Personal Finance

Switching from big 4 chequing account: Tangerine or?

  • Last Updated:
  • Mar 24th, 2017 8:58 pm
Newbie
Dec 30, 1969
43 posts
4 upvotes
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
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Montreal
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
[OP]
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Nov 26, 2008
1865 posts
513 upvotes
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.
Deal Addict
Apr 27, 2004
2190 posts
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Toronto
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
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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...)
Deal Addict
Apr 27, 2004
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ace604 wrote:
Mar 22nd, 2017 8:52 pm
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 :)
Ah yes. Good points. I just don't notice them as much on a daily basis.
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sshe11 wrote:
Mar 23rd, 2017 8:08 am
Ah yes. Good points. I just don't notice them as much on a daily basis.
Not troublesome if you have only 1 chequing and 1 savings and you never forget to pay a bill until the due date and/or forget to schedule a transfer from savings to chequing to cover the bill you scheduled for the due date and ... oh crap, I have to wait a day?!

But for those rare cases (and because I *do* take advantage of using multiple savings accounts to save for different things, I can't stand PCF for daily use after discovering Tangerine (and later EQ)).

To phrase it in an SAT-question-like manner...

(a) EQ's ability to pay bills from "savings"
is to (b) Tangerine's requirement to transfer from savings to chequing in order to pay a bill
as (c) Tangerine's ability to instantly transfer from savings to chequing
is to (d) PCF's 1-day delay on transfers from savings to chequing. ;)

In other words I soon may not be able to go back to Tangerine for paying bills due to the now more annoying part about even having to transfer to chequing in the first place :)
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...)
Jr. Member
May 3, 2016
184 posts
14 upvotes
Will tangerine issue a bank card with your name embossed on it?
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Aug 9, 2013
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wyho007 wrote:
Mar 23rd, 2017 10:01 am
Will tangerine issue a bank card with your name embossed on it?
Yes. However, PCF does not.
Member
Mar 3, 2016
210 posts
98 upvotes
Troydabes wrote:
Mar 23rd, 2017 12:10 pm
Yes. However, PCF does not.
PCF does issue a bank card although your name is not on it but I don't know if it really matters.
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Sam9876 wrote:
Mar 23rd, 2017 1:42 pm
PCF does issue a bank card although your name is not on it but I don't know if it really matters.
I know. That's what I said to him. Tangerine does embossed your name on the debit card while PCF does not.
Member
Jun 13, 2004
277 posts
16 upvotes
Saint John
PCF is the best way to go. No fees, free cheques and you can use CIBC bank machines for free as well for deposits and withdrawals since PCF is owned by CIBC. You can usually find a PCF or CIBC machine somewhere nearby. Also there are PCF pavilions in some areas if you want to talk in person.
Jr. Member
Jan 13, 2016
116 posts
33 upvotes
Vancouver, BC
It seems like there are more cibc bank machines then scotiabank machines and some cibc machines dispense us dollars.
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timv wrote:
Mar 23rd, 2017 6:00 pm
PCF is the best way to go. No fees, free cheques and you can use CIBC bank machines for free as well for deposits and withdrawals since PCF is owned by CIBC. You can usually find a PCF or CIBC machine somewhere nearby. Also there are PCF pavilions in some areas if you want to talk in person.
See some prior posts though for downsides to PCF (no account nicknames, 1-day delays on transfer from sav->chq, no easy online external link setup to other banks...).
IMO you get PCF just for the unlimited cheques if you need to use up all 50, and use Tangerine for everything else.
If you don't need debit/ATM very much (once a month or less?) you can get away with EQ as your primary bank (and it's preferable IMO due to the no chequing account step necessary to pay bills).
Latebuyer wrote:
Mar 23rd, 2017 9:21 pm
It seems like there are more cibc bank machines then scotiabank machines and some cibc machines dispense us dollars.
The nice thing about Scotia is that they are in all the 7-Elevens (and now in Vancouver area at least, the Esso's are transition to become 7-Eleven stores as well).

It's usually easier to ask someone "hey, do you know where the nearest 7-Eleven is?" in a pinch than asking someone "hey, do you know where the nearest Big5 Bank #3 of 5 is?" ... since especially if they don't bank with the same bank they aren't very likely to have even made note of where those branches are.

Ya, I know ... you can look it up on a smartphone these days. This used to be a bigger deal before everyone had a phone and data plan :) ... I still find it useful.
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...)
Member
Jul 29, 2013
291 posts
96 upvotes
Ace604 you have convinced me that Equity Bank, EqBank is the future.

There is no competition when it comes to a 2% chequing account.

No 7-Eleven east of Toronto in Ontario now. (Had to get my Speakout cell phone from a friend who lives in the area but can purchase minutes online) The website is clean and to the point. Sometimes it is just easier to follow old habits until Ace604 rattles the cage and opens your eyes.
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