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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

26 thoughts on “Motive Financial Review 2021: Online-Only Banks in Canada”

  1. Thanks Enoch. Is above 3℅ posted savings rate correct for Tangerine Bank? Thanks. –


    • @Kemi: No, need to update. Tangerine is now 2.75% for the first 6 months and 1.20% thereafter as of April 2019.

  2. Just curious. Since Motive has by far the higher interest rate why do you say that Tangerine and EQ are your favorite on line banks?

    • @Darlene: Good question. When this post was originally written, Tangerine was offering 3%. Since then, both Tangerine and Motive have updated their rates. I have been with Tangerine and EQ Bank for a while and love their service offerings. Based on the current rates, I consider Motive Financial a very good option as well.

  3. I’m a little confused about the transaction fees surrounding the savvy savings account -> “2 free transactions per month, with additional transactions incurring a $5 fee.” Are deposits into the savings account considered a transaction? Or does it mean you’re allowed 2 free withdrawals per month?

    Thanks for the help Enoch,

    • @Graham: The charges refer to withdrawals. Transaction fees are not levied on deposits. Cheers!

  4. I have been thrilled with customer service from Motive. Usually have a response within a few hours.
    Just one thing, the chequing account is not longer being offered to new customers. Maybe you can update your review. I was told that it is still listed because current customers still have it.

    • @Darlene: Thanks for the update.

  5. I’m self employed and I have a small business account with TD bank. Would it be possible to transfer money from my TD’s business account into EQ or motive checking account?

    • @Talah: Neither EQ Bank nor Motive Financial appear to have any chequing accounts designated for business purposes.
      Tangerine has business savings and GICs, however, I don’t think they offer a business chequing either.

    • Doesn’t sound like Talah is wanting a business account but just wanting to transfer money from his business account to EQ or Motive. I have been sending myself e transfers. (since my RBC account lets me send these free). When I receive it a few seconds later I deposit into my Motive account. Money it there instantly. Much quicker than transferring.

  6. Could you update this. apparently they are no longer offering the higher interest checking account. Clients who have it already can keep it but you can no longer get one.

    • Done! 🙂

    • Thanks

  7. I was trying to open a deposit account. They “decided not to go forward with my application” and didn’t even notify me about that. When I called them, they couldn’t even tell me a reason for refusing my application. Rude customer service.

  8. Can I open JUST a TFSA and have a debit card for just that?

    • @Stuart: Can’t say for sure. As per their website, you have the “ability to withdraw at any time.” Whether that includes ATM withdrawals is unclear. Best to give their customer service a call.

  9. How long do transfers take between a motive account and one of the big banks or visa versa?

    Do you know if motive will pay the transfer fee to transfer a registered account from one of the big banks?


  10. Motive’s online system is brutal. Every time I log in it locks me out and you have to wait 24 hours to reset it. They can keep my money at 2.8% but they make it too annoying to give them more.

  11. Motive may be giving a high-interest rate however there service sucks. I applied for an account on the 28 of October. I filled out the forms and included the bank account I wanted to transfer my funds from. Since this is an internet bank that is the only way I can deposit my funds. Finally, I received my codes to access my account on the 21 of November so that’s more than 3 weeks. They say they have a lot of people applying well maybe hire a few more people to process the info.

    So I logged in thinking I could transfer my funds, as I had already given my information for the account I wanted to transfer from. Guess again I now need to fill out a form with this information and sign it. I understand signing, ok, however, why fill out the information online, to begin with. Better why not fill out the form and sign it and send it to them with the original application. Wait, it gets even worse. I try to download the PDF form to fill it out and print it. The site won’t let me, customer service had to email another form to me. So I fill out the form and send it in. It is now the 23 of November and I am still waiting to be able to transfer my funds. I am sure it will take another 3 weeks for them to process this form.

    So just for fun, I tried to access their other forms on the site. Well, guess what none of them are assessable just like the transfer form. It just seems they are not really interested to have me as a client. Now Lise is saying the site freezes up I really don’t know if I should actually deposit any money in this bank I may end up making a bit more interest but never be able to get it out.

  12. Motive is a pain to setup. Very strange process asking for mail in etc. Then they just opened mine … before I sent anything in. Apart from that I dont really care about the ugly interface etc as I want interest not pretty things.

    Laurentian just upped the game with 3.3% offering.

    • Sadly, effective 1 March 2020 Laurentian lowered their savings rate from 3.3 down to 2.8 per cent.

  13. Motive has been great for me – no issues at all (started in October 2019). There was some paperwork to do but I made sure to completely and correctly fill it in (it took me longer on my end compared to their end). Once the Savvy account was opened it took only 3 days to activate a new RRSP using minimum $50 from the Savvy account. Subsequent transfers between my regular bank and Motive only takes a day maybe two (incoming/outgoing) when the cash is cleared.

  14. Motive lowered TFSA to 2.05 in May/20. Still the best full time but I’m tired of fluctuating interest and would like to invest in a safe alternative with 3.5->5% minimum interest.

  15. When did Motive reduce their Savvy Savings Account interest rate to 1.25%? I thought it was 1.55%.

    • As of today, it is 1.25%.

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