Personal Finance

Tangerine offers 2% on one year GIC

  • Last Updated:
  • Jun 11th, 2014 4:02 pm
Tags:
Deal Addict
Aug 18, 2006
3420 posts
1356 upvotes

Tangerine offers 2% on one year GIC

Just as an FYI Tangerine Is once again offering you a bonus rate for a GIC of 2 percent for one year when you transfer out money - I was just playing around trying to figure out what the number was for the banner to come up- once again it was 25K
30 replies
Deal Fanatic
Jul 1, 2007
8569 posts
1763 upvotes
But you can get one at some other place at the ultra-high rate of 2.3%!
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Member
Apr 9, 2012
256 posts
170 upvotes
Called to take advantage of this. Was told no TFSA (unlike last time) and you must have minimum 10k for promo to apply.
Deal Expert
User avatar
Aug 18, 2005
21223 posts
5939 upvotes
Burlington-Hamilton
My mutual funds are doing pretty good lately...
Deal Addict
User avatar
Jan 4, 2009
4191 posts
5293 upvotes
on the links!
Jucius Maximus wrote: My mutual funds are doing pretty good lately...
My cholesterol level is ok lately, I just got my oil/filter in the car changed, watched the Rangers/Penguins game last night....
Deal Addict
Dec 8, 2008
1887 posts
225 upvotes
GTA
I will have about $170,000 by the end of this month when my house is sold, which I would like to invest in a super safe fund for about two to three years- do you guys know if 2% GIC such as this tangerine offer is best I can get right now?

Thanks
Deal Expert
May 30, 2005
49009 posts
10302 upvotes
Richmond Hill
leoben wrote: I will have about $170,000 by the end of this month when my house is sold, which I would like to invest in a super safe fund for about two to three years- do you guys know if 2% GIC such as this tangerine offer is best I can get right now?

Thanks
Hubert is offering 2.35% on a 1 year GIC (redeemable in 3 month intervals if wished to do so). They're also protected by the Manitoba credit union insurance instead of CDIC, which offers unlimited deposit insurance versus CDIC's $100K.
Tons of things for sale!
Silver Coins and Numismatics | Heatware
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
leoben wrote: I will have about $170,000 by the end of this month when my house is sold, which I would like to invest in a super safe fund for about two to three years- do you guys know if 2% GIC such as this tangerine offer is best I can get right now?

Thanks
If I had to choose between Hubert and Tangerine I would put more of my $170k in Tangerine (say $98k because $100k is the CDIC limit) and perhaps the rest in Hubert. I believe CDIC is safer than credit union insurance and while I am a highly conservative investor (i.e. no stock market for me) I fear that if there is some kind of real estate crash looming in Canada, credit unions may be hit harder than banks. Just my two cents.
Deal Addict
User avatar
Jan 4, 2009
4191 posts
5293 upvotes
on the links!
I wouldn't get too hung up on going over the $100K CDIC limit. Unless you can't sleep at night without an absolute safety net, I think the risk is extremely low that Tangerine is going belly-up anytime soon. If that were true, I'd be selling my BNS common stock first.
Deal Expert
User avatar
Mar 23, 2009
22529 posts
8939 upvotes
Toronto
michaelr16 wrote: Called to take advantage of this. Was told no TFSA (unlike last time) and you must have minimum 10k for promo to apply.
Argh. That makes it totally pointless for me. I'm not going to put a $10000 GIC in a non-registered account, when I still have TFSA room left.

BTW, their high interest savings account is 1.3%, but their regular 1 year GIC is 1.35%. It kinda makes their regular 1 year GIC pointless too.
Member
User avatar
Aug 8, 2008
414 posts
105 upvotes
Mississauga
You can also put the money in Canadian Direct Financial's high interest savings account at 1.9%, which is protected under CDIC.
Deal Expert
User avatar
Mar 23, 2009
22529 posts
8939 upvotes
Toronto
randombuyer wrote: You can also put the money in Canadian Direct Financial's high interest savings account at 1.9%, which is protected under CDIC.
What about their TFSA savings account? They claim 2.25%, but what's the catch?
Deal Expert
May 30, 2005
49009 posts
10302 upvotes
Richmond Hill
EugW wrote: What about their TFSA savings account? They claim 2.25%, but what's the catch?
The typical restrictions of a TFSA account. TFSA rates are always higher.
Tons of things for sale!
Silver Coins and Numismatics | Heatware
Deal Expert
User avatar
Mar 23, 2009
22529 posts
8939 upvotes
Toronto
Jon Lai wrote: The typical restrictions of a TFSA account. TFSA rates are always higher.
Well, I have a Tangerine TFSA savings account, and the interest rate is exactly the same as their regular savings account.

They do have a 2.5% promotion at Tangerine, but that's an almost pointless teaser rate since it's only until July.
Jr. Member
Jul 23, 2008
108 posts
26 upvotes
choclover wrote: If I had to choose between Hubert and Tangerine I would put more of my $170k in Tangerine (say $98k because $100k is the CDIC limit) and perhaps the rest in Hubert. I believe CDIC is safer than credit union insurance and while I am a highly conservative investor (i.e. no stock market for me) I fear that if there is some kind of real estate crash looming in Canada, credit unions may be hit harder than banks. Just my two cents.
"Credit Union Insurance" is just as Safe as CDIC. DICO (Deposit Insurance Corporation of Ontario) Is backed by the provincial Government, and provides 100k in protection, in addition to providing a separate unlimited deposit Insurance on registered products (RSP's, TFSA's)
Deal Expert
May 30, 2005
49009 posts
10302 upvotes
Richmond Hill
EugW wrote: Well, I have a Tangerine TFSA savings account, and the interest rate is exactly the same as their regular savings account.

They do have a 2.5% promotion at Tangerine, but that's an almost pointless teaser rate since it's only until July.
Sure, but most banks offer higher rates on TFSA accounts. It's an implied GIC for a year, so they can offer higher rates, as well as the fact that they know the amount of capital in a TFSA account is limited by your contribution limit, so they're not forced to pay interest on millions of dollars and have to find ways to loan that money out.
Tons of things for sale!
Silver Coins and Numismatics | Heatware
Deal Addict
Jul 26, 2012
1429 posts
100 upvotes
How come I dont see the 2% rate. i only see 1.35 for 1 year
Deal Addict
User avatar
Jan 4, 2009
4191 posts
5293 upvotes
on the links!
taeyang987 wrote: How come I dont see the 2% rate. i only see 1.35 for 1 year


If you already have the funds in a Tangerine acct and try to transfer them to another FI, you'll get a pop-up with advertised rate. It's a retention tool
Deal Expert
User avatar
Mar 23, 2009
22529 posts
8939 upvotes
Toronto
Now I'm thinking of opening up a Canadian Direct Financial TFSA savings account. I have/will have some money that will fill up much of my TFSA contribution room, but I just didn't feel like locking it down into a 1.7% GIC, and Tangerine's 1.3% high interest savings didn't interest me much. OTOH, CDF's 2.25% TFSA savings account seems like a reasonable option considering that it is CDIC insured. In fact, the rate is even better than their 1.9% GIC rate.
Deal Addict
User avatar
Mar 25, 2012
4335 posts
3421 upvotes
British Columbia
randombuyer wrote: You can also put the money in Canadian Direct Financial's high interest savings account at 1.9%, which is protected under CDIC.
Finally, someone besides me that promotes Canadian Direct Financial (part of Canadian Western Bank, which has branches!) and its no fee chequing and high-interest savings accounts! :)

Cheers,
Doug

Top