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Chequing Account Down to %.15
December 1, 2016
2:34 am
mgsaver1
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Merry Christmas! Not. Tangerine Chequing Account rate drops to %.15 as of December 1st.

December 1, 2016
9:52 am
AltaRed
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Don't sweat it. Chequing accounts probably should not be paying interest anyway. I have 2 legacy chequing accounts, one with Scotia and one with Wells Fargo in the USA that pay miniscule amounts of interest (tiny fractions of 1 percent that I have not looked into for years). It is more bother (irritating) entering the monthly amounts in my financial software and my annual tax return than they are worth. Things like free chequing are worth more than any interest.

Added: Except for your montly cash flow turnover, keep the rest of the money in a HISA instead. I move money the first of each month...to cover monthly expenses.

December 1, 2016
9:55 am
moneyhelp
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Literally at midnight is when the change happened. I was so disappointed because they also lowered the Tangerine US savings account from 0.25% to 0.15% literally right before my eyes, just as I was going to apply for it. I had been trying to research whether I should open one, had been online live chatting with Tangerine, asking all sorts of questions for last few weeks, so to see this happen quite literally right before your eyes was quite deflating.

Its the same rate as RBC eSavings US account (my current bank), so I see no incentive to open it now at Tangerine. The only advantage really, is that Tangerine offers unlimited transactions, but considering I am transferring some US funds I have from another financial institution collecting no interest on it over to Tangerine and only going to be doing maybe 4 transactions per YEAR and RBC offers 1 free transaction per MONTH, this is really a non-issue. What's the incentive?

I do have an important question I am curious about, I'm hoping someone knows the answer to.

Does anyone know if I had applied an hour earlier when the rate was still 0.25% (or a couple weeks earlier when still researching) would my rate have been locked in at 0.25% or would have it been lowered to 0.15% anyway?

December 1, 2016
10:01 am
JenE
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So first Oaken dropped interest rates and now Tangerine, although admittedly only Tangerine's chequing accounts (for now?). I thought interest rates were supposed to start an upward trend, especially since mortgage rates have risen in some categories.

December 1, 2016
10:27 am
moneyhelp
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UPDATE:

I just got off the phone from Tangerine. There website is incorrect, on the main page for Savings Accounts, it shows the rate is 0.15% including on the rates page and the historical rate page, BUT, if you click on the "learn more" button, it shows a rate of 0.10%.

Tangerine just confirmed, the correct rate is 0.10% NOT 0.15%! WOW! Now there really is no incentive to open the US account with Tangerine. I might as well open it at RBC since the rate is 0.15%.

You might want to confirm with the chequing account as well.

Really disappointed here.

December 1, 2016
11:03 am
mgsaver1
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It wouldn't bother me so much if Tang's savings rates weren't also on a longterm downward trend. The last raise was August 5, 2010. Maybe they'll tack the .10 from the chequing onto savings and bring it up to 0.90.

December 1, 2016
2:30 pm
Loonie
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JenE said

So first Oaken dropped interest rates and now Tangerine, although admittedly only Tangerine's chequing accounts (for now?). I thought interest rates were supposed to start an upward trend, especially since mortgage rates have risen in some categories.

Good observation, Jen, especially as the mantra from the financial sector is always that the reason we can't receive better return on our deposits is because they must be in lockstep with mortgage rates and the bank rate.
Bank rate hasn't changed for a while, and mortgages going up.

December 1, 2016
3:31 pm
moneyhelp
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moneyhelp said

UPDATE:

I just got off the phone from Tangerine. There website is incorrect, on the main page for Savings Accounts, it shows the rate is 0.15% including on the rates page and the historical rate page, BUT, if you click on the "learn more" button, it shows a rate of 0.10%.

Tangerine just confirmed, the correct rate is 0.10% NOT 0.15%! WOW! Now there really is no incentive to open the US account with Tangerine. I might as well open it at RBC since the rate is 0.15%.

You might want to confirm with the chequing account as well.

Really disappointed here.

CORRECTION:

After spending quite some time with Tangerine over the phone and online chat, we confirmed they had made a mistake on the website and has now been corrected. The official rate is 0.15% NOT 0.10% for those who want to know.

December 1, 2016
4:24 pm
mgsaver1
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moneyhelp, why not just get the Hubert U.S. Savings? It's at 0.75%, way above Tangerine's:

https://www.happysavings.ca/rates.aspx

And there are no "locked in" savings account rates at Tangerine. If you want a locked in rate you'd need to buy a GIC.

Edit by admin: the discussion about Hubert was split off into this thread

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