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  1. #1
    momof5boys
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    I'm possibly looking to go with Tangerine for some investing. Anyone invested with Tangerine? Pros, cons?
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  2. #2
    Contradiction in progress sweet sparrow's Avatar
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    I only invested with ING years ago before they had the Streetwise Funds. Back then, the Aggressive Growth Portfolio was really terrible. They ended up dumping a lot of the funds (or they were moved because they were such bad performers. I think by 2008ish, they had lost most of it's value. At the time, I had four figure losses which was a lot for me. But, it was 2008 and a lot of things were doing poorly. I hesitated to move it for the longest time, thinking it might do better instead of moving it to a better investment.

    It was probably my best financial mistake and really helped me learn about investing, but it was a really expensive lesson. Fast forward to 2010ish and it was so convenient for DH to invest with them because he had no time to do any real research, you can do it with a click of a mouse, and they make it super easy for beginners (DH to a tee!). It was easy to transfer money the day of the RRSP deadline and super fast. Now that it's 2016, he should probably move it to the rest of his TD funds (e-series) because the MER is lower.

    They still seem to be one of the only places that don't charge transfer fees to move your money elsewhere and offer that level of convenience. In that way, I think they deserve their 1.07% MER. I like them, but wouldn't invest with them as a first choice if you know what you're doing. If convenience is the primary consideration, Tangerine is great! They are index funds and follow a benchmark. They don't waiver as much as their old portfolios (non-index, individual funds), and are decent performers.

    That's just my amateur late night opinion.

  3. #3
    Canadian Guru
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    Quote Originally Posted by momof5boys View Post
    I'm possibly looking to go with Tangerine for some investing. Anyone invested with Tangerine? Pros, cons?
    Not much different than other banks, if you are buying Mutual Funds and/or GIC . Just another version of Scotia Bank without branches.

    Plus their Mutual Funds division is totally separate from their Banking division. You can't really do much online, you have to phone in every time you want to buy/sell Mutual Funds and/or transfer to other institutions. Pretty much the same MER and administrative fees as others.

    Tangerine Savings Account is slightly better than other banks, but all the other stuff like Mortgages, Investments etc is not really that competitive, much better options available elsewhere.

    TD-E series Funds have one of the lowest MER.

    https://www.tdcanadatrust.com/produc...-does-td-offer

    At the end of the day, the Markets will decide how your investments are doing, and not so much the bank. So you might as well go with the one with the lowest fees, so that it doesn't eat into your profits. They can go up considerably or go down considerably, NO guarantees, so be careful. You will have some winners and some losers, its a CASINO out there.

  4. #4
    Smart Canuck
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    I agree with all the comments above. To get the best deal for yourself don't be loyal to any bank and be prepared to shop around to get the best rates. I opened a bank account with Canadian Tire Financial Services when they had a deal where you got $50 it you opened with $100 and kept it there 6 months. Then they gave me another $25 when I set up a regular monthly deposit from my bank account. I kept the money in the required amount of time,got the $75 and then moved all the money to account that gave better interest. The $75 was more interest than I could have got anywhere else.

    Then I opened an account with Tangerine, and got $50 for opening it. Set up a regular transfer and will be getting another $25 once that has been going for 6 months. they have also given me 2.4% interest until the middle of May.

    The bonuses they give you for setting up are more than you can get in interest being loyal - if you are prepared to move your money around!

    Just my 2c
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  5. #5
    momof5boys
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    Quote Originally Posted by Colsgirl View Post
    I agree with all the comments above. To get the best deal for yourself don't be loyal to any bank and be prepared to shop around to get the best rates. I opened a bank account with Canadian Tire Financial Services when they had a deal where you got $50 it you opened with $100 and kept it there 6 months. Then they gave me another $25 when I set up a regular monthly deposit from my bank account. I kept the money in the required amount of time,got the $75 and then moved all the money to account that gave better interest. The $75 was more interest than I could have got anywhere else.

    Then I opened an account with Tangerine, and got $50 for opening it. Set up a regular transfer and will be getting another $25 once that has been going for 6 months. they have also given me 2.4% interest until the middle of May.

    The bonuses they give you for setting up are more than you can get in interest being loyal - if you are prepared to move your money around!

    Just my 2c

    Are you planning to stick with Tangerine after the bonus rate? Or is this long term for you.

  6. #6
    Canadian Genius lilo0003's Avatar
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    I have never tried to sell with Tangerine but to clarify the comment above you do not need to call them to buy. We have a Tangerine chequing account and I can transfer the money to the Investment account (TFSA & RSP) whenever I wish or I can set an automatic transfer. Since this is long term savings for us I just move I and forget it, it reduces my stress this way.
    Friends don't let real friends pay full price.

  7. #7
    Canadian Guru
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    Be careful with this strategy if you are applying for a Mortgage or Line Of Credit any time soon. Even for opening chequing accounts and savings accounts, the banks these days do a Hard credit check on your file and that shows up on your Equifax and Transunion credit report. This lowers your Credit score.

    they say we are giving you overdraft and cheque writing privileges so we will do the check. You can decline the credit check if you want, but sometimes they lie and do it behind your back anyways .

    i opened a TD chequing account to get their Samsung Tablet promo, there was an inquiry and a hard hit on my Equifax file. Luckily my credit score is 800 and I am not applying for a Mortagage anytime soon.

    Quote Originally Posted by Colsgirl View Post
    I agree with all the comments above. To get the best deal for yourself don't be loyal to any bank and be prepared to shop around to get the best rates. I opened a bank account with Canadian Tire Financial Services when they had a deal where you got $50 it you opened with $100 and kept it there 6 months. Then they gave me another $25 when I set up a regular monthly deposit from my bank account. I kept the money in the required amount of time,got the $75 and then moved all the money to account that gave better interest. The $75 was more interest than I could have got anywhere else.

    Then I opened an account with Tangerine, and got $50 for opening it. Set up a regular transfer and will be getting another $25 once that has been going for 6 months. they have also given me 2.4% interest until the middle of May.

    The bonuses they give you for setting up are more than you can get in interest being loyal - if you are prepared to move your money around!

    Just my 2c

  8. #8
    Canadian Guru
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    Quote Originally Posted by lilo0003 View Post
    I have never tried to sell with Tangerine but to clarify the comment above you do not need to call them to buy. We have a Tangerine chequing account and I can transfer the money to the Investment account (TFSA & RSP) whenever I wish or I can set an automatic transfer. Since this is long term savings for us I just move I and forget it, it reduces my stress this way.
    I was talking about the Tangerine Mutual Funds, everytime you have to buy or sell or transfer you have to call them. You can't just do online. Whether they are in your TFSA/RSP or non TFSA/RSP.

    if its just a TFSA or RSP savings account you can transfer online.

    But if your TFSA or RSP has Mutual Funds in it, you can't do anything online.

  9. #9
    Smart Canuck
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    Quote Originally Posted by momof5boys View Post
    Are you planning to stick with Tangerine after the bonus rate? Or is this long term for you.
    No, once the interest rate drops back down which is the middle of next month I will move my money to EQ Bank who offer 2.25% (no fees, no minimum balance, 5 free interac transfers a month and are licenced with the CIDC.

    Quote Originally Posted by tjthemanto View Post
    Be careful with this strategy if you are applying for a Mortgage or Line Of Credit any time soon. Even for opening chequing accounts and savings accounts, the banks these days do a Hard credit check on your file and that shows up on your Equifax and Transunion credit report. This lowers your Credit score.
    they say we are giving you overdraft and cheque writing privileges so we will do the check. You can decline the credit check if you want, but sometimes they lie and do it behind your back anyways .
    i opened a TD chequing account to get their Samsung Tablet promo, there was an inquiry and a hard hit on my Equifax file. Luckily my credit score is 800 and I am not applying for a Mortagage anytime soon.
    Thanks for the concern, I have only opened 3 savings accounts in the last 5 years: Canadian Tire Financial Services about 4-5 years ago, Tangerine last year and EQ Bank this year. I have 3 years left on my mortgage and plenty of equity in the house, so getting money wouldn't be an issue .... it is the same old story, when you don't want it or need it, they are constantly trying to push money loans in your face!!
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  10. #10
    Canadian Guru
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    EQ Bank is 2.25 % for Entire balance. Not a promo or introductory rate.

    Its a big bank listed on TSX and CDIC insured. It has 500 employees , $ 17 Billion in assets and has been around for 45 years. So safe to bank with them.

    Quote Originally Posted by tjthemanto View Post
    https://www.eqbank.ca/personal-banking/features-rates

    EQ Bank is a trademark of Equitable Bank, used to describe our new digital bank - featuring no monthly fees and great rates to help you save.

    The EQ Bank Savings Plus Account is more than just a savings account. It lets you pay bills, transfer your money and track your savings to reach your financial goals faster.

    Great rates, all the time

    With an EQ Bank Savings Plus Account, you earn high interest on your entire balance. There’s no introductory period, no limited time promotional rate and no minimum balance to maintain, so you can start earning great interest immediately on every dollar, every day.


    Manage your money

    Whether you're making a transfer, paying a bill or just checking your balance, managing your money is easy with the secure and user-friendly EQ Bank website or mobile app


    The best of both worlds

    Earn great interest without having to switch between a chequing and savings account. With no monthly fees, unlimited day-to-day transactions and 5 free Interac e-Transfers® per month, the EQ Bank Savings Plus Account has everything you need to start saving, faster.



    Is it safe to bank with EQ Bank?

    At EQ Bank, we are committed to providing a safe mobile and online banking environment starting from the moment you sign up with us. Safeguarding your account is top of mind, which is why our security features are continuously monitored and improved. Read our EQB Mobile and Online Banking Security Guarantee to learn more.

    EQ Bank is a trademark of Equitable Bank, a federally regulated Schedule I Bank with over 500 employees and total assets under management of approximately $17 billion.

    For nearly 45 years, brokers across the country have been helping Canadians realize their financial goals through Equitable Bank products such as mortgages, home equity lines of credit and a variety of deposit services.

    Equitable Bank was founded in 1970 as The Equitable Trust Company. It is a wholly-owned subsidiary of Equitable Group Inc., whose common and preferred shares are traded on the Toronto Stock Exchange under the symbols EQB and EQB.PR.C, respectively.


    Is my account covered by the CDIC?

    EQ Bank is a trademark of Equitable Bank.

    Equitable Bank is a member of CDIC. All eligible deposits held under Equitable Bank are covered to the maximum coverage limits of $100,000. Click here for more info.

  11. #11
    Smart Canuck
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    My bonus with Tangerine expired and they wouldn't extend ... so I just moved the balance to EQ (I left $1)
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