Credit Union vs Tangerine

[Vmack]

Looking to change my regular banking to one of these services to reduce/eliminate fees. I will be graduating soon and no longer be eligible for free student accounts, and while I pay off my debt, won't be likely to be keeping spare thousands in my regular account to maintain no-fee status with the other banks. I'm currently with Scotiabank, but I want to switch.

I've heard good things about Tangerine and how for not having an actual brick to walk into, they are very good and reliable (and offer interest on regular checking account).

I have also considered a local CU, requires $1000 in acct to waive fees, has an actual branch of course, but could be difficult finding ATM's in some cities if needed, where Tangerine has their global network of ATMs apparently.

The other side as well, is my CU offers 1.9% in a regular savings and 2% in a regular TFSA, both of which are 0.6% and 0.7% higher respectively, than tangerine. I believe its no fee for the savings at the CU.

Would it be advisable to use both? i.e Tangerine for checking acct and CU for savings? Or would it end up being too much of a hassle transferring funds back and forth and just keep everything at the CU?

[-relk-]

I recently opened a savings account with Tangerine for an emergency fund. So far, it has seemed good, no complaints so far. Was able to set up the account without talking to anyone, just had to take a picture of a cheque depositing to myself, and even got $50 for joining. My old man had warned me about watching out for hidden fees, but have not seen anything of the like so far. I have the automatic savings program set up to take out a certain amount each paycheque, which has been great so far.

This is the only experience I have had with one of the smaller "no-fee" banks, as I have everything else with TD. If you end up signing up for Tangerine, shoot me a PM for an orange key, as I believe we both get a bonus if you use it.

[jwslam]

If you're purely opening it for that tiny amount of interest, look here:
https://www.highinterestsavings.ca/chart/

I've never paid for anything at Tangerine except the time I had an NSF cheque

Yes $50 is an awesome perk (but I think the Oct 2014 run just ended so you should wait for the next promo as it's currently only $25. I'm betting it starts in Dec). Lemme know if you need a referal. I end up donating the $50 I get and post a receipt on here. And you get $50 too so that's awesome, right? http://forums.beyond.ca/st/376049/ea...th-ing-direct/

I have one of those $5k min at TD accounts. I definitely don't use the perks enough to justify holding all that money there but it's my safety net. Keep in mind that transferring funds from Tangerine to a brick-and-mortar bank takes like 3 days each way (so this hurts on the interest too), but it's not bad if you live near one of their ATM's I guess.

[Vmack]

Originally posted by jwslam
If you're purely opening it for that tiny amount of interest, look here:
https://www.highinterestsavings.ca/chart/

I've never paid for anything at Tangerine except the time I had an NSF cheque

Yes $50 is an awesome perk (but I think the Oct 2014 run just ended so you should wait for the next promo as it's currently only $25. I'm betting it starts in Dec). Lemme know if you need a referal. I end up donating the $50 I get and post a receipt on here. And you get $50 too so that's awesome, right? http://forums.beyond.ca/st/376049/ea...th-ing-direct/

I have one of those $5k min at TD accounts. I definitely don't use the perks enough to justify holding all that money there but it's my safety net. Keep in mind that transferring funds from Tangerine to a brick-and-mortar bank takes like 3 days each way (so this hurts on the interest too), but it's not bad if you live near one of their ATM's I guess.

So do you think I'd be better just going one or the other? Right now, anything I'm saving would be going towards TFSA as I have not used any contribution room to date, so I should be able to use that up for around 30k, which means the HISA wouldn't have much in it, maybe a couple thousand as an emergency fund with quick access.
So maybe I would go with my checkings and emergency savings at Tangerine and my TFSA at my CU just to keep things accessible when needed

[JamMan23]

Originally posted by Vmack
I have also considered a local CU, requires $1000 in acct to waive fees, has an actual branch of course, but could be difficult finding ATM's in some cities if needed, where Tangerine has their global network of ATMs apparently.

The other side as well, is my CU offers 1.9% in a regular savings and 2% in a regular TFSA, both of which are 0.6% and 0.7% higher respectively, than tangerine. I believe its no fee for the savings at the CU.

Would it be advisable to use both? i.e Tangerine for checking acct and CU for savings? Or would it end up being too much of a hassle transferring funds back and forth and just keep everything at the CU?

Tangerine uses Scotiabank ATM's (owned by Scotiabank). Honestly I wouldn't worry about a 0.7% difference in saving account interest. If you have any amount of real money you should probably be putting it in a TFSA (GIC or Bonds or something similar). I don't understand people that have 10's of thousands of dollars in chequing or savings accounts.

[killramos]

Originally posted by JamMan23


I don't understand people that have 10's of thousands of dollars in chequing or savings accounts.

Hey one mans retirement savings is another mans weekend play money

None of the big banks do the whole no fees for holding $X any more do they?

RBC its more along the lines of "we will cut your fees if you own X number of our products"

[Vmack]

Originally posted by JamMan23


Tangerine uses Scotiabank ATM's (owned by Scotiabank). Honestly I wouldn't worry about a 0.7% difference in saving account interest. If you have any amount of real money you should probably be putting it in a TFSA (GIC or Bonds or something similar). I don't understand people that have 10's of thousands of dollars in chequing or savings accounts.

The reason I don't want to be putting it into a TFSA GIC is because I'm not in a position right now to be locking away money. I haven't been working for years with money stashed away already, so in the mean time, I need flexibility and get to money when I need it or if an expense comes up.

[BrknFngrs]

Originally posted by killramos


Hey one mans retirement savings is another mans weekend play money

None of the big banks do the whole no fees for holding $X any more do they?

RBC its more along the lines of "we will cut your fees if you own X number of our products"

TD definitely still looks at balances to waive fees

[killramos]

Originally posted by BrknFngrs


TD definitely still looks at balances to waive fees

Shitty

[flipstah]

Originally posted by killramos



RBC its more along the lines of "we will cut your fees if you own X number of our products"

I like that. Yeah, TD still does balances for waiving. Pfft.

[jwslam]

Originally posted by BrknFngrs
TD definitely still looks at balances to waive fees

Cheapest one is 2.5k balance. I swear not long ago it was only 1k

https://www.tdcanadatrust.com/produc...x-chequing.jsp

[killramos]

Originally posted by jwslam

Cheapest one is 2.5k balance. I swear not long ago it was only 1k

https://www.tdcanadatrust.com/produc...x-chequing.jsp

Their top package doesn't even let you choose the aeroplan infinite as their free CC...

[FraserB]

Originally posted by killramos


Their top package doesn't even let you choose the aeroplan infinite as their free CC...

Still gives unlimited everything, never pay a single fee at an ATM (TD or not, worldwide), free safety deposit box, no monthly fees and it waives my $120 CC fee.

[Vmack]

so... back on point... should I stick with having everything at the CU and just maintaining the 1k minimum or do my TFSA at the CU and leave regualr savings and checking at Tangerine

[Xtrema]

Originally posted by Vmack
so... back on point... should I stick with having everything at the CU and just maintaining the 1k minimum or do my TFSA at the CU and leave regualr savings and checking at Tangerine

My only advice is keep your TFSA at a single financial institution instead of 2 in case you lose track and fucked up.

Other than that, if you are organized and don't mind the hassle of multiple accounts, why not.

[e36bmw///]

bn

[jwslam]

The $50 bonus is back, and I stand by my post earlier

http://www.tangerine.ca/en/referafriend/index.html

Originally posted by jwslam
Yes $50 is an awesome perk. Lemme know if you need a referal. I end up donating the $50 I get and post a receipt on here. And you get $50 too so that's awesome, right? http://forums.beyond.ca/st/376049/ea...th-ing-direct/

Orange key 39626702S1