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Should have just changed their name to Scotia Bank
February 1, 2015
5:35 am
Rick
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Happened to check their rates today and saw the 5 year GIC was now under 2%
1 Year Guaranteed Investment 1.05%
1½ Year Guaranteed Investment 1.20%
2 Year Guaranteed Investment 1.30%
3 Year Guaranteed Investment 1.40%
4 Year Guaranteed Investment 1.60%
5 Year Guaranteed Investment 1.80%

So, out of curiosity, I wander over to the Scotia Bank web site and find this:
1 Year 0.9000%
18 Months 0.9500%
2 Years 1.1000%
3 Years 1.2500%
4 Years 1.4000%
5 Years 1.7500%

.05% difference on a 5 year term. Biggest difference is .25% on an 18 month term. Whoop-de-do!
I guess their objective is to slowly turn Tang into Scotia under another name and hope no one notices how crappy their service has become and how low their rates are compared to other on line banks and credit unions. If their reason for taking over ING was to increase their deposit base, the whole venture will be in vain if all their customers run elsewhere for better rates. Those that stay because they don't care, pay attention to rates or have blind loyalty sf-confused will not be worth the time/effort/cost to maintain Tangerine as a separate entity. Really Scotia, it hurts less if you just rip the band-aid off ala Royal/Ally. Meanwhile the consumer is left with fewer and fewer choices as the big banks swallow up the competition.

February 1, 2015
9:15 am
phrank
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Then how would the masses be tricked into thinking we have competition in Canada? Lol!

Loblaws
Zehrs
No Frills
Extra Foods
Superstore
Fortinos
T&T

Maybe I missed one.

Futureshop and Bestbuy is one of my favorites. Now where I live all the Bestbuys shutdown last year. At least I was able to have my BB GC's converted to FS ones, but still. I thought the government was supposed to protect us against collusion and monopolies? Ummm, I guess it shouldn't be a surprise they're not doing their job. Time for an election.

February 1, 2015
9:42 am
Norman1
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Maybe Tangerine's rates have nudged up the rates of its parent ScotiaBank. These are the rates of the Big 6 and Tangerine from CANNEX:

Financial Institution Redeemable Minimum Deposit Term In Years
1 2 3 4 5
Bank of Montreal no 1,000 1.00 1.15 1.25 1.35 1.60
Bank of Nova Scotia no 1,000 0.90 1.10 1.25 1.40 1.75
Bk Nova Scotia Mtg. Corp no 1,000 0.90 1.10 1.25 1.40 1.75
CIBC yes 1,000 0.40 0.60 0.70 0.90 1.25
CIBC Trust Corp. no 1,000 0.65 0.85 0.95 1.15 1.50
National Bank no 1,000 0.65 0.95 1.10 1.30 1.45
Royal Bank of Canada no 1,000 1.00 1.10 1.20 1.30 1.55
T-D Mortgage no 1,000 1.00 1.05 1.10 1.20 1.30
Tangerine yes 1 1.05 1.30 1.40 1.60 1.80
February 1, 2015
9:58 am
Loonie
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Gee, that chart even makes BMO look relatively "good".

I think though that all their rates are in flux right now.

Hey, voodoo22, you missed Loblaw's newest acquisition, Shoppers Drug!sf-wink

There is effectively no oversight of acquisitions, globalization, monopolies, as corporate and shareholder interests always trump the public interest. Tim Horton's/ Burger King is our latest poster child for downsizing the Canadian economy.

February 1, 2015
10:36 am
phrank
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Loonie said

Hey, voodoo22, you missed Loblaw's newest acquisition, Shoppers Drug!sf-wink

There is effectively no oversight of acquisitions, globalization, monopolies, as corporate and shareholder interests always trump the public interest. Tim Horton's/ Burger King is our latest poster child for downsizing the Canadian economy.

Lol, Loonie. When I told my wife about this she said the same thing! I can always count on the wisdom of people like you to constructively add to or make another point. sf-laugh

It's sad to see the variety leaving the marketplace in Canada and on a global scale.

In the 5 years I've lived on Vancouver Island I've seen T&T, Safeway, Bestbuy, Zellers, ING and Target all go. I'm sure there are others I've also missed. Even though Bestbuy was the same as Futureshop, I prefered their setup and locations.... just less choices.

February 1, 2015
10:45 am
Rick
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If the point of taking over ING was to increase their deposit base, me thinks they had better do something to retain the deposits. I would say the average customer at ING was there as their Automatic "Just Save Your Money" plan made saving easier, or because of their better rates. Although the rates are "competitive" with the big 6 (I include HSBC), compared to other on-line specialty institutions and credit unions, their rates suck, so there go all their clients that were there for better rates.
Five year rates quoted same day as Scotia's quoted rate:
Oaken - 2.8
Outlook - 2.8
ICICI - 2.85
Implicity - 2.8
Good Grief...even Coast Capital is at 2.25
PC Financial - 2.2
CDF - 2.3
I have been in the process of moving my RSP GICs out of ING ever since Scotia took over. I suspect I am not the only one either. I understand how the mothership would not want to be out shone by it's newly adopted acquisition, but sticking your fingers into the operation to bring it in line with with the parent will just kill it and the whole exercise will be a futile waste of money. I guess the only upside will be that they will get a bigger pool of deposit fund simply because of reduced consumer choice. Hardly worth it but I'm not a banking mogul, so what do I know?

February 1, 2015
10:48 am
GS1
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And voodoo22 also missed "Your Independent Grocer" often called YIGs here in Muskoka. There are a few others listed here. One I especially like is "Real Canadian Liquorstore"

GS

February 1, 2015
12:19 pm
phrank
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GS said

And voodoo22 also missed "Your Independent Grocer" often called YIGs here in Muskoka. There are a few others listed here. One I especially like is "Real Canadian Liquorstore"

GS

Good catch GS sf-smile

RQL! lol!

February 1, 2015
4:20 pm
JustMe
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voodoo22 said

Then how would the masses be tricked into thinking we have competition in Canada? Lol!

Loblaws
Zehrs
No Frills
Extra Foods
Superstore
Fortinos
T&T

Maybe I missed one.

Futureshop and Bestbuy is one of my favorites. Now where I live all the Bestbuys shutdown last year. At least I was able to have my BB GC's converted to FS ones, but still. I thought the government was supposed to protect us against collusion and monopolies? Ummm, I guess it shouldn't be a surprise they're not doing their job. Time for an election.

Since greedy Loblaw took over T&T their prices went up to Loblaws level. I can handle non-English, rude staff, but I cannot handle high prices.
I always wander WHY rich people need More and More money??? In 10-15 year owners will be all pushing daisies anyway, so why not leave legacy of nice family store with decent prices, great service, organic domestic products? But no, they have to sell american GMO crap, tasteless produce at high prices... I never shop at Loblaw and I stopped going to T&T...
And do not start me with FS and BB. Every week they just reprint the same flyers. Now they started selling furniture, pots & pans, jewelry, baby stuff. Whats next: cars, lawn mowers, guns, dildos?

February 1, 2015
5:19 pm
Rick
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JustMe said

And do not start me with FS and BB. Every week they just reprint the same flyers. Now they started selling furniture, pots & pans, jewelry, baby stuff. Whats next: cars, lawn mowers, guns, dildos?

Hope they offer the extended warranty with those! LOL!sf-laugh

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