90 Day Promo on 1st Savings Account, Non-Registered & Registered 2.25% - 2.35% | motusbank | Discussion forum

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90 Day Promo on 1st Savings Account, Non-Registered & Registered 2.25% - 2.35%
June 18, 2021
8:43 pm
GR
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Promos if you open first savings accounts by July 31, 2021. Promo rate (subject to change) applies for 90 days.
HISA 2.25%
RRSP 2.25%
TFSA 2.35%

https://www.motusbank.ca/Earn-more-on-your-first-savings-account?ip_name=boost&ip_pos=home-rates&ip_cr=learn-more

June 18, 2021
9:16 pm
HermanH
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Nice!, even if only for 90-days. 🙂

June 19, 2021
4:56 am
hwyc
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Does that mean the 2.40% TFSA promo ended prematurely before Jun 30th ?

June 19, 2021
10:54 am
COIN
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Is Motusbank a member of the Meridian group? For example, Can I walk into a Meridian branch and open a Motus savings account?

June 19, 2021
11:52 am
annie
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Wow~ Very good~ Is there deposit insurance?sf-surprised
Best for moving larger sums of money between your banks
Transfer up to $10,000/day, $70,000/week, $250,000/month
Only 10000 can be transferred a day??? No! Isn't it too little!

June 19, 2021
4:45 pm
Loonie
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motusbank is wholly owned by Meridian CU, but you can't open a motus account at Meridian. One is a bank; the other is a CU.

motus is insured by CDIC.

June 21, 2021
7:04 am
Canadianbull
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Hi Loonie,
Can I go over CDIC limit with these guys? Have you ever dealt with them? Is it easy to transfer funds? Do they have any limitations?

June 21, 2021
7:53 am
lhsaid
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Canadianbull said
Hi Loonie,
Can I go over CDIC limit with these guys? Have you ever dealt with them? Is it easy to transfer funds? Do they have any limitations?  

From their web site:
Eligible deposits insured up to $100,000 by CDIC
I also don't like:
Inactive account fee $30/year (Annualized fee)

June 21, 2021
8:04 am
mustang
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Things were going swimmingly-- set up my account in no time flat, and going to link in external account
Then they asked for my external password
That brought things to an abrupt halt

June 21, 2021
8:49 am
toto
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I phoned them to check electronic transfer limits and they said you can call to get any amount transferred

June 21, 2021
8:58 am
Alexandra
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lhsaid said

From their web site:
Eligible deposits insured up to $100,000 by CDIC
I also don't like:
Inactive account fee $30/year (Annualized fee)  

How do they take the $30 Inactive Account Fee if there are no funds in the account. If you still have a GIC with them, but no funds in HISA, would that be considered "Inactive"

June 21, 2021
11:06 am
HISAhopper
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I have an HISA with Motus but want to open a TFSA for this promo, am I qualified? (am I considered a 1st time TFSA?)

June 21, 2021
4:56 pm
COIN
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Is it correct to say that the 90 days starts the moment you open the account? Also, is it correct to say that one can put money in or take money out at any time?

June 21, 2021
5:48 pm
toto
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they told me the 90 days starts immediatley upon account opening, and for large transfers out you have to call.

June 21, 2021
6:01 pm
Loonie
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Canadianbull said
Hi Loonie,
Can I go over CDIC limit with these guys? Have you ever dealt with them? Is it easy to transfer funds? Do they have any limitations?  

Yes, I deal with them from time to time, if the price is right.

Generally, transfers have been smooth, but i did have a nasty issue once trying to get a registered accoiunt transferred in. It may have been a one-off. I wrote about this earlier.

I would not deposit beyond CDIC limts. This is my general policy. I occasionally make exceptions if there is a good deal at one of the Big Five, or on a very temporary basis.

There is something peculiar going on at Meridian/motus. The CEO, Bill Maurin, left recently. It appears he left at the request of the Board, but details are very unclear. This is after many years of service, quite a few as CEO. He brought them through the creation of motus and the decision to open a lot of small branches but they don't seem to think he's the man for the future. His LinkedIn page now says he's an independent consultant, so it's not like he had another job waiting for him. These decisions required big investment. I don't know what is going on, and the lack of transparency is a concern. There may be clues in the Annual Report, which I have not read.
In addition, my Meridian branch manager has left Meridian entirely, also after quite a few years, and she was a real go-getter and sometimes very helpful. She has gone to work for another company, in Vancouver.

Motus seemed to be struggling for market share in the first year or so. I'm not sure how it is doing now. Doug used to give us reports on it. (Would appreciate an update, Doug!)

As far as I know, motus has not put a lot of money into advertising (as Oaken, EQ etc have done). Barring management problems, I think they should do well over the longer term, but that could take a while with so little advertising. Perhaps they like it that way, slow and steady, but perhaps they ran out of advertising funds!

June 21, 2021
9:10 pm
Canadianbull
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Thanks for your honest comments.

June 21, 2021
10:17 pm
Loonie
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I should perhaps add that transfers for non-registered are predictably slow at motus, usually 4 or 5 business days. This is because Meridian uses an outdated system. But there is not a difficulty per se with the transfers. Motus offers chequing, so you can, if needed, write a cheque to move money out.

June 22, 2021
5:54 am
2of3aintbad
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Anyone had experience in transferring in a TFSA to motusbank? In particular, from EQ. The 90 days would take you to September or October, but much of it could be used up waiting for the transfer.

June 22, 2021
3:45 pm
Bobbyjet11
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2of3aintbad said
Anyone had experience in transferring in a TFSA to motusbank? In particular, from EQ. The 90 days would take you to September or October, but much of it could be used up waiting for the transfer.  

Which begs the question: How does interest (if any) get applied during the transfer period?

June 22, 2021
3:56 pm
Loonie
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The one i tried to transfer was from Oaken. Someone at motus made an error, so it never went through. It was a human error, might be symptomatic. The really annoying part was that I couldn't get hold of anyone who could deal with the issue.

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