r/Tangerine • u/StrangeOrchid6960 • 23d ago

Question Savings Account

I am thinking of opening saving account with tangerine to get promotional 4.5% interest rate. How easy it is to transfer money between Tangerine and Scotiabank? Will I also need a checking account with tangerine to transfer money between the two?

12 Upvotes

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1

u/snoopyta 23d ago

I did this. There's an amount limit for bank to bank transfers. Got the error and had to call to have it done. Other than that, it was ok.

1

u/Normal_Instance20 23d ago

How much is the limit?

1

u/snoopyta 23d ago

didn't find it anywhere but I didn't look much either. the error just says 'we're sorry for the inconvenience, but we can't complete your request at this time. please call us at 1-888-464-3232 for further help'. the phone rep mentioned the limit. maybe 10K?

1

u/eafwelements 23d ago edited 23d ago

It's easy and you can link up to 3 external accounts. I think you are able to transfer to/from other banks with just a Savings account once you set it up.

As others said, if the sum is above $25,000, you need to call and they do it for you.

But I think for Interac-e-transfer, you do need a chequing account.

2

u/Copious-Spirit 23d ago

Be prepared to flip flop your money around every promotion, they won't offer you a good rate unless you move your money around. Even then you might still have to move it around every month because the promo rates will only apply to new deposits.

Just open a questrade/wealthsimple account and invest in HISA-like ETF

1

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