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

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

Post by SoninlawofGus »

mrPPincer wrote: 05 Apr 2017 07:33 I would have accepted 2%, but when I phoned in on April 1, the best Tangerine would offer was 1.6% for 90 days.
Same with my wife, for a savings account (not TFSA). A lot of people seem to be getting 2%. Maybe the link to EQ is the trick.

However, turns out I just got the 3.21% offer too.
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snowback96
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by snowback96 »

I suspect that Tangerine reps will be more agreeable when they see that you have an electronic link to EQ.
Can you set up you EQ as a linked account at Tangerine? This would be great so that you could simply "pull" from EQ when the deals come out (and so the agents can see this link). But I thought you could only link chequing accounts (which EQ is not)?
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by jeremy »

snowback96 wrote: 05 Apr 2017 10:22
I suspect that Tangerine reps will be more agreeable when they see that you have an electronic link to EQ.
Can you set up you EQ as a linked account at Tangerine? This would be great so that you could simply "pull" from EQ when the deals come out (and so the agents can see this link). But I thought you could only link chequing accounts (which EQ is not)?
Yes, I have EQ and Tangerine linked at both ends. Tangerine now supports the 'small deposits' method of linking external accounts, and EQ now supports pre-authorized deposits/withdrawals.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by rhenderson »

jeremy wrote: 05 Apr 2017 11:38
snowback96 wrote: 05 Apr 2017 10:22
I suspect that Tangerine reps will be more agreeable when they see that you have an electronic link to EQ.
Can you set up you EQ as a linked account at Tangerine? This would be great so that you could simply "pull" from EQ when the deals come out (and so the agents can see this link). But I thought you could only link chequing accounts (which EQ is not)?
Yes, I have EQ and Tangerine linked at both ends. Tangerine now supports the 'small deposits' method of linking external accounts, and EQ now supports pre-authorized deposits/withdrawals.
That seems to be the smartest way to deal with an outfit like Tangerine. For about 2 years I have an account with about a dollar in it and have NEVER received one of their offers.I'm not interested in phoning in to beg for 2% every 3 months when Alterna & EQ will pay you that much anyway.

It seems that TING (according to the posters at RFD) usually reward clients that methodically remove all of their funds out about 5 days before the 3 month lottery begins.These posters are then offered varying rates on "new money" to return. Of course all of their funds are now "new money".
Kind of worth it for a few clicks of the mouse if you're moving around a few hundred K.

http://forums.redflagdeals.com/tangerin ... 061002/50/
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by snowback96 »

jeremy wrote: 05 Apr 2017 11:38Yes, I have EQ and Tangerine linked at both ends. Tangerine now supports the 'small deposits' method of linking external accounts, and EQ now supports pre-authorized deposits/withdrawals.
I didn't realize they had this feature. Thanks!
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

snowback96 wrote: 05 Apr 2017 10:22
I suspect that Tangerine reps will be more agreeable when they see that you have an electronic link to EQ.
Can you set up you EQ as a linked account at Tangerine? This would be great so that you could simply "pull" from EQ when the deals come out (and so the agents can see this link). But I thought you could only link chequing accounts (which EQ is not)?
On EQ web site, click "Pre-authorized transfers" under "Pay & Transfer". The page shows the magic numbers that you need to set up a linked account at Tangerine.

EQ Transit number: 80002
EQ Institution number: 623

Enter your EQ account number as 9 digits without dashes.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by hamor »

ig17 wrote: 05 Apr 2017 19:46
snowback96 wrote: 05 Apr 2017 10:22
I suspect that Tangerine reps will be more agreeable when they see that you have an electronic link to EQ.
Can you set up you EQ as a linked account at Tangerine? This would be great so that you could simply "pull" from EQ when the deals come out (and so the agents can see this link). But I thought you could only link chequing accounts (which EQ is not)?
On EQ web site, click "Pre-authorized transfers" under "Pay & Transfer". The page shows the magic numbers that you need to set up a linked account at Tangerine.

EQ Transit number: 80002
EQ Institution number: 623

Enter your EQ account number as 9 digits without dashes.
Thanks for that.

BTW, I noticed whichever account at Tangerine I completely deplete of funds (mine or wife's) gets the next promotion offer.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 »

hamor wrote: 06 Apr 2017 11:57 BTW, I noticed whichever account at Tangerine I completely deplete of funds (mine or wife's) gets the next promotion offer.
Assuming it had some "decent" money in the "recent" past.

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

Post by deaddog »

Newest from Tangerine;

New deposits to your Tangerine Savings Account(s) and Tax-Free Savings Account(s) will earn 2.81% interest from April 5 to June 30, 2017.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by SkaSka »

My wife and I have transferred her RSP out of Tangerine and will be calling them soon to tell them to stick it where the moon don't shine (close all accounts).

We've had enough of the jerk and pull with rates and are taking all of our money and leaving forever.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Profit not Prophet »

Has anyone linked Td brokerage Canadian investment cash account and Alterna bank or EQ bank. Any tips on setting it up. Often requested a void cheque sort of thing and no such thing for the Td.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

To my knowledge, links between brokerage accounts and bank accounts are limited to:

1. Movement to an external (not-inhouse) brokerage account is done by Bill Payment from the bank account

2. Movement from a brokerage account is typically done via a linked/in-house bank account, e.g. a TD bank account in this case.... or in some cases, via EFT through a brokerage form designed for that purpose... or wire transfers (at some cost).

I know RBC DI does not have any such mechanism to move funds EFT from their brokerage accounts to non-RBC bank accounts. Scotia iTrade does (or at least did) have a form that could be filled out that allowed EFTs (not wire transfers) out to external bank accounts. Don't know about TD.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Koogie »

I tried back in January when I set up my EQ account. No dice. The initial deposit (and subsequent linked account) had to be a plain jane chequing account from TDCT.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by BRIAN5000 »

Profit not Prophet wrote: 06 Apr 2017 17:28 Has anyone linked Td brokerage Canadian investment cash account and Alterna bank or EQ bank. Any tips on setting it up. Often requested a void cheque sort of thing and no such thing for the Td.
Not sure what you mean by this. I am at TDW with a linked checking account to another big 5 bank. I have to call in and ask them to transfer X from whichever account to the account they have on file for the other bank, Canadian funds only, couple of days time. I had to submit a blank voided check now they may take an emailed scanned form from the bank if you ask nice. For US withdrawals they will send a free bank draft takes about a week. Have not tried Alterna or EQ not sure why they wouldn't if you had a checking account at either.
Bill payment going from Big 5 to TDW make sure it's correct if not it may take a month to find/fix the problem first hand experience.

You may have to do a three way transfer, TDW to a Big 5 bank then out to EQ etc.. Peoples, CDF & Oaken all have the ability to push and pull money from a Big 5 can't remember about Zag.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by DenisD »

ig17 wrote: 05 Apr 2017 19:46On EQ web site, click "Pre-authorized transfers" under "Pay & Transfer". The page shows the magic numbers that you need to set up a linked account at Tangerine.

EQ Transit number: 80002
EQ Institution number: 623

Enter your EQ account number as 9 digits without dashes.
A friend has set up an EFT from her TDDI account to her CIBC chequing account. She has to call TDDI to move money. Presumably, one could set up a link to EQ using the above information.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Profit not Prophet »

Thanks for the info and ideas folks. I have TD broker to BMO personal chequing set up. Was looking to streamline to TD to EQ or Alterna directly. As I suspected it might be more trouble than it's worth for the number of movement I plan.

Another alternative could be just stuff my pockets with twenties, wear baggy pants and go wrapper style. I don't think a 50ish Irish heritage cheapskate can do the swagger thang justice though. Cheers
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by KFried »

At Tangerine, one can easily set up multiple ISAs online, no bureaucracy. Do each and everyone of the accounts qualify for the 100k CDIC protection ?

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

Post by hamor »

A friend has set up an EFT from her TDDI account to her CIBC chequing account. She has to call TDDI to move money
I have monthly transfer from BMO to TDDI, it was a huge pain to setup, but now it works np.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Pickles »

KFried wrote: 08 Apr 2017 10:13 At Tangerine, one can easily set up multiple ISAs online, no bureaucracy. Do each and everyone of the accounts qualify for the 100k CDIC protection ?

Thanks
No. You cannot increase your CDIC insurance by simply opening additional Tangerine regular savings accounts registered under your name alone. If you have a joint savings account with someone else, this qualifies separately.
TFSA and RRSP savings accounts also qualify for protection separately.

Note however that RRSP savings accounts do not qualify for Tangerine's recent rate promotion and joint accounts don't qualify for the promotion if either party also has a separate savings account with Tangerine.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Mordko »

and joint accounts don't qualify for the promotion if either party also has a separate savings account with Tangerine.
This doesn't seem right. I have two joint savings accounts with Tangerine, with different people. There is no issue with qualification for the higher rate.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

I read Pickles' comment as a separate "individual" savings account by either party.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 »

Mordko wrote: 08 Apr 2017 12:28
and joint accounts don't qualify for the promotion if either party also has a separate savings account with Tangerine.
This doesn't seem right. I have two joint savings accounts with Tangerine, with different people. There is no issue with qualification for the higher rate.
Joint accounts do qualify for the promotion as if they would be the property of the primary account holder (i.e., the secondary does not count).
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Mordko »

That makes sense. Thanks Adrian.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by CROCKD »

This is a question or comment re the minimum interest paid in an interest bearing account.
Does anyone have an interest bearing account whereby if the interest is less than a certain amount it is not paid?
I have a number of accounts in various institutions for HISA as well as regular banking and move money around as required. On occasion when there has been very little in an account I have seen interest as low as a few cents paid.

My main bank account for bills etc is with my credit union. (DUCA) via my PCA. My pensions go in there.
They also have an account called EARN MORE SAVINGS ACCOUNT which advertises to pay interest at 1.2%.
I keep most of my operating funds in it until I need to transfer to the PCA to pay bills.
Most months the interest is only in the order of $1-$2 little enough I know. I was not paid any interest for March. When I enquired I was told that as it was less than $0.75 they don't pay interest. (I calculated it as $0.63)
I have challenged them to show me where on their documentation it states this limitation on interest paid. So far I have not received a call back.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

I've not heard of that. I've had/have a number of accounts where monthly interest paid is between 1 and 35 cents on a regular basis (and a whole year's worth is barely $2).
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