Personal Finance

Should I open an Orange bank account or stay with big five?

  • Last Updated:
  • Jun 29th, 2016 12:35 pm
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[OP]
Penalty Box
Mar 8, 2016
325 posts
48 upvotes

Should I open an Orange bank account or stay with big five?

I am thinking about opening up an account with the new orange banks i see their ads everywhere, but is it worth it?

can people here give me the simple few lines pros and cons? what is the reason you opened it and what does it offer thats good? currently i'm with TD and used to use PC (which i stopped)
i stopped using PC because a friend of mine in the banking industry who is the nephew of one of the presidents told me that if you use discount banks it will hurt you in the long run as you wont be able to develop a long trusting relationship with ur bank which will lead to offers like mortgages, loans, etc that discount banks cant offer
16 replies
Deal Addict
Dec 12, 2009
4693 posts
2309 upvotes
Toronto
zerotwo wrote: you wont be able to develop a long trusting relationship with ur bank
Are you serious?
Any time I needed something from a B&M bank, I've had to go in to find out who my manager might be this month. The mortgage was done through their mortgage center, the branch only served to collect signatures.
Deal Addict
Jan 2, 2015
1603 posts
603 upvotes
Toronto, ON
I've never heard of Orange Bank, but I think you're thinking of Tangerine.

Tangerine has no daily or monthly fees. You only pay if you invest or do something unusual. Tangerine (and President's Choice, and credit unions, and so forth) offer mortgages too. In fact, mortgage brokers will try to get you the best deal, so it hardly matters which bank you bank with. If you think a long-term relationship with a bank is important, well you could be with a smaller or virtual financial institution for a long time and build a relationship with them.
Member
Aug 3, 2013
488 posts
288 upvotes
Durham
Find a Tangerine key for your Orange bank.
Deal Addict
Apr 14, 2007
2899 posts
386 upvotes
Montreal
No such things as relationships like the old days. I have an Achieva financial account with 1.7%
Member
Aug 12, 2015
205 posts
55 upvotes
Toronto, ON
Good luck when you need to suddenly pickup foreign cash or a certified cheque.
Deal Addict
Dec 13, 2010
2084 posts
990 upvotes
ON
zerotwo wrote: i stopped using PC because a friend of mine in the banking industry who is the nephew of one of the presidents told me that if you use discount banks it will hurt you in the long run as you wont be able to develop a long trusting relationship with ur bank which will lead to offers like mortgages, loans, etc that discount banks cant offer
*Cough* Bul*h**!
The banks don't reward loyalty based on relationships for personal accounts.
They reward $$$$$$$. If you are a high profile customer they will give you preferred rates.
Otherwise the best way to get the best deal is through a mortgage broker, but ONLY after you have educated yourself on what you really want. Knowledge is key.

As far as the banks go, the big 5 are convenient to have for when you need stuff fast. I have RBC and Scotia, both I don't pay any fees. Just keep min balances, or jump through hoops to keep it free. I also have Tangerine, which is getting better as a replacement option. There is no reason for you not to have a Tangerine account on top just in case. It comes in handy ALL the time.
Sr. Member
Nov 6, 2015
955 posts
557 upvotes
Guelph, ON
zerotwo wrote: i stopped using PC because a friend of mine in the banking industry who is the nephew of one of the presidents told me that if you use discount banks it will hurt you in the long run as you wont be able to develop a long trusting relationship with ur bank which will lead to offers like mortgages, loans, etc that discount banks cant offer
Sorry but that's a bunch of horse manure. Mortgages are best gotten through a broker and the best rates are almost never at one of the Big 5. My sole line of credit is with PC. Just keep a good financial history and credit rating and you won't have any problems. Conversely, if you are irresponsible and get into financial trouble, you will find that your "long trusting relationship" with a Big 5 is worth squat. Do you really think they will say "hey, you've been with us a long time, so go ahead and skip your next 4 mortgage payments, we care"?
[OP]
Penalty Box
Mar 8, 2016
325 posts
48 upvotes
JoeBlack23 wrote: Sorry but that's a bunch of horse manure. Mortgages are best gotten through a broker and the best rates are almost never at one of the Big 5. My sole line of credit is with PC. Just keep a good financial history and credit rating and you won't have any problems. Conversely, if you are irresponsible and get into financial trouble, you will find that your "long trusting relationship" with a Big 5 is worth squat. Do you really think they will say "hey, you've been with us a long time, so go ahead and skip your next 4 mortgage payments, we care"?
not just mortgages man, i am talking about everything. for example when i was younger and got a car financed. no bank or place would do it except my own bank, and i was assuming they did it because they see all my transactions and histo;ry of my deposits and work earnings etc
i thought this wiill go for credit limit increases, credit cards, mortgages, lines of credit, etc
Banned
User avatar
Jul 17, 2008
11042 posts
3846 upvotes
zerotwo wrote: not just mortgages man, i am talking about everything. for example when i was younger and got a car financed. no bank or place would do it except my own bank, and i was assuming they did it because they see all my transactions and histo;ry of my deposits and work earnings etc
i thought this wiill go for credit limit increases, credit cards, mortgages, lines of credit, etc
They don't care. They really don't. If anything is about customer history, which this is a thing with ANY bank, be it PC or a big 5. You hold an account for years and manage your money, they will give you more stuff. No one gives a rats ass that they see you personally in a branch, not the teller, not the manager.

I'm with PC for 10 years and they gave me 17k unsecured LOC at a good rate while others only offered me 5-10 at a shitty rate. So yes, they will be more lenient to give you stuff if you have history with them, but PC is just as good as any other bank. And they do offer mortages, credits, etc.
Sr. Member
Nov 6, 2015
955 posts
557 upvotes
Guelph, ON
zerotwo wrote: not just mortgages man, i am talking about everything. for example when i was younger and got a car financed. no bank or place would do it except my own bank, and i was assuming they did it because they see all my transactions and histo;ry of my deposits and work earnings etc
i thought this wiill go for credit limit increases, credit cards, mortgages, lines of credit, etc
Well, I have not found in the last 20 years justification to pay for their service fees.
Sr. Member
Nov 6, 2015
955 posts
557 upvotes
Guelph, ON
hello007 wrote: Good luck when you need to suddenly pickup foreign cash or a certified cheque.
I've never had the need to "suddenly pickup" foreign cash or certified cheques. I've needed those things only a few times in the last 2 decades, so I'm not going to pay hundreds a year in service fees to a big bank just for a convenience I will never need if I do a little advance planning.
Deal Addict
Jun 30, 2010
2754 posts
863 upvotes
Vaughan
zerotwo wrote: I am thinking about opening up an account with the new orange banks i see their ads everywhere, but is it worth it?

can people here give me the simple few lines pros and cons? what is the reason you opened it and what does it offer thats good? currently i'm with TD and used to use PC (which i stopped)
i stopped using PC because a friend of mine in the banking industry who is the nephew of one of the presidents told me that if you use discount banks it will hurt you in the long run as you wont be able to develop a long trusting relationship with ur bank which will lead to offers like mortgages, loans, etc that discount banks cant offer
A long term relationship means nothing to these banks. The only way it helps is if you become personal friends with someone that works there, otherwise being with 1 bank for a long time does nothing.
hello007 wrote: Good luck when you need to suddenly pickup foreign cash or a certified cheque.
Suddenly? Anything that requires foreign cash or a certified cheque will be planned ahead of time.
Sr. Member
User avatar
Apr 28, 2012
957 posts
337 upvotes
QC
It doesn't hurt to have a Tangerine account. It's FREE and can serve as a backup account
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Deal Fanatic
Nov 22, 2015
5781 posts
5284 upvotes
zerotwo wrote: I am thinking about opening up an account with the new orange banks i see their ads everywhere, but is it worth it?

can people here give me the simple few lines pros and cons? what is the reason you opened it and what does it offer thats good? currently i'm with TD and used to use PC (which i stopped)
i stopped using PC because a friend of mine in the banking industry who is the nephew of one of the presidents told me that if you use discount banks it will hurt you in the long run as you wont be able to develop a long trusting relationship with ur bank which will lead to offers like mortgages, loans, etc that discount banks cant offer
LMAO. Okay... enjoy your service fees and high rates.

I'm with both PC and Tangerine. Between the two of them, there isn't a mortgage, PLC, or loan rate that can be beaten by any of the Big 5.

Big 5 are literally just a cash grab for idiots who still think that the bank cares about them, and actually want to build a loving, lasting relationship. Haha, what a farce.

And oh, if your investments are with TD, you're probably being GOUGED on fees, unless you're doing self-directed.
Deal Addict
Mar 11, 2007
3921 posts
1166 upvotes
QC
BM bank are relic from the past. Go virtual bank.
Banned
Jun 28, 2016
54 posts
6 upvotes
Do both. Park money at Orange for interest and transfer to Big 5, if you need something physical and urgent.

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