LDC at 3.3% VS. Tangerine 2.75% + $25 cashback? | General comparisons | 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
LDC at 3.3% VS. Tangerine 2.75% + $25 cashback?
December 6, 2019
7:59 am
MsYVR
Member
Members
Forum Posts: 3
Member Since:
December 3, 2019
sp_UserOfflineSmall Offline

Hello everyone,

I'm new here, but first of all, I'd like to give you all a huge thanks. I stumbled across the forum a few days ago and it's been so helpful.

I'm looking to transfer my savings from Vancity (where I'm getting 0.75%) to either a new savings account at Laurentian (currently 3.3%) or Tangerine (2.75% for 6 months). The only reason why I'm considering Tangerine is that I've seen somewhere here on HighInterestSavings.ca that Tangerine is giving $25 cash-back for new accounts. If I were to go that option (TG), I'd then close my account with then when the 2.75% ends, and will transfer funds to a better option.

However, I've read lots of stories here about troubles with contacting customer service at Tangerine. And I've never dealt with Laurentian before.

Can anyone provide me some insight? One key thing for me is that I need to be able to access the funds online (via Interac Transfer) very quickly should the need arise. In other words, I can't be in a situation where I'm made to wait three days to be able to withdraw funds. I also want to be able to talk to someone in Customer Service if needed.

Again, thank you very much!

December 7, 2019
7:57 am
Nehpets
Ontario
Member
Members
Forum Posts: 712
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

MsYVR said
......
I'm looking to transfer my savings from Vancity (where I'm getting 0.75%) to either a new savings account at Laurentian (currently 3.3%) or Tangerine (2.75% for 6 months). ..... 

Hello MsYVR and welcome to the Forum!

Dealing with Tangerine has been a nightmare for me with misleading claims and statements made by CSR's leading to unfulfilled promises, with no recourse nor accountability, not to mention their targeted promos that seem to favor only a few.

I have no first hand experience with Laurentian, which has not been a major player in the high interest market in the past with limited history regarding quality of service.

If you're looking for a high interest savings account, have you looked at Motive Financial, the online division of Canadian Western Bank (CDIC) that has been paying 2.8% ?

My experience with Motive, though limited has been positive. Combined with their Cha-ching checking account provides enough flexibility to overcome charges on transfers from the savings account, and my experience has been good with their customer service.

Stephen

December 7, 2019
6:06 pm
Loonie
Member
Members
Forum Posts: 6452
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Tangerine Customer Service has deteriorated significantly in the last few years since it was acquired by Scotia. However, you could probably put up with it for six months. Their transfers and statements are are efficient.
After that, you'd have to negotiate with them every few months. You might be able to get deals for a year or two, depending on many unknowns. But even these have been harder to get lately, and the CSRs will give you misleading or incomplete info about them - intentionally or not. One positive is that you can normally get a complete statement of the Terms and ;Conditions of the offer, which can be harder to get from other banks.

My feeling is that everyone should retain one bricks and mortar financial institution. Online banking is just that. Your access to supervisory personnel is very much controlled by the phone system and internet functions. You never see a real person. If it were me, I would keep the Vancity account open, or something similar. You suggest that you will likely switch to another FI at the end of the current promos. I don't know if it's possible to use only online accounts.

I agree with Nehpets about Motive, especially as you live in the West. I would look at them. They have had a consistent rate for over a year and there is a companion chequing account.

December 7, 2019
7:28 pm
Norman1
Member
Members
Forum Posts: 3466
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I would have LBC Digital and another more-mature online bank.

My impression is that LBC Digital is still a work in progress. There have been technical glitches.

Good way to test your Equifax credit record. If there's anything off with your Equifax credit file, the on-boarding process will stumble over it.

Call centre hold times have been long. Last call through, I had to wait on hold for almost 30 minutes. I abandoned previous calls after being on hold for 15 minutes. I suspect their call centre is being overwhelmed by call volumes.

I see that market leading 3.30% being offered as including "guinea pig pay". I think it is worth it, for helping them through their growing pains. But, know what you're getting involved with: A newly-launched online-only product line.

LBC Digital is quite new. The press release announcement was November 19, less than month ago.

December 7, 2019
7:48 pm
Norman1
Member
Members
Forum Posts: 3466
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Have a look at the thread LBC Digital: Another online-only offering from Laurentian Bank group for some experiences, both positive and negative.

December 9, 2019
1:02 pm
MsYVR
Member
Members
Forum Posts: 3
Member Since:
December 3, 2019
sp_UserOfflineSmall Offline

Hello Nehpets, Loonie, Norman1,

Thank you all for your feedback, it helps me a lot. Though my savings are tiny at the moment, I've put in a lot of effort to be able to save what I've been able to, so I want to make sure they go into a financial institution where customer service, online access, etc, won't be an issue.

So, based on your feedback and my research, LBC is out of the question. They've made significant cuts to staff for reasons that don't align with my personal values.

I'm aware of the mixed reviews regarding Tangerine, but the thing is that the $25 cashback is very attractive for me in my particular situation.

That leaves me with Tangerine (because of $25 bonus/cashback) or Motive.

Oy vey... what to do, what to...sf-confused

Am open to hearing your thoughts...

December 9, 2019
1:15 pm
MsYVR
Member
Members
Forum Posts: 3
Member Since:
December 3, 2019
sp_UserOfflineSmall Offline

Oh, before I forget, in response to Loonie:

Absolutely, I will be retaining my relationship with Vancity. It's never been my intention to close my accounts with them. I have a chequing account with them, as well as a savings account, but want my money to earn more than the 0.75% I'm getting through them.

December 9, 2019
4:19 pm
Oscar
Member
Members
Forum Posts: 206
Member Since:
October 17, 2018
sp_UserOfflineSmall Offline

You should compare Simplii to Tangerine as they have a promo @ 2.8% until April 30 so there's still four and a half months left. They are generally fee free and are reliable and stable and they use CIBC ATMs .

December 9, 2019
4:36 pm
fbeaulie
Member
Members
Forum Posts: 74
Member Since:
October 5, 2016
sp_UserOfflineSmall Offline

Depending on your needs and whether or not you might have to access quickly some of that money, you have to consider whether or not features like interac e-transfer or bill payments are important to you. You should check carefully before opening an HISA if you need these features.

Some offer these features as part of their HISA and some require that you also open a chequing account (e.g., LBC/B2BBank).

Please write your comments in the forum.