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Email this10:59 am
September 29, 2017
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"Earn 5.25%* interest on any net new deposits to your existing Advantage Account from August 8 to December 6, 2024. That’s right – you don’t need to open a new account to get this great rate. Just make a deposit and you’ll earn 5.25%* interest on it until December 6.
After your bonus rate ends, you’ll continue earning one of the strongest everyday interest rates in Canada – 2.45%**. You can see it right here - that’s much higher than the rates at other digital or big Canadian banks, so your money will continue earning more, long after the bonus interest ends."
11:53 am
August 16, 2022
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Hi, is this a targeted offer? Because I don't see it on the website anywhere? Maybe you can help. 5.50% Tangerine until the end of the month. 5.50% Simplii until November 15th then need to find somewhere to move my $$. Thanks
12:35 pm
January 7, 2020
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The T&C seem to imply this offer is only open to accounts with an "advisor"
2:38 pm
April 21, 2022
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mustang said
The T&C seem to imply this offer is only open to accounts with an "advisor"
That would explain how this offer differs from the typical ones where you would always open a new account, whereas this one is having a promotional interest rate added to an existing Advantage account.
5:50 pm
March 15, 2019
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Question: What is an "advisor"?
6:20 pm
April 21, 2022
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COIN said
Question: What is an "advisor"?
They're definitely not an 'adviser'. It's an interesting distinction which apparently most are unaware of.
6:20 pm
January 7, 2020
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All I can tell you:
At one point in the past, our financial advisor put us in touch with Manulife, to take advantage of a promo
Since then, his name is attached to our account at Manulife
10:50 pm
April 6, 2013
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COIN said
Question: What is an "advisor"?
A salesperson trying to look like he/she is a regulated adviser, a fiduciary who is required to watch out for the client's best interest.
See CBC Go Public story 'I feel duped': Why bank employees with impressive but misleading titles could cost you big time (Mar 29, 2017):
"The game today is to earn clients' trust," said Larry Elford, a former certified investment manager with RBC and lead researcher of the SIPA report. "And never let them know that you are actually a commissioned salesperson and you don't have to honour that trust."
9:41 am
November 18, 2017
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These days, I would ask someone if they are under fiduciary duty.
RetirEd
1:04 pm
April 6, 2013
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RetirEd said
These days, I would ask someone if they are under fiduciary duty.
I wouldn't bother. The chances of receiving a truthful "Yes" to that question is slim.
According to the Small Investor Protection Association report Web of Deception mentioned by the CBC Go Public story, only 3% of the registrants have fiduciary duty:
FALSE TITLES MISLEAD
In SIPA's report “Advisor Title Trickery” there were 121,932 total registrants in Canada as of Sept 16, 2016 in the investment industry. 4,076 persons or 3% of that total are legally registered in the category of Adviser or Advising Representative. Only 3% are registered in the category where a true fiduciary professional responsibility is legally required to be delivered to you as the investor. All others are registered as Dealing Representative, i.e. salespersons who legally act as an agent of the dealer, and NOT firstly an agent of the investor. Client relationship rules currently allow this to be hidden from your view, and the investor is expected to be responsible for learning this. This bait and switch is a root cause of a great deal of harm being played out upon nearly every Canadian investor.
One is not going to have access to one of the 3% minority, like an investment counselor, until one has $500,000+ to place for investment.
1:23 pm
October 21, 2013
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... and the ones that do have a fiduciary duty usually charge a significant fee or percentage of assets annually, which is worth it for some people in some circumstance.
The rest are all just glorified sales reps.
The level of ignorance among sales reps can sometimes be quite astonishing. Only last week one of them told me that interest earned in a savings account was not taxable as it's not an "investment"!! (Yes, I've reported this to a manager as I wouldn't want someone else to be misled.)
9:24 am
November 18, 2017
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It helps if one accompanies the question about fiduciary duty with a reminder of severe penalties for lying about it.
RetirEd
4:57 pm
October 21, 2013
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RetirEd said
It helps if one accompanies the question about fiduciary duty with a reminder of severe penalties for lying about it.
It probably would, but some of them appear to have never heard the word before and clearly don't understand what it means. I guess it's not in the training manual.
Here's a new question for all their licensing exams: "Spell fi-doo-she-air-ee correctly, explain what it means and how it will or will not apply in your practice.'' Pass/fail.
5:44 pm
April 21, 2022
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Loonie said
It probably would, but some of them appear to have never heard the word before and clearly don't understand what it means. I guess it's not in the training manual.
Here's a new question for all their licensing exams: "Spell fi-doo-she-air-ee correctly, explain what it means and how it will or will not apply in your practice.'' Pass/fail.
Hilarious 
, but seriously important at the same time.
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