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Tangerine

A special 4.75% Savings rate* is coming soon

  • Last Updated:
  • Jan 30th, 2023 3:13 am
Sr. Member
Apr 2, 2006
762 posts
20 upvotes
Montreal
PhanTheMan wrote:
I've never heard of this until now, very interesting!

My guess is, at least from my perspective, is that money that I'm putting in my HISA accounts is usually money that I need access to quickly (i.e. emergency/rainy day funds, or if I'm looking to make a large purchase in the near future and need immediately accessible cash). CASH.TO and any stock/ETF wouldn't be able to liquidate as quickly not to mention you'd have to pay any trading fees with your bank/brokerage for buying/selling. Then, if you're looking to go to no fee brokerages it makes it even slower to liquidate. Also, 4.78% appears to be the gross yield, with the ETF having a 0.13% MER, equating to 4.65% net yield and not yet accounting for trading fees.
The idea is to buy with a commission-free broker
jarfgames wrote:
One thing I am wondering about CASH.TO is how the distributions are taxed… does your tax slip come through as interest income? Return of capital? Obviously can’t be eligible dividends (wouldn’t that be nice).
superskid wrote: How does interest work if you use CASH.TO as a bank account, in and our multiple times a month? Do they compute all daily closing balances?
https://forums.redflagdeals.com/high-in ... o-2574002/
Newbie
Nov 25, 2014
77 posts
156 upvotes
Toronto
ZeroCoolZ wrote: The idea is to buy with a commission-free broker


https://forums.redflagdeals.com/high-in ... o-2574002/
Well as I said in my example for people who are seeking these HISA rates for their emergency fund, they're probably looking to have quick access to their cash. Commission free brokerages won't give you access to your cash immediately when you need it for these "emergencies".
Member
User avatar
Dec 17, 2019
289 posts
165 upvotes
jadoogar wrote: I received a promotional offer of 5% on all my accounts from Jan. 10, 2023 till May 31, 2023. This includes TFSA Savings, RSP Savings, US$ Savings and HISA accounts this morning in my insights. This is on new deposits as I had emptied out all my accounts. Please check your insights today!
Nothing other than tips to save☹️
Member
User avatar
Dec 17, 2019
289 posts
165 upvotes
DaVibe wrote: I want to move a large sum from Scotiabank to BMO for a promotion. How can I accomplish this with no / minimal fees?

EQ account is not in the correct name (my wife) so don't want to use it.
Tangerine has an option to identify external account. You can pull money directly from your external account with a high limit and no fees. I did this when I moved my savings from rbc to tangerine. I don’t know every bank has this option though.

Folks correct me if I’m wrong.
Sr. Member
User avatar
Jan 21, 2009
577 posts
109 upvotes
Gommes wrote: Tangerine has an option to identify external account. You can pull money directly from your external account with a high limit and no fees. I did this when I moved my savings from rbc to tangerine. I don’t know every bank has this option though.

Folks correct me if I’m wrong.
That's correct, I've been doing that with Tangerine and RBC
Newbie
Jan 19, 2011
59 posts
63 upvotes
PhanTheMan wrote: I've never heard of this until now, very interesting!

My guess is, at least from my perspective, is that money that I'm putting in my HISA accounts is usually money that I need access to quickly (i.e. emergency/rainy day funds, or if I'm looking to make a large purchase in the near future and need immediately accessible cash). CASH.TO and any stock/ETF wouldn't be able to liquidate as quickly not to mention you'd have to pay any trading fees with your bank/brokerage for buying/selling. Then, if you're looking to go to no fee brokerages it makes it even slower to liquidate. Also, 4.78% appears to be the gross yield, with the ETF having a 0.13% MER, equating to 4.65% net yield and not yet accounting for trading fees.
That makes sense to me! I have a separate account that I use for emergencies as well - I just don't shuffle around that $5k quite as much. Credit cards also make emergency funds less important.
Newbie
Jan 19, 2011
59 posts
63 upvotes
superskid wrote: How does interest work if you use CASH.TO as a bank account, in and our multiple times a month? Do they compute all daily closing balances?
Dividend distributions are monthly, but the value of the ETF increases through the month to reflect the earned interest, so part of your earnings come from the difference between the purchase price and sale price.
Newbie
Jan 19, 2011
59 posts
63 upvotes
jarfgames wrote: One thing I am wondering about CASH.TO is how the distributions are taxed… does your tax slip come through as interest income? Return of capital? Obviously can’t be eligible dividends (wouldn’t that be nice).
I'll let you know in 2 months or so.

Worst case it is the same as interest income. Best case it's taxed at the dividend tax rate, which is a bit lower.
Sr. Member
Apr 2, 2006
762 posts
20 upvotes
Montreal
Pretty sure it will be treated as interest income.

There is a tax-optimized savings ETF (HSAV) but it's now closed and therefore sells at a premium.
Sr. Member
Jul 19, 2015
729 posts
791 upvotes
London, ON
Completly done with tangerine, I dont get offers, not through email, not through the app, not through the website, nothing, tired of chasing for savings lotto with them.
Deal Addict
Nov 26, 2014
1317 posts
2383 upvotes
Calgary, AB
ZeroCoolZ wrote: Pretty sure it will be treated as interest income.

There is a tax-optimized savings ETF (HSAV) but it's now closed and therefore sells at a premium.
HSAV "distributions" are treated as capital gains, since they aren't distributed at all. Merely added to the underlying NAV that is used to value the shares.
Newbie
Jan 8, 2021
69 posts
42 upvotes
Moved all the money to Scotiabank to get 4.65% until April - sadly I didn’t get this from Tangerine - they probably will send an email soon to push me to get my money back into Tangerine lol - I keep playing this game - I have seen they email me when they notice I moved my money to a different bank - been doing this for over 1 year now to get promotional interest rate
Member
User avatar
Dec 17, 2019
289 posts
165 upvotes
cruelfork wrote: Moved all the money to Scotiabank to get 4.65% until April - sadly I didn’t get this from Tangerine - they probably will send an email soon to push me to get my money back into Tangerine lol - I keep playing this game - I have seen they email me when they notice I moved my money to a different bank - been doing this for over 1 year now to get promotional interest rate
Do you move all the money at a time? Using external account?
Deal Addict
Aug 21, 2006
1647 posts
898 upvotes
Just moved all mymoney out of tangerine back to RBC. No offer no money lol
Deal Fanatic
Feb 17, 2007
6109 posts
2358 upvotes
Mort Réal
ssiu wrote: I accepted the 4.75% "all balance" offer. 5% is better than 4.75%, but my guess is that even if I had not accepted it, it will sit there as an open offer until Jan 31, making it impossible to also receive this 5% "new money" offer.
I confirm that I did not accept the low-ball 4.75%, and have NOT been upgraded to the 5%. Still showing the 4.75% in my Insight. Which, of course, I won't activate.
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.
Deal Expert
User avatar
Nov 16, 2004
24609 posts
12672 upvotes
Toronto
How would you determine interest earned, when you are talking only months in the account like this?
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Deal Addict
Nov 26, 2014
1317 posts
2383 upvotes
Calgary, AB
DaVibe wrote: How would you determine interest earned, when you are talking only months in the account like this?
Amount invested x (0.0475/365*Days) = Interest

Roughly anyways. You'd get interest on the interest every additional month but that's not gonna move the needle much.
Last edited by asbraich on Jan 13th, 2023 2:14 am, edited 1 time in total.
Sr. Member
Aug 26, 2008
517 posts
325 upvotes
Toronto, ON
5% on new deposits only. Shouldn't have listened to "keep your money right where it is"...
Deal Addict
User avatar
Nov 26, 2011
3330 posts
701 upvotes
xFRUGALITYx wrote: Completly done with tangerine, I dont get offers, not through email, not through the app, not through the website, nothing, tired of chasing for savings lotto with them.
Move your money and then wait. You should never chase, you already have a lotto ticket. Just wait and see.
Deal Addict
Sep 25, 2004
1102 posts
698 upvotes
asbraich wrote: Amount invested x (0.0475/Days) = Interest

Roughly anyways. You'd get interest on the interest every additional month but that's not gonna move the needle much.
Amount invested x (0.0475/365*Days) = Interest

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