

5:12 pm
December 12, 2009

Canadianbull said
So far, Motus is offering the best rate for tfsa. I want to buy 68K GIC under my tfsa account. I am confused on rather to go with Motus or pick someone else who has lower rate for 5 years!![]()
What's the difference in rate you're comparing? On that amount, unless it's like 0.50% or more difference, it's unlikely to make much of a difference. In any case, I can probably find you a better alternative to Motus at the same, better, or almost the same rate, without using a deposit broker.
Cheers,
Doug
5:14 pm
December 12, 2009

JenE said
Well, I’ve decided to go with Motusbank. They are Meridian’s offshoot after all. You can always ask them for their 30 day rate guarantee, to give you some time to explore further. Good luck.
That's fine. Don't be surprised if you get a letter in the mail saying your GIC is being migrated from Motus Bank to Meridian Credit Union, or some other financial institution, and that financial institution will honour your GIC rate for the remainder of its term. If it's a provincial credit union as the assuming FI, your deposit insurance will change from CDIC to CU deposit insurance.
Cheers,
Doug
6:15 pm
December 26, 2018

10:36 pm
October 21, 2013

10:48 pm
April 19, 2019

Doug said
That's fine. Don't be surprised if you get a letter in the mail saying your GIC is being migrated from Motus Bank to Meridian Credit Union, or some other financial institution, and that financial institution will honour your GIC rate for the remainder of its term. If it's a provincial credit union as the assuming FI, your deposit insurance will change from CDIC to CU deposit insurance.
Cheers,
Doug
They either have to honor the interest rate on GICs even if transferred or sold to another entity or they are not meeting their obligations and will be administered by FSRA and people will be made whole the principle and interest. Is that the law?
1:15 am
October 21, 2013

motus may be owned by a CU, but it is a bank, insured by CDIC.
It may not be that simple for Meridian, the CU owner, to assume motus. It could be bureaucratically complicated. I think the CDIC insurance would have to stick, and Meridian can't provide that.
I recall that when Coast Capital switched from being a provincial CU to a federal one, that the original insurance went with them on existing GICs. I'm not sure what the rules would be in this case but could be something similar.. Maybe Coast would even acquire motus. They sure could use a national roll out, but one that makes financial sense.
4:58 am
March 30, 2017

Motus unprofitable is very different from Motus financially insolvent.
Motus and Meridian is basically same back office, support, and everything else. Really not much "fixed expense" for Motus.
Just like Simplii is essentially CIBC, just a different branding.
Like Loonie said, the only diff is Motus being CDIC, while Meridian is CU. I am speculating maybe Meridian is using Motus has a test bed to see what it is like to be a federal regulated entity, so they can learn from it if Meridian wants to eventually graduate to the big scene.
I also noticed MOTUS GIC rates are much lower than Meridian. That make Motus rate consistent with the big boys lol
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