What are the free ways to move money from accelerate to my tangerine? | AcceleRate Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
What are the free ways to move money from accelerate to my tangerine?
July 19, 2022
8:20 pm
piggybank
British Columbia
Member
Members
Forum Posts: 127
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

Tangerine is offering me 3.0% (until nov 30). I want to move my money from 2.6% Accelerate to Tangerine. What are the free ways of doing this?

July 19, 2022
8:27 pm
piggybank
British Columbia
Member
Members
Forum Posts: 127
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

I'm reading https://www.acceleratefinancial.ca/service-solutions/fees

It says

First cheque, Interac direct payment or electronic funds withdrawal per calendar month. -- Free

What is an Interac direct payment?

What is an electronic funds withdrawal? And how do I do that in my situation with Tangerine?

July 19, 2022
8:50 pm
MG
Member
Members
Forum Posts: 267
Member Since:
February 16, 2013
sp_UserOfflineSmall Offline

piggybank said
I want to move my money from 2.6% Accelerate to Tangerine. What are the free ways of doing this?  

Hi piggybank! Have you set up a link from your Tangerine account to Accelerate? Usually you provide the institution number, transit and account number and Tangerine does a micro deposit that you subsequently confirm. I used to have an Accelerate account and had the link from Tangerine. If so, you should be able to "pull" the funds from Accelerate into Tangerine. Interac direct payment is generally for transfers of funds less than $3,000 - so if you have more, it is quite inefficient. It is done by email, meaning you email the money to yourself from Accelerate and deposit it to yourself at Tangerine. If you have any cheques from Accelerate, you can also write a cheque and deposit it to your Tangerine account.

I ended up closing my account at Accelerate as they were not competitive for a 2 year period and I had too many HISAs. I don't recall if I could do a withdrawal/transfer directly to Tangerine from Accelerate - I don't think I could and had to pull from Tangerine.

July 19, 2022
9:00 pm
Norman1
Member
Members
Forum Posts: 6862
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I think the AcceleRate Savings account comes with free cheques. The institution number, transit, and account number needed would be on those cheques.

Interac Direct Payment is in-person payment by debit card.

July 19, 2022
9:16 pm
piggybank
British Columbia
Member
Members
Forum Posts: 127
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

I never got a plastic card from accelerate. It's been a number of years since I've opened The account with them. Perhaps I opted not to receive a card. I think I also opted not to receive any checks from them.

Anyway I appreciate knowing that the electronic funds withdrawal is something that I initiate from within my tangerine account. I have just inputted my accelerate account details into the tangerine app. It says I should see the micro deposits in 2 days

Thank you Norman1 and MG

July 19, 2022
10:36 pm
piggybank
British Columbia
Member
Members
Forum Posts: 127
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

MG said

I ended up closing my account at Accelerate as they were not competitive for a 2 year period and I had too many HISAs.

What does too many Savings accounts mean? What's wrong with having many savings accounts?

July 20, 2022
7:40 am
JohnnyCash
Member
Members
Forum Posts: 257
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

piggybank said

MG said

I ended up closing my account at Accelerate as they were not competitive for a 2 year period and I had too many HISAs.

What does too many Savings accounts mean? What's wrong with having many savings accounts?  

When you have 14, it starts to get silly. Some of them have become total duds and it maybe time to shut them down, LBC Digital, B2B and Canadian Tire Bank come to mind.

July 20, 2022
7:58 am
Bill
Member
Members
Forum Posts: 3958
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

I've had lots of accounts for years, listed on a spreadsheet. Zero maintenance except every January I transfer $10 to any I haven't used, the next year I transfer it back if still unused, and so on, just to keep them alive (I agree, that ties up a few bucks earning little or nothing). For example, Simplii & Canadian Tire had been unused for years but in the last couple of years their rates were competitive at times so I used them. For me a lot easier than opening and closing accounts based on current rates.

July 20, 2022
8:13 am
blake
Member
Members
Forum Posts: 56
Member Since:
December 29, 2021
sp_UserOfflineSmall Offline

Accelerate gives you free cheque’s.
Accelerate gives you a no charge “cheque only” once a month.
But a withdrawal like a bill payment ie CRA they charge $1, is not free.
I use their push pull and I believe all my pushes cost $1

Why worry about $1 when you are moving to a higher rate?

Accelerate (& Hubert) has good and bad. Use them for what best benefits you. Personally, I have been phasing them out and that may get stepped up when Accelerate and Hubert merge.

July 20, 2022
5:05 pm
piggybank
British Columbia
Member
Members
Forum Posts: 127
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

blake said
Accelerate gives you free cheque’s.
Accelerate gives you a no charge “cheque only” once a month.
But a withdrawal like a bill payment ie CRA they charge $1, is not free.
I use their push pull and I believe all my pushes cost $1

Why worry about $1 when you are moving to a higher rate?

Accelerate (& Hubert) has good and bad. Use them for what best benefits you. Personally, I have been phasing them out and that may get stepped up when Accelerate and Hubert merge.  

Why pay $1 to transfer when there are free options?
What would you say are the good and bad of accelerate and Hubert?

Please write your comments in the forum.