Motive Financial Review

   (Editor Rating)

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Motive Financial Review
  • High Interest Savings Rate
  • Bank Fees
  • Ease of Use and Customer Service
  • Mobile App
  • Free Interac eTransfers
  • Account Options
3.8

Motive Financial Review Summary:

Motive financial is a solid contender whose rates continue to put pressure on our #1-rated online bank: EQ Bank. Depending on the month, the two are in a constant battle for top interest rate in a high interest savings account.

The difference is simply all of the other extra perks that EQ offers, in addition to their award-winning user interface. Motive still has a ways to go in order to catch up to the simple brilliance of EQ.

Pros

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

Cons

  • 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. Tangrine 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.

Scotiabank’s welcome bonus is valid until January 28th 2021. You can read the review linked above for an in-depth analysis of the expected value from this promo, and why it makes sense to choose Scotiabank while this is still on offer.

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.

Motive Chequing

The Motive Chequing. Like the Cha-Ching account, there is 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.

Motive Chequing has a higher interest rate of 0.60%, 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.

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), the interest rate is almost the same, 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 1.55% 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 1.25% (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.

Motive Financial GICs Rates

Motive financial also offers Guaranteed Investment Certificates (GICs) for those who don’t need their funds right away. The current Motive financial GIC rates (as of November 2020) are as follows:

  • 1 year: 1.400%
  • 2 years: 1.600%
  • 3 years: 1.65%
  • 4 years: 1.7%
  • 5 years: 1.800%
  • 6 years: 1.900%
  • 7 years: 2.00%
  • 8- 10 years: 2.050%

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 1.550%. 

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 1.25%. 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.

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

So do we recommend Motive Financial? You could do far worse!  

That being said, we prefer EQ Bank, especially for their savings accounts (including their new TFSA and RRSP options).  Their long-term track record of having the highest interest rate in Canada, combined with their explosive growth in 2020 tells us that they will be market leaders for a long time to come.

When comparing EQ vs Motive, EQ Bank’s platform is also better organized and less clunky. Plus, EQ offers unlimited free transactions which is much more advantageous than the limit of 2 free transactions per month that is offered with the Motive Savvy Savings account. Take a look at our EQ Bank review to learn more. 

Jordan

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