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Tangerine Promo Offer
October 4, 2024
3:49 pm
cgouimet
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zgic said

@cgouimet: So between me and my spouse I need only 3 accounts as the max CDIC coverage could be $300k (me+spouse+joint) and I do NOT need 4, correct?

I would need 4 for overlapping promos, as the promo only goes to the primary in a joint account? Is that so?

I just want to confirm this with you as I would like to have a similar setup with TNG.

Also how do you do the transfers between accounts between you and spouse? Is it through interac e-Transfer?

Thank you!!  

Yes 100 each plus 100 joint

CGO
October 4, 2024
3:57 pm
usephrase
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https://www.cdic.ca/depositors/videos-and-resources/deposit-insurance-calculator/dashboard/select-category

You can use the CDIC calculator to understand your coverage.

https://www.tangerine.ca/en/about-us/cdic
Examples: Maximize your CDIC coverage

October 4, 2024
5:36 pm
smayer97
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zgic said

@cgouimet: So between me and my spouse I need only 3 accounts as the max CDIC coverage could be $300k (me+spouse+joint) and I do NOT need 4, correct?

I would need 4 for overlapping promos, as the promo only goes to the primary in a joint account? Is that so?

I just want to confirm this with you as I would like to have a similar setup with TNG.

Also how do you do the transfers between accounts between you and spouse? Is it through interac e-Transfer?

Thank you!!  

YOu have it correct on both issues; CDIC coverage and TNG promos.

The point I was making is that this can be expanded on both counts; CDIC by adding different combination of joint accounts with a third person (or more), and of course TNG by increasing chance of one or more getting selected in their promo lottery.

October 4, 2024
5:42 pm
smayer97
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usephrase said
https://www.cdic.ca/depositors/videos-and-resources/deposit-insurance-calculator/dashboard/select-category

You can use the CDIC calculator to understand your coverage.

https://www.tangerine.ca/en/about-us/cdic
Examples: Maximize your CDIC coverage  

Excellent tool that shows exactly what I mean. As long as there is a unique name on a joint account, this increase the coverage up to an additional $100K.

October 4, 2024
5:57 pm
smayer97
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The math looks like this:
You alone: up to $100K coverage using non-registered products
You and one other, e.g. spouse: up to $300K - same products, one in each name, and one joint
You and two others, e.g. spouse and a child: up to $500K - same products, one in each name, and one joint between 1st and 2nd, 1st and 3rd, 2nd and 3rd, e.g., husband & wife, husband and child, wife and child.
you and three others, e.g. spouse and 2 children: up to $900K - same products, one in each name, and one joint between 1st and 2nd, 1st and 3rd, 1st and 4th, 2nd and 3rd, 2nd and 4th, e.g., husband & wife, husband and 1st son, husband and 2nd son, wife and 1st son, wife and 2nd son, 1st and 2nd sons.
5th person gets exponentially more coverage.

And of course, each additional person increase chance in TNG lottery.

October 4, 2024
8:56 pm
moneyhelp
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smayer97 said
The math looks like this:
You alone: up to $100K coverage using non-registered products
You and one other, e.g. spouse: up to $300K - same products, one in each name, and one joint
You and two others, e.g. spouse and a child: up to $500K - same products, one in each name, and one joint between 1st and 2nd, 1st and 3rd, 2nd and 3rd, e.g., husband & wife, husband and child, wife and child.
you and three others, e.g. spouse and 2 children: up to $900K - same products, one in each name, and one joint between 1st and 2nd, 1st and 3rd, 1st and 4th, 2nd and 3rd, 2nd and 4th, e.g., husband & wife, husband and 1st son, husband and 2nd son, wife and 1st son, wife and 2nd son, 1st and 2nd sons.
5th person gets exponentially more coverage.

And of course, each additional person increase chance in TNG lottery.  

Would I be correct in assuming that when adding children in the mix, they must be legal adults (18+ years old) to qualify?

October 4, 2024
10:11 pm
smayer97
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No, there are no age restrictions for CDIC coverage.

There are age restrictions for owning certain types of investment accounts, registered funds, etc, like TFSA, brokerage accounts (need to be formal or informal trusts, etc).

October 5, 2024
8:08 am
HIS285
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Yesterday, Tangerine offered me 5.35% rate on new money from October 3 to December 31 (new money compared to balance on October 2).

I had the 5.5% rate that ended on September 30 and transferred my saving account money to my chequing account on the 30th since Tang had offered me no new promo.

I'm posting this because I haven't seen anyone else mention this offer (perhaps someone else did and I missed it).

Thanks to all the people contributing to this very useful forum.

October 5, 2024
7:31 pm
picassocat
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Same thing here: I had 5.50% till the end of September. October 1st, I started exiting my money, took 3 days to do so and the following day, I got the offer: 5.35% till the end of December. I hate going thru this circus.

October 5, 2024
9:09 pm
Lodown
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smayer97 said
The math looks like this:
You alone: up to $100K coverage using non-registered products
You and one other, e.g. spouse: up to $300K - same products, one in each name, and one joint
You and two others, e.g. spouse and a child: up to $500K - same products, one in each name, and one joint between 1st and 2nd, 1st and 3rd, 2nd and 3rd, e.g., husband & wife, husband and child, wife and child.
you and three others, e.g. spouse and 2 children: up to $900K - same products, one in each name, and one joint between 1st and 2nd, 1st and 3rd, 1st and 4th, 2nd and 3rd, 2nd and 4th, e.g., husband & wife, husband and 1st son, husband and 2nd son, wife and 1st son, wife and 2nd son, 1st and 2nd sons.
5th person gets exponentially more coverage.

And of course, each additional person increase chance in TNG lottery.  

Instead of making investors play these crazy games to get around CDIC limits, CDIC should make the insured amount unlimited or at least greatly increase the per account insured value - this would at least avoid bank runs. For comparison the USA has $250k USD per account deposit insurance.

October 6, 2024
3:39 am
rodeworthy
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Lodown said

Instead of making investors play these crazy games to get around CDIC limits, CDIC should make the insured amount unlimited or at least greatly increase the per account insured value - this would at least avoid bank runs. For comparison the USA has $250k USD per account deposit insurance.  

Right On! Long overdue...

October 6, 2024
4:46 am
canadian.100
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Lodown said

Instead of making investors play these crazy games to get around CDIC limits, CDIC should make the insured amount unlimited or at least greatly increase the per account insured value - this would at least avoid bank runs. For comparison the USA has $250k USD per account deposit insurance.  

Agree that $250K CDIC limit is reasonable for the big 6 banks, but I think it may not be a good idea to raise to that level for such banks as WealthOne, Laurentian, Home (Oaken), CWB (Motive), Equitable (EQ) etc. The govt would ultimately be on the hook to bail out these relatively more marginal banks.

October 6, 2024
7:41 am
RetirEd
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Without deposit insurance, the smaller institutions would have no chance in a market so dominated by the giants. Is that what Canada wants? No competition was not so great in the past!

I think a few hundred thousand is reasonable for most Canadians. CDIC was not created to protect the richest of the rich, as they have the cash and the means to protect themselves, learn of danger early, and stash cash offshore.

RetirEd

October 6, 2024
9:06 am
mordko
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CDIC is there to protect the banking system and prevent runs on banks. 100K limit makes Canadian system more vulnerable. No idea how many people hold more “unprotected” cash but suspect it’s enough to cause a panic under the right circumstances.

October 6, 2024
9:57 am
canadian.100
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RetirEd said
Without deposit insurance, the smaller institutions would have no chance in a market so dominated by the giants. Is that what Canada wants? No competition was not so great in the past!

I think a few hundred thousand is reasonable for most Canadians. CDIC was not created to protect the richest of the rich, as they have the cash and the means to protect themselves, learn of danger early, and stash cash offshore.  

True that CDIC was not created as you say, "to protect the richest of the rich".
In my interactions with some very rich people, they would never put any funds in banks such as WealthOne, Oaken, Laurentian etc. no matter what the CDIC limits were, so it would be a non-issue for them if CDIC raised the limits. Not sure that even people with only modest assets would put more funds in some of these smaller banks either. I would not.

October 6, 2024
4:38 pm
Bill
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What I don't get is who would have RRSPs or RRIFs with the smaller banks, with only a paltry $100K insured? Or are there that many people who ignore the CDIC limit in their registered accounts?

October 6, 2024
4:53 pm
Norman1
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Bill said
What I don't get is who would have RRSPs or RRIFs with the smaller banks, with only a paltry $100K insured? Or are there that many people who ignore the CDIC limit in their registered accounts?

CDIC limit can be ignored if one has less than $100,000 in an RRSP or RRIF.

MoneySense: How much does the average Canadian have in savings? cites the following 2019 Statistics Canada averages:

  • Under age 35: $27,425 in non-pension financial assets and $9,905 in RRSPs
  • Ages 35 to 44: $23,743 in non-pension financial assets and $15,993 in RRSPs
  • Ages 45 to 54: $39,831 in non-pension financial assets and $41,998 in RRSPs
October 6, 2024
4:53 pm
mordko
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Bill said
What I don't get is who would have RRSPs or RRIFs with the smaller banks, with only a paltry $100K insured? Or are there that many people who ignore the CDIC limit in their registered accounts?  

In many (most?) cases RRSPs are invested in stocks and bonds and CDIC limits are not relevant. Brokerages are not subject to “runs on a bank”, the risks are different and a different type of insurance would apply (its $1M but cipf is not comparable to CDIC so its apples and oranges).

October 6, 2024
6:47 pm
Norman1
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canadian.100 said

True that CDIC was not created as you say, "to protect the richest of the rich".
In my interactions with some very rich people, they would never put any funds in banks such as WealthOne, Oaken, Laurentian etc. no matter what the CDIC limits were, so it would be a non-issue for them if CDIC raised the limits. Not sure that even people with only modest assets would put more funds in some of these smaller banks either. I would not.

CDIC does not make up for the less-solid banks, trust companies, or mortgage corporations.

CDIC coverage will ensure that one will eventually recover the insured deposits. But, it doesn't ensure that one will have access to the funds on time. Having access to the deposited funds on time can be more important than potentially more interest.

If one's new house is closing in a month, maybe it is more important for the $300,000 down payment be available on closing day than to earn that bit of extra interest by having the $300,000 deposited at a smaller institution, even if one could arrange for the $300,000 to be fully CDIC insured via joint accounts.

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