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Motive Financial is an Edmonton-based online division of Canadian Western Bank. Founded in 2008 under the name Canadian Direct Financial, the bank rebranded as Motive Financial in 2017.

Motive’s basic no-frills banking service enables it to offer high-interest-yielding savings and investment products, including guaranteed investment certificates (GICs). It can be an attractive option for Canadians looking to maximize their returns.

Motive Financial’s current GIC rates

Motive Financial GIC rates for registered and non-registered deposit terms, as of Nov. 27, 2024.

Note: Some Motive GICs offer interest payment options. You can choose to have the interest paid annually into a Motive Savings Account or to have the interest compounded annually and paid at maturity.

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%

Motive Financial Non-registered 1 Year GIC

Term Length

1 Year
Interest Rate

4.00%

As of November 6, 2024
Minimum Deposit

$1,000
Bonus Offer

N/A

All Motive Financial GICs offer a high fixed interest rate and the flexibility to receive annual interest payments or compound till maturity. Customers over the age of 57 have the option to receive monthly interest payments into a Motive Savings account from GICS with a term of at least 12 months.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Non-registered and non-redeemable.
When the term ends, a maturity notice will be mailed to you approximately one month prior to your Motive GIC renewal date. Unless otherwise specified, your GIC will mature and renew/roll over at the posted rate for the date that the term is specified to renew.
Terms range from 12 months (1 year) to 120 months (10 years).
TFSA and RRSP GICs are also available.
Whatever you’re saving for, our Motive® GIC is here to help you get there faster.
Lock in your savings and feel secure.
Receive annual interest payments or compound until maturity.
Competitive interest rates.
Guaranteed interest.
A minimum balance required for RRSP is $500 and for TFSA and non-registered plans is $1,000.
The holder has the option to receive interest paid annually into a Motive Savings Account or to have the interest compounded annually and paid at maturity. On Motive GICs with a term of at least 12 months, customers over the age of 57 also have the option of having interest paid monthly into a Motive Savings account.
Interest is compounded annually and paid at maturity. Interest will accrue on deposited funds as of the date funds are deposited. Interest rates and rate tiers are subject to change without notice. Interest is paid in the currency of the account. All rates quoted are annual interest rates.
Deposits may be insurable by the Canada Deposit Insurance Corporation.

Motive Financial Non-registered 3 Year GIC

Term Length

3 Years
Interest Rate

3.70%

As of November 6, 2024
Minimum Deposit

$1,000
Bonus Offer

N/A

All Motive Financial GICs offer a high fixed interest rate and the flexibility to receive annual interest payments or compound till maturity. Customers over the age of 57 have the option to receive monthly interest payments into a Motive Savings account from GICS with a term of at least 12 months.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Non-registered and non-redeemable.
When the term ends, a maturity notice will be mailed to you approximately one month prior to your Motive GIC renewal date. Unless otherwise specified, your GIC will mature and renew/roll over at the posted rate for the date that the term is specified to renew.
Terms range from 12 months (1 year) to 120 months (10 years).
TFSA and RRSP GICs are also available.
Whatever you’re saving for, our Motive® GIC is here to help you get there faster.
Lock in your savings and feel secure.
Receive annual interest payments or compound until maturity.
Competitive interest rates.
Guaranteed interest.
A minimum balance required for RRSP is $500 and for TFSA and non-registered plans is $1,000.
The holder has the option to receive interest paid annually into a Motive Savings Account or to have the interest compounded annually and paid at maturity. On Motive GICs with a term of at least 12 months, customers over the age of 57 also have the option of having interest paid monthly into a Motive Savings account.
Interest is compounded annually and paid at maturity. Interest will accrue on deposited funds as of the date funds are deposited. Interest rates and rate tiers are subject to change without notice. Interest is paid in the currency of the account. All rates quoted are annual interest rates.
Deposits may be insurable by the Canada Deposit Insurance Corporation.

Motive Financial TFSA 4 Year GIC

Term Length

4 Years
Interest Rate

3.60%

As of November 6, 2024
Minimum Deposit

$1,000

Minimum investment of $500 for RRSP and $1,000 for TFSA and non-registered accounts.
Bonus Offer

N/A

All Motive Financial GICs offer a high fixed interest rate and the flexibility to receive annual interest payments or compound till maturity. Customers over the age of 57 have the option to receive monthly interest payments into a Motive Savings account from GICS with a term of at least 12 months.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Non-registered and non-redeemable.
When the term ends, a maturity notice will be mailed to you approximately one month prior to your Motive GIC renewal date. Unless otherwise specified, your GIC will mature and renew/roll over at the posted rate for the date that the term is specified to renew.
Terms range from 12 months (1 year) to 120 months (10 years).
TFSA and RRSP GICs are also available.
Whatever you’re saving for, our Motive® GIC is here to help you get there faster.
Lock in your savings and feel secure.
Receive annual interest payments or compound until maturity.
Competitive interest rates.
Guaranteed interest.
A minimum balance required for RRSP is $500 and for TFSA and non-registered plans is $1,000.
The holder has the option to receive interest paid annually into a Motive Savings Account or to have the interest compounded annually and paid at maturity. On Motive GICs with a term of at least 12 months, customers over the age of 57 also have the option of having interest paid monthly into a Motive Savings account.
Interest is compounded annually and paid at maturity. Interest will accrue on deposited funds as of the date funds are deposited. Interest rates and rate tiers are subject to change without notice. Interest is paid in the currency of the account. All rates quoted are annual interest rates.
Deposits may be insurable by the Canada Deposit Insurance Corporation.

Motive Financial Non-registered 5 Year GIC

Term Length

5 Years
Interest Rate

3.60%

As of November 6, 2024
Minimum Deposit

$1,000
Bonus Offer

N/A

All Motive Financial GICs offer a high fixed interest rate and the flexibility to receive annual interest payments or compound till maturity. Customers over the age of 57 have the option to receive monthly interest payments into a Motive Savings account from GICS with a term of at least 12 months.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Non-registered and non-redeemable.
When the term ends, a maturity notice will be mailed to you approximately one month prior to your Motive GIC renewal date. Unless otherwise specified, your GIC will mature and renew/roll over at the posted rate for the date that the term is specified to renew.
Terms range from 12 months (1 year) to 120 months (10 years).
TFSA and RRSP GICs are also available.
Whatever you’re saving for, our Motive® GIC is here to help you get there faster.
Lock in your savings and feel secure.
Receive annual interest payments or compound until maturity.
Competitive interest rates.
Guaranteed interest.
A minimum balance required for RRSP is $500 and for TFSA and non-registered plans is $1,000.
The holder has the option to receive interest paid annually into a Motive Savings Account or to have the interest compounded annually and paid at maturity. On Motive GICs with a term of at least 12 months, customers over the age of 57 also have the option of having interest paid monthly into a Motive Savings account.
Interest is compounded annually and paid at maturity. Interest will accrue on deposited funds as of the date funds are deposited. Interest rates and rate tiers are subject to change without notice. Interest is paid in the currency of the account. All rates quoted are annual interest rates.
Deposits may be insurable by the Canada Deposit Insurance Corporation.

Motive Financial RRSP 7 Year GIC

Term Length

7 Years
Interest Rate

3.55%

As of November 6, 2024
Minimum Deposit

$500

Minimum investment of $500 for RRSP and $1,000 for TFSA and non-registered accounts.
Bonus Offer

N/A

All Motive Financial GICs offer a high fixed interest rate and the flexibility to receive annual interest payments or compound till maturity. Customers over the age of 57 have the option to receive monthly interest payments into a Motive Savings account from GICS with a term of at least 12 months.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Non-registered and non-redeemable.
When the term ends, a maturity notice will be mailed to you approximately one month prior to your Motive GIC renewal date. Unless otherwise specified, your GIC will mature and renew/roll over at the posted rate for the date that the term is specified to renew.
Terms range from 12 months (1 year) to 120 months (10 years).
TFSA and RRSP GICs are also available.
Whatever you’re saving for, our Motive® GIC is here to help you get there faster.
Lock in your savings and feel secure.
Receive annual interest payments or compound until maturity.
Competitive interest rates.
Guaranteed interest.
A minimum balance required for RRSP is $500 and for TFSA and non-registered plans is $1,000.
The holder has the option to receive interest paid annually into a Motive Savings Account or to have the interest compounded annually and paid at maturity. On Motive GICs with a term of at least 12 months, customers over the age of 57 also have the option of having interest paid monthly into a Motive Savings account.
Interest is compounded annually and paid at maturity. Interest will accrue on deposited funds as of the date funds are deposited. Interest rates and rate tiers are subject to change without notice. Interest is paid in the currency of the account. All rates quoted are annual interest rates.
Deposits may be insurable by the Canada Deposit Insurance Corporation.

What to know about Motive Financial GICs

Motive Financial GICs come with non-redeemable, registered and non-registered investment options for varying terms, ranging from 120 days to 10 years.

As a member of the Canada Deposit Insurance Corporation (CDIC), Motive Financial GIC deposits are eligible for protection up to $100,000 per account type.

Note that residents of Quebec cannot bank with Motive Financial.

How to choose a Motive Financial GIC

When choosing a Motive Financial GIC, it’s important to understand how the type of GIC, term length and interest rate can impact your investment goals.

Motive has several GIC options that cater to different financial needs and preferences. The financial institution also has some of the highest GIC rates in Canada, however, most of their options are non-redeemable, which means you have to be prepared to lock in your money for the length of your entire term. Though Motive offers a 120-day GIC, which may be a good choice if you want a short term investment option.

Types of GICs available.
Variety of terms.
Interest rates.

Types of Motive Financial GICs

Non-registered GICs. These GICs offer fixed interest rates and cannot be held in a registered account like an RRSP or a TFSA. Additionally, these GICs are non-redeemable, so you can’t cash them in before maturity. You can elect to get their interest payments annually or compound earnings until maturity.
RRSP GICs. These non-redeemable GICs are designed for retirement savings and are held in a registered retirement savings plan. This investment plan offers tax benefits, such that you are not taxed until you withdraw the funds.
TFSA GICs. Held in a tax-free savings account, these GICs allow for tax-free interest earnings. Motive offers both non-redeemable and a redeemable TFSA. If you redeem the TFSA before maturity, you won’t earn any interest.

Motive Financial GIC terms

Motive Financial offers GICs with an impressive variety of terms, typically ranging from as little as 120 days to as long as 10 years. The interest rates vary depending on the term length.

Motive Financial occasionally features a promotional rate for its short-term GIC wherein you can earn a higher rate of interest on deposits made into a new GIC account.

How to open a Motive Financial GIC

To open a Motive Financial GIC, you’ll need to have a savings or chequing account with the bank. If you’re new and don’t have a Motive bank account, you can start the online application process by selecting “Apply now.”

You’ll have to provide some personal information like your email and cell phone number. You may also need your driver’s license and Social Insurance Number (SIN).

Note that Motive Financial requires a minimum balance of $500 for RRSP GICs or $1,000 for non-registered and TFSA GICs.

How to close a Motive Financial GIC

Approximately one month before your Motive GIC renewal due date, you’ll get a notice in the mail notifying you about:

The date your GIC term ends.
The automatic renewal of your GIC at the current posted rate for the specified renewal term, provided no instructions were sent to Motive Financial before the maturity date.

Should you fail to give any directions five business days prior to the maturity date, your GIC, along with any accumulated and unpaid interest, will be automatically renewed for the same duration. The terms and conditions for the renewed GIC will be the same as your original investment.

For any instructions regarding the maturity of your GIC or to explore your options, you can contact the bank via email or phone at 1-877-441-2249.

Alternatives to Motive Financial GICs

Canadians have numerous GIC options offered by traditional and online banks that they can consider based on their financial preferences.

If you want a GIC from a different bank

EQ Bank GICs: EQ Bank is also a digital bank offering non-redeemable, fixed-rate GICs with competitive interest rates that are available for non-registered or registered accounts. Terms range from three months up to 10 years.

Tangerine Bank GICs:Tangerine is another virtual bank that has a solid selection of GICs, including retirement income fund (RIFs) and US dollar options. Terms go from 90 days up to five years.

Simplii Financial GICs: Simplii offers 1- to 5-year non-registered and RRSP GIC terms for as little as $100.

If you prefer a more traditional bank with assisted banking facilities, consider these Big Six Banks:

	Minimum deposit	Are deposits insured?
Best RBC GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best National Bank GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best TD GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best BMO GICs	Starting at $1,000	Yes, by the Canada Deposit Insurance Corporation.
Best CIBC GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best Scotiabank GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.

For more GIC options, check out our list of the Best GIC Rates in Canada for 2024.

If you want a different Motive Financial product

Motive has a limited range of investment and savings account options, including GICs, RRSPs and TFSAs.

If you’re looking for an account that will help you save money for a short-term goal, the Motive Savvy Savings Account is one of the best high-interest savings accounts in Canada. The account has no monthly fees and offers unlimited deposits and transactions per month.

Motive Savvy Savings Account

Interest Rate

5.35%*

Get a Motive Savvy Savings account at 5.35%* for 120 days. Then, continue earning at the standard 3.20%* rate.

Promotional rate
Bonus Offer

N/A
Monthly Fee

$0

Apply Now

Earn interest at a competitive rate on this no-fee and no-minimum balance HISA.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Get a Motive Savvy Savings account at 5.35%* for 120 days. Then, continue earning at the standard 3.20%* rate.
3.20% interest for balances under $5,000,000, and 0.50% interest for balances $5,000,000.01 and over.
Interest is calculated on the daily closing balance at the applicable rate tier and paid on the last day of the month, for the period beginning on the last day of the previous month and ending on the second last day of the month.
No monthly fee.
No minimum balance is required.
Unlimited transfers between accounts.
Free deposits.
Withdrawals can be deposited into a Motive Savings or Motive Chequing account, a no-fee chequing account that earns interest.
Manage your money by phone, through online banking and a mobile app.
Unlimited transactions.
Service fees are listed online.
Eligible for CDIC deposit insurance.
Motive Financial products are not available to Québec residents.

Motive RRSP Savings Account

Interest Rate

1.70%

Earn 0.25% interest for $0-$2,500 balances, and 1.70% for balances $2,500.01 and over.

With $2,500.01 minimum balance
Bonus Offer

N/A
Monthly Fee

$0

Earn interest at a competitive rate on this no-fee and no-minimum balance high-interest RRSP.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Interest is calculated on the daily closing balance at the applicable rate tier and paid on the last day of the month, for the period beginning on the last day of the previous month and ending on the second last day of the month.
No monthly fee.
No minimum contribution.
Manage your money by phone, through online banking and a mobile app.
Other RRSP investment options include the Motive® RRSP GIC, available in one to 10-year terms.
Service fees are listed online.
Free withdrawals and deposits.
$50 fee to transfer your RRSP to another bank (transferring in another is free).
$50 fee to close the account within one year of opening.
No minimum balance is required.
Eligible for CDIC deposit insurance.
Motive Financial products are not available to Québec residents.

Motive Financial TFSA Savings Account

Interest Rate

3.20%

No minimum balance required
Bonus Offer

N/A
Monthly Fee

$0

Earn interest at a competitive rate on this no-fee and no-minimum balance high-interest TFSA.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

3.20% variable interest rate. Interest is calculated on the daily closing balance at the applicable rate tier and paid on the last day of the month, for the period beginning on the last day of the previous month and ending on the second last day of the month.
No monthly fee.
Withdrawals can be deposited into a Motive Savings or Motive Chequing account, a no-fee chequing account that earns 0.15% interest.
Manage your money by phone, through online banking and a mobile app.
Other TFSA investment options include the Motive® TFSA GIC, available in one to 10-year terms.
Service fees are listed online.
Free TFSA withdrawals and deposits.
$50 fee to transfer your TFSA to another bank (transferring in another TFSA is free).
$50 fee to close the account within one year of opening.
No minimum balance is required.
Eligible for CDIC deposit insurance.
Motive Financial products are not available to Québec residents.