Author Topic: Anyone using Tangerine in Canada?  (Read 7316 times)

scottish

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Anyone using Tangerine in Canada?
« on: February 01, 2015, 09:11:11 AM »
This is a new 'virtual' bank owned by the Bank of Nova Scotia.

Their fees (very few) and interest rates (1.3%) look very good for a bank.

We used to have a savings account with Ally that actually paid interest.    They were acquired by one of the big banks which quickly put an end to this practice.  :-(

Anyway my daughter will be going away to university next year, and I'm thinking this could be a good option.

Al1961

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Re: Anyone using Tangerine in Canada?
« Reply #1 on: February 01, 2015, 09:30:15 AM »
This used to be ING Direct Canada until it was sold to BNS.

Yes, they still pay 1.3% on savings accounts (there's some promotion  on at the moment that pays another 1% until the end of March). You have to link the account to a mainstream bank account to move money in. Can withdraw from pretty much any bank machine, but there may be charges for this - ING used to reimburse for two cash withdrawals/month.

It's OK, but not terribly convenient if you have a lot of transactions.

I have an account there, but it's pretty much just a bucket for accumulating next year's TFSA money....

Al


beee

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Re: Anyone using Tangerine in Canada?
« Reply #2 on: February 01, 2015, 12:53:45 PM »
I switched to Tangerine.
Described my experience in this topic:
http://forum.mrmoneymustache.com/share-your-badassity/hacking-the-system-(canada)/

plainjane

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Re: Anyone using Tangerine in Canada?
« Reply #3 on: February 01, 2015, 01:04:59 PM »
I have my emergency fund & mortgage with them.  No complaints - I especially like how easy it is to snowball the mortgage.  But I have no idea how good they are as a day-to-day.  It would make sense if they let you use BNS ATMs for free (I think they used to have a deal with the credit unions, but that went away with the takeover).

Honestly, if I was starting out again, I'd look at PC Financial. Especially if she is going to live near a Loblaws/No Frills (or other associated brand) grocery.

subbs

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Re: Anyone using Tangerine in Canada?
« Reply #4 on: February 01, 2015, 01:38:04 PM »
The one fund solution that Tangerine offers is absolutely fantastic to the unaware investor.

1.07% MER on your TFSA and RRSP.  Quarterly Balancing and Pays out Dividends.  All based on risk level of course.

2nd good thing.

Free $50 dollars to sign up.  $25.00 more dollars after 90 days.  You also get an orange Key, so if someone else signs up you get more free money.

Another good spot to check out is:

www.reddit.com/r/PersonalFinanceCanada/

to answer more specifics about student loans and good banks etc...


beee

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Re: Anyone using Tangerine in Canada?
« Reply #5 on: February 01, 2015, 01:45:57 PM »

KMMK

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Re: Anyone using Tangerine in Canada?
« Reply #6 on: February 01, 2015, 03:18:35 PM »
Tangerine is good- I've used them for years. But I'd probably go with PC Financial instead. Also check out local credit unions. This will vary between provinces but here in MB there are two credit unions that give good savings account rates.

scottish

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Re: Anyone using Tangerine in Canada?
« Reply #7 on: February 05, 2015, 04:59:25 PM »
The Tangerine website says that you can use BNS machines for free.

What's the advantage of PC Financial?    Is it just that they have ATMs in Loblaws stores?

daizy744

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Re: Anyone using Tangerine in Canada?
« Reply #8 on: February 05, 2015, 10:10:19 PM »
I use Tangerine exclusively for day-to-day transaction. I was with ING for years before too. I do all banking online and I can use the ScotiaBank ATM down the road to withdraw. I can deposit cheques by taking a picture with my phone, pay my bills, and do free money transfer. I set up "bill payments" to transfer money to my investment account at TD.  Very satisfied client here!

FrugalNerd

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Re: Anyone using Tangerine in Canada?
« Reply #9 on: February 08, 2015, 11:01:55 PM »
You can also count me as a very satisfied Tangerine customer. I initially switched to then-ING for my main checking account because of the lack of monthly fees. All banking, as many transactions as you want, are free, and you can indeed use Scotia Bank ATMs for withdrawals or deposits.

Another advantage for me is that most of my family/friends also use Tangerine, so when we need to send money to each other electronically (via email money transfer) it is free as well. You can send free transfers to non-Tangerine accounts, but that can take 1-2 days, or pay a $1 fee to use the Interac email money transfer system.

rocketpj

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Re: Anyone using Tangerine in Canada?
« Reply #10 on: February 10, 2015, 10:51:10 AM »
I have had an ING/Tangerine account for about 10 years.  When I opened it it was only to create a separate savings account that was 'outside the books' of our day to day lives, where I could stash a small inheritance until we figured out what to do with it.  Since then I've used it to set aside money for things like a 40th birthday gift to my wife (who has no interest or idea how to log into that account).

I opened up my kids' savings accounts there, mostly because they had a 'deposit a minimum of $100 and leave it for a year then get a bonus $50' thing, which helped motivate my then 6 year old to leave his money alone for a year (while also adding most of his allowance each week).  That has worked out nicely for him over the years, as he has been able to watch his money grow while also make complex choices about the things he wants to buy.

We also use their TFSA funds as a part of our stache, though only a small portion.

plainjane

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Re: Anyone using Tangerine in Canada?
« Reply #11 on: February 11, 2015, 05:00:47 AM »
What's the advantage of PC Financial?    Is it just that they have ATMs in Loblaws stores?

The base interest rate for savings is generally higher than for Tangerine, you have access to CIBC ATMs, and you get PC Points for grocery purchases with the general daily account.

Prairie Stash

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Re: Anyone using Tangerine in Canada?
« Reply #12 on: February 11, 2015, 09:48:38 AM »
Tangerine, PC Financial and RBC. I have multiple accounts; they're all free of service charges.

Tangerine for 10 years (ING) because they had excellent rates before anyone else. I remember 4.5% on savings accounts.
PC Financial for free groceries. PC MasterCard is pretty nice, 1% cash back which is good for Canada.
RBC because I've been there for 20 years. $9.95 trades, cheap flexible  mortgage, lots of ATM's.

beee

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Re: Anyone using Tangerine in Canada?
« Reply #13 on: February 11, 2015, 10:06:37 AM »
Quote
1% cash back which is good for Canada.

ScotiaBank offers 4% on groceries/gas cashback, 2% on recurring payments, 1% on everything else credit card.
I switched to it from RBC MasterCard.
You can also get $100 amazon credit if you apply through scotiabank affiliate (see the link to my topic earlier in this thread).

scottish

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Re: Anyone using Tangerine in Canada?
« Reply #14 on: February 11, 2015, 03:23:25 PM »
4% on groceries?   Really?   That's pretty much our biggest single expense since we have a teenage boy in the family.   This I will check out.

beee

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Re: Anyone using Tangerine in Canada?
« Reply #15 on: February 11, 2015, 03:32:01 PM »

plainjane

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Re: Anyone using Tangerine in Canada?
« Reply #16 on: February 17, 2015, 09:17:01 AM »
Right now, with Tangerine's interest promo on new deposits, and the recent BoC rate drop, the rate on my mortgage is lower than the rate they're  paying out.

I was planning on making a lump sum payment on the mortgage (I want to have it gone before a round number birthday), but I guess I'll wait until April.

beee

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Re: Anyone using Tangerine in Canada?
« Reply #17 on: February 17, 2015, 10:00:26 AM »
Quote
the rate on my mortgage is lower than the rate they're  paying out

if your savings are growing tax-free, then yes
otherwise, taxes will eat your profit and more

plainjane

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Re: Anyone using Tangerine in Canada?
« Reply #18 on: February 17, 2015, 11:10:53 AM »
Quote
the rate on my mortgage is lower than the rate they're  paying out
if your savings are growing tax-free, then yes
otherwise, taxes will eat your profit and more

Exceptionally good point.  I shall adjust accordingly.

beee

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Re: Anyone using Tangerine in Canada?
« Reply #19 on: February 17, 2015, 11:36:47 AM »
We decided to maximize our rrsp and tfsa first (about 90k, tangerine balanced growth portfolio), then pay off the mortgage (56k left, 2.45%).
Then I'll probably switch to etfs.
« Last Edit: February 17, 2015, 11:38:31 AM by ildar »