Motive Savvy Savings Account
As of October 22, 2026, the Motive Savvy Savings Account pays 3.00% interest on savings.
CDIC insuredRates verified October 22, 2026
Calculate your Motive Financial interest
Conditions: Zero monthly fee; 2 free monthly outgoing transfers ($5 after)
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Key account terms
Motive Financial is an online banking division of Canadian Western Bank known for consistently offering one of the highest non-promotional savings rates in Canada.
- Monthly fee
- $0
- Minimum deposit
- $0
- Transactions
- 2 Free/Mo
- Transfer speed
- 1-2 Days
Pros and considerations
What we like
- Consistently competitive regular rate
- Backed by Canadian Western Bank
- No minimum deposit requirement
- CDIC deposit protection
Watch out for
- Only 2 free outgoing transactions/month ($5 fee after)
- No physical branches
- Transfers take 1–2 business days
Frequently Asked Questions
Everything you need to know about Motive Financial's savings rates, terms, and account features.
Who owns Motive Financial?
Motive Financial is an online banking division of Canadian Western Bank (a federally regulated Schedule I Canadian bank).
Are deposits at Motive CDIC insured?
Yes, eligible deposits are protected up to $100,000 per category through Canadian Western Bank.
How is interest calculated and paid on the Motive Savvy Savings Account?
Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.
Can I withdraw my money from Motive Financial at any time?
Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.
How is interest earned at Motive Financial taxed in Canada?
In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). Motive Financial will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.
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