Personal Finance

Switching from big 4 chequing account: Tangerine or?

  • Last Updated:
  • Mar 22nd, 2017 8:52 pm
Dec 30, 1969
41 posts
Toronto, ON
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!

Be sure to close your TD account. It will be switched over to a regular account once your student status expires and you'll be charged fees. Could even become past-due with an unauthorized overdraft if this happens.
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Oct 7, 2012
1073 posts
alvisblue wrote:
Mar 19th, 2017 10:08 am
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.

I was using a CIBC LOC to boost up my Tangerine account with the free checks I get from CIBC...but like your insight into the RBC allowing Free interac email transfer
Does RBC LOC give free checks...
can it be used as checking account? If so, perhaps i'll close my cibc one and open one up at RBC
Deal Addict
Nov 26, 2008
1784 posts
North York
i went to RBC and opened a student account using just my student card. took 10-15mins. nice to still have a free full featured bank account :)

thanks for your advice everyone.
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Apr 27, 2004
2186 posts
warmwrestler wrote:
Mar 18th, 2017 2:47 pm
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.
This. I have been with PCF for over 10 years now. They offer great Chequing account features (cheques, unlimited transactions) and CC if you qualify for their Elite MasterCard.

Only downside is that they are slow to update their mobile and web apps.
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Aug 8, 2012
6653 posts
sshe11 wrote:
Mar 22nd, 2017 2:57 pm
This. I have been with PCF for over 10 years now. They offer great Chequing account features (cheques, unlimited transactions) and CC if you qualify for their Elite MasterCard.

Only downside is that they are slow to update their mobile and web apps.
There are definitely other downsides. Like an artificial 1-day delay between internal transfers from savings to chequing to name one.
Not being able to nickname your multiple chequing and savings accounts is another.
Not having an easy online way to link external accounts is yet another.

The only thing IMO that PCF has better than Tangerine is that your 2nd set of cheques is free (and 3rd, and 4th...) so I only keep them open to use cheques :)
POLL: How many credit cards do you CARRY?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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