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Promo - earn up to 2.4% on registered savings for 4 months
April 27, 2021
5:16 pm
hwyc
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https://www.motusbank.ca/Earn-more-on-your-first-savings-account

*For a limited time only, motusbank is offering to pay Eligible Members who decide to open a new motusbank Savings Account on the Eligible Deposited funds held in such an account Bonus Interest during the Promotional Period, at the Bonus Interest Rate (the “Offer”).

An Eligible Member is:
(a) an individual human person who is a member in good standing with motusbank as of the start date of the Offer Period,
(b) a Member who does not currently hold and has not previously held a High Interest Savings Account in registered plan types (Tax Free Savings Account (TFSA) or Registered Savings Retirement Plan (RRSP)) within the six (6) months immediately prior to the start date of the Offer Period, and
(c) a Member who elects to open an Eligible Account at motusbank prior to the expiry of the Offer Period, in his or her name, or in the name of multiple individuals, as long as the Eligible Member is named as the Primary Accountholder of the account (the person named first on the account of records of motusbank).

An Eligible Account is an account that is one of the following types of motusbank Savings Accounts: TFSA or RRSP and must be used for non-business purposes exclusively.

The Offer period commences at 9:00 AM on April 26, 2021 and ends at 5:00 PM on June 30, 2021. The Promotional Period commences at 12:01 AM on the day the Eligible Account is opened and ends at 12:00 midnight of the 122nd day following the day the Eligible Account was opened.

The Offer is available to Eligible Members on the Eligible Deposited Funds made into the Eligible Account during the Promotion Period to a maximum Eligible Account balance of $250,000 per Eligible Member (“Eligible Deposited Funds Maximum”). "Bonus Interest" is additional interest at the “Bonus Rate”. As of April 26, 2021, the Bonus Interest is 1.30% per annum, calculated daily and credited to the Eligible Account monthly.

Bonus Interest will be added to the interest earned on Eligible Deposited Funds in the Eligible Account, at motusbank’s Savings Account posted rate of interest as shown on motusbank’s website (the "Posted Rate") (“Regular Interest”). For example, as of April 26, 2021, the combined rate of interest would 2.4% per annum for Eligible Deposited Funds (Posted Rate of 1.10% on TFSA + Bonus Interest Rate of 1.3%). Eligible Members receive Bonus Interest on deposits to the Eligible Account during the Promotion Period. Subject to the limits and qualifications outlined in these Terms and Conditions, Regular Interest and Bonus Interest are calculated on the closing daily balance of Eligible Deposited Funds and are credited monthly during the Promotion Period to the Eligible Account. Any change to the Posted Rate will result in a corresponding change to the combined rate of interest for Eligible Deposited Funds. The Bonus Interest Rate and the Posted Rate may change at any time without prior notice. After the Promotion Period ends, all funds deposited to the Eligible Account will earn interest at the Posted Rate.

... Just in time at the end of my EQ TFSA offer ... going to be Halloween by the time this 2.4% is over sf-smile

April 27, 2021
7:54 pm
Loonie
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Motus has a transfer out fee on registered funds. Last time I checked, it was $50. It might have gone up since then, as I believe Meridian's did.
It's something to factor in.

April 28, 2021
7:42 am
HISAhopper
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The registered account transfer-out fee is still $50.

https://www.motusbank.ca/Support/Rates

April 28, 2021
8:23 pm
Loonie
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Definitely not worth it if you are just making an annual 6k TFSA contribution.

I am sorry to see motus acting just as sleazily as so many others, with their "subject to change without notice" provision.

April 28, 2021
8:36 pm
HermanH
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April 14, 2021
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Loonie said I am sorry to see motus acting just as sleazily as so many others, with their "subject to change without notice" provision.  

Isn't that almost a guaranteed escape clause in virtually all bank arrangements? In most cases, I would think that they would only use it in severe circumstances, but I have seen some banks/credit card companies change the rate in the middle of a promo.

I have only noticed it happen once. CIBC Visa Infinite offered me a one-year platinum card free trial with 4% rewards on purchases and they reduced the reward mid-trial to 3%. Of course, I immediately cancelled the card as soon as the free trial period expired. If they cannot stand behind their offer for even a single year, I can only imagine what other shenanigans they would have tried to pull had I paid the annual fee.

April 28, 2021
8:47 pm
Loonie
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Every promo needs to be read carefully. I think there are some that are still solid but I can't think of one at the moment. Some are worse than others, and more subject to change.

I'd not heard of credit cards lowering their promises mid-stream. CIBC can well afford to honour their commitments, and they should. I imagine you will never apply for another CIBC card and will not want to do business with them; and you are now broadcasting this bad news across the country. Where does that get them?

I think the reason they get away with this crap is that a lot of people don't follow their finances very closely and don't notice when promises aren't kept. Another group just shrugs and move on.

April 28, 2021
9:01 pm
HermanH
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Loonie said
I'd not heard of credit cards lowering their promises mid-stream. CIBC can well afford to honour their commitments, and they should. I imagine you will never apply for another CIBC card and will not want to do business with them; and you are now broadcasting this bad news across the country. Where does that get them?

Exactly. Even on a bad date, you still pay the check for dinner. CIBC could have eaten the '1% cost' for a measly few months instead of failing to fulfill their original promise. At least I got to see how they act in even the most superficial of circumstances.

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