The Motive Savvy Savings Account is pretty basic as far as features go – but it makes up for it with its high interest rate and overall lack of fees. Currently at 2%, this is one of the best high interest savings accounts you can get right now in Canada.
Not only will you earn impressive interest on your savings, but the unlimited transactions and Interac e-Transfers mean you can access and/or spend those savings any time you want. Unfortunately, this account is currently unavailable in Quebec.
What you get with the Motive Savvy Savings Account
What will you get with this Motive Financial savings account?
Verified on September 11, 2025
Why You Want It
One of the best interest rates available at 2% + Free transactions.
Special Features
- Valuable high interest rate
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Interest Rates
$1 - $5,000,000
2%
$5,000,000.01
0.5%
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Our rating for the Motive Savvy Savings Account: 1.4 stars
The Motive Savvy Savings Account is a great choice if you’re only looking for a high interest rate and aren’t worried about the bells and whistles other accounts can get you. You’ll get a high 2% rate on every $1 you save, and it never costs you anything to put more money in or take money out.
You're out of luck if you live in Quebec, though, and it seems that Motive does a hard credit check when processing your account application. We're not sure why this happens, but if you're working on your credit, this is a big thing to be aware of.
Learn more about our rating methodology.
What's good about the Motive Savvy Savings Account
What is there to love about this high interest savings account?
Pros
A high 2% interest rate
The Motive Savvy Savings Account has an incredible 2% max interest rate, which is one of the highest savings account rates available in Canada. All balances under $5,000,000.01 earn this rate – and, really, if you have more than that in your account, you're better off with another type of investment account anyway.
Unlimited transactions and Interac e-Transfers
This account used to be capped at only 2 transactions per month, but it's been upgraded so there are no longer any restrictions on your transactions. Interac e-Transfers are included in this too, so feel free to send and receive as many as you like.
What to watch out for with the Motive Savvy Savings Account
And here are a few things you may want to consider.
Cons
Application requires a hard credit check
Several users have reported that Motive performed a hard credit check as part of their application process. This can be a significant concern for anyone working on improving their credit score, so be wary.
Unavailable in Quebec
Unfortunately, residents of Quebec aren't eligible for this account. There's always hope that this could change in the future, but it's a disappointing reality at the moment.
Your savings calculator
Want to know how much interest you could earn at a 2% rate?
Plug in what you’re expecting to put away and for how long, and see for yourself:
Savings Info
Have a goal in mind? Here’s a calculator you can use to see how long it’ll take to get there:
Savings Goal Info
Best alternatives to the Motive Savvy Savings Account
So how does this account stack up against other high interest savings accounts in Canada?
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Motive Savvy Savings Account frequently asked questions
Does the Motive Savvy Savings Account have any fees?
This account doesn't have any monthly fees, nor are there fees for making deposits. Account holders used to be limited to 2 withdrawals per month before being charged for each transaction, but now the transactions are free and unlimited.
Is Motive Financial safe?
Yes, Motive Financial is a safe bank. As a division of Canadian Western Bank (which has now been bought by National Bank), Motive Financial is CDIC insured and backed by all the safety and security precautions of a large bank.
What’s the Motive Savvy Savings Account’s interest rate? Is it good?
This account boasts a very appealing 2% interest rate, which is one of the highest available in the country. Keep in mind, though, that it's only available on balances under $5,000,000.01..
Can I make Interac e-Transfers with the Motive Savvy Savings Account?
Yes, Interac e-Transfers are allowed with this account. In fact, there aren't any transaction limits at all with this account, including sending and receiving Interac e-Transfers. This is a big benefit to having this account.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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