Best Motive Financial GIC Rates for January 2025
Jan 15, 2025Motive Financial GICs offer competitive interest rates in registered and non-registered plans, though at a steep minimum deposit requirement than other online banks.
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 Jan. 15, 2025.
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 | 3.55% | 3.55% | 3.55% |
2 Year | 3.40% | 3.40% | 3.40% |
3 Year | 3.45% | 3.45% | 3.45% |
4 Year | 3.40% | 3.40% | 3.40% |
5 Year | 3.40% | 3.40% | 3.40% |
6 Year | 3.40% | 3.40% | 3.40% |
7 Year | 3.40% | 3.40% | 3.40% |
8 Year | 3.40% | 3.40% | 3.40% |
9 Year | 3.40% | 3.40% | 3.40% |
10 Year | 3.40% | 3.40% | 3.40% |
The best Motive Financial GIC rates
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Product detailsWhat 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 2025.
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.
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