Anybody opened an account with Tangerine.ca yet?

[Rerun]

My wife and I just each opened a savings account there. We each deposited $250 into our accounts and we will each get $50 from Tangerine for opening the accounts. We are each going to open chequing accounts too. Again, Tangerine will pay us $50 each for doing so. Easiest $200 we'll ever make.

The savings account pays 1.30% interest (no minimum balance required and no monthly fees charged) and the chequing account pays 0.25% interest (again no minimum balance required and no monthly fees are charged)

Once we get the $200 paid into our accounts (I think they pay it once the account is open for 30 days) we will merge them into joint accounts (savings and chequing)

This all started because I have about $10,000 in my Scotiabank savings account that I will be using for home renovations over the next year and I wanted something better than the .1% interest that Scotiabank pays for their savings account (they will pay 1.05% if you maintain a minimum balance of $5000 in the account)

And the biggest surprise is... Scotiabank owns Tangerine! And because of that you can make withdrawals from Scotiabank ATMs at no charge from your Tangerine account.

[Bobblehead]

That was ING Direct - Scotiabank bought them and re-branded.

[Temporary_User]

edit: double post

[Temporary_User]

It's pretty much PC Financial except instead of being through CIBC it is through Scotiabank.

Or am I missing something?

[Slava]

Manulife pays 1.55% on high interest accounts. How long do you have to have the account to keep the $50? How many accounts can you open and get the $50?

[Rerun]

Originally Posted by Slava

Manulife pays 1.55% on high interest accounts. How long do you have to have the account to keep the $50? How many accounts can you open and get the $50?

Tangerine doesn't state how long you have to keep the account open other than that they will deposit the $50 bonus into your account within 30 days.

One person can open a Savings account and a chequing account and they will deposit $50 into each account.

... and, if you do a Payroll Transfer and have your payroll cheques direct deposited into your Tangerine account, they will give you another $50 bonus.

... so the bottom line is if you open a savings account, a chequing account, and transfer your payroll cheques via direct deposit to a Tangerine account, you will get $150 in bonuses.

For new Clients
* To qualify for the Tangerine $150 Bonus offer, the Client’s current product profile will determine eligibility. Provided the client meets the eligibility requirements as set out below, Clients must complete three actions to receive the maximum Bonus payment. To qualify for the $50 Savings Bonus, the Client must never have had any type of Savings Account with ING DIRECT or Tangerine at any time (regardless of registration type). To receive the Savings Bonus, Clients must open a new: 1) Tangerine Savings Account, 2) Tangerine RSP Savings Account, 3) Tangerine RIF Savings Account or 4) Tangerine Tax Free Savings Account (TFSA) between April 8 and July 31, 2014 with a minimum initial deposit of $250. Bonus will be deposited into the new Tangerine Savings Account within 30 days of opening the Account. For Tangerine RSP Savings, Tangerine RIF Savings or Tangerine TFSA Accounts, the Bonus will be deposited into the client’s Tangerine Chequing Account or a companion Tangerine Savings Account which Tangerine will open on behalf of the Client. Limit of one (1) Savings Bonus per Person. To qualify for the$50 Chequing Bonus, the Client must never have had a Tangerine Chequing Account or THRiVE™ Chequing Account with ING DIRECT or Tangerine at any time. To receive the Chequing Bonus, Clients must open a new Tangerine Chequing Account between April 8 and July 31, 2014 with an initial deposit of at least $250. Bonus will be deposited into that Tangerine Chequing Account within 30 days of opening the Account. Limit of one (1) Tangerine Chequing Bonus per Person. To qualify for the $50 Payroll Transfer Bonus, the Client must never have had their payroll deposited into a THRiVE Chequing Account or Tangerine Chequing Account at any time, and must deposit their pay into their Tangerine Chequing Account by August 31, 2014. Bonus will be deposited into the same Tangerine Chequing Account within 30 days of deposit of the client’s first pay. Limit of one (1) Payroll Transfer Bonus per Person. This Tangerine150 offer cannot be combined with any other offers, including but not limited to Tangerine’s Refer-A-Friend offer.

For existing Clients
* To qualify for the Tangerine $150 Bonus offer, the Client’s current product profile will determine eligibility. Provided the client meets the eligibility requirements as set out below, Clients must complete three actions to receive the maximum Bonus payment. To qualify for the $50 Savings Bonus, the Client must never have had any type of Savings Account with ING DIRECT or Tangerine at any time (regardless of registration type). To receive the Savings Bonus, Clients must open a new: 1) Tangerine Savings Account, 2) Tangerine RSP Savings Account, 3) Tangerine RIF Savings Account or 4) Tangerine Tax Free Savings Account (TFSA) between April 8 and July 31, 2014 with a minimum initial deposit of $250. Bonus will be deposited into the new Tangerine Savings Account within 30 days of opening the Account. For Tangerine RSP Savings, Tangerine RIF Savings or Tangerine TFSA Accounts, the Bonus will be deposited into the client’s Tangerine Chequing Account or a companion Tangerine Savings Account which Tangerine will open on behalf of the Client. Limit of one (1) Savings Bonus per Person. To qualify for the$50 Chequing Bonus, the Client must never have had a Tangerine Chequing Account or THRiVE™ Chequing Account with ING DIRECT or Tangerine at any time. To receive the Chequing Bonus, Clients must open a new Tangerine Chequing Account between April 8 and July 31, 2014 with an initial deposit of at least $250. Bonus will be deposited into that Tangerine Chequing Account within 30 days of opening the Account. Limit of one (1) Tangerine Chequing Bonus per Person. To qualify for the $50 Payroll Transfer Bonus, the Client must never have had their payroll deposited into a THRiVE Chequing Account or Tangerine Chequing Account at any time, and must deposit their pay into their Tangerine Chequing Account by August 31, 2014. Bonus will be deposited into the same Tangerine Chequing Account within 30 days of deposit of the client’s first pay. Limit of one (1) Payroll Transfer Bonus per Person. This Tangerine150 offer cannot be combined with any other offers, including but not limited to Tangerine’s Refer-A-Friend offer.

[Ducay]

Originally Posted by Temporary_User

It's pretty much PC Financial except instead of being through CIBC it is through Scotiabank.

Or am I missing something?

One step above PC in terms of being like a regular bank, but pretty darn close.

Scotia bought ING Canada and had to change the name within X months, as ING still operates itself around the world.

[Rerun]

99% of the banking that I do these days is on-line.... so why not open an account with an on-line bank that charges no fees and has better savings/chequing interest rates than the main-line banks.... especially if the on-line bank is going to give me $50 to open an account with them.

[BigNumbers]

If you are using a High Interest savings account, you're doing it (investing) wrong.

As a short term cash park that's okay - but to make a thread over $200 free doll-hairs for investing $10,000?

[Slava]

Originally Posted by BigNumbers

If you are using a High Interest savings account, you're doing it (investing) wrong.

As a short term cash park that's okay - but to make a thread over $200 free doll-hairs for investing $10,000?

I generally agree. But then again if I can open an account and put $20 in and do the same for my wife and kids then its interesting. In my case I "invest" $80 and make $200. Thats why I asked about a vesting period or minimum account size.

[Rerun]

Originally Posted by BigNumbers

If you are using a High Interest savings account, you're doing it (investing) wrong.

As a short term cash park that's okay - but to make a thread over $200 free doll-hairs for investing $10,000?

The $10,000 will gradually be used up within the next 12 months to pay for renovations to my home.
I just wanted someplace to park it that I can access as required throughout the year. ... and if Tangerine will pay 1.3% interest on the money plus give me $100.... why not?

It certainly is a way better deal than I'm getting through Scotiabank right now.

[Rerun]

Originally Posted by Slava

I generally agree. But then again if I can open an account and put $20 in and do the same for my wife and kids then its interesting. In my case I "invest" $80 and make $200. Thats why I asked about a vesting period or minimum account size.

You have to deposit $250 into the account to get the $50 bonus.

[Pizza]

Originally Posted by BigNumbers

If you are using a High Interest savings account, you're doing it (investing) wrong.

As a short term cash park that's okay - but to make a thread over $200 free doll-hairs for investing $10,000?

I'm be interested in hearing a better option for a high interest savings account

[-TC-]

I've had accounts with them since the ING days....I've got a TFSA, GIC and a line of credit...they've always treated me well.

[Slava]

Originally Posted by Pizza

I'm be interested in hearing a better option for a high interest savings account

It depends on how long you plan to keep it. If the plan is deposit the $250 and withdraw the $300 in a month, it's hard to beat. If the plan is sock away $10,000 and hold it for five years in case of emergency then Manulife is a better option because they pay an extra 0.25% and you will have more money at the end of the time.

I think it also depends on how much you are prepared to do for $50. I have no desire to do a whole lot for that kind of money, so having pay directly deposited is definitely out. Opening another checking account won't happen (I have no use for this unless I also change all kinds of bill payments and that's not worth $50 to me either).

[Ozy_Flame]

Originally Posted by fotze

Does the debit card look better than the PCFinancial card? I'm always embarrassed to whip out that bad boy. Plus the CIBC machines getting pulled out of Macs hurts.

When did this happen???? That's pretty much the only reason to go into Macs!

[MrMastodonFarm]

Originally Posted by Ozy_Flame

When did this happen???? That's pretty much the only reason to go into Macs!

7-11 changed from Cibc to Scotia. Macs is still Cibc

[troutman]

No more creepy Dutch guy telling us to "save your money".

[Finger Cookin]

Originally Posted by troutman

No more creepy Dutch guy telling us to "save your money".

Just dumb train riddles and massages.

[Stealth22]

So let me get this straight. You and your wife opened a Tangerine account for no reason except to spend $500 to make $100, and plan to spend another $500 to make another $100?