Personal Finance

any good alternatives to tangerine

  • Last Updated:
  • Sep 23rd, 2020 8:39 pm
Member
Feb 7, 2019
313 posts
234 upvotes
someweirdo wrote: If you have $1 000 000, you should probably be investing most of it rather than putting it in a HISA. A HISA is best used for your emergency fund, which should be enough for you to live on for about six months.
If the poster is a retiree, I'm not sure if he or she is interested in risking those money.
I believe it is a mistake to judge the quality of a decision solely by its outcome. Good decisions (i.e. lumpsum investing) can have "bad" outcomes and bad decisions can have good outcomes simply because of luck— Germack
Deal Expert
User avatar
Feb 11, 2007
19698 posts
23086 upvotes
GTA
sushi604 wrote: If the poster is a retiree, I'm not sure if he or she is interested in risking those money.
Unfortunately that means they'll be losing money to inflation as I don't think most HISA rates are higher.
If the women don't find you handsome, they should at least find you handy.
[OP]
Sr. Member
User avatar
Mar 5, 2005
537 posts
325 upvotes
JoeBlack23 wrote: Take your pick:
https://www.highinterestsavings.ca/chart/

I'm a long established customer of Tangerine and they offer me promos at least twice a year. Apparently they did offer to everyone. My theory is they target people who move large amounts out every time a promo ends. There's probably some threshold that makes it worth it to offer the promo.
i call tangerine whenever my promo ends and ask for another one. been doing it for years and becoming a real pain. eqbank has same if not better everyday rates, no calling and haggling
Deal Addict
User avatar
Jul 16, 2019
1568 posts
1963 upvotes
sushi604 wrote: If the poster is a retiree, I'm not sure if he or she is interested in risking those money.
Fair point. You should tamp down the risk level of your portfolio as you age. For the vast majority of people, though, putting $1 000 000 in a HISA would be playing it far too safe.
[OP]
Sr. Member
User avatar
Mar 5, 2005
537 posts
325 upvotes
someweirdo wrote: Fair point. You should tamp down the risk level of your portfolio as you age. For the vast majority of people, though, putting $1 000 000 in a HISA would be playing it far too safe.
agreed, not sure how i suddenly got a million dollars though. lol
Deal Addict
User avatar
Sep 14, 2012
2373 posts
1773 upvotes
Montreal, QC
Not sure if the original poster is in Quebec which has limited high interest savings account options (ex: the high interest savings account by Canadian Tire Financial Services is not offered to Quebec residents) but I'm with LBC Digital Bank and Alterna Bank which both offer higher interest than I'm currently getting with Tangerine.

Currently out of the 3 (LBC Digital Bank, Alterna Bank, and Tangerine), LBC offers the higher interest rate, followed by Alterna Bank, and then Tangerine.

The only reason I have money in Alterna Bank at this moment (interest rate is slightly lower than LBC Digital Bank) is to get a tax slip since I'm ~$10 shy of getting a tax slip (and I prefer getting tax slips which is easier than manually adding up all the interest each month from each account).
[OP]
Sr. Member
User avatar
Mar 5, 2005
537 posts
325 upvotes
lmcjipo wrote: Not sure if the original poster is in Quebec which has limited high interest savings account options (ex: the high interest savings account by Canadian Tire Financial Services is not offered to Quebec residents) but I'm with LBC Digital Bank and Alterna Bank which both offer higher interest than I'm currently getting with Tangerine.

Currently out of the 3 (LBC Digital Bank, Alterna Bank, and Tangerine), LBC offers the higher interest rate, followed by Alterna Bank, and then Tangerine.

The only reason I have money in Alterna Bank at this moment (interest rate is slightly lower than LBC Digital Bank) is to get a tax slip since I'm ~$10 shy of getting a tax slip (and I prefer getting tax slips which is easier than manually adding up all the interest each month from each account).
great info but I'm in Ontario
Deal Addict
Nov 6, 2015
1126 posts
720 upvotes
Guelph, ON
fortunat wrote: i call tangerine whenever my promo ends and ask for another one. been doing it for years and becoming a real pain. eqbank has same if not better everyday rates, no calling and haggling
I would never bother with calling and haggling. Why not just move to EQ when the Tangerine promo ends, move back when/if they offer a new one?
Deal Addict
User avatar
Sep 14, 2012
2373 posts
1773 upvotes
Montreal, QC
JoeBlack23 wrote: I would never bother with calling and haggling. Why not just move to EQ when the Tangerine promo ends, move back when/if they offer a new one?
Same here. I just move my money out of Tangerine and once they increase their rate or match the rate that I'm getting at the other financial institution, I'll move it back.

I don't see the point in calling Tangerine, waiting on hold, trying to haggle for a better interest rate (and possibly not getting it). Much easier and a lot less time to just transfer the money out to another online bank. Time spent doing this (transferring my money from one online bank to another online bank) is less than 1 minute.
Jr. Member
User avatar
Jun 4, 2017
113 posts
155 upvotes
lmcjipo wrote: Same here. I just move my money out of Tangerine and once they increase their rate or match the rate that I'm getting at the other financial institution, I'll move it back.

I don't see the point in calling Tangerine, waiting on hold, trying to haggle for a better interest rate (and possibly not getting it). Much easier and a lot less time to just transfer the money out to another online bank. Time spent doing this (transferring my money from one online bank to another online bank) is less than 1 minute.
Depends on how much $$$ you have on deposit.
Jr. Member
Jul 16, 2020
148 posts
26 upvotes
fortunat wrote: great info but I'm in Ontario
what about motive? they have a debit card and etransfer unlimited
Deal Addict
User avatar
Sep 14, 2012
2373 posts
1773 upvotes
Montreal, QC
sskrald wrote: Depends on how much $$$ you have on deposit.
I don't see how that makes much difference. Whether it is $1000, $10,000, or $100,000 you can still transfer it to a different financial institution offering a better interest rate. If it is over $100k, I wouldn't have it at a high interest savings account in a single financial institution anyways because of CDIC.

I have 3 high interest savings account. If one of them offers a rate which is at least 0.25% higher, I just transfer all of my "savings account" money to them. It doesn't make a difference how much money.

The only two positive reasons for me keeping it in Tangerine is that it is easier for me to withdraw the money via an ATM (with my other 2 accounts, they don't offer because I don't have a chequing account with them) and it means a hold time of approximately 1 week at the other financial institution (but even with the hold, it is still earning interest). A hold time of a week doesn't bother me as I have my "spending" money in my chequing account and only keep money that I haven't invested yet in my savings accounts.
[OP]
Sr. Member
User avatar
Mar 5, 2005
537 posts
325 upvotes
Onlyuo wrote: what about motive? they have a debit card and etransfer unlimited
never heard of them until my post and checking it out. thanks
Deal Fanatic
User avatar
Jul 22, 2007
8076 posts
8567 upvotes
Calgary
someweirdo wrote: If you have $1 000 000, you should probably be investing most of it rather than putting it in a HISA. A HISA is best used for your emergency fund, which should be enough for you to live on for about six months.
Quite a lot of people are out of the market currently for good reason.
[OP]
Sr. Member
User avatar
Mar 5, 2005
537 posts
325 upvotes
SammyDavis wrote: Quite a lot of people are out of the market currently for good reason.
yup i have a trading slush fund and I've been all cash for the past month
Deal Fanatic
User avatar
Jul 22, 2007
8076 posts
8567 upvotes
Calgary
fortunat wrote: yup i have a trading slush fund and I've been all cash for the past month
The market is irrational now. More like gambling.
Jr. Member
Jul 16, 2020
148 posts
26 upvotes
getting interest on an savings account gets 100% tax , capital gain is at 50% taxable income, is it not?

you can put some money at PH&N funds to get some return , some has low MER.
Deal Expert
User avatar
May 8, 2009
15537 posts
14070 upvotes
Going to the Moon
OMG every bank that isn't owned by BNS is a good or super awesome alternative to Tangerine :lol:
Premium Life: CDC [Icey Private Status]/SwissBorg Genesis/InLock/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]
Deal Fanatic
Jul 4, 2004
9254 posts
2319 upvotes
Unless CDIC guarantees 100% of the money saved in a bank account I can't see how on earth is saving's interest justifiably being taxed at 100% of the tax rate (as opposed to a capital gain at 50%) since there is a risk of loss, regardless of how big or small should the bank/credit union fail? Oaken Financial had almost gone under about a year or two ago so these things do happen.

If the CDIC isn't prepared to back funds upto 100% of the amount then that proves that there is an investment risk just like in the markets. So savers are being treated as collateral damage should the markets go south and effect the institutions that they have their money saved in.
Help an animal charity or sanctuary out today. Become a volunteer, advocate, foster a pet, or donate. They need you as much as you need them!

Top