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Thread: Tangerine - reviews please
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Sat, Apr 23rd, 2016, 05:56 PM #1
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Sun, Apr 24th, 2016, 02:01 AM #2
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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.
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Sun, Apr 24th, 2016, 06:32 AM #3
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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.
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Mon, Apr 25th, 2016, 09:54 AM #4
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!
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Mon, Apr 25th, 2016, 11:23 AM #5
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Mon, Apr 25th, 2016, 01:02 PM #6
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.
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Mon, Apr 25th, 2016, 03:36 PM #7
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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.
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Tue, Apr 26th, 2016, 08:22 AM #8
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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.
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Tue, Apr 26th, 2016, 09:56 AM #9
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.
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!!Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
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Thu, Jun 2nd, 2016, 11:59 AM #10
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Fri, Jun 3rd, 2016, 01:37 PM #11
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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PC Insiders please use my code LR1507 you get $25 and I get $10 in points
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