Motive Financial Review 2025

What Is Motive Financial?

Motive Financial, which is under the Canadian Western Bank, is one of Canada’s best known online banks. They offer chequing, savings, RRSP, TFSA, and GIC accounts.

In early 2025, Motive Financial officially became a part of National Bank. They are now going to be able to offer more products and services as a result of this merger.

Is Motive Financial Safe & Legit?

Safety is always a concern when it comes to finances. The idea of online banking, even though it is becoming increasingly popular among Canadians, still causes some individuals to be a bit wary. However, you don’t have to worry. Motive Financial has plenty of security in place.

Motive Bank Canada is a division of Canadian Western Bank, which is a member of the CDIC. This membership ensures that your deposits are insured for up to $100,000 per account.

Of course, you also need to remember to be diligent online and protect your own information.

Motive Financial Accounts

Once upon a time, Motive Financial offered two different chequing accounts;: the Cha-Ching Chequing account and the Motive Chequing account. They have since moved towards a hybrid chequing and savings account, similar to those we have seen with other online banks. It is called the Savvy Savings Account. With the Savvy Savings Account, you can reap the benefits of both account types.

Savvy Savings Account Chequing Features

With the Savvy Savings Account, you get the main features you would expect from a chequing account, and all with low, or no, fees.

There are unlimited transactions/no transaction fees, as well as unlimited free Interac e-Transfers. 

ATM withdrawals from both EXCHANGE and Non-EXCHANGE ATMs are free as well. Non-EXCHANGE ATM withdrawals may incur a fee from the ATM owner, however, Motive Financial has the second largest ATM network in Canada, so it shouldn’t be too difficult to find somewhere to make those guaranteed free withdrawals.

Motive Financial’s chequing features are solid but still fall a bit short of my preferred choices: EQ Bank and Scotiabank. EQ is the overall best option for a chequing account, while Scotia currently has an amazing promotion which makes it very appealing for folks who want to open a new account. Scotia also has some value-packed all-inclusive banking packages which include chequing accounts.

Savvy Savings Account Debit Card

While Motive Financial offers a debit card, they claim that you don’t need one, and that “most transactions can be done through your online account without a debit card.”. However, for those who would like one in hand, you can obtain one by calling them at 1-877-441-2249.

Motive Financial High Interest Savings Account Features

As a hybrid account, the Motive Savvy Savings Account offers similar benefits to those of a dedicated High Interest Savings Account: high interest rates, and low or no fees. 

The Motive Savvy Savings Account currently offers clients 2.25% interest (up to $5,000,000 then the rate drops to 0.50%); the highest interest rate offered by this online bank.

There is no minimum balance requirement and no monthly fee. Deposits are also free and you can make unlimited transfers between accounts.

Comparing these with EQ Bank (our #1 rated bank), EQ Bank comes out with the highest interest rate of 3% in their brand new Notice Account. While Motive’s current interest rate in the Savvy Savings account is still high at 2.25%, it’s still nearly a percent below EQ. Not to mention, EQ is superior in every other way, although Motive is closing the gap, such as with their introduction of unlimited free transactions

Motive Financial TFSA and RRSP

Motive Financial also offers both TFSA and RRSP account options. To open either a TFSA or RRSP with Motive Financial, you must be an existing Motive Financial client. For the Motive TFSA there is no minimum balance requirement and an interest rate of 2.25%. 

For the Motive RRSP the interest rate is 0.25% on accounts up to $2,500. For accounts over $2,500 the rate bumps up to 0.85%. Both of these types of accounts also have GIC options. Interest rates for the GIC options vary depending on the term length and can be found in our table below.

Motive Financial GIC Rates

Motive Financial also offers Guaranteed Investment Certificates (GICs) for those who don’t need their funds right away. They have non-registered GICs as well as GICs that you can hold in your RRSP or TFSA accounts. You can see that like Motive’s Savvy Savings interest rate, the GIC rates are pretty competitive. The current Motive Financial GIC rates (as of September 2025) are as follows:

• 1 year: 2.95%
• 2 years: 3.10% 
• 3 years: 3.25%
• 4 years: 3.40%
• 5 years: 3.60%
• 6, 7, 8, 9, or 10 years: 3.05%

For non-registered GICs, a 120-day option also exists, with a rate of 2.65%.You can see how these compare to the best GIC rates in Canada.

Motive Financial Fees

While Motive Financial does not charge you monthly fees, there are still some costs to be aware of. This includes services such as printed monthly statements mailed to you ($2.00/month), RRSP/TFSA closure or transfer to another financial institution ($50), and inactive account charges (starting at $20 after being inactive for 2 years). NSF cheques and loan payments come with a charge of $45. 

It’s always important to look at all the fees when researching for a new bank account. Please visit Motive Financial Service fees to find the full list of fees/rates.

Platform & Mobile App

Motive is unfortunately lagging behind other online banks when it comes to providing an easy-to-use, modern online platform and mobile app. 

The website interface appears outdated, and users report that it has limited functionality.

As for the Motive Financial Mobile App, it has a 3.6 star rating on the Apple Store (with nearly 300 reviews). One of the main complaints is the lack of biometrics login, and frustration with having to use 2 Factor Authentication for every single login. The app also has very limited utility compared to many other online banks.

As of September 2025, you can no longer get the Motive Financial App on the Google Play Store due to the acquisition with National Bank. Current clients can still access online banking through their website however.

Motive Financial Customer Service Review

When it comes to your money, you want to be able to access it whenever you want. If there ever is an issue with your account, you need to be able to reach someone right away to help you sort it out.

While online banks may offer great interest yields and a wide range of products, they do not always offer the best customer service. Unfortunately, that holds true for Motive Financial.

Complaints about Motive Financial’s customer service range from having to fill out cumbersome paperwork, enduring long waiting periods for processing deposits, and that not everything can be done from the mobile platform. 

So, when it comes to the area of customer service, Motive Financial has a lot of work to do. So, when it comes to the area of customer service, Motive Financial has a lot of work to do. It will be interesting to see if there is improvement in customer service once they are fully merged with National Bank.

Motive Financial Vs. EQ Bank Comparison

Motive Financial Review: FAQ

Is Motive Financial The Best Online Bank in Canada?

With interest rates for savings accounts and GICs at attractive levels, putting some of your money into one of these accounts can be a smart financial decision. Motive Financial has responded by greatly increasing its rates – often matching or even exceeding those of other institutions. However, while their rates are highly competitive, it’s important to note that they can change at any time, and they aren’t the highest rates available.

In addition, Motive Financial’s digital platform and mobile app leave much to be desired. Its customer service also receives lower ratings, especially when compared to EQ Bank. Additionally, Motive Financial is in the process of migration to National Bank, meaning new clients can not currently sign up.

Our top-rated online bank, EQ Bank, not only offers great interest rates but also provides a more robust platform, outstanding customer support, and a greater diversity of account options. They’re also the first bank in Canada to introduce a Notice Account – an innovative offering we expect will gain popularity. While this article has focused on our review of the online bank, Motive Financial, we highly recommend reading our full EQ Bank Review to understand why it continues to lead our rankings.