWB today. I've decided to lock in half my existing RIF's with them for 14 Mo.@5% and the other half @4.5% for 39 months. So, not going with Motive.
Believe me, CWB agents are just as confusing with their explanations as Motive.

Please write your comments in the forum.