Motive Financial, an online division of Canadian Western Bank, offers competitive GIC rates for both registered and non-registered plans. While they come with a higher minimum deposit than some other online banks, they are an attractive option for Canadians looking to maximize their returns.
Motive Financial GIC Rates (as of December 18, 2024)
| Term | Regular GIC | RRSP GIC | TFSA GIC |
|---|---|---|---|
| 1 Year | 3.90% | 3.90% | 3.90% |
| 2 Year | 3.75% | 3.75% | 3.75% |
| 3 Year | 3.70% | 3.70% | 3.70% |
| 4 Year | 3.60% | 3.60% | 3.60% |
| 5 Year | 3.60% | 3.60% | 3.60% |
| 6 Year | 3.55% | 3.55% | 3.55% |
| 7 Year | 3.55% | 3.55% | 3.55% |
| 8 Year | 3.55% | 3.55% | 3.55% |
| 9 Year | 3.55% | 3.55% | 3.55% |
| 10 Year | 3.55% | 3.55% | 3.55% |
Note: Interest can be paid annually into a Motive Savings Account or compounded annually and paid at maturity.
What to Know About Motive Financial GICs
- Terms: Motive offers GIC terms from 120 days to 10 years, with competitive rates. However, most of their GICs are non-redeemable, meaning you cannot access your funds before the term ends unless you choose the shorter 120-day option.
- CDIC Insurance: As a member of the Canada Deposit Insurance Corporation (CDIC), Motive Financial GICs are protected up to $100,000 per account type.
- Availability: Motive Financial is not available to residents of Quebec.
Types of Motive Financial GICs
- Non-registered GICs: Fixed interest rates; non-redeemable and cannot be held in registered accounts like RRSPs or TFSAs.
- RRSP GICs: Tax-deferred GICs designed for retirement savings.
- TFSA GICs: Tax-free GICs with interest that is tax-free if held in a TFSA. Some TFSA options are non-redeemable, while others are redeemable (without earning interest if redeemed before maturity).
How to Choose a Motive Financial GIC
- Term Length: GICs range from short-term (120 days) to long-term (10 years). Short-term GICs may offer promotional rates for new accounts.
- Interest Payment Options: Choose to have interest paid annually or compounded until maturity, depending on your financial goals.
How to Open a Motive Financial GIC
To open a GIC, you need a Motive savings or chequing account. The minimum deposit is $500 for RRSP GICs and $1,000 for non-registered and TFSA GICs. New customers can apply online by providing personal details such as email, phone number, and your SIN (Social Insurance Number).
How to Close a Motive Financial GIC
- About one month before your GIC matures, you’ll receive a notice about the upcoming maturity and automatic renewal process if no instructions are provided.
- If you don’t provide instructions at least five business days before the maturity date, your GIC will be automatically renewed for the same term at the current rate.
For more details, you can contact Motive Financial by email or at 1-877-441-2249.
Alternatives to Motive Financial GICs
- EQ Bank GICs: Competitive rates for both non-registered and registered GICs, with terms ranging from 3 months to 10 years.
- Tangerine Bank GICs: Offers a wide range of GICs, including US dollar options, with terms from 90 days to 5 years.
- Simplii Financial GICs: Offers GICs from 1 to 5 years, starting at $100 for non-registered and RRSP GICs.
For more GIC options, check out our list of the Best GIC Rates in Canada for 2024.
Other Motive Financial Products
If you’re looking for a different product, Motive also offers high-interest savings accounts, including the Motive Savvy Savings Account, which is one of the best in Canada, with no monthly fees and unlimited deposits.
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