Recently, Tangerine sent me a big package in the mail offering me a cash incentive if I transferred my RRSP savings to them. My first reaction was “Why could they afford to send me this ad, but not afford to send me a letter advising me of their new $45 fee to transfer a RRSP or TFSA out from Tangerine to another bank?” After feeling miffed for a while, I read through the package to see whether their RRSP transfer offer was a good deal or not: here’s what I decided.
Most Places Charge You a Fee to Transfer Out Your RRSP
The first thing you should be wary of if you are considering transferring some or all of your RRSP to Tangerine is that most banks, credit unions and brokerages charge you a fee if you transfer out your RRSP assets. (When this was written, People’s Trust did not charge a fee: so there are some good guys out there.) Continue reading