Canadians - any Tangerine users out there?

[SK Joyous]

Hey out there!

I am thinking of switching my savings account to Tangerine (mainly because I do keep large-ish amounts of rotating money through my savings, and their savings account rate is about 4x the usual savings account rate), but also considering their fee-free chequing account as well.

Are any of you Tangerine customers, and if so how do you like it?  Is purely online banking convenient for you?

Specific questions:

• the five-day hold on deposits; inconvenient for anyone?

• transfers from your other account to Tangerine - easy/fast?

• Any issues with an online-only bank (as opposed to having a brick-and-mortar location to go to with issues?

• Have any of you linked Questrade or brokerages to a Tangerine account, and does it work as well as conventional?

Any input is appreciated!

Thank you!
[/list]

[swick]

Tangerine rates aren't as great as they once where as ING - and I have been a customer for oh probably 7 or so years (or more) That being said I love them and haven't really noticed a difference in customer service since the take over.

We have our mortgage through them, you can't really beat the repayment terms if you are interested in paying it back as fast as you can. We also get direct deposit for paycheques and use Tangerine for most of our banking.

As far as your specific questions:

Are any of you Tangerine customers, and if so how do you like it?  Is purely online banking convenient for you? I love it, saves a lot of time.

Specific questions:

    the five-day hold on deposits; inconvenient for anyone? I haven't really noticed this at all, so obviously hasn't been an issue for us.

    transfers from your other account to Tangerine - easy/fast? Easy and fast it all links up. Only problem I had was when my CU had changed all the account numbers around and they had to put a deposit through manually and charged me for it - but that wasn't Tangerines fault.

    Any issues with an online-only bank (as opposed to having a brick-and-mortar location to go to with issues? I have used Tangerine customer service multiple times through dealing with our mortgage and also when my card was lost and I needed a replacement. They have always offered awesome phone support.

    Have any of you linked Questrade or brokerages to a Tangerine account, and does it work as well as conventional? The only thing I have noticed, and I just set up questrade is it has to be set up through Tangerine as a "bill Payment" which is a bit different from the major banks. but I did this and confirmed with Questrade that my account was funded so haven't noticed any issues yet - I will definitely update if any problems arise. so far so good.

If you have any questions, I'm happy to help if I can :) and if you do want to register and feel like using it,  here is my orange key  : 13898399S1

[Lynne]

Tangerine is awesome.  I closed my credit union account last year and now bank purely with Tangerine.  No issues with that so far, but I mostly only used ATMs even when I did have a bricks-and-mortar bank, so no behaviour change for me really.  Except I use ATMs even less now because when I get a cheque I can deposit it via the app, and I rarely need to get cash.  The app is pretty functional and user-friendly.

Questrade I just set up as a bill payment, and I've transferred money to them plenty of times with no problems.

[Lynne]

Also, there's a hold on cheques, but not payroll deposits.  Same as other banks in my experience, the only difference being I don't think you can get an overdraft with Tangerine, and I used to have a fairly large overdraft that meant (in effect) almost any cheque I deposited was available immediately.

Officially Tangerine only gives you access to $100 of a cheque until it actually goes through, but I've deposited cheques > $500 and gotten access to the money right away, so they seem to have higher limits than that in practice.  Though maybe it's not the same limit for all customers.

ETA:  almost forgot, there is a $250 "oops protection" overdraft for all customers;  they just don't call it an overdraft and I don't think you can raise it.

[Prairie Stash]

Tangerine is nice. I use it and RBC, not much difference. Savings account is similar, both over 1%, not like the old days of 4%.

Where do you bank now? There's several options in SK for free banking.

[SK Joyous]

Thanks for the answers everyone! I will definitely consider switching, it sounds like not much of a change in function.  Prairie Practicality - yes on the free chequing, I am currently with TCU with free chequing (and I know Conexus has as well), but nobody seems to be able to match the interest rates in the straight savings account, and I was just thinking if I switched the savings to there I may as well go whole-hog and switch chequing too.

[sleepyguy]

I think once you're above 25k or is it 50k? you are better off going with TD or another brokerage.  The lower commissions (and options of funds) outweigh the $10/trade fee.

That being said, tangerine is FANTASTIC to start out.

[SK Joyous]

I think once you're above 25k or is it 50k? you are better off going with TD or another brokerage.  The lower commissions (and options of funds) outweigh the $10/trade fee.

That being said, tangerine is FANTASTIC to start out.

Hi sleepyguy,

Sorry, you must have misunderstood - I am just talking about Tangerine chequing and savings, not investments of any kind.  I use Questrade for my investing.

[Prairie Stash]

Howdy neighbor, its funny running into people from the same town.

Tangerine is at 1.05%, 2.5% on new deposits till March 31.  PC financial, at Superstore is at 1.05% (2.5% for new deposits). With PC you also get kick backs of free groceries. Both are subsidiaries of the big 5. I would actually recommend starting accounts at both, for free, just to see what each is like.

For reference my RBC savings is 0.80% (on all amounts). They do better than tangerine or PC on satisfying every single need. If one stop shop is important they're great.

[Zikoris]

I like Tangerine and use them as my main bank (PC being the other). That said, they do seem to be moving towards a model that includes bank fees. I'll bail the second they charge me a cent.

[SK Joyous]

Hi Prairie Stash! I think there are a few of us on here (any correlation between our ability to put up with our weather and stoicism...hmmm...).  You're correct, I should look at PC financial as I do shop at the Rochdale Superstore, use the points, etc - good idea, thanks!  And I'm with you Zikoris, I will never pay banking fees again - having the taste of no fees for the past year has just been too sweet!

[daverobev]

Not Tangerine, we use PCF. We just opened the instant savings account with crappy 1.05% simply to hold short term slush.

Both Tangerine and PCF regularly do "bonus x.y% on NEW FUNDS" and it's the NEW FUNDS that is annoying; eg, if you have 10k in your account on the 31st of December, and pay a load of bills on the 1st of Jan, and the offer is NEW FUNDS from the closing balance on the 31st of Dec.. you've had it, no bonus on anything less than a total balance of $10k. Which has happened to us a couple of times and it sucks.

Anyway.

I'd suggest one of the smaller banks or credit unions. For example, Achieva has an interest rate of 1.85%. I have a referral code there if you feel like opening an account - "V933986701". They also give you $1 a month for having electronic statements. Apply http://achieva.ca/Home/ApplyforanAccount/NewCustomers.aspx

Another alternative is People's Trust (no referral), which has a rate of 1.8% for unregistered, and 2.5% for their TFSA. http://www.peoplestrust.com/en/

If you DO go the Tangerine route, then make sure you either get a referral 'Orange Key' or use the default one to get $50 - there are a few bonuses at the moment - see http://forums.redflagdeals.com/tangerine-50-free-promo-extended-easy-extra-250-a-1641793/

[rhamersma]

I have a special Orange Key that gives $100 to new accounts because I have been with Tangerine (and formerly ING) for so long. My Orange Key is 17321705S1 - it is good until May 31, 2015.

[Jschange]

Good work swick, getting your orange key in first :) OP, using an orange key rewards both you and the referrer. (I'm happy to share mine if another reader wants to give me money)

I've also been with ING/tangerine for many years. There was a year during the transition when service was poor, but I'm back to being highly satisfied. I tried PC and loathed it. Tangerines reps have good product knowledge without being pushy. Advertised wait times for bill payments and account transfers are standard. In reality they seem to work faster. I currently have a TFSA and chequing account and don't have any other accounts. I get my cash from Scotia machines or cashback. Today was the first time in about 3 years that I used an atm that charges fees. I'm really annoyed about doing it. I know people who use the cheque deposit photo app without issue.

If you deposit cheques and need money, they will release it earlier with a phone call - maybe because I have the funds in my tfsa, or my history as a customer. Same as other banks.

Have fun researching

[Ottawa]

If you have any questions, I'm happy to help if I can :) and if you do want to register and feel like using it,  here is my orange key  : 13898399S1

Hey, swick - I just used your code, hope we all win! 

Here is my orange key if someone wants to pay it forward: 43684467S1

edit to add orange key!

[swick]

If you have any questions, I'm happy to help if I can :) and if you do want to register and feel like using it,  here is my orange key  : 13898399S1

Hey, swick - I just used your code, hope we all win! 

Here will be* my orange key if someone wants to pay it forward:

*one I get one!

Awesome, thanks! I'll keep an eye out  to see when it goes through :)

[fb132]

the five-day hold on deposits; inconvenient for anyone? Not for me.
transfers from your other account to Tangerine - easy/fast? Pretty fast, when I transfer money from Tangerine to my RBC, it usually takes about 1 day (unless it's the weekend).
Any issues with an online-only bank (as opposed to having a brick-and-mortar location to go to with issues? I have had no issues
Have any of you linked Questrade or brokerages to a Tangerine account, and does it work as well as conventional? Can't say I tried

Overall, I would say Tangerine is a good bank, I love it because in Quebec, we don't have much choices in chosing a bank and there are only very few that give free withdrawals. I am also with RBC, but I only get 10 free transactions per month...with Tangerine, I don't need to count how many withdrawals I made in the current month. So both compliment each other very well.

[Ottawa]

If you have any questions, I'm happy to help if I can :) and if you do want to register and feel like using it,  here is my orange key  : 13898399S1

Hey, swick - I just used your code, hope we all win! 

Here is my orange key if someone wants to pay it forward: 43684467S1

Awesome, thanks! I'll keep an eye out  to see when it goes through :)

All has gone through on my end as of today...seems there was some new 5 business day hold even after the cheque clears...I'll be interested to see how fast you get the referral!  :-)

[swick]

If you have any questions, I'm happy to help if I can :) and if you do want to register and feel like using it,  here is my orange key  : 13898399S1

Hey, swick - I just used your code, hope we all win! 

Here is my orange key if someone wants to pay it forward: 43684467S1

Awesome, thanks! I'll keep an eye out  to see when it goes through :)

All has gone through on my end as of today...seems there was some new 5 business day hold even after the cheque clears...I'll be interested to see how fast you get the referral!  :-)

Go it, Thanks Ottawa! Was a nice little bonus :)

[FrugalFan]

FYI, I've just been switching all savings to Hubert. Pays 1.9% and linking accounts is easy, but automatic transfers are not easy to set up (need to print a snail mail forms for initial set up, but can be changed by email thereafter). They said they are working on revamping this when I complained. 

[urover]

Anyone still have an Orange Key here?

[Zikoris]

Anyone still have an Orange Key here?

I do! 34704816S1

[urover]

Anyone still have an Orange Key here?

I do! 34704816S1

Excellent! Is that for $50 or more

[Zikoris]

Anyone still have an Orange Key here?

I do! 34704816S1

Excellent! Is that for $50 or more

I believe $50.

[forumname123]

I'm a huge Tangerine fan and I've been trying to sway a few of my financially inept friends to switch, but apparently saving $10/month and getting $50 free isn't worth the hassle of opening a different account...

Here's my orange key in addition to the others above if anyone wants to spread the joy around: 42126109S1

[urover]

Anyone still have an Orange Key here?

I do! 34704816S1

Excellent! Is that for $50 or more

I believe $50.

Just used yours to sign up. It'll be a while before I can activate my account and deposit money into it (est. a week). Thanks!

[Houston]

I'm a huge Tangerine fan and I've been trying to sway a few of my financially inept friends to switch, but apparently saving $10/month and getting $50 free isn't worth the hassle of opening a different account...

Here's my orange key in addition to the others above if anyone wants to spread the joy around: 42126109S1

Thanks everyone for this helpful thread. I just signed up and use your code forumname123 keep your eyes peeled for some $ in a few weeks.

If anyone wants to continue to spread the love: 48235796S1

[forumname123]

I'm a huge Tangerine fan and I've been trying to sway a few of my financially inept friends to switch, but apparently saving $10/month and getting $50 free isn't worth the hassle of opening a different account...

Here's my orange key in addition to the others above if anyone wants to spread the joy around: 42126109S1

Thanks everyone for this helpful thread. I just signed up and use your code forumname123 keep your eyes peeled for some $ in a few weeks.

Whoa, thank you Houston! I noticed a $50 referral deposit in my account a few days ago but had no idea who it came from. Much appreciated!

[daverobev]

I signed up with Zikoris' key; if anyone wants to 'referral chain', my key is 48322202S1