How to Link My Tangerine Account to my EQ Bank Account for Faster Transfers

When I first opened my savings account at EQ Bank they were paying 3% interest and you could not set up to transfer money directly into the account, you had to “pull” it in by requesting the transfer from EQ. I prefer to “push” money rather than “pull” it because it usually reduces how long the funds are “on hold” after they land in the destination account. Sometime along the line, EQ Bank started letting customers push money in so it’s time for me to set up the link to my Tangerine account let me make faster transfers easily.

What Do I Need to Know To Link My Tangerine and EQ Bank Accounts?

To create a link within my Tangerine bank profile, I need to know some info about my account at EQ Bank, specifically

  • the EQ bank institution number
  • the EQ bank transit number
  • the EQ bank savings account number

Since the EQ Bank account is a savings account, I don’t have a cheque for it to get those numbers from. I found them two places, one in a RedFlagDeals post, the other on EQ Banks own site.

To see them on the EQ site, you can

  • Check under the Pay & Transfer link
  • Under the Pay & Transfer link, click on the Pre-authorized transfers link.
    Your account number/s, transit and institution number will be displayed.

Or

  • Click on one of your savings accounts.
  • Within it, you should see a button called Set up direct deposit.
  • Click on the Set up direct deposit button.
  • It will list your account number, transit number and institution number.

As of October 2, 2017:

  • The EQ bank institution number is 623
  • The EQ bank transit number is 80002
  • Your EQ bank savings account number will vary from mine!

How to Create the Link from Tangerine to EQ Bank to Move Money Between Bank Accounts

Sign in to Tangerine.

At the top right side of the screen, click on your name to see the drop-down list of choices.

Click on Profile & Settings.

On the horizontal bar of links across the top of the page select External Accounts.

Click on the Add Account button.

The Add External Account Page
NOTE: No you are not allowed to connect your own personal account to that of a friend, relative, business, or other person.

Type the following information in the appropriate text field:

  • Transit number
    80002 for EQ
  • Institution Number
    623 for EQ
  • Account Number
    your EQ bank account number
  • Account Number to Confirm
    your EQ bank account number, again

Click to select the dot beside

  • “I confirm that the information provided above is for a personal bank account in my name.”

Click on the Next button.

The Review the External Account Information Page

Tangerine will respond with the name and mailing address of EQ Bank and your account number. Check it’s all correct.

If it’s ok, click on the Submit button.

The Account Added Page
Read over the information about the small deposits Tangerine will make into your newly linked account.

Click on the Done button.

If you’ve finished banking with Tangerine for today, under your abbreviated name, click on the Log Out link.

Clear your browser cache and close your browser session, if desired for more security.

And Now You Wait
Once Tangerine makes two deposits into your EQ Bank account you can confirm the link. Until then, you’ll have to wait, just like I’m waiting now!


Related Reading

  • How to Link Your EQ Account to an Account at Another Bank or Financial Institution
  • How to Transfer Money from EQ Bank to Your Linked External Bank Account

Join In
Have you linked your savings accounts to try to get the best interest rate possible? Please share your strategy with a comment.

image of thin green double line

Yes, we bank with Tangerine.ca among other places. If you open your first account ever with Tangerine (or ING Direct) using our Orange Key below, and deposit $100 before January 31, 2018, you and we will both get a cash bonus of $50 each. (Yes, they did extend the promotion for another few months!) All you have to do is enter the Orange Key 46470587S1 when you are opening your Account, and you’re set to go.

Just copy our Orange Key, then click on this Tangerine link to see the details and apply for an account. (Note: it only applies to people with no existing or previous accounts with Tangerine or ING Direct.)
Image of Tangerine Orange Key Ad

Will Tangerine Offer a Good Interest Rate in Early October Now That PC Financial Is Changing to CIBC’s Simplii?

For the past year or two, Tangerine and PC Financial have been in a bit of a competition for customers. One would offer a good interest rate for a short time, usually 3 months, and the other would either match it or offer a higher rate. Now in the fall of 2017, PC Financial is about to become Simplii Financial by CIBC. Will Tangerine still offer a good interest rate for October to December 2017 with PC Financial gone?

What Kind of Bonus Interest Rates Did Tangerine Offer in 2017?

My husband and I both bank with Tangerine and the former PC Financial. In 2017, I was not offered any special interest rates for my Tangerine or PC Financial savings accounts. My husband, however, received two offers from Tangerine, one for January – March and one for April to June. Both rates were above 3% annually.

Others listed quite a variety of rate offers from Tangerine from around 1.5% – 3.25% on RedFlagDeals.

Neither of us was offered a good rate for July to September though. So we transferred our money out to EQ Bank which was paying 2.3% annually during those months. (We won’t get 2.3% for only 3 months, of course, only about 1 /4 of what 2.3% would be if we had kept the money deposited there for an entire year.)

It’s coming up towards the end of September and I’m curious whether Tangerine will offer ANYONE a bonus interest rate for October to December. If so, who will they be competing with? EQ Bank at 2.3% per year? Or Simplii Financial, the new incarnation of PC Financial.

Will Simplii Financial Offer Short-term Bonus Interest Rates for Savings Accounts?

PC Financial did often offer a promotional interest rate on savings accounts. The rate was often only good for 2.5-4 months.

Now, though, PC Financial will no longer be in business. Instead, the newly named Simplii Financial, owned and run by CIBC will take over. Will CIBC be interested in playing this kind of interest-rate game to attract customers?

Unfortunately, neither I nor anyone else knows for sure. We’ll have to wait till November 1 and see what, if anything Simplii Financial announces.

In the meantime, our money will stay parked at EQ Bank. It’s CDIC insured up to the usual $100 000 limit.  The current (as of September 13 2017) rate of 2.3% is much higher than we can get with Tangerine (0.9%) or our traditional Big Canadian banks. I would be happier to be getting 3%+ again, though, so I’m hoping either Simplii Financial or Tangerine makes us an offer soon!


Related Reading

Join In
Do you try to maximize your interest rate on savings by moving your money around? Please share your strategy with a comment.

image of thin green double line

Yes, we bank with Tangerine.ca among other places. If you open your first account ever with Tangerine (or ING Direct) using our Orange Key below, and deposit $100 before January 31, 2018, you and we will both get a cash bonus of $50 each. (Yes, they did extend the promotion for another few months!) All you have to do is enter the Orange Key 46470587S1 when you are opening your Account, and you’re set to go.

Just copy our Orange Key, then click on this Tangerine link to see the details and apply for an account. (Note: it only applies to people with no existing or previous accounts with Tangerine or ING Direct.)
Image of Tangerine Orange Key Ad