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Tangerine New Offer
February 28, 2021
9:27 am
topgun
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Alexandre said

If you have idle senior checking account with Scotiabank, check if their upcoming fee changes will impact you. That type of account will have monthly fee soon.  

I noticed the upcoming change for March. I have to accept the change. I increased my minimum balance so no fee is required. I am sure the other big banks will follow.

Have a Great Day

February 28, 2021
10:19 am
RetirEd
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About using a Big Bank as the hub for your transfers - I haven't found one willing to do PAC/PAD transfers from their end yet, so you'd have to set up links from each spoke - and as many institutions (Coast Capital, BlueShore, etc.) won't initiate such transfers, that means having to route them through other banks.

I used Tangerine as my hub for years - they had the advantage of quick-answering 24/7 service (until they stopped answering the phone for 40 minutes to an hour) - but now I have to route everything through Peoples Trust, as none of my other FIs will initiate PAD/PAC transfers. PT has no weekend or after-hours phone access.

Of course, I can walk to some nearby FIs, use an ATM or ride my motorcycle to some institutions.
RetirEd

Still unwilling to use web stuffsf-frown

RetirEd

February 28, 2021
11:06 am
Alexandra
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Like Loonie, I have many accounts with different banks. My "HUB" bank is with CIBC. So with Achieva,Tang.Outlook,Hubert,Oaken (HB & HT),Peoples (PT&PB),Motive,EQ,CdnT & Wealth One, I can withdraw from CIBC.

With Tangerine, I can move funds to CIBC,RBC & Oaken. From Oaken I can move funds to RBC, CIBC & Tangerine. With Outlook I have to withdraw funds using a cheque.

Funds moved from Tangerine to CIBC or from Oaken to CIBC usually only take one day to show up. There are never any holds on my CIBC or RBC (rarely use) accounts.

I don't do anything with Coast Capital. Once my GIC's come to maturity, I might cancel the chequing account with them. Maybe I'll wait and use all my "free" cheques up first!

February 28, 2021
11:17 am
Kidd
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Hi RetirEd.

I can not say, what i do is correct... but i have my reasons why i do it this way.

I view Tangerine, eq, outlook etc as interest rate vehicles, i go there solely for their rates. Everyone here has heard the crying about these institutions. My hub at TD, has no (zero) push/pull abilities. Each transaction takes place from the other FI.,

CDIC limits, as i've stated. I think the limits are meaningless. I would NOT lose a second of sleep having 7 figures sitting in my hub. In a time of (canada) stress, i'd bring my spokes home to the hub. If canada loses a big bank... there is no canada.

February 28, 2021
11:47 am
topgun
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Kidd said
Hi RetirEd.

I can not say, what i do is correct... but i have my reasons why i do it this way.

I view Tangerine, eq, outlook etc as interest rate vehicles, i go there solely for their rates. Everyone here has heard the crying about these institutions. My hub at TD, has no (zero) push/pull abilities. Each transaction takes place from the other FI.,

CDIC limits, as i've stated. I think the limits are meaningless. I would NOT lose a second of sleep having 7 figures sitting in my hub. In a time of (canada) stress, i'd bring my spokes home to the hub. If canada loses a big bank... there is no canada.  

I can PULL from Simplii checking and Tangerine savings at Scotiabank. I would not PULL funds from Tangerine savings since it would probably be rejected (i.e. plus some fee). I can PUSH funds to Simplii checking and Tangerine savings from iTRADE TFSA.

Have a Great Day

February 28, 2021
1:30 pm
smayer97
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BIG problem in using Tangerine as HUB is that you are limited to linking only 3 external accounts at the same time. I would have moved to Tangerine as hub long ago otherwise.

February 28, 2021
2:20 pm
topgun
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smayer97 said
BIG problem in using Tangerine as HUB is that you are limited to linking only 3 external accounts at the same time. I would have moved to Tangerine as hub long ago otherwise.  

Two Canadian dollar and one US dollar account work fine. One of the Canadian dollar accounts could be a HUB account. Not sure how many of these online banks offer external links to more than three accounts.

Have a Great Day

February 28, 2021
4:29 pm
Alexandre
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My HUB is Tangerine. I linked EQ and two other banks I use often to transfer money to/from.

My Super HUB is EQ. It allows to link 10 external accounts, which I use to link banks I just park money there and can leave for a while. Once I maxed number of linked accounts, which made me realize I have too many, and closed some. Which hit my credit score a bit, but I don't mind.

Occasionally I have to transfer money to EQ from Tang only to move it somewhere else from EQ, but while EQ is almost on the top of HISA chart, I don't mind.

February 28, 2021
5:08 pm
COIN
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Just a caveat about having 20 accounts. You miss out on the "new client" account promotions.

February 28, 2021
7:27 pm
Loonie
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COIN said
Just a caveat about having 20 accounts. You miss out on the "new client" account promotions.  

Yes, one could miss out on such things, I suppose.
But I didn't open them all at once, and would not advise doing so.
I opened them when there was a reason to do so. I don't use all of them all the time. A few are only for credit cards.

The caveat with opening them all at once, potentially more serious, is that some of them do a hard check on your credit history, so you could end up with too many hits, which would reduce your credit rating for a while.

February 28, 2021
8:57 pm
smayer97
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topgun said

Two Canadian dollar and one US dollar account work fine. One of the Canadian dollar accounts could be a HUB account. Not sure how many of these online banks offer external links to more than three accounts.  

Eq Bank has already been mentioned, with 10. Others include:
B2B Bank: 4 (and by extension, Laurentian Digital Bank)
CDN Tire: 5
DUCA, ICICI, Manulife, Meridian: do not appear to have a limit

February 28, 2021
9:57 pm
picassocat
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My Tangerine 2% offer expired less than an hour ago. My money is now with Alterna bank (old faithful for me).

March 1, 2021
5:47 am
topgun
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smayer97 said

Eq Bank has already been mentioned, with 10. Others include:
B2B Bank: 4 (and by extension, Laurentian Digital Bank)
CDN Tire: 5
DUCA, ICICI, Manulife, Meridian: do not appear to have a limit  

Simplii can have at least 7.

Have a Great Day

March 1, 2021
7:38 am
GoHabs
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My last promotion for 2% ended yesterday Feb 28. I was offered 1.45% as a new rate on all monies. I told them I found that low. I am preparing to move my funds out and waited until today so I could do with the promotional interest bonus included, since they only add it to the account the first of the month. It’s 10:32 a.m. as I write this and I went into my account 10 min ago and the promotional interest has not yet been added. Anyone know when/around what time that’s done? Thanks.

March 1, 2021
8:02 am
Righand
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GoHabs said
My last promotion for 2% ended yesterday Feb 28. I was offered 1.45% as a new rate on all monies. I told them I found that low. I am preparing to move my funds out and waited until today so I could do with the promotional interest bonus included, since they only add it to the account the first of the month. It’s 10:32 a.m. as I write this and I went into my account 10 min ago and the promotional interest has not yet been added. Anyone know when/around what time that’s done? Thanks.  

That's strange because mine was added March 1 (today) at 3 a.m.sf-confused

March 1, 2021
8:04 am
Kidd
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Hi GoHabs.

The interest shows up about an hour or two into the new day. I often don't see it either. I have to refresh the page view, selecting transactions "last 30 days" and then it appears.

ADDED edit.

Interest is calculated daily and paid monthly. You do NOT lose a months worth of interest if you pull your funds before the end of the month. Say you moved your money out on the 26th of February, you would lose 3 days worth of interest.

March 1, 2021
8:14 am
pooreva
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GoHabs said
It’s 10:32 a.m. as I write this and I went into my account 10 min ago and the promotional interest has not yet been added. Anyone know when/around what time that’s done? Thanks.  

Same here. Account balance has increased for expected interest but transactions do not show. Usually regular interest shows on last day of the previous month and promo interest on first day of current month.

March 1, 2021
9:05 am
topgun
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pooreva said

Same here. Account balance has increased for expected interest but transactions do not show. Usually regular interest shows on last day of the previous month and promo interest on first day of current month.  

My account shows interest on February 28th plus promotional interest on March 1st. Maybe your February average balance dropped below the balance at the start of the promotion. The promotion is on NEW money ONLY.

Have a Great Day

March 1, 2021
9:05 am
Rick
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Bonus interest was added at around 1:00 AM PST. Was into Tang chequing @ 1:01 and off to greener pastures @ 1:02. Bulk of balance was moved Feb 26 so made double interest for 3 days. Weird EQ/Motive paid me for 3 days interest on Feb 28 for funds that were still sitting in Tang. Balance of all accounts @ Tang is now 24 cents. Waiting to see if/when another promo rate appears.

March 1, 2021
9:24 am
topgun
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Rick said
Bonus interest was added at around 1:00 AM PST. Was into Tang chequing @ 1:01 and off to greener pastures @ 1:02. Bulk of balance was moved Feb 26 so made double interest for 3 days. Weird EQ/Motive paid me for 3 days interest on Feb 28 for funds that were still sitting in Tang. Balance of all accounts @ Tang is now 24 cents. Waiting to see if/when another promo rate appears.  

You are doing good. Move the funds out days before promo ends. The promo interest credited March 1st 3:34 AM EST. The time appears on the transaction in your savings account. I received an email alert deposit from Tangerine confirming the deposit at 3:45 AM EST. Not sure how long the time will appear next to the transaction. Check Profile and Settings. Orange Alerts Tab. Deposits over .01. Withdrawals can be set as well.

Have a Great Day

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