Personal Finance

Tangerine Recipes: New Automated Activity Based Saving Features

  • Last Updated:
  • May 14th, 2019 7:42 am
[OP]
Deal Addict
Dec 28, 2009
1245 posts
977 upvotes
Montreal, QC

Tangerine Recipes: New Automated Activity Based Saving Features

Seems like Tangerine is introducing creative new ways to save money. I just logged into my account and found a new feature called "Recipes".

Some of these are really innovative, nice to see them thinking outside the box!

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22 replies
Member
Feb 9, 2018
420 posts
305 upvotes
This is really smart thinking from them.
Deal Fanatic
Nov 6, 2018
6545 posts
5725 upvotes
As a Toronto sports fan it's going to be very hard to save money.
Deal Addict
User avatar
Dec 17, 2008
2686 posts
2043 upvotes
Winnipeg
Gtaphotog wrote: As a Toronto sports fan it's going to be very hard to save money.
I think you can select "lose" as well... You'll save thousands!
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Deal Fanatic
Nov 6, 2018
6545 posts
5725 upvotes
Shawguy wrote: I think you can select "lose" as well... You'll save thousands!
Ah beautiful.

I'll be saving for the next 6 generations at this rate.
Jr. Member
Nov 8, 2009
158 posts
20 upvotes
Richmond, B.C
I dont see it in my tangerine account. Where do u guys see it?
Sr. Member
User avatar
Dec 21, 2007
761 posts
222 upvotes
Scarborough
Hmm I can see the top up being useful. I don't like to keep much in chequing so rather than getting an Orange alert below dollar x, now it can just top itself up from savings...
I am the Stig's brother's cousin's friend's former roommate.
Deal Addict
User avatar
Mar 25, 2012
1858 posts
1040 upvotes
Kelowna
habsfan321 wrote: Seems like Tangerine is introducing creative new ways to save money. I just logged into my account and found a new feature called "Recipes".

Some of these are really innovative, nice to see them thinking outside the box!

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Yuck...gross...no thanks. One more reason for me to close all my Tangerine accounts entirely (will keep my Tangerine Ambassador orange scarf, though)! :(

How about...maybe Interac e-Transfers, which are instant or near-instant, free and unlimited? Also, how about disclosing, via our statements or e-Statements, the ATM ID and location information like you used to when on The Exchange?

Cheers,
Doug
Deal Addict
User avatar
Mar 25, 2012
1858 posts
1040 upvotes
Kelowna
When the federal Liberals, under Justin Trudeau, lose the fall 2019 federal election, transfer $100,000 from Tangerine's interest income I/E account into each of Tangerine's customers' Chequing accounts.

They will be inundated with customer applications and quite likely bankrupt themselves. ;)

Cheers,
Doug
Deal Fanatic
Aug 5, 2006
5806 posts
2813 upvotes
Global Village
It would be funny if they tried a "when my team loses lock x amount of my money for a year," people will get more angry when their teams lose and Tangerine would get more GIC's..
All day I dream about sports
Newbie
Mar 1, 2019
11 posts
6 upvotes
Very similar to what motusbank offers. Although I'm curious if you can set up multiple "Pay Yourself First" recipes. As far as I know motusbank only allows you to set up one of it's equivalent "Auto-save" feature.
Deal Addict
User avatar
Feb 1, 2012
1495 posts
2101 upvotes
Thunder Bay, ON
This is kinda silly. I suppose it's OK for a little bit of extra savings for vacation or some item you are saving for.

But personal finance really requires disciplined budgeting and saving to succeed, especially long term for retirement. Tangerine should focus on teaching customers how to budget, and how to save for retirement. Simple items like saving 20% of your gross income or 15 % of your net income always from the time you begin earning money will do more to help people have successful long-term planning and financially secure retirement.

It's just not as much fun as randomly skimming off a bit of money every time your team wins, or saving whatever is left from your coffee purchase. There is a recipe called "Pay Yourself First" but it's the last one on the list, so probably would not get used as much as the other "fun" ones.

Whatever...
I solemnly swear, to never assume I have an inkling at which direction the market will head, and to never make any investments based on a timing strategy.
Sr. Member
User avatar
Jun 6, 2009
855 posts
298 upvotes
Montréal
Looks like a smoke screen to cover up their lousy rates.
Sr. Member
User avatar
Mar 23, 2009
822 posts
646 upvotes
Toronto
Cool feature... If only their savings account rate was competitive, or if they allowed stash or top up with linked accounts as well... As it is I probably won't use it.
Sr. Member
User avatar
May 31, 2018
672 posts
1552 upvotes
Saskatchewan
Sigh. More marketing, fluff, and shiny objects that don’t actually do anything in real world terms. Just like that completely useless transaction breakdown circle that will apparently never go away.

Banks should do banking things first and foremost. As epiphano says, this is just smoke and mirrors that hide what they’re not doing for you and your money.
Newbie
Apr 1, 2019
2 posts
1 upvote
I like this, i had been looking at Acorns to do the 'round up' purchases, but didn't want to link em to my banking stuff. I already save a lot of my income, but saving tidbits without realizing it is also good, I appreciate the concepts...
What I don't get though, I only have a Credit Card with Tangerine, and when choosing the round up, it wants to take the "Difference" from my savings and put it into my child savings, or vice versa.. not option to use my external check account where my paychecks go... So I don't see the point

I still did the 52 week challenge, which did allow using the external account.
Deal Addict
Dec 25, 2017
2093 posts
1515 upvotes
angel_wing0 wrote: Indeed, i dont see it either.
Searched my account and I can't figure out where it is! :(

Not that I'll use it, I only have savings with them and not comfortable with them automatically pulling from my external checking in case it bounces, as there's NSF fees (probably won't but gets expensive if it does).

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