Open account for 3 months of saving | Tangerine Bank | Discussion forum

there is a fee for closing account within 90 days at Luminus. I think it's $100.
luminous only available to Ontarians, and it would be a lot easier for you if you can go there in person.
I'd stick with Tangerine, considering your circumstances.

James' caution is well-considered. Don't forget you will need a bank draft, not just a regular cheque, to close on your condo. Depending on which financial institution you are working with and where you live, you might encounter delays in getting this. I forget how Tangerine handles this sort of thing, but it's highly likely that you will lose several days' interest one way or another. And you don't want to trust it to be mailed or couriered to you, so you need to allow a few days for the money to get back to your external account.
You need to have the exit strategy all worked out in advance of the deposit, bearing in mind any limitations on amounts that can be withdrawn.

Oaken has 60-day term deposits. I think they give about 1.75%. It protects you from another rate drop in the interim. They are good to deal with too. I think it may be too late already for you to do the full 90 days, especially by the time you get the accountopened and the money moved in. But you can still have some money.

You don't have to be stuck with the 0.8%.
You can, as AltaRed suggested, put it in a "high interest savings account" at any number of places and make perhaps $200 extra after taxes, depending on your marginal rate. You would have much better control over when you transfer it back to your regular account, on which you could draw the bank draft.

I would go with Oaken or Tangerine for this in your circumstances (if you can get a good rate from Tang) as they are easy to deal with. Don't close the account out, and you won't get stung for premature closing fees. I think Tang has no minimum.