Motive Financial is an online bank that offers banking products and services without brick-and-mortar branches. Previously named Canadian Direct Financial (CDF), Motive Financial is a subsidiary of Canadian Western Bank, a Schedule I bank that is a member of the Canada Deposit Insurance Corporation (CDIC). That means the funds you deposit with Motive Financial are insured by the government, no matter what may happen to Motive in the future.
The online bank offers high-interest rates and no service charges thanks to its low overhead. This provides consumers with the opportunity to grow their deposited funds and reach their savings goals a little faster.
Let’s check out Motive Financial in a little more detail to help you decide if this is the right digital banking platform for you.
Motive Financial offers a variety of savings, checking, and investment accounts.
| Feature | Motive Savvy Savings Account | Motive Savings Account | TFSA Savings Account |
| Monthly Fee | $0 | $0 | $0 |
| Minimum Balance | None | None | None |
| Interest Rate | 2.05% | 1.25% | 2.05% |
| Mobile App Available? | Yes | Yes | Yes |
| Special Features | -2 free transactions per month -Free transfers between Motive accounts -Free THE EXCHANGE Network ATM withdrawals | -Free withdrawals -Free transfers between Motive accounts -Free THE EXCHANGE Network ATM withdrawals | -Tax-free returns -Withdraw funds at any time |
| Feature | Motive Cha-Ching Chequing Account | Motive Chequing Account |
| Daily Fees | $0 | $0 |
| Transactions | Free, unlimited | Free, unlimited |
| Interest Rate | 0.25% | 0.60% |
| ATM withdrawals | Free within THE EXCHANGE® Network | Free within THE EXCHANGE® Network |
| Special Perks | 50 free personalized cheques |
| Term | Motive RRSP GIC | Non-Registered GICs |
| 12 Month Term | 1.60% | 1.60% |
| 24 Month Term | 1.80% | 1.80% |
| 36 Month Term | 1.90% | 1.90% |
| 48 Month Term | 2.00% | 2.00% |
| 60 Month Term | 2.15% | 2.15% |
There are a few ways to reach customer support at Motive Financial:
Motive Financial
Suite 3000, 10303 Jasper Avenue NW
Edmonton, AB T5J 3X6
Opening an account with Motive Financial is a standard procedure. You’ll be required to fill out an application form and provide a few pieces of information about yourself, including your full name, date of birth, Social Insurance Number (SIN), address, contact information, occupation, and desired accounts. You’ll be asked to confirm your identity so Motive Financial can verify that you are who you say you are.
The process only takes a few minutes, after which Motive will then qualify your application.
If you’re looking to open an RRSP or TFSA account, you’ll need to complete an application form, print and sign it, then mail it to Motive Financial’s mailing address provided above.
Yes, your money is safe with Motive financial. It is affiliated with the CDIC, which will insure your funds in the event that anything should happen to the bank. Plus, Motive Financial employs encryption tools and has a robust security system behind the website to help keep your personal information safe.
Motive Financial may be an ideal banking platform for people who:
Motive Financial offers competitive interest rates on savings accounts and provides a convenient platform that allows you to do all your banking online. The website and mobile app are easy to navigate, and the security of knowing your funds are safe is a huge plus.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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