Motive Financial Review 2024

Motive Financial Review
  • High Interest Savings Rate
  • Bank Fees
  • Ease of Use and Customer Service
  • Mobile App
  • Free Interac eTransfers
  • Account Options

Motive Financial Review Summary:

In 2022 we’ve seen more action in the high interest savings account arena than we have in a long time. With rates higher than they have been in decades, banks are battling it out, trying to entice customers with ever-increasing rates.

Online banks like Motive Financial are not only offering attractive high interest savings accounts to Canadians, they’re offering registered and non-registered brokerage accounts, GICs, mortgages and more.

Motive Financial has come a long way to catch up to EQ bank, our top rated online bank, but EQ still reigns supreme in our book. Check out this Motive Financial review to find out why and learn about what services and account types Motive Financial offers, their current interest rates, and how to sign up.


  • Variety of account options
  • No fee accounts
  • Chequing accounts will earn you interest as well
  • Solid interest rates


  • Motive Savvy savings accounts only allow 2 monthly withdrawals
  • Ridiculously Clunky platform & app
  • No free Interac eTransfers in the main savings account

What Is Motive Financial Bank?

Motive Financial, which is under the Canadian Western Bank, is one of Canada’s best known online banks. They offer chequing, savings, RRSP, TFSA, and GIC accounts.

Since Motive Financial has no brick and mortar physical locations, they are able to cut down on overhead costs and offer clients some pretty great deals including allowing clients to earn interest on their chequing accounts. 

Motive Financial Chequing Accounts

Motive Financial offers two different chequing accounts; the Cha Ching Chequing account and the Motive Chequing account.

Motive Financial’s chequing accounts are both very solid but still fall a bit short of my preferred choices: Tangerine and Scotiabank. Tangerine is the overall best option for a chequing account, while Scotia currently has an amazing promotion which makes it very appealing for folks who want to open a new account.

Motive Financial Cha-Ching Chequing 

The Motive Financial Cha-Ching Chequing account is the most popular option of the two Motive accounts. Unlimited free transactions and Interac e-transfers are a huge draw, as is the 0.25% interest rate.

Account holders will also receive 50 personalized cheques when they open their account. Please note that non-EXCHANGE Network ATM withdrawals will incur a fee of $1.50 after your 2 free withdrawals per month. However, Motive Financial boasts the second largest ATM network in Canada, so it should be fairly easy to avoid that fee when you need to withdraw cash.

Motive Chequing

The Motive Chequing account, like the Cha-Ching account, has no monthly fee and no minimum balance requirement. You will also be allocated unlimited monthly withdrawals and new clients will receive 50 personalized cheques. The difference between the two accounts comes in the interest earned and the fee for Interac e-Transfers.

Currently, the Motive Chequing account has a lower interest rate than Cha-Ching, at 0.15%, however, there is a $1 fee to send an Interac e-transfer (receiving is free). Keep in mind that non-EXCHANGE Network ATM withdrawals will incur a fee of $1.50.

*Motive Chequing account seems to be only available to existing Motive Financial customers at this time. With the low interest rate, we don’t see a reason to choose the regular account over the Cha-Ching chequing account anyway.

Motive Financial High Interest Savings Accounts

Motive Financial also offers two options for savings accounts; Motive Savvy Savings Account and basic Motive Savings Account. 

Comparing these with EQ Bank (our #1 rated bank),currently Motive’s interest rate is higher at 3% vs. EQ’s 2.5%, but EQ is superior in every other way. Most notably, EQ offers unlimited free transactions, which Motive doesn’t.

Motive Savvy Savings

The Motive Savvy Savings Account currently offers clients 3% interest (up to $5,000,000 then the rate drops to 0.5%); the highest interest rate offered by this online bank.

There is no minimum balance requirement and no monthly fee. Deposits are also free and you can make unlimited transfers between accounts, however, you only get two free transactions per month. All additional transactions will incur a $5 fee. 

Motive Savings Account

Another option is the Motive Savings account. Again, there is no minimum balance requirement and no monthly fee. The interest rate is lower at 1% (up to $5,000,000 then it drops to 0.5%), however, this Motive high interest savings account allows unlimited monthly withdrawals and transfers between accounts is free.

Like Motive’s regular chequing account, it doesn’t seem like its savings account is currently accepting new applications. 

Motive Financial GICs Rates

Motive financial also offers Guaranteed Investment Certificates (GICs) for those who don’t need their funds right away. You can see that like Motive’s Savvy Savings interest rate, the GIC rates are pretty competitive. The current Motive financial GIC rates (as of January 2024) are as follows:

  • 1 year: 5.50%
  • 2 years: 5.30%
  • 3 years: 4.95%
  • 4 years: 4.80%
  • 5 years: 4.75%
  • 6 years: 4.85%
  • 7 or 8 years: 5.30%
  • 9 or 10 years: 5.20%

You can see how these compare to the best GIC rates in Canada, or sign up to industry leader EQ Bank by clicking the button below.

Motive Financial TFSA and RRSP

Motive Financial also offers both TFSA and RRSP account options. For the Motive TFSA there is no minimum balance requirement and an interest rate of 3%. 

For the Motive RRSP the interest rate is 0.25% on accounts up to $2,500. For accounts over $2,500 the rate bumps up to 2.6%. Both of these types of accounts also have GIC options.

Motive Financial Review: Rates and Fees

While Motive Financial does not charge you monthly fees, there are still some costs to be aware of. This includes services such as printed monthly statements mailed to you ($2.00/month), RRSP/TFSA transfer to another financial institution ($50), and inactive account charges (starting at $20 after being inactive for 2 years).

Please visit This page to find the full list of motive financial fees/rates.

Is Motive Financial Safe?

Safety is always a concern when it comes to finances and the idea of online banking, even though it is becoming increasingly popular among Canadians, it still causes some individuals to be a bit wary. However, you don’t have to worry. Motive Financial has plenty of security in place.

As said at the beginning of this Motive banking review, Motive Bank Canada is a division of Canadian Western Bank. Canadian Western Bank is also a member of the CDIC which means that your deposits are insured for up to $100,000 per account. 

Of course, you also need to remember to be diligent online and protect your own information.

Motive Financial Customer Service Review

When it comes to your money, you want to be able to access it whenever you want. If there ever is an issue with your account, you need to be able to reach someone right away to help you sort it out.

While online banks may offer great interest yields and a wide range of products, they do not always offer the best customer service. Unfortunately, that holds true for Motive Financial.

Motive Financial’s customer service complaints range from having to fill our cumbersome paperwork, long waiting periods for processing deposits, and not everything can be done from the mobile platform. 

So, when it comes to the area of customer service, Motive Financial has a lot of work to do.

Signing Up for Motive Financial

Ready to sign up for an account with Motive Financial? It’s easy and can be done online in a matter of minutes.

Visit the Motive Financial website here and choose what type of account you are looking to open. You can find the options under the ‘Accounts’ tab for chequing and savings accounts.

Once you have navigated to the page for the account you want to open, click the “apply now” button. 

You will be asked some pre-qualifying questions as well as be asked to provide your personal information. It should only take about ten minutes.

Please note that if you are wanting to set up an RRSP or TFSA you will have to complete some additional forms available online and mail them in to the Motive Financial office. 

Once you have signed up make sure to download the Motive Financial app so you can keep track of your banking needs from your phone or tablet as well as from your desktop or laptop.

Final Recommendation

Any way you look at it, with savings and GIC rates being higher than they have in decades, it is a very smart financial move to park some of your money in one of these accounts. Motive has made some big moves in increasing its rates to match, or even exceed, other financial institutions. While Motive Financial is offering some extremely attractive rates at the moment, that could change at any time. 

While its rates are certainly attractive, its platform is not. In addition, its customer service reviews leave a bit to be desired, especially when compared to EQ Bank, our top rated online bank which offers high interest rates and more.

Compared to Motive Financial, EQ offers some of the highest rates in Canada and an excellent platform as well as customer service. It also continues to offer unlimited free transactions, compared to Motives quite stingy two per month. 

Fine out more about why we so highly recommend EQ Bank in our full EQ Bank review.


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