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Parking money after Tangerine/PCF promotions end

64K views 281 replies 42 participants last post by  gibor365 
#1 ·
Just curious where you planning to keep your cash after Tangerine 3% and PCF 2.6% promotions end?
Regular rates in both sux ...just 0.8% on HISA, even People Trust gives only 1.45% ... Also both Tang and PCF may have new promo only on new money ....
Tangerine, after promotion ends, usually offers special GIC offer at 2% for 1 year ... maybe one of the options to lock some money.....
 
#3 ·
Why so early? My 3% promo until Dec 20.....

Oh oh ... just check CIBC and they have "Limited time offer: earn 1.75%* interest on new deposits when your balance is $5,000 or more." until Feb 29 ... it's very likely that I'll move all my cash there and will be waiting for Tang or PCF promotions
 
#7 ·
I don't know what amount you have... I have around 200K and don't think they gonna extend this promotion ... after previous promotions , I was talking to Tang managers and in best case they offered me GIC, but than interest was less than PT was offering just for HISA.
In any case, if you will be able to negotiate new promotion, please let me know....:)
My problem that on Dec 19 we're going to Cuba and I won't be able to talk to Tangerine until we come back.... so if I will leave money there, I will be losing more than $5 daily comparing to moving to CIBC
 
#9 ·
My 3% offer is good until late December but we are also leaving for a holiday and won't be able (willing actually) to move it around until we get home in mid January. I will move mine to Hubert financial at 1.8% until new deals come open. They have a quarterly term deposit, total one year duration that starts at 1.9% in the first quarter and goes up from there. You can withdraw money at the end of each quarter with no penalty. Average interest for the entire year is 2.05.
 
#11 ·
Was planning to move it to Hubert @1.8% regular rate, 100% insured by the Deposit Guarantee Corporation of Manitoba (no 100K limit), but just checked and found some new competition..

There's the Zag Bank promo to hold you over until PCF and Tangerine fire up their next promos.
https://www.zagbank.ca/FinePrint/Fall2015

I might open an account with them.
They are cidc insured. Works for me, I only keep about 100K in cash atm (which actually is a lot for me, but maybe not so much compared to other CMFers).
 
#13 ·
There's the Zag Bank promo to hold you over until PCF and Tangerine fire up their next promos.
Looks interesting :0 , but I already have too many accounts: Tangerine, CIBC, PT and PCF .... not sure if i want to open another one in Zag...

btw, did you open already?! Just wondering how simple it is and if you can easily link it to CIBC? ...a dn that there is no any fees :)
 
#15 · (Edited)
I will wait until we get home. I just won't do banking out of country.
I looked into zag bank but saw some bad reviews. Maybe they are getting better as I see them advertising a lot. They could just as easily drop their rates in a month too. I dread opening yet another account. Maybe if the rates are still good in the new year.....

Their website (zag)is not the best to navigate. They mention "no unnecessary fees" but that is vague. Looks like they link to other accounts.
 
#16 ·
They mention "no unnecessary fees" but that is vague.
Yeah I saw that too, but still no page that shows fees.

Looks like maybe I may have to start the process of opening an account to see the terms & conditions.. I hate it when they do that.

They are still too new to have made it onto the services chart over at
https://www.highinterestsavings.ca/comparison-of-services-offered-by-high-interest-savings-banks/
although they are on the rate comparison chart
https://www.highinterestsavings.ca/chart/
 
#18 · (Edited)
https://www.zagbank.ca/Security/ElectronicServicesTermsandConditions
Fees and Limits

Transactions you complete though our Electronic Services may be subject to fees from Zag or its partners and/or subsidiaries. Zag will notify you of the nature of the fees that you will be charged either during the transaction or in the Product Agreement, giving you the option to complete the transaction or not. We do not have any control over third-party fees.

Fees may change at any time. By confirming a transaction through our Electronic Services, you accept these fees and authorize Zag to deduct said fees from your account(s). Some transactions may also be subject to daily withdrawal limits. If you would like to review and change your withdrawal limits, please contact Client Services at 1-844-ZAG-BANK (1-844-924-2265) and speak with a Zag Representative. Our fees and limits are detailed at ZagBank.ca.
They say "Our fees and limits are detailed at ZagBank.ca'', right on the zagbankdotca site.. looks like they could use the services of a website design professional lol

.. also definitely don't like the idea of any daily withdrawal limit on electronic transfers.
 
#22 ·
Account setup was easy and all online. Took less than 10 minutes. The internet magically pulled some history from my SIN number I guess. To verify my identity I had to confirm an old address from like 8 years ago. No idea how it got this info, especially at midnight on a Friday lol

Had to write out a cheque, and then take a photo of the cheque with my phone. Transfer should take place in a couple days.
 
#24 ·
doth mine eyes deceive me??

The zag bank link up thread now says:

"Which is why we're offering 2.5% interest on all Zag Savings accounts until March 20, 2016 if you reach a minimum balance of $1,000 into your Zag Savings account by November 27, 2015 (midnight EST)."

I swear yesterday this said "by December 31, 2015".

Navigating through their homepage I can find NO reference to a 2.5% promotion anywhere... What the HELL???

What is going on with these shady online bank websites??? Retroactively changing promotions (ZAG), dubiously unclear fine print with misleading interest rates published (PCF) and weird *** invite-only promotions, unless you call, but then it's slightly different promotion (Tangerine).

Are these fucking BANKS or what that we're transferring hundreds of thousands of dollars around between??? I have more confidence in shopping from Beyondtherack.com than I do in these screwed up websites posing as banks!
 
#25 ·
^looks like zag is indeed changing their promo on the fly,

but I did crunch the numbers on a PCF promo in one of the threads here, and found that they are not misleading, they do pay the annualized rate they advertise, even though it's paid at the end of the promo; I found is was the correct amount annualized, to the penny, so in other words, no compounding was lost, except possibly the few days between when after the promo was over and the day the interest landed in the account.

Overall I agree perterk, the tangerine thing was kinda wierd too, but I'm happy because I phoned in and got the special six-month deal :)
 
#28 ·
I actually recall a few weeks ago seeing a Zag commercial on TV for the 2.5%, the first I've heard of Zag. When I went to the website, the date that the TV promotion expired was the day before. So they were actually advertising on TV for a promotion that had already ended. Now last week it said December 31st, now this week it says Nov 27, and that it's ended. Holy hell.

Just tried to login to Zag to see if I can cancel my transaction and close the account. Login doesn't work. lol
 
#30 ·
Is Zag a bank? If so, given the sleezy tactic of changing rates on a fly despite the advertised good-to-date, would it not warrant a complaint to the bank ombudsman or such? Food for thought.
 
#31 ·
I am sure everyone is aware of CDIC insurance limits of $100,000 per account or joint account at each bank for insurable amounts in several different categories(eg individual savings, joint savings, TFSA, RRSP, RESP etc). We just recently noticed that we were over this on one account at Peoples and switched some GIC's into a joint account. Not that I think the bank is about to fail, but if insurance protection is there we decided we should take advantage of it. We had been transferring a bit too much to individual accounts at Peoples to take advantage of the interest rates.
 
#35 · (Edited)
I saw over on RedFlagDeals that people were getting that 2% offer. How did you get it gibor?

Oh, and is it on the full balance or new deposits only?

I wonder if Tangerine will do the same thing they did last time. People that get the offer before the new year will get the high interest rate on the full balance and then on Jan 1, they will offer the 2% rate to everyone on new deposits only.
 
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