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Tue, Nov 4th, 2014, 08:40 PM #1
Has anyone noticed the transfer fees for high interest savings accounts?
Starting Jan 1, Tangerine will now charge $45 to transfer all transfers from a registered account. Apparently fees can be as high as $150 simply to transfer account balances!
http://www.thestar.com/business/pers...s_roseman.html
I bank with Tangerine and am surprised they have implemented a new charge to transfer balances.This thread is currently associated with: N/Ahttp://www.ourbigfatwallet.com - Saving, Investing & Frugal Living
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Wed, Nov 5th, 2014, 09:54 AM #2
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As I read it, the transfer fee is for registered accounts, so your TFSA and RRSP. Most of that money should be parked for a long time, and it's common practice to charge $50+ for that. If you're transferring to a free online brokerage like Questrade, they will reimburse you. If you're going to another brick and mortar, generally there is a threshold on the size of your account (above 25 or 50k, I believe) before they'll reimburse you for it.
That said, I am a big supporter of Tangerine, and am rather surprised with the departure on this. I suppose if it's your TFSA, sell your mutual funds and pay it into your chequing account, then recontribute the next year (which only works if you're close to the end of the year, or you have loads of extra contribution room). For your RRSPs, that's not an option.
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Wed, Nov 5th, 2014, 02:11 PM #3
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Yep. Royal Bank charged me $50 last year to transfer money from my RRSP.
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Wed, Nov 5th, 2014, 09:28 PM #4
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In light of Scotiabank reporting the coming job losses and international branch closures (but profits-you know the CEOs will be making bank), I'd say the fees help make the bank money. But it does "squeeze" the appeal of Tangerine, knowing corporate parent is wanting to make money to keep the shareholders happy.
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Fri, Nov 7th, 2014, 06:13 PM #5
Not cool, ING was no fees even for transfers..
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