Wouldn’t you love to initiate your financial transactions from the comfort of your home? Offering competitive rates, low service fees, and personal service, Motive Financial makes money-saving an effortless operation without the need to go to a brick and mortar banking office.
With an array of financial products and services, Motive Financial has something unique for everyone. As with other digital banks such as Tangerine and EQ bank, you can enjoy the low fees and high-interest rates offered by the bank without stepping out of your comfort zone.
Do you have a goal in mind? Let’s see how Motive Financial can help you achieve that and how it measures against other digital financial institutions in Canada.
About Motive Financial Canada
Motive Financial Canada is an online and digital banking provider, established in 2008 as a division or arm of the Canadian Western Bank (CWB), one of the Schedule 1 Banks (domestic-owned) in Canada. Formerly known as Canadian Direct Financial, the online bank rebranded to Motive Financial in April 2017.
As an online bank, Motive Financial has no physical branch. Invariably all your banking can be done anywhere convenient for you (online and mobile) using your mobile phone, tablet, or computer. By operating solely online, Motive Financial offers its digital services to all Canadians, except for Quebec, due to language issues.
Motive Financial Canada is an independent online bank. The parent company, Canadian Western Bank (CWB), does not interfere with the Motive Financial accounts. However, as a member of the Canadian Deposit Insurance Corporation (CDIC), CWB ensures the customers’ accounts of Motive Financial are covered against loss.
Disclaimer: Rates and product offerings are always changing so this article might not reflect the current market situation. Please contact your financial advisor before making any financial decisions.
Motive Financial Products and Services
Motive Financial provides its services across Canada (except Quebec) and offers several products ranging from chequing to savings accounts and investments accounts, including GICs, RRSP, and TFSA accounts.
Motive Financial products can be categorized into three:
- Motive savings account.
- Motive Savvy savings account.
- Motive chequing account.
- Motive Cha-Ching chequing account.
- Motive TFSA savings account.
- Motive RRSP savings account.
GICs and Term Deposits
- Non-Redeemable Motive GICs.
- Non-Redeemable Motive RRSP GICs.
- Non-Redeemable Motive TFSA GICs.
The non-registered accounts of Motive Financial include chequing accounts and savings accounts. Non-Registered accounts are taxable investment accounts.
Motive Financial Chequing Accounts
Motive Financial offers two different chequing account options. These two accounts have identical features, including unlimited transactions, free e-transfers, and no monthly fees.
Motive Cha-Ching Chequing Account
The Motive cha-ching chequing account offers a standard interest rate of 0.25% on your deposit balance. With unlimited free transactions and Interac e-Transfers, you won’t be charged any fee on this chequing account. Other features of the Motive cha-ching chequing account include:
- Zero monthly fees.
- Free first 50 personalized cheques.
- Free access to THE EXCHANGE Network ATM (The second-largest ATM Network in Canada) withdrawal with no fee charged.
- 2 free withdrawals from Non-EXCHANGE Network ATMs. Additional withdrawals attract a fee of $1.50 each.
- Unlimited monthly withdrawals, including online bill payments, ATM withdrawals, Interac e-Transfers, electronic funds transfers to other banks, etc.
- A daily interest rate of 0.25% on your account balance.
Motive Chequing Account
The Motive chequing account offers some similar features to the Cha-Ching chequing account but comes with a higher interest rate of 0.60%. Other features of the Motive chequing account are:
- Unlimited free transactions and monthly withdrawals, including online bill payments.
- Zero monthly fees.
- Free first 50 personalized cheques.
- Free access to THE EXCHANGE Network ATM, with free withdrawal fees.
- Access to Non-EXCHANGE Network ATM attracts $1.50 for each withdrawal.
- Interac e-Transfer attract $1.00
Motive Financial Savings Accounts
Motive Financial offers two distinct savings account options, each with its features and benefits. Both accounts also come with different interest rates and can be held as registered accounts, such as TFSA and RRSP accounts.
Motive Savvy Savings Account
The Motive savvy savings account is a high-interest savings account (HISA) from Motive Financial. The account comes with a 1.550% interest rate to boost your savings. Features of the Motive savvy savings account include:
- No minimum balance requirement.
- No monthly fees.
- Free deposit of funds.
- Free and unlimited transfers between Motive accounts.
- 2 free monthly withdrawals. Additional withdrawals will include a fee of $5.00.
- Free ATM withdrawal at THE EXCHANGE Network ATMs.
- $1.50 ATM withdrawal fee at Non-EXCHANGE Network ATMs.
- $1.00 Interac e-Transfer fee.
- A regular interest rate of 1.550% on $0 to $5million account balance.
- An interest rate of 0.500% on account balance exceeding $5 million ($5,000,000.01 and above).
Motive Savings Account
The Motive savings account is similar to the regular savings account and comes with an interest rate of 1.25%. Features of the account include:
- Free and unlimited deposit and withdrawal.
- No monthly fees.
- No minimum balance is required.
- Free transfers between your Motive accounts.
- Free ATM withdrawal at THE EXCHANGE Network.
- $1.50 ATM fee for Non-EXCHANGE Network ATM withdrawals.
- Interac e-Transfer fee of $1.00.
- An interest rate of 1.25% for $0 to $5 million account balance and 0.50% for balances exceeding $5 million.
Motive Financial RRSP and TFSA Savings Accounts
Motive Financial also offers two of the most popular registered and investment accounts.
Motive Registered Retirement Savings Plan (RRSP)
The Motive RRSP savings account lets you save for the future, such as retirement. It comes with no minimum contribution. The RRSP savings account earns you a 0.25% interest for balances of $0-$2500 and 1.25% interest for account balances of $2500.01 and over. All your earnings are tax-free until withdrawal. This account is suitable for all types of investment plans.
Motive Tax-Free Savings Account (TFSA)
As the name suggests, the TFSA savings account lets you save and earn tax-free interests on your account deposits. It comes with a tax-free interest rate of 1.550%, regardless of your account balance. You can withdraw the funds at any time.
Guaranteed Investment Certificates (GICs) Accounts
Another investment option available on the Motive Financial platform is to invest your money to generate higher returns through a Guaranteed Investment Certificate (GIC) or term deposits. GIC accounts offered by Motive Financial include:
- Non-Registered GIC.
- Motive RRSP GIC.
- Motive TFSA GIC.
Motive Financial GIC Rates
As of the time of writing, the rates offered on GICs by Motive Financial are:
|12 Month Term (1 year)||1.400%|
|24 Month Term (2 years)||1.600%|
|36 Month Term (3 years)||1.650%|
|48 Month Term (4 years)||1.700%|
|60 Month Term (5 years)||1.800%|
|72 Month Term (6 years)||1.900%|
|84 Month Term (7 years)||2.000%|
|96 Month Term (8 years)||2.050%|
|108 Month Term (9 years)||2.050%|
|120 Month Term (10 years)||2.050%|
1. These rates are subject to periodic changes at the discretion of the provider. Check for current rates with the provider before investing your funds.
2. Minimum balance requirement for GICs
- Motive RRSP GIC: $500.
- Motive TFSA GIC: $1000.
- Motive Non-Registered GIC: $1000.
Motive Financial Chip Debit Card
Motive Financial provides a safe and secure way to make purchases using the Chip Debit Card. The Motive Chip Debit Card is embedded with a microchip that encrypts all information stored on it.
The chip debit card has THE EXCHANGE Network, Interac, Cirrus, and Maestro applications, making it easy to withdraw money and make payments purchases worldwide.
Motive Financial Mobile App
As an online banking service provider, all transactions on Motive Financial are done online and on mobile through computers and mobile devices. Therefore Motive Financial provides an integrated and interactive mobile app that lets you do your banking on the go – anytime and anywhere.
With the Motive Financial mobile app, you can
- View your account balances and activities.
- Manage your deposits.
- Transfer funds.
- Pay bills.
- Locate the nearest ATMs.
- Access financial calculators, such as loan calculators, rates calculator, etc.
You can easily download the mobile app on the Google Play Store (Android) or the Apple Store (iOS). Log in to the app and use it for your daily banking.
Opening a Motive Financial Account
To open an account with Motive Financial entails a simple process. However, you need to meet the following requirements:
- Have a valid email address.
- Have a working phone number.
- Be a Canadian citizen or resident.
- Be of the age of majority, at least 18 years of age.
- Have a Social Insurance Number (SIN) and driver’s license (optional).
Account Opening Process
To begin your account opening application,
- Go to the Motive Financial website and click on Open an account to begin the online application.
- Select your desired Motive account and click on Apply Now.
- Depending on your choice of account, you may be required to identify if you’re a new customer or not. Motive Financial customers with an account can use the mobile app to open any other account they want.
- Provide your email address and mobile phone number for easy communication about your application.
- Provide your personal information, including date of birth, address, and more.
- Answer a security question, and follow other prompts.
- RRSP and TFSA account opening require additional forms that you can print, fill, sign, and send to Motive Financial by electronic mail.
Motive Financial Safety Regulations
Motive Financial is a division of the Canadian western bank (CWB), a member of the Canada Deposit Insurance Corporation (CDIC). Therefore, in the event of a solvency of Motive Financial or its parent company, your accounts, funds, and investments with Motive Financial are insured up to $100,000 per account.
Also, information on the Motive Financial website is encrypted with the 128-bit SSL. Besides, only individuals who provide an authentic Personal Access Code (PAC) can access their account information.
Motive Financial Interest Rates
Motive Financial has different rates for all its accounts. Here’s a comprehensive list of applicable interest rates offered to customers.
Note: These rates change from time to time. You can check for current rates with the provider.
|Motive Savings Account|
|$0 – $5,000,000||1.25%|
|$5,000,000,01 and over||0.50%|
|Motive Savvy Savings Account|
|$0 – $5,000,000||1.550%|
|$5,000,000.01 and over||0.500%|
|Motive Chequing Account||0.60%|
|Motive Cha-Ching Chequing Bank||0.25%|
|Motive TFSA Savings Account||1.550%|
|Motive RRSP savings Account|
|$0 – $3500||0.25%|
|$2500 and over||1.25%|
Motive Financial Editor’s Review
Motive Financial has one of the best rates and services among online and digital banking providers in Canada. The bank offers a collection of great financial products, including account options for Canadians.
However, if you prefer to have physical contact with your bank, Motive Financial may not be an option for you. Motive Financial operates solely online.
Motive Financial FAQs
Who owns Motive Financial?
Motive Financial is owned by the Canadian western bank (CWB), one of the 30 Schedule 1 banks in Canada. CWB established Motive Financial as an online arm of the bank to provide online banking services to Canadians.
How can I link external accounts to transfer funds?
To link an external account, you’ll need to complete a Me-to-Me Transfer Authorisation Form. You can access the form through Adobe Reader. Complete the form and send it to Motive Financial by electronic mail.
Why is Motive Financial not available to Quebec residents?
Motive Financial does not offer its services in Quebec because Motive does not provide services in French.
I have an account with Motive Financial; can I do my banking at any CWB branch?
No. CWB branches do not have access to Motive Financial accounts.
What kind of account(s) can I open online?
Prospective Motive clients can open a Motive Savvy Savings Account or a Motive Cha-Ching Chequing Account.
Is my credit score affected by a credit check?
No, the check will show up as a “deposit inquiry” and will not impact your credit score.
How can I reach Motive Financial customer service?
For complaints, feedback, and more information on your account, you can contact the Motive Financial customer unit by Phone: 1 (877) 441 – 2249, or email Help@MotiveFinancial.com.
Can I open an account for my child with Motive Financial?
All account holders must be 18 years or older to open an account with Motive Financial.
Can I open a joint account online with Motive Financial?
Yes. You can open a joint account with the online application.
Can I pay my bills online with Motive Financial?
Absolutely, and it’s easy and secure. Just set up the bill you want to pay, input the amount and select the date you want to pay the bill and the account you want to pay from.
Can I open a joint TFSA with Motive Financial?
No. Similar to RRSPs, only individual TFSA account can be opened with Motive Financial.