Q&A With Gordon Pape: Finding the Highest Savings Rate

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Q – I was looking to put some cash in a high-interest saving account, and I found that Motive, a part of Canadian Western Bank, is offering 2.8 per cent on savings. This is better than the EQ Bank you have used for cash in your letters. Do you have any thoughts on this institution? – Gord Z.

A – I wasn’t familiar with Motive Financial, and the company did not show up when I did a search on RateHub.ca, so I went to their website. As you say, Motive is an online banking division of Canadian Western Bank (CWB). They don’t have any physical branches; all transactions are processed over the Internet. As a division of CWB, deposits up to $100,000 are covered by the Canada Deposit Insurance Corporation.

You are correct that Motive is currently offering 2.8 per cent on its Money Savvy Savings Account. There is no minimum account balance and no monthly fee, but you are limited to two free transactions per month.

For more information and to set up an account, go to www.motivefinancial.com. – G.P.

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