Personal Finance

Switching from big 4 chequing account: Tangerine or?

  • Last Updated:
  • Mar 24th, 2017 8:58 pm
[OP]
Deal Addict
Nov 26, 2008
2070 posts
639 upvotes
North York

Switching from big 4 chequing account: Tangerine or?

Been planning to switch away from TD forever for my daily banking as the minimum amount for free banking has just been getting higher and higher. hasn't helped that every branch except my home branch has harassed me to upgrade my account, add other services etc on the rare occasions i've gone in, despite being obviously a poor student as far as they can tell.

my student status/free account is ending and i will not be able to maintain the monthly holding for a free account. paying $50 a year for the pleasure of stashing my tiny chequing account while also getting sales pushed at me is just out of the question.

i have a tangerine account for their no fee cash back CC to get 3 2% cashback categories.

My question is just, should I switch everything to Tangerine or is there a better alternative that I am not aware of? Have seen a lot of people complaining that Tangerine has changed and have gotten the fee increase notices myself. Only thing I can see better about TD for my scenario though is under $100 EMT is fifty cents but all EMT are a buck with Tangerine.

Additionally, do I have to notify TD or is walking away from a zero balance good enough? Are they going to ding me the monthly account fee and chase me for it?

And lastly, my first CC was from TD as a student. This would not affect that in any way and now I'll just pay it from another bank's payment section rather than as a transfer between accounts?

Thanks a lot for your help!
30 replies
Sr. Member
May 17, 2012
848 posts
325 upvotes
grand valley
tangerine is propably best for your usage

yes, you will need to close the accnt at td. 'walking away' with 0 balance will still incur the fees.
Member
Mar 30, 2009
345 posts
42 upvotes
Windsor
Also worth mentioning TD secretly has what might be one of the best free chequeing accounts out there. Their LOCs kept in a credit balance. ;)
Deal Addict
Jan 2, 2015
1112 posts
258 upvotes
Toronto, ON
Switch to a no-fee bank. Tangerine is good but if you don't like them there are others out there. PCF, Alterna, Meridian, ZenBanx... just Google free bank accounts.

Tangerine (or whoever you switch to) will offer an account switch service to take care of closing your old account. However, I would not do so immediately. I would carry both accounts for about a month, transfer much of the money and set up bill payments, PADs, etc to the new account. Only then do you tell the new bank to close the old account.

When the new bank closes the old bank account, it will "pull" money. If you didn't switch ahead of time, you could go a week without access to money.

Note that you do not have to close your old bank's credit cards. You can pay them with a bill payment from any bank.
[OP]
Deal Addict
Nov 26, 2008
2070 posts
639 upvotes
North York
hvwozq wrote:
Mar 17th, 2017 8:09 pm
Are you still a student? Get an RBC account, and you will probably get 4 more years free. Other banks check your student status every year, RBC doesn't.
can you get it with just a student card?
Sr. Member
Apr 21, 2009
847 posts
284 upvotes
Toronto
quazy wrote:
Mar 18th, 2017 12:24 am
can you get it with just a student card?
Yep, and they may ask for a copy of ur time table. For me they didnt.

I use Tangerine as my MAIN BANK, but I still keep an account open at one of the big 4.

Mainly for depositing large amounts of cash (which I do a couple of times a year), as I don't feel comfortable depositing 5-10K via those automated teller machines, or just doing something that's easier to do in person at a teller.
Deal Addict
Aug 3, 2014
3862 posts
1647 upvotes
quazy wrote:
Mar 18th, 2017 12:24 am

can you get it with just a student card?
BengaliPrince wrote:
Mar 18th, 2017 4:29 am
Yep, and they may ask for a copy of ur time table. For me they didnt.

I use Tangerine as my MAIN BANK, but I still keep an account open at one of the big 4.

Mainly for depositing large amounts of cash (which I do a couple of times a year), as I don't feel comfortable depositing 5-10K via those automated teller machines, or just doing something that's easier to do in person at a teller.
When I opened my account, the branch didn't give me the student account because I didn't have any proof.
I called RBC customer service afterwards, and they changed it to Student Banking without asking for any proof.
Deal Addict
User avatar
Oct 7, 2012
1143 posts
162 upvotes
Montreal
quazy wrote:
Mar 17th, 2017 11:52 am
Been planning to switch away from TD forever for my daily banking as the minimum amount for free banking has just been getting higher and higher. hasn't helped that every branch except my home branch has harassed me to upgrade my account, add other services etc on the rare occasions i've gone in, despite being obviously a poor student as far as they can tell.

my student status/free account is ending and i will not be able to maintain the monthly holding for a free account. paying $50 a year for the pleasure of stashing my tiny chequing account while also getting sales pushed at me is just out of the question.

i have a tangerine account for their no fee cash back CC to get 3 2% cashback categories.

My question is just, should I switch everything to Tangerine or is there a better alternative that I am not aware of? Have seen a lot of people complaining that Tangerine has changed and have gotten the fee increase notices myself. Only thing I can see better about TD for my scenario though is under $100 EMT is fifty cents but all EMT are a buck with Tangerine.

Additionally, do I have to notify TD or is walking away from a zero balance good enough? Are they going to ding me the monthly account fee and chase me for it?

And lastly, my first CC was from TD as a student. This would not affect that in any way and now I'll just pay it from another bank's payment section rather than as a transfer between accounts?

Thanks a lot for your help!
for me in QC Tangerine's turned out to be the best, that free linking to three banks is invaluable with their free email money options
I do keep a LOC open at CIBC ... this acts as a free checking account
having one of these with a Big Five is a win/win
Member
Feb 17, 2015
321 posts
74 upvotes
Windsor, ON
I recently moved from CIBC to tangerine as well to save on the fees, got 100 dollar bonus for switching payroll and using orange 25 key and my pay cheques go in 1 day before cibc would get them and my bill payments from tangerine go to other banks within 1 to 2 days whereas cibc would take 4 to 5 most of the time, cant get loc yet with cibc so converted chequing to free savings for now keep relationship with them strong
Newbie
Mar 23, 2013
12 posts
3 upvotes
Burnaby
The "Big 2" for free chequing are PCF and Tangerine - both are good.
If you need to use cheques from time to time, PCF offeres them for free.
If you don't, Tangerine may be slightly more appealing choice.
Deal Addict
May 15, 2013
1181 posts
182 upvotes
Montreal
hvwozq wrote:
Mar 17th, 2017 8:09 pm
Are you still a student? Get an RBC account, and you will probably get 4 more years free. Other banks check your student status every year, RBC doesn't.
I remember that you are asked when completing the papers when you finish your school so you'd need to lie if you want to take advantage of it longer.
Deal Fanatic
Aug 14, 2007
8245 posts
621 upvotes
Toronto
OP don't worry about the fee increase with tangerine they're not a big deal. Still give better value over my other bank which charges me $14.95/month... and wants me to pay like $70ish for 60 cheques I think it was...
Jr. Member
Apr 30, 2006
163 posts
20 upvotes
Toronto
Tangerine and RBC combination would be better, RBC has free interac email transfer.
Even without student ID, you can open RBC daily checking, 12 free debit per month, $4/mo fee can be waived with $500 Saving or GIC and active credit card (Their no annual fee Cashback Mastercard is pretty decent, 2% back on grocery spending (up to $6,000), Walmart supercentre is considered as grocery store. So you basically got 2% cash back on first $6000 per year on that card if you only use the card on grocery and Walmart (other non-grocery stuff), and RBC has free interact email transfer.
Do you most transactions with Tangerine, and link Tangeinr to RBC ( can set up from Tangerine online).
For branch service like money order or other thing and for email transfer, use RBC. Just make sure you transfer money from Tangerine to RBC ahead online.

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