December 20, 2019
I talked with a Motus agent the other day about shrinking interest rates and how most accounts are dropping almost monthly.
What I noticed was the Motus rate has been at 1% forever so I asked the agent if the rate was set to go down. The agent responded by saying this was not a special rate but their everyday rate that could be adjusted eventually but for them it is important to show a stable savings rate.
The only unfortunate part about Motus is they have a million dollar cap for all accounts so if you have an RRSP, TFSA, savings account etc the ceiling at motus may still come into play.
My entire experience with motus has been excellent and I have used secure notes to resolve any issues. The account limits and holding times are the only two things standing in the way of this becoming a great alternative to the big banks.
October 21, 2013
My experience with motus has not been entirely positive, and was downright scary at one point. I wrote about this earlier.
That aside, I would not put a million dollars in one institution if it can't be fully insured. For many of us, a plethora of joint accounts is not a viable solution. An individual can only get 300,000 covered at motus through savings, TFSA and RSP. One might make an exception for a very large bank, but then one normally suffers with very poor rates.