Moving away from big banks | General comparisons | Discussion forum

matthis said
I’ve got about 80k in GICs maturing at big 5 banks, and I’m thinking of moving the money to an online bank for the no fees and better savings rates.
Right now, Tangerine and Simplii have some pretty solid promo rates for the first 5 months, so I’m considering starting there. After that, I might move the money again to somewhere like Saven or Oaken for a non-promo higher rate.

Any thoughts or suggestions? Thanks a lot!  

Do both new client offers at Tangerine and Simplii, start with Tangerine first as their external account linking process is superior to Simplii's. If you're lucky, you'll get ongoing offers from both allowing you to shift your funds back and forth.

I'd suggest keeping at least one relationship with a full-service bank or credit union, ideally one with a local branch and either no fees or avoidable fees. Pay attention to fee waiver conditions.

With only online banks, it can be slow or frustrating to do things in a timely manner. You don't have to keep a lot of cash in the full-service option.