RetirEd said

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 . . .

As usual ... sound advice from RetirEd ⬆️

That's what I did too.

Dean

"b. Are registered for the offer via the campaign registration form at a TD Branch by April 30, 2026"

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.

matthis said

'Moving away from big banks'

That reminds me of myself, about 8-9 years ago.

Good Hunting❗

Dean

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.

Any thoughts or suggestions? Thanks a lot!

COIN said
Good questions. If one deposits $500,000 for 90 days the annualized rate is 4%. Any "normal" interest (if any) would be on top of that.  

Hmm, the " Cash Offer " is non-taxable ( not officially ) as TD apparently doesn't send out T5 slips for this type of promotion. That needs to be taken into consideration, as well as any potential " normal " interest. The additional variable is individual tax brackets if one were to consider the non-taxable nature of the offer. Depositing $10k seems to offer the highest return at 8%, anything more returns 4% as you mentioned.
I'm not a big fan of the delayed payout occurring up to 12 weeks after the offer period ends.

JohnnyCash said
What's the offer work out to if it were an interest rate and is the payout taxable?  

Good questions. If one deposits $500,000 for 90 days the annualized rate is 4%. Any "normal" interest (if any) would be on top of that.

F’26 Q2 Savings Deposit Offer (Terms and Conditions)
March 16, 2026 – April 30, 2026

Earn up to $5,000 in Cash with certain deposits.

The up to $5,000 cash offer (the "Cash Offer") is available to TD customers who:

a. Are Canadian residents and are the age of majority in their province or territory of residence as of March 16, 2026

b. Are registered for the offer via the campaign registration form at a TD Branch by April 30, 2026

c. Open a new TD Savings Account, either a TD ePremium Savings Account, TD Every Day Savings Account, or TD GrowthTM Savings Account ("New Savings Account") between March 16, 2026 – April 30, 2026, OR have an existing TD Savings Account, either a TD ePremium Savings Account, TD Every Day Savings Account, or TD Growth Savings Account ("Existing Savings Account"); and

d. Deposit or transfer a minimum of $10,000 or more directly into the New Savings Account or Existing Savings Account from another financial institution(s) and maintain the balance for 90 days in the account (the "Qualifying Deposit"), subject to the following:

i. The Qualifying Deposit must be in the New Savings Account or Existing Savings Account by no later than April 30, 2026.

ii. The Qualifying Deposit must be maintained in the New Savings Account or Existing Savings Account for a minimum of 90 days from May 1, 2026 – July 29, 2026.

iii. If a customer withdraws or transfers any part of the Qualifying Deposit during the 90-day period, the amount of the Qualifying Deposit will be subtracted and calculated accordingly. Should this adjustment cause the Qualifying Deposit to fall below the required minimum of $10,000, the customer will be ineligible for the offer.

iv. If a customer has multiple TD Savings Accounts, the Qualifying Deposits in the New Savings Account or Existing Savings Account cannot be combined, and the amount of the Qualifying Deposit will instead be based solely on the TD Savings Account with the greatest Qualifying Deposit.

v. For greater certainty, funds originating from an account held at TD, including, but not limited to, transfers originating from account(s) held at TD and cash withdrawn from another TD account, do not count towards the Qualifying Deposit.

The following are not eligible for the Savings Deposit Offer:

a. Customers who open a new TD Unlimited Chequing Account or TD All-Inclusive Banking Plan with a new TD Savings Account between March 4, 2026 and April 30, 2026, as part of the TD New to Bank Offer or New to Canada Banking Package Offer.

At the end of the 90-day period, the amount of the Savings Deposit Offer (maximum $5,000) will be determined according to the amount of the Qualifying Deposit at that time, based on the following chart:

Qualifying Deposit Cash Offer
$10,000.00 to $24,999.99 $200
$25,000.00 to $49,999.99 $350
$50,000.00 to $99,999.99 $500
$100,000.00 to $249,999.99 $1,000
$250,000.00 to $499,999.99 $2,500
$500,000.00 $5,000

Limit of one Savings Deposit Offer per eligible account. Limit of one Savings Deposit Offer per customer. The Savings Deposit Offer is limited to a maximum of $5,000. For any New Savings Account or Existing Savings Account that is a joint account, at least one account holder must meet the eligibility requirements.

The Savings Deposit Offer will be deposited to the New Savings Account or Existing Savings Account where the Qualifying Deposit was deposited, within 12 weeks after all required conditions have been met, provided that the New Savings Account or Existing Savings Account is still open, in good standing, and all conditions continuing to be met at the time of fulfillment.

There may be tax implications associated with the Cash Offer. Customers should consult with their personal tax advisor for more information.

For information about transactions and a complete list of account fees, see About Our Accounts and Related Services. We can change, extend, or withdraw the Cash Offer at any time.  

Norman1 said

savemoresaveoften said
…. Which is why the daily limit is set low at $3000 and I was told its set by Interac not the bank. …

Interac has a system wide limit of $25,000 per e-Transfer. All the other limits are set by the banks.

If a bank is comfortable with the risk, it can allow $25,000 per e-Transfer and something like $200,000 of outgoing e-Transfers per day.

RBC will allow a higher daily limit (up to $10,000 per day) if one is willing to use their RBC Mobile app, instead of their RBC Online Banking web site, to originate the Interac e-Transfers.  

They are in the process of rolling out this new limit to all customers for online banking too. It comes with a lower limit to be authenticated, at $1,500/day.

Norman1 said

savemoresaveoften said
…. Which is why the daily limit is set low at $3000 and I was told its set by Interac not the bank. …

Interac has a system wide limit of $25,000 per e-Transfer. All the other limits are set by the banks.

If a bank is comfortable with the risk, it can allow $25,000 per e-Transfer and something like $200,000 of outgoing e-Transfers per day.

RBC will allow a higher daily limit (up to $10,000 per day) if one is willing to use their RBC Mobile app, instead of their RBC Online Banking web site, to originate the Interac e-Transfers.  

speaking of comfort level, slightly off topic but BMO only allow a mobile deposit daily max of $5000, any cheque beyond that amount can only be deposited at a branch or thru the ATM. Yet they encourage their new customer to start using the account immediately and make it the main bank to use, yet making it so difficult to someone making a deposit at the same time.....

Thank you Norman, and all of you. I am confident now in my understanding of the transfer policies of the institutions listed on the HISA/GIC rates page here.

Y.S. said
Per the useful comment by @rakitoon, I can attest to a truly annoying waste of time chasing the claims of e-transfer for Oaken. Finally I deduced (as probably is known to other users of this forum) that the use of the term refers simply to the electronic nature of a funds transfer to or from an Oaken account. Oaken does not offer an electronic transfer by Interac. …

Those transfers, by paperless direct deposit or pre-authorized debit, are called Automated Funds Transfers (AFT). Some credit unions call them Me-to-Me Transfers.

Banks offer them to their business banking clients as Customer Automated Funds Transfers (CAFT).