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New Promo at Tangerine
September 2, 2014
4:45 pm
JustMe
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Jumping from offer to offer works only if you have a direct transfer link between bank#1 and bank#2.
GS is moving his money through RBC; there is a hold of a week or so unless you are RBS employee. So 3 months becomes more like 80 days...
Another drawback is that Tango allows only 3 external linked accounts. Hello?! Most of folks here carrying for their money bank at multiple institutions. I cannot have all my banks interlinked...
Big PITA. Just get some RBC shares and watch your money grow.
But I will see what can I do with Tango. Fast.

September 2, 2014
5:06 pm
Rick
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I not sure which banks you're dealing with, but mine usually only hold funds when you "pull" them from another bank. When you "push" them in, there is no hold. I pushed my funds from PT into CC and there is no hold on them. BTW, very impressed with PT delay time. Made the request on Monday (a stat holiday), and funds were in CC Tues around 4:00 PM. Invoked a transfer from Tang to pull funds out of CC immediately when I saw them sitting in my account. Expect to see them in Tang tomorrow. Little more than 48 hr turnaround. Less than 4 bux in lost interest.

September 2, 2014
6:06 pm
Loonie
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rhvic, if you want to stay within CDIC limits, you would be better off to only put in about $99,300. This will give you room for the interest while still remaining within CDIC limits. Someone with better skills than me could probably work out the exact amount.
I think its smart to be cautious on this score. It's a new bank, even though formerly ING and owned by Scotia. Unlike PC Financial, it is separately insured at least.

September 2, 2014
10:36 pm
Jack Manning
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Loonie, I don't know if you read this article in the financial post but more delays of when interest rates will be increasing, http://www.business.financialp.....ober-2015/.

If this does not work go to http://www.financialpost.com and click on investing, scroll down until you find the title of BMO Pushes back rate-hike to October 2015 and click on it.

September 2, 2014
10:59 pm
Loonie
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I've used up all my free clicks at National Post for now.
However, I am not surprised.
What is the forecast?

September 2, 2014
11:35 pm
Jack Manning
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Loonie, BMO is delaying their interest rate increase that the Bank of Canada will act by 4 months, originally June-2015 to October 2015. I remember for years now that most major banks in U.S and Canada stated interest rates increases first 2013 and then 2014 and now it is 2015.

I even heard some from different business media like NBR, Bloomberg etc. that in the first quarter of 2016 the Federal Reserve will increase their rates.

September 2, 2014
11:45 pm
Loonie
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It's all in the semantics, perhaps.
"Not until" doesn't necessarily mean "will do" - more like "not before".

1 or 2 yr GIC at Peoples is looking good!
Or maybe we should all just limp along on a steady diet of "promos"sf-confused

September 3, 2014
12:15 am
Jack Manning
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Loonie, I hear what you are saying but their forecasts are getting a little long in the tooth here. If anyone of us tried this stuff with our jobs or any other decisions we made in life, there would be consequences for us to pay out of our own pocket.

I don't believe that even in 2015 we will see interest rate hikes maybe 2016 but then again if we see a major stock market decline of 15% to 30%, watch out for falling interest rates of all terms.

Also, the Bank of Canada, U.S. Fed, ECB etc. will likely keep rates lower for longer.sf-frown

September 3, 2014
1:37 am
Loonie
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I don't claim to understand all the factors involved, but we have a very energetic stock market at the moment, and interest rates are low. If stocks fall, you are saying rates will be even lower, as I understand it. But rates have been falling and markets have been rising.

Under what stock market conditions would rates be higher?

September 3, 2014
10:20 am
GS1
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JustMe said

[snip]

GS is moving his money through RBC; there is a hold of a week or so unless you are RBS employee. So 3 months becomes more like 80 days...

[snip]

No hold for me -- as I did a PUSH from both PC Fin and Implicity to RBC. The day the cash arrived (today, as iit happens) at RBC I am doing a Tangerine PULL. The hold will be at the Tangerine end and my only concern was ensuring I had enough "loose" cash left at RBC to buy US$ and for day to day living.

GS

September 3, 2014
12:38 pm
Rick
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One thing I do like about Tangerine; they credited my savings account overnight the day I made the transfer request. So it shows my funds in the HISA earning interest while it is still sitting in CC. Expect it ACTUALLY out of CC this evening.

UPDATE!! Pulled out of CC by 5:00 PM. Not bad...moved through 2 institutions in 48 hours or less.

September 3, 2014
5:52 pm
Loonie
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Rick said

One thing I do like about Tangerine; they credited my savings account overnight the day I made the transfer request. So it shows my funds in the HISA earning interest while it is still sitting in CC. Expect it ACTUALLY out of CC this evening.

Yes, I think they are very good at this sort of thing and customer service in general. This corresponds with what I was told about interest, see post #12 above.

September 3, 2014
7:59 pm
james1900
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Noticed that Canadian Direct Financial TFSA rate dropped from 2.25% to 2%. Now Tangerine is offering TFSA 3%. I used photo-cheque deposit to pull from CDF chequing to Tangerine TFSA immediately. (First use CDF online banking to transfer the money from TFSA to chequing.) 1% difference is enough to do the switching.

September 3, 2014
8:48 pm
Rick
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james1988 said

Noticed that Canadian Direct Financial TFSA rate dropped from 2.25% to 2%. Now Tangerine is offering TFSA 3%. I used photo-cheque deposit to pull from CDF chequing to Tangerine TFSA immediately. (First use CDF online banking to transfer the money from TFSA to chequing.) 1% difference is enough to do the switching.

Moving it back after Nov 30?

September 3, 2014
8:51 pm
Loonie
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james1988 said

Noticed that Canadian Direct Financial TFSA rate dropped from 2.25% to 2%. Now Tangerine is offering TFSA 3%. I used photo-cheque deposit to pull from CDF chequing to Tangerine TFSA immediately. (First use CDF online banking to transfer the money from TFSA to chequing.) 1% difference is enough to do the switching.

James1988 and others, be very careful that you don't offend the CRA rules which state that any moneys removed from a TFSA cannot be redeposited to a TFSA during the same calendar year. You have to wait until 2015. There is a penalty from CRA for this. However, perhaps you had TFSA room which you had not yet used, in which case you could make another deposit, which would count as a "new" deposit.
If you have done this and now realize it is an error, you should remove the money from the Tangerine TFSA immediately so as to minimize penalties and put it in a high-interest savings account, and wait until January to redeposit it into TFSA. It's too late to undo the transaction completely if you have already removed the money from the TFSA at CDF.

If you want to move a TFSA from one institution to another, you can do this but you must do it directly through filling out form from the new bank to be sent to the old one.

See http://www.cra-arc.gc.ca/tx/nd.....s-eng.html
and http://www.cra-arc.gc.ca/tx/nd.....n-eng.html

By the way, just as a reminder to all, RRSPs and RRIFs also must be transferred directly by one institution from another.

September 3, 2014
9:35 pm
Jack Manning
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Loonie, U.S and other stock markets are being pushed up for years now by the Fed's stimulus monthly bond buying program which is going to end soon.

The stock market is a leading indicator or projecting indicator meaning that it is future, forward looking. This means it is pricing in already future profits, earnings but when the economy starts to look weaker and not as strong, employment weakens, inflation falls etc. traders and then investors buy bonds for safety.

They call it a flight to safety buying U.S. treasuries, bonds. They get out of stocks and go into fixed income. Loonie, interest rates, bond rates should be rising but what I heard and read is from a few business sources that the bond market most of the time is right which is signalling today a recovery or economy that is not that strong.

If it was such a strong U.S. economic recovery, then why didn't the U.S. Federal Reserve, Bank of Canada, Bank of England raise rates yet. Their actions speak louder than their words.

September 3, 2014
9:43 pm
Jack Manning
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Loonie, good points about TFSA's and withdrawing them. You can't withdraw a TFSA and put it right back in the same year of TFSA withdrawal, 2014 in this case. If you want to pay a 1% per month penalty to CRA then be my guest.

You have to wait until the following year in 2015. Transferring TFSA's is okay but there is usually transfer fees of $50+H.S.T or G.S.T or more and like RRSP's most of the time to transfer them will result in lost interest. It could be a month or more of lost interest.

Loonie, the only time I can think of when RRIF's can be withdrawn and get all your income taxes back at tax time is if it is a small amount of $2,000 or less.

September 4, 2014
12:37 am
Loonie
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Jack Manning said

Loonie, the only time I can think of when RRIF's can be withdrawn and get all your income taxes back at tax time is if it is a small amount of $2,000 or less.

This only works, though, if you don't have income from a pension plan from work etc. You can have $2000 tax-free annually, but it's from RIF and pension plan in total. It's not a freebie related to the RIF per se.

September 4, 2014
9:37 am
james1900
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Loonie said

james1988 said

Noticed that Canadian Direct Financial TFSA rate dropped from 2.25% to 2%. Now Tangerine is offering TFSA 3%. I used photo-cheque deposit to pull from CDF chequing to Tangerine TFSA immediately. (First use CDF online banking to transfer the money from TFSA to chequing.) 1% difference is enough to do the switching.

James1988 and others, be very careful that you don't offend the CRA rules which state that any moneys removed from a TFSA cannot be redeposited to a TFSA during the same calendar year. You have to wait until 2015. There is a penalty from CRA for this. However, perhaps you had TFSA room which you had not yet used, in which case you could make another deposit, which would count as a "new" deposit.
If you have done this and now realize it is an error, you should remove the money from the Tangerine TFSA immediately so as to minimize penalties and put it in a high-interest savings account, and wait until January to redeposit it into TFSA. It's too late to undo the transaction completely if you have already removed the money from the TFSA at CDF.

If you want to move a TFSA from one institution to another, you can do this but you must do it directly through filling out form from the new bank to be sent to the old one.

See http://www.cra-arc.gc.ca/tx/nd.....s-eng.html
and http://www.cra-arc.gc.ca/tx/nd.....n-eng.html

By the way, just as a reminder to all, RRSPs and RRIFs also must be transferred directly by one institution from another.

I really think it is a stupid idea that I can only place back the money I withdraw next year. Any explanation behind this rule? Thank you!

September 4, 2014
9:53 am
Loonie
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james1988 said
I really think it is a stupid idea that I can only place back the money I withdraw next year. Any explanation behind this rule? Thank you!

You're welcome.
I have no idea why they have this rule, really, but it probably has something to do with their idea of how they might make sure you don't overcontribute and/or undermine the idea that it is a "savings" account by taking money out too frequently. The TFSA system is kind of peculiar inasmuch as the individual themselves has to keep track of their contributions and so on. Contribution room does not appear on your Notice of Assessment from CRA, giving you the impression they are not watching or caring what is going on, but they do and they are. It's your money, and in my opinion you should be able to do what you want with it, as long as you observe the contribution limits.
Perhaps the banks lobbied them to make sure it wasn't too easy to move your money. Ask your MP!

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