Maximizing Your Savings: How to Make the Most of Motive Savvy Savings Account

Introduction

Saving money is never easy, but it’s definitely worth it. Whether you’re saving for a big purchase or just building up your emergency fund, having extra cash on hand can be a lifesaver in many situations. That’s where the Motive Savvy Savings Account comes in. In this article, we’ll explore how you can make the most of this account to maximize your savings potential.

Understanding Motive Savvy Savings Account

Motive Savvy Savings Account is an online savings account offered by Canadian Western Bank’s Motive Financial subsidiary. Unlike traditional savings accounts, this account offers a high-interest rate on your deposits, allowing you to earn more money on your savings.

The Benefits of Motive Savvy Savings Account

One of the biggest benefits of Motive Savvy Savings Account is its high-interest rate. As of September 2021, the account offers a 1.55% interest rate, which is significantly higher than most traditional savings accounts. This means that you’ll earn more money on your deposits, helping you reach your savings goals faster.

Another benefit of the account is its flexibility. You can withdraw your funds at any time without facing penalties or fees, making it a great option for both short-term and long-term savings goals.

How to Open a Motive Savvy Savings Account

Opening a Motive Savvy Savings Account is easy and can be done entirely online. All you need to do is visit the Motive Financial website and follow the instructions. You’ll need to provide some personal information, such as your name and address, as well as your banking information to link your account.

Maximizing Your Savings with Motive Savvy Savings Account

Now that you have a better understanding of Motive Savvy Savings Account and its benefits, it’s time to start maximizing your savings potential. Here are a few tips to get started:

Set a Savings Goal

Before you can start saving, you need to know what you’re saving for. Whether it’s a down payment on a house, a new car, or a dream vacation, setting a specific savings goal can help you stay motivated and focused.

Automate Your Savings

One of the easiest ways to save money is to automate your savings. Set up automatic transfers from your checking account to your Motive Savvy Savings Account on a regular basis. This way, you won’t have to think about saving money – it will happen automatically.

Take Advantage of Bonus Interest Rates

Motive Savvy Savings Account offers bonus interest rates on certain deposits, such as new funds or certain promotional periods. Be sure to keep an eye out for these bonus rates and take advantage of them when they’re available.

Keep Your Savings Separate

It’s easy to spend money that’s sitting in your checking account. To avoid this temptation, keep your savings separate in your Motive Savvy Savings Account. This will help you stay focused on your savings goals and avoid unnecessary spending.

Conclusion

Maximizing your savings potential can be challenging, but with Motive Savvy Savings Account, it’s easier than ever. By understanding the benefits of the account and implementing a few simple saving strategies, you can reach your savings goals faster and with less stress. So what are you waiting for? Open a Motive Savvy Savings Account today and start saving!