Personal Finance

Best Tangerine replacement (TFSA + chequing)

  • Last Updated:
  • Dec 5th, 2018 2:27 pm
[OP]
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Nov 10, 2018
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Best Tangerine replacement (TFSA + chequing)

I know there are a dozen threads on this, apologies, but Tangerine is only offering me 1.6% for 90 days after my 2.75% for 180 day promo is up shortly. My intent is to park money in my TFSA but I also need a chequing account for day to day banking. E.g. I'm not willing to have a chequing account with 1 financial institution, and my TFSA at another. Tangerine, as folks know, offers both savings, chequing, and TFSAs. What bank also offers all 3 which has the best TFSA savings rate?

Thanks
9 replies
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Dec 17, 2008
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angryaudifanatic wrote:
Dec 1st, 2018 10:30 am
I know there are a dozen threads on this, apologies, but Tangerine is only offering me 1.6% for 90 days after my 2.75% for 180 day promo is up shortly. My intent is to park money in my TFSA but I also need a chequing account for day to day banking. E.g. I'm not willing to have a chequing account with 1 financial institution, and my TFSA at another. Tangerine, as folks know, offers both savings, chequing, and TFSAs. What bank also offers all 3 which has the best TFSA savings rate?

Thanks
If you want one bank for all three (Chequing, Savings, and TFSA) with a good TFSA savings rate (2.25%) ......then you're looking for Alterna Bank

If you want a higher TFSA rate but willing to do your chequing and savings elsewhere, there would be other options.
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Newbie
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Nov 10, 2018
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Meridian treats its new customers well, but their everyday rate is terribly uncompetitive. Another vote for Alterna.
[OP]
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Nov 10, 2018
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What I am noticing is that the higher the interest rate, the stupider the fees get.

Can't have my cake and eat it....
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angryaudifanatic wrote:
Dec 1st, 2018 10:30 am
I'm not willing to have a chequing account with 1 financial institution, and my TFSA at another.
Why not?

Anyway, it sounds like you should consider Meridian CU.
Tuition to the School of Life is not tax deductible.
[OP]
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Jucius Maximus wrote:
Dec 1st, 2018 2:24 pm
Why not?

Anyway, it sounds like you should consider Meridian CU.
Because of the "holds" that FI often put in place when moving money between various FIs
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angryaudifanatic wrote:
Dec 1st, 2018 4:16 pm
Because of the "holds" that FI often put in place when moving money between various FIs
  1. as posted already, no FI gives you the world on both chq and sav accounts
  2. As recommended by @Shawguy, +1 to Alterna. Kinda hard to beat that combo.
  3. I'll make some suggestions, but we'll have to sacrifice at least one cow in each one...
  4. EQ. Currently 2.3%. Use as chq and sav. Downsides are no ATM access and no TFSA option.
  5. Motive Financial. Currently 2.8% HISA (unbeatable outside musical chairs), free chq account. Downside compared to EQ is the balance in the chq account won't earn much interest (as is the case for most FI's aside EQ), but gain ATM access. Still not a good deal on TFSA.
  6. Simplii. You may ask why...reason is it's your machine for chq account. Generous deposit limits (as in no holds on money pulled). Can also add a plethora of externally linked accounts. Max $5k deposit limit (usually start at $200-500), but increase it every six months. Time to plant your seeds and water your garden. Downside is HISA will be musical chairs, and TFSA won't be that great. You'll get deposit limits at Tang based on internal history, but they won't allow requesting an increase.
  7. Achieva Financial. Why? 2.4% HISA/TFSA, +$1/month for going paperless. Minimum funding of $250 (keep for 30+ days), referrer and referee get $25 each. On an emergency fund (say a few hundred), that $1/month free money earns you over and above what higher interest would get you without the free loonie. Downside is no chq account, no ATM access, no e-transfer capability. Easiest savings account you'll have ever opened.
  8. Next in line for HISA/TFSA would be IdealSavings, Hubert and SCU. Each have their own pro's and con's. Assuming you get Simplii and start at an OK deposit limit, time to open up all of these. SCU only if you intend on parking TFSA $$ until year end, or keep year over year. SCU is easiest of these to open btw, and they have a competitive MasterCard.
  9. Minimalist combo: Motive (chq + HISA) and SCU for TFSA. If you're like @Shawguy, swap SCU for Hubert...but with the bigger gap in interest rates, SCU is more appealing now.
  10. Three account combo: add Achieva for a small rainy day bucket, or Simplii for the hub chq account. Four account combo means add both.
  11. HISA musical chairs combo...HISA only, no TFSA: Simplii, Tangerine, DUCA (ON only), throw in Meridian for the signup bonus and potentially a hub for bank to bank transfers, Motive as fallback at 2.8%. You'll never need EQ, nor Alterna.
  12. GIC king (ON only) Omni Direct. They're a CU subsidiary, 1 yr 3.4%
  13. Minimize holds by pushing rather than pulling (aside Hubert, Achieva and a few others), those, pull from Simplii.

You also realize aside SCU (with their $5/month chq account) or other CU's (Collabria/CUETS) and now Simplii (or Tang), you can't do competitive chq, sav, TFSA AND CC at the same FI. Simplii and Tang offer lousy CC's IMO, and SCU won't offer no fee chq accounts. At the end of the day, gotta "de-bundle and save".
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titaniumtux wrote:
Dec 1st, 2018 6:04 pm
  1. as posted already, no FI gives you the world on both chq and sav accounts
  2. As recommended by @Shawguy, +1 to Alterna. Kinda hard to beat that combo.
  3. I'll make some suggestions, but we'll have to sacrifice at least one cow in each one...
  4. EQ. Currently 2.3%. Use as chq and sav. Downsides are no ATM access and no TFSA option.
  5. Motive Financial. Currently 2.8% HISA (unbeatable outside musical chairs), free chq account. Downside compared to EQ is the balance in the chq account won't earn much interest (as is the case for most FI's aside EQ), but gain ATM access. Still not a good deal on TFSA.
  6. Simplii. You may ask why...reason is it's your machine for chq account. Generous deposit limits (as in no holds on money pulled). Can also add a plethora of externally linked accounts. Max $5k deposit limit (usually start at $200-500), but increase it every six months. Time to plant your seeds and water your garden. Downside is HISA will be musical chairs, and TFSA won't be that great. You'll get deposit limits at Tang based on internal history, but they won't allow requesting an increase.
  7. Achieva Financial. Why? 2.4% HISA/TFSA, +$1/month for going paperless. Minimum funding of $250 (keep for 30+ days), referrer and referee get $25 each. On an emergency fund (say a few hundred), that $1/month free money earns you over and above what higher interest would get you without the free loonie. Downside is no chq account, no ATM access, no e-transfer capability. Easiest savings account you'll have ever opened.
  8. Next in line for HISA/TFSA would be IdealSavings, Hubert and SCU. Each have their own pro's and con's. Assuming you get Simplii and start at an OK deposit limit, time to open up all of these. SCU only if you intend on parking TFSA $$ until year end, or keep year over year. SCU is easiest of these to open btw, and they have a competitive MasterCard.
  9. Minimalist combo: Motive (chq + HISA) and SCU for TFSA. If you're like @Shawguy, swap SCU for Hubert...but with the bigger gap in interest rates, SCU is more appealing now.
  10. Three account combo: add Achieva for a small rainy day bucket, or Simplii for the hub chq account. Four account combo means add both.
  11. HISA musical chairs combo...HISA only, no TFSA: Simplii, Tangerine, DUCA (ON only), throw in Meridian for the signup bonus and potentially a hub for bank to bank transfers, Motive as fallback at 2.8%. You'll never need EQ, nor Alterna.
  12. GIC king (ON only) Omni Direct. They're a CU subsidiary, 1 yr 3.4%
  13. Minimize holds by pushing rather than pulling (aside Hubert, Achieva and a few others), those, pull from Simplii.

You also realize aside SCU (with their $5/month chq account) or other CU's (Collabria/CUETS) and now Simplii (or Tang), you can't do competitive chq, sav, TFSA AND CC at the same FI. Simplii and Tang offer lousy CC's IMO, and SCU won't offer no fee chq accounts. At the end of the day, gotta "de-bundle and save".
What is Meridian sign up bonus? And how come they are not top of your list with their 3.15% (6-month) in HISA? (is that what you mean by sign up bonus)?
Is there any other bank that provides better rate than 3.15% in cashable HISA at this moment? If not, who are the second best?
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snowhite445 wrote:
Dec 5th, 2018 1:54 pm
What is Meridian sign up bonus? And how come they are not top of your list with their 3.15% (6-month) in HISA? (is that what you mean by sign up bonus)?
Is there any other bank that provides better rate than 3.15% in cashable HISA at this moment? If not, who are the second best?
The signup bonus (until they end it) is a referral ($50 for referrer and referee), and the HISA promo is almost exclusively for new members. Existing members get GIC offers sometimes.

Winter and summer 2018 they had $100 WB on a $1k deposit, but they probably found they incurred too much churn on that promo (I mean, it's by far the most generous WB on a HISA). The referral program (they've done it in the past, meaning it could change or end any time) is a nice way to lessen churn.

Outside of new member HISA offers, they're hardly part of musical chairs IMO...unless you have no where else to park funds while emptying out all other accounts.
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