Earn 2.25%* 122 days on your first TFSA savings account | motusbank | 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
Earn 2.25%* 122 days on your first TFSA savings account
November 13, 2021
5:52 am
hwyc
GTA
Member
Members
Forum Posts: 617
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Earn 2.25%* on your first TFSA savings account - link at motusbank

... T&C

November 13, 2021
1:25 pm
Peter
Admin
Forum Posts: 1278
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Thanks for sharing. Their definition of "first TFSA savings account" is "a Member who does not currently hold and has not previously held a TFSA High Interest Savings Account within the six (6) months immediately prior to the start date of the Offer Period".

I also noticed that part of their marketing message is this: "If you've never contributed to a TFSA before you can deposit a total of $75,500." -- perhaps they should say "up to $75,500" since that full amount is only for those turning 30 or over this year.

Lastly, since the 122-day promo period ends early into a new year, be aware that motusbank has a $50 transfer out fee for a TFSA (and RRSP). motusbank's normal TFSA interest rate is 1.25%, which is actually pretty good as that puts it tied for second place on our comparison chart.

November 13, 2021
2:18 pm
smayer97
Member
Members
Forum Posts: 523
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

Thanks for doing the leg work and sharing. Just saved me and my family members a ton of time (since we already hold TFSA's).

November 13, 2021
5:54 pm
Loonie
Member
Members
Forum Posts: 8097
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Peter said
.

I also noticed that part of their marketing message is this: "If you've never contributed to a TFSA before you can deposit a total of $75,500." -- perhaps they should say "up to $75,500" since that full amount is only for those turning 30 or over this year.

  

In addition,you have to have been in Canada all those years. Recent immigrants will have to deduct.

January 10, 2022
8:11 am
HISAhopper
Member
Members
Forum Posts: 158
Member Since:
March 8, 2018
sp_UserOfflineSmall Offline

I am looking to transfer TFSA to Motus from EQ.
I already have a HISA with Motusbank, how easy/hard to open a TFSA there?
How long does it take from the day you initiate the transfer online till you see the money in the TFSA account? (I guess the interest will be lost during that time!)
Thanks for any input.

January 10, 2022
8:31 am
Alexandre
Member
Members
Forum Posts: 590
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

Opening TFSA was easy: I logged to my Motus Web banking, main screen has prominent "ADD AN ACCOUNT" button at the top right. I selected it, and through it added TFSA to other accounts I already have. The process was fully completed in one Web session.

I haven't tried moving TFSA funds from elsewhere to Motus, so can't help with that part.

January 10, 2022
8:43 am
HISAhopper
Member
Members
Forum Posts: 158
Member Since:
March 8, 2018
sp_UserOfflineSmall Offline

Alexandre said
Opening TFSA was easy: I logged to my Motus Web banking, main screen has prominent "ADD AN ACCOUNT" button at the top right. I selected it, and through it added TFSA to other accounts I already have. The process was fully completed in one Web session.

I haven't tried moving TFSA funds from elsewhere to Motus, so can't help with that part.  

Thanks for the input. People say in general it takes up to 2 months.
(Meridian did it for me a while back, transfer from Tang was completed within a week)

January 10, 2022
1:40 pm
Alexandre
Member
Members
Forum Posts: 590
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

"Up to two months" makes it not worth the effort.

January 10, 2022
2:53 pm
julio
Member
Members
Forum Posts: 110
Member Since:
November 21, 2015
sp_UserOfflineSmall Offline

HISAhopper, do you really mean "transfer of TFSA", or do you mean "transfer of funds, that were in December in TSFA", that you have withdrawn from TFSA on the second last day of 2021, and placed into non-reg daily account, as I did. In the second scenario, it takes three BUSINESS days for EQB to release the funds!
By the way, Motus rep told me, that the special TFSA offer will last till end of January. This info I did not verify with a second phone call.

January 11, 2022
6:24 am
HISAhopper
Member
Members
Forum Posts: 158
Member Since:
March 8, 2018
sp_UserOfflineSmall Offline

julio said
HISAhopper, do you really mean "transfer of TFSA", or do you mean "transfer of funds, that were in December in TSFA", that you have withdrawn from TFSA on the second last day of 2021, and placed into non-reg daily account, as I did. In the second scenario, it takes three BUSINESS days for EQB to release the funds!
By the way, Motus rep told me, that the special TFSA offer will last till end of January. This info I did not verify with a second phone call.  

Thanks for the input, I mean "transfer of funds from the EQ TFSA".
I committed to EQ GIC TFSA for 3 months from Oct 2021 to Jan22, 2022, no chance of withdrawing at the end of year. I knew it was kind of a trap but thought TFSA rate in 2022 would not be much better and there were no transfer fee out of EQ.
I don't mind moving it around as my screen name is "hopper" but like Alexandre said it is not worthy if the process takes too long.
And thanks for the tip about motus TFSA last till end of Jan.

Please write your comments in the forum.