High interest rates for savings, GICs and MMFs (2017)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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thegov
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by thegov »

ig17 wrote: 06 Jul 2017 11:54 The option to open joint accounts online is no longer available. I used it a few months ago and now it's gone. :(
I noted the same. Is there a way around this - or do you have to fill out paperwork.
Can you change the single account to a joint one after creation?
(Got 3.1% was 2.97%, FM got 2.97% twice)
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

thegov wrote: 07 Jul 2017 09:37
ig17 wrote: 06 Jul 2017 11:54 The option to open joint accounts online is no longer available. I used it a few months ago and now it's gone. :(
I noted the same. Is there a way around this - or do you have to fill out paperwork.
Can you change the single account to a joint one after creation?
I haven't looked into it. I'm guessing you can add a second account holder to a single account by calling them.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by martinv »

New deposits, up to $500,000, to your Tangerine Savings Account(s) and Tax-Free Savings Accounts made from Jul 05, 2017 to Sep 30, 2017 will earn 2.97% interest* until Sep 30, 2017.

Recently received this from Tangerine. Opened a savings account with Tangerine one year ago but am tired of the "game" already.
Also changed to a Tangerine Mastercard after 15 years with an Alaska Airlines Mastercard.
Tangerine Mastercard recently dropped their rewards by about 50%.
So cancelled the Tangerine card and went back to Alaska Airlines ( MBNA/TD ).
Transferred out all the funds in the Tangerine savings.
I frequently ask myself, "why do I chase these things?"
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by CROCKD »

Transferred everything out of Tangerine at end of promotion last week of June. Was offered 1.6% as retention ( 6 figure account) which I refused. No new offer so the money is now redeployed elsewhere. After many years with ING I am heartily fed up with this crowd and their games.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Descartes »

Was offered 1.6% as retention ( 6 figure account) which I refused.
Based purely on experience of others, this was a no-no.
Refusing or accepting a retention offer is said to kill your chances of getting one of their capricious bonus offers.
Tangerine Mastercard recently dropped their rewards by about 50%.
Technically speaking, they only dropped their 1% to 0.5%. The three categories of spend that you can select (e.g. groceries, restaurants, gas..etc..) remain at 2% rewards.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by iluvnascar »

Why bother with those "category" Mastercards like Tangerine? Just go for MBNA Platinum card - 2% on EVERYTHING with a $79 fee (waived 1st year; and $100 bonus as well upon opening an account). Hard to beat.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Money101 »

Descartes wrote: 07 Jul 2017 13:14
Was offered 1.6% as retention ( 6 figure account) which I refused.
Based purely on experience of others, this was a no-no.
Refusing or accepting a retention offer is said to kill your chances of getting one of their capricious bonus offers.
So what is recommended instead? Withdraw the money just before the end of the current promo and hope you get offered the higher rates of the new promo?
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Descartes »

So what is recommended instead? Withdraw the money just before the end of the current promo and hope you get offered the higher rates of the new promo?
It seems that way based on the majority of the experience posted here:
http://forums.redflagdeals.com/tangerin ... r-2061002/
Why bother with those "category" Mastercards like Tangerine? Just go for MBNA Platinum card - 2% on EVERYTHING with a $79 fee (waived 1st year; and $100 bonus as well upon opening an account). Hard to beat.
Aversion to having to pay fees to use a f-ing credit card. :)
Mathematically, based on my spending habits, it would best work out for me to keep my Tangerine 2% no-fee category card, keep my old MBNA 2% no-fee category card, and obtain the Rogers 1.75% no-fee (if you can hook up some Rogers expenses for auto-billing) no-category card. But the idea of having a Rogers credit card simply repels me and they don't pay out regularly like the others.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by pmj »

Descartes wrote: 09 Jul 2017 15:59 ... and obtain the Rogers 1.75% no-fee (if you can hook up some Rogers expenses for auto-billing) no-category card. But the idea of having a Rogers credit card simply repels me and they don't pay out regularly like the others.
If you have a Rogers account set-up for auto-billing, your rewards will be paid out each month against the Rogers bill (provided it's at least $20). And as an extra quirk, you will receive the 1.75% reward on the full amount of those bills, even though they will be (partly) paid from rewards!
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Descartes
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Descartes »

don't pay out regularly = paid out each month against the Rogers bill (provided it's at least $20)

You need to spend around $1150 or more each and every month solely on that card for regular pay out.
YMMV but it wouldn't be the most profitable for me to use the card that way hence "[they] don't pay out regularly".
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Re: High interest rates for savings, GICs and MMFs (2017)

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iluvnascar wrote: 09 Jul 2017 13:08 Why bother with those "category" Mastercards like Tangerine? Just go for MBNA Platinum card - 2% on EVERYTHING with a $79 fee (waived 1st year; and $100 bonus as well upon opening an account). Hard to beat.
I totally agree. We have had this card for several years now and pay the $89 (?) annual fee and it is still worth it because you get 2% cashback on EVERYTHING not to mention that this is a premium card with a variety of benefits.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by amphitryon »

I was lucky a few years back to get the Capital One Aspire Cash Mastercard. No fee and 1.5 % on everything. Only problem, cannot increase limit (tried) and must stay at 10 k. Pretty good travel medical insurance coverage as well, up to 8 eight days anywhere if over 65 for both of us. Have not found any better yet.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

Going yet further off-topic..... those premium cards may cost you in the not too distant future if merchants are successful in their rebellion against the extra burden they pay to MC and Visa on these cards (see the Credit Card thread).

Added: I have the Cap One Cash Aspire card too.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Money101 »

adrian2 wrote: 06 Jul 2017 08:16 If you initiate it on Friday, you cannot set it up for Friday, it has to be in the future.
For a transfer involving an external account, "Now" means the next business day.
Thanks. The "double-dip" worked.

Wondering... Can't this be taken advantage of every weekend (not just for moving promo-money once), switching money back and forth between accounts (offering decent rates, of course)? For example, going forward, would it not be more profitable to move money between Tangerine account earning 3% and EQ earning 2.3%, every weekend?

Wouldn't the "double-dipping" make you come out ahead, even when transferring to a lower (2.3%) account? Has anyone done such analysis?
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

Money101 wrote: 10 Jul 2017 18:22 Wondering... Can't this be taken advantage of every weekend (not just for moving promo-money once), switching money back and forth between accounts (offering decent rates, of course)? For example, going forward, would it not be more profitable to move money between Tangerine account earning 3% and EQ earning 2.3%, every weekend?

Wouldn't the "double-dipping" make you come out ahead, even when transferring to a lower (2.3%) account? Has anyone done such analysis?
Assuming you can move 100K every Friday and avoid balance holds, you can make an extra $60 over a four week cycle:

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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

I am assuming folks work this 'double dipping' because it is a challenge to do so and brings satisfaction when you succeed? Rather than it actually being worth much?
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 »

ig17 wrote: 10 Jul 2017 20:30
Money101 wrote: 10 Jul 2017 18:22 Wondering... Can't this be taken advantage of every weekend (not just for moving promo-money once), switching money back and forth between accounts (offering decent rates, of course)? For example, going forward, would it not be more profitable to move money between Tangerine account earning 3% and EQ earning 2.3%, every weekend?

Wouldn't the "double-dipping" make you come out ahead, even when transferring to a lower (2.3%) account? Has anyone done such analysis?
Assuming you can move 100K every Friday and avoid balance holds, you can make an extra $60 over a four week cycle:
Pushing money from Tangerine (some day Monday ... Wednesday) results in a one day loss at 3% (money disappears from Tangerine on, say, Monday, and gets credited at the other end on, say, Tuesday.

There would be a one week hold at Tangerine for the money pulled on Friday, so the same money cannot be pushed until next Friday (which is too late for a one week turnaround), so, at best, it could be done every fortnight. Pushing more than $25k from Tangerine requires CSR's assistance, which may result in questions after a few cycles.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

adrian2 wrote: 10 Jul 2017 22:19 Pushing money from Tangerine (some day Monday ... Wednesday) results in a one day loss at 3% (money disappears from Tangerine on, say, Monday, and gets credited at the other end on, say, Tuesday.

There would be a one week hold at Tangerine for the money pulled on Friday, so the same money cannot be pushed until next Friday (which is too late for a one week turnaround), so, at best, it could be done every fortnight. Pushing more than $25k from Tangerine requires CSR's assistance, which may result in questions after a few cycles.
There is no need to push money from the Tangerine side. You can do a pull from EQ.

That said, I don't play this game on purpose. I take advantage of the double dipping when I *have* to move money, because why not. To do it on a regular basis is a bridge too far.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 »

ig17 wrote: 10 Jul 2017 23:18
adrian2 wrote: 10 Jul 2017 22:19 Pushing money from Tangerine (some day Monday ... Wednesday) results in a one day loss at 3% (money disappears from Tangerine on, say, Monday, and gets credited at the other end on, say, Tuesday.

There would be a one week hold at Tangerine for the money pulled on Friday, so the same money cannot be pushed until next Friday (which is too late for a one week turnaround), so, at best, it could be done every fortnight. Pushing more than $25k from Tangerine requires CSR's assistance, which may result in questions after a few cycles.
There is no need to push money from the Tangerine side. You can do a pull from EQ.
I was describing the process with Tangerine and PCF.
I don't have experience with EQ, but my guess is that if you do a pull, they will put some hold on the money before you can pull it from the other side.
ig17 wrote: 10 Jul 2017 23:18 That said, I don't play this game on purpose. I take advantage of the double dipping when I *have* to move money, because why not. To do it on a regular basis is a bridge too far.
Precisely my thoughts!
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Descartes »

I don't have experience with EQ, but my guess is that if you do a pull, they will put some hold on the money before you can pull it from the other side.
In my experience, the hold is 5 business days at EQ while the pull seems to take 2 before it is accounted for at the source.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by jay »

Tangerine 2% promo expiring Monday. Called them and got the promo extended until mid Oct. The whole thing took less than 2 mins. I may have been able to get another 0.25% but didn't feel like arguing.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by rhenderson »

jay wrote: 13 Jul 2017 15:17 Tangerine 2% promo expiring Monday. Called them and got the promo extended until mid Oct. The whole thing took less than 2 mins. I may have been able to get another 0.25% but didn't feel like arguing.
JMO, but it shouldn't have taken 2 minutes because even stodgy old RBC is offering 2% until Dec 1.

http://www.rbcroyalbank.com/services/ac ... DQodG1UFOA

Seems that over at RFD posters are being offered more than 2% as a retention offer. :?
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by rhenderson »

I just noticed that RBF2010 is now paying 0.85%, an increase of 0.10
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by rhenderson »

I'm not a fan of RBC but now they are offering 2.15% until Dec 1.

http://www.rbcroyalbank.com/dms/pba/e-s ... -d-or.html

Sounds pretty good to me for one of the major banks. :wink:
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by 2of3aintbad »

Appears to me that you will get the 2.15% only if you keep your transferred deposit untouched for 4+ months. It is more like a cashable GIC than an savings account.
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