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Email this9:12 pm
September 5, 2023
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Hi
Those of you investing in Tangerine GICs.
I was told by CS that buying GICs on two separate days requires opening two separate 'accounts'
I am coming from a FI where one can include multiple financial 'products' i.e. GICs in the same 'account' e.g. a TFSA account
I can somewhat understanding the logic of different 'accounts' i.e. two different GIC maturity dates even if they differ by a few days.
One potential issue I am concerned about is if at Tangerine separate GICs require separate accounts, will the $50 transfer fee to another FI if and when the need arises, be payable on each separate 'account'?
9:36 pm
October 21, 2013
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I would expect to be charged for each transfer. And it will likely cost more by then. Alterna Bank just increased their fee from $50 to $125, as of November 01.
You can get around this by moving your GICs to savings as they mature, then transfer the whole amount at once, but you will need to calculate whether this is worthwhile, depending on prevailing interest rates.
You can also move it all to non-registered, in which case there is no transfer fee as far as I know. You can then re-deposit elsewhere in the new year.
Tangerine has a bad history with fees. When they first took over from ING, they said they would continue ING's practice of no fees. Then in due course they introduced fees, of course, claiming there were no "unfair" fees, charging $45 ($5 less than anyone else in the fee-charging business). A little while later this went up to $50. I haven't heard them say anything about "unfair fees" for several years now. They've gotten rid of everything that was good about ING except the client list.
4:57 am
March 30, 2017
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althisa said
Hi
Those of you investing in Tangerine GICs.
I was told by CS that buying GICs on two separate days requires opening two separate 'accounts'
I am coming from a FI where one can include multiple financial 'products' i.e. GICs in the same 'account' e.g. a TFSA account
I can somewhat understanding the logic of different 'accounts' i.e. two different GIC maturity dates even if they differ by a few days.
One potential issue I am concerned about is if at Tangerine separate GICs require separate accounts, will the $50 transfer fee to another FI if and when the need arises, be payable on each separate 'account'?
Unless that is specific to the way they handle TFSA. For non registered accounts, it all goes under the same account / profile.
10:05 am
February 7, 2019
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All FI's will have a unique account number for each HISA and GIC, whether non registered or in RSP's and TFSA's; not a unique Tangerine process.
| CGO |
5:21 pm
November 8, 2021
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althisa said
I can somewhat understanding the logic of different 'accounts' i.e. two different GIC maturity dates even if they differ by a few days.
If the GICs mature within several days of each other, you may request to have the funds moved upon maturity into the TFSA account, and then just one transfer to another FI.
12:21 am
February 7, 2019
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savemoresaveoften said
Unless that is specific to the way they handle TFSA. For non registered accounts, it all goes under the same account / profile.
Customer Account yes; actually if you look at your Profile & Settings, then Security & Login, that Account Number is actually your "Client Number".
Now, look at your TNG "Account". Open each HISA and each GIC. Select "Account Details". Find "Account Number"; every HISA and GIC has a unique "Account Number".
| CGO |
5:59 am
November 18, 2017
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I only deal with financial institutions that send printed statements. Among them, there are separate numbers for individual savings accounts, term deposits, and credit union shares. Then there is always an inclusive plan number for either all registered products, or one for RRSP products and another for TFSA ones.
It certainly makes sense to allow two term deposits to mature into a savings account before making an expensive transfer. Use the end-of-year procedure if you can; use less-than-rounded-years to move your maturity dates nearer to the end of a year if any are available.
I left Tangerine a few years back, and moved my old statements into storage downstairs, so I can't check them right now.
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