High interest rates for savings, GICs and MMFs (2016)

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fundamental
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High interest rates for savings, GICs and MMFs (2016)

Post by fundamental »

Good Day. 2016 is around the corner. Feel free to share what Tangerine, PC Financial and others are offering on their HISAs, GICs, and other short term promotional rates you here of for 2016 here. :thumbsup:
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by fundamental »

PC Financial has come out with 2.50% for 3 months

PC Financial 2.50%
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Okanagan »

yes...but its only on..."Between January 1 and March 31, 2016, you can earn 2.5%* interest on new deposits in these TFSA and RRSP accounts:

Tax-Free Interest PlusTM Savings Account
Interest Plus RRSP
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by iluvnascar »

Thought I'd repost this since it is a 2016 post.


I'm a little sick and tired of Tangerine's teaser rates; and different rates for different depositers; and different rates for new money versus existing money.

I have accounts at tangerine for myself and several family members......but the balances are VERY very low.....just to keep the account active.

I'm sticking with Oaken Financial - 1.75% for the savings account (and it almost NEVER changes!); and even 1.85% for a CASHABLE (after 90 days) 1-yr GIC.

I am also heavy into Cdn Tire (1.5% for what now seems like forever); CDF (1.5%); St. Hubert's Credit Union (1.80% as I recall with 1 yr GIC's for about 2.2%). I also use Meridian Credit Union for my daughter - it is paying 1.5% and never seems to change.

The teaser rates offered by Tangerine; RBC Online (used to be Ally.ca); PC; and others are basically annoying - kind of like those credit cards offering low interest on balance transfers.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by fundamental »

Well up until today I only have used Tangerine for savings, but today I will go open a President's Choice account and withdraw my remaining Tangerine assets (maybe leave a few bucks).

I don't mind the trouble of a few clicks to move my money around if it means tripling my interest as new promotions emerge.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by 2of3aintbad »

PCF 2.5% offer is only for registered accounts, right? doesn't make sense to me to open a new account with them right now.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

2of3aintbad wrote:PCF 2.5% offer is only for registered accounts, right? doesn't make sense to me to open a new account with them right now.
If PCF follows their historical pattern, they will offer up a promo by approximately the end of this week or so for non-registered accounts, for incremental funds above and beyond balances of Dec 31st. My prior stash is now sitting in big bank chequing for the moment pending such an announcement. If nothing by Friday, the funds move to CDF @ 1.5% next Monday.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Money101 »

Don't forget Oaken Financial and their 1.75% rate on their savings account. CDIC insured.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by iluvnascar »

".........Don't forget Oaken Financial and their 1.75% rate on their savings account. CDIC insured."


Agreed - Oaken is my favourite. And if you like 1.75%, you'll love their cashable (after 90 days) GIC that pays 1.85%.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by snowback96 »

The latest promo from Tangerine: https://www.tangerine.ca/en/wintersavin ... s/864.html

2.5% on new deposits into any savings accounts until March 31. The definition of "new deposits" uses Jan 5 as the baseline. Good thing they "protected" me from the 2% offer so I could get my money out in late December!

Come on PCF! Can you match?
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by rhenderson »

snowback96 wrote:The latest promo from Tangerine: https://www.tangerine.ca/en/wintersavin ... s/864.html

2.5% on new deposits into any savings accounts until March 31. The definition of "new deposits" uses Jan 5 as the baseline. Good thing they "protected" me from the 2% offer so I could get my money out in late December!

Come on PCF! Can you match?
It's targeted, "eligible clients only" so unless you received the offer from them, you must phone in and beg. :lol:

I've had it with them, once my current promotion expires it will be time to move on and quit playing their goofy games. If I do get a direct offer I may go back but I refuse to waste my time being put on hold and then having to beg. :cry:
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by gsp_ »

snowback96 wrote:The latest promo from Tangerine: https://www.tangerine.ca/en/wintersavin ... s/864.html

2.5% on new deposits into any savings accounts until March 31. The definition of "new deposits" uses Jan 5 as the baseline. Good thing they "protected" me from the 2% offer so I could get my money out in late December!
By invitation only :!: I'm not one of the chosen few.
1.The Tangerine Bank (the “Bank”) Savings Interest Offer of 2.50% (the “Offer”) has been calculated based on interest rates current as of January 6, 2016 and is available to existing Tangerine Clients who: (1) receive the Offer via email directly from the Bank; and/or (2) receive a notification that they are eligible to participate in the Offer when they log in on the Bank’s website (“Eligible Clients”).
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by snowback96 »

gsp_ wrote:By invitation only :!: I'm not one of the chosen few.
1.The Tangerine Bank (the “Bank”) Savings Interest Offer of 2.50% (the “Offer”) has been calculated based on interest rates current as of January 6, 2016 and is available to existing Tangerine Clients who: (1) receive the Offer via email directly from the Bank; and/or (2) receive a notification that they are eligible to participate in the Offer when they log in on the Bank’s website (“Eligible Clients”).
#$%^@&*!!!! Sorry guys. I missed the super fine print. I just logged in and apparently I am (once again) not one of the chosen ones. :evil:
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by SoninlawofGus »

snowback96 wrote: #$%^@&*!!!! Sorry guys. I missed the super fine print. I just logged in and apparently I am (once again) not one of the chosen ones. :evil:
Nor have I ever been. And I put in the full CDIC limit in the last round. I wonder what their criteria is for determining who to make these offers to.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by iluvnascar »

I guess I'm eligible......but it is now only 2.34%:

That's why, until March 31, 2016 we’re offering you the special interest rate of 2.34% on new deposits to a full portfolio† of Savings Accounts – regular Tangerine Savings Accounts, RSP Savings Accounts, and TFSAs*. You’ll get this great rate on up to $500,000 of new money you put in all of these Accounts. The choice of Account is yours – if you want, you can put a bit of money in each.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by iluvnascar »

The plot thickens.........

Re my daughter's Tangerine Account:

That's why, until March 31, 2016 we’re offering you the special interest rate of 2.50% on new deposits to a full portfolio† of Savings Accounts – regular Tangerine Savings Accounts, RSP Savings Accounts, and TFSAs*. You’ll get this great rate on up to $500,000 of new money you put in all of these Accounts. The choice of Account is yours – if you want, you can put a bit of money in each.



So she would get 2.50% on new deposits.......whereas my wife is being offered 2.34%.

I really hate this kind of sales approach and gamesmanship. I don't mind moving money around, but I think I'm just going to stick with Oaken & their 1.85% 1-yr GIC which is cashable after 90-days.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by good4u »

iluvnascar wrote:The plot thickens.........

Re my daughter's Tangerine Account:

That's why, until March 31, 2016 we’re offering you the special interest rate of 2.50% on new deposits to a full portfolio† of Savings Accounts – regular Tangerine Savings Accounts, RSP Savings Accounts, and TFSAs*. You’ll get this great rate on up to $500,000 of new money you put in all of these Accounts. The choice of Account is yours – if you want, you can put a bit of money in each.



So she would get 2.50% on new deposits.......whereas my wife is being offered 2.34%.

I really hate this kind of sales approach and gamesmanship. I don't mind moving money around, but I think I'm just going to stick with Oaken & their 1.85% 1-yr GIC which is cashable after 90-days.
I totally agree with you. I wonder if someone started an online petition against Tangerine if a lot of people would sign.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by snowback96 »

Somewhere within the bank is 28-year old MBA with a monster spreadsheet. Based on the real-time needs of the bank's balance sheet, he is pulling levers and running macro's to determine every customer's optimal interest rate to the nearest 1/100 of a per cent. Management is in awe as this young whipper-snapper has "future executive" written all over him.

As for the clients? We are simply pawns in a giant financial experiment.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by SkaSka »

snowback96 wrote:Somewhere within the bank is 28-year old MBA with a monster spreadsheet. Based on the real-time needs of the bank's balance sheet, he is pulling levers and running macro's to determine every customer's optimal interest rate to the nearest 1/100 of a per cent. Management is in awe as this young whipper-snapper has "future executive" written all over him.

As for the clients? We are simply pawns in a giant financial experiment.
Why not just hire a STEM intern at low low prices to just write an algorithm to do all that automatically :lol:

Back on topic: when my wife called Tangerine to ask for the 2% promo back in December, the rep was completely clueless and essentially just shrugged his shoulders and said he didn't know what to say.

We will be moving that account out of Tangerine for good in 2016. Their practices are just super annoying. On the bright side, this speeds up the long term goal of consolidating all our accounts into one main bank.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Inquiring Mind »

I too have been very pleased with the consistency of Oaken's rates, and I'm also very happy with the service. Is there any downside to loading up at Oaken (his, her's, theirs, reg'd, not reg'd) as long as each account is under the CDIC limit? In other words, how much risk is taken on versus keeping $ in big banks?
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by good4u »

Inquiring Mind wrote:I too have been very pleased with the consistency of Oaken's rates, and I'm also very happy with the service. Is there any downside to loading up at Oaken (his, her's, theirs, reg'd, not reg'd) as long as each account is under the CDIC limit? In other words, how much risk is taken on versus keeping $ in big banks?
There were some stories in the news a few months back about some of the companies Home Trust (same as Oaken) was doing business with that were not being truthful in their business dealings with Home Trust. The stories made it sound like Home Trust was on top of this but it something to be aware of. On the same note, because we rarely hear stories about the "big banks" when it comes to fraud, bad lending, being hacked, etc. I wonder whether these banks are big enough to be bulletproof or if the same things happen to them too but they are just really good at keeping such news out of the media.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

Inquiring Mind wrote:I too have been very pleased with the consistency of Oaken's rates, and I'm also very happy with the service. Is there any downside to loading up at Oaken (his, her's, theirs, reg'd, not reg'd) as long as each account is under the CDIC limit? In other words, how much risk is taken on versus keeping $ in big banks?
If keeping within CDIC insurance, I don't see any issue at all. Worst case, Home goes bankrupt and CDIC has someone else 'buy their book', i.e. picks up their deposits overnight. At worst, it might take a few days to a week to regain access to funds.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Rysto »

I consider CDIC protection to be bulletproof, so I have no concerns with Oaken non-registered accounts or TFSAs.

I have a slight concern about their RRSPs, though. The pattern here in Canada seems to be that an online bank starts up with the best rates in Canada, but over time they get bought out by a big bank and their rates go way down. The problem with the RRSP is that it's not trivial to move your money out of an RRSP, and if they've lowered their rates they might well institute a transfer fee at the same time (I believe that this is exactly what happened with Tangerine/ING, correct?). This can be especially problematic if you're locked into a GIC, because you may not be able to transfer your money before the changes take effect.

I consider this to be a very *minor* problem, though. The worst case scenario is that the rate sucks and you pay $100 to move on.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by snowback96 »

Okay, I think I'll give Oaken a chance. Between Oaken and CDF, I'll have all the HISA room I need. Both institutions have nice, steady, no-BS rates. I'm tired of getting jerked around with teaser rates. Tangerine and PCF can bite me.
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