Motive Financial is an online bank; it does not have physical branches where clients can conduct day-to-day banking. As a result, they pass on their overhead savings to their customers with great interest rates and decreased fees. Customer service and banking transactions are done either online or by telephone. Thanks to better rates and fees, Motive Financial touts that their clients’ money grows that much faster with them. A member of Western Canadian Banks, Motive Financial is a member of the Canada Deposit Insurance Corporation (CDIC), so there is safety and security for their customers.
They also promise core organizational values and excellent customer service, along with low service fees, competitive rates, and an incredible client experience.
Below is an overview of a couple of Motive Financial deposit accounts.
Motive® Cha-Ching Chequing Account
The Cha-Ching Chequing account is more than just a cute name attached to a chequing account; it offers clients incredible value, and a great incentive to move money from a traditional banking account to Motive Financial.
Free Interac e-transfers paired up with unlimited banking transactions are only the tip of the iceberg when it comes to Cha-Ching. There is no minimum balance needed to gain interest on the account, and clients get a good savings interest rate of 0.25%. There is also no monthly fee, withdrawals are included in the unlimited transactions, and clients gain access to their first 50 cheques (personalized) for free. It has the second-largest ATM network across the country. Customer banking withdrawals are also free (via the EXCHANGE Network), and it offers two free withdrawals at non-EXCHANGE ATMs, with additional withdrawals there charged at only $1.50 per use.
Motive® Savvy Savings Account
Looking to save money for that dream home or vacation you have always wanted? Maybe you are ready to start putting money away in a “nest egg” or emergency fund? If so, think about reviewing all the benefits linked to opening a Motive Financial Savvy Savings Account. With an interest rate of 1.550%, it may help you save up for what you want that much faster!
And that 1.550% is given whether you have $1 in your savings account or $100,000 – there is no minimum balance requirement. There is also no monthly fee linked to the account, and free deposits are offered. Lastly, clients gain access to unlimited transfers between their Motive Financial accounts, adding some incentive to not only have a Savvy Savings, but a chequing account as well.
As it is a savings account, the objective is to save: that is why there are only two free withdrawals each month. Also, there is a $5.00 fee for each additional withdrawal, which may provide some motivation to refrain from doing so. There is also an Interac e-transfer fee of $1.00 for each transaction of this kind.
Finally, much like the Cha-Ching Chequing account, there are no withdrawal fees on the account when using an EXCHANGE Network banking machine; however, using non-EXCHANGE ATMs will cost $1.50, each time you withdraw money from these banking machines.
Motive Financial has many other chequing and savings accounts to choose from (in addition to what is listed above), tax-free savings accounts (TFSAs), Registered Retirement Savings Accounts (RRSPs), Guaranteed Investment Certificates (GICs) and Term Deposits. Motive Financial has a plethora of account options to look at, with competitive interest rates and service fees.
View more information about Motive Financial and their account products.