Tag Archives: ING Direct

How to Open an ING Direct THRIVE Chequing Account

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I am already a satisfied customer with ING Direct, now Tangerine.ca. I have a savings account and some RRSP investments. Today I decided to open a THRIVE Tangerine chequing account. My procedure is a bit easier than that of a new customer who has never opened a Tangerine ING account. I will not have to show proof of my identity or send a new void cheque to link my account to my bank account at another institution. Here’s how

I opened the chequing account.

Opening a new Chequing Account at Tangerine

  1. Go to: http://www.tangerine.ca
  2. Click on I’m a Client, Let Me In! and sign in to your existing account.
  3. From the list across the top of the screen, click on the Open a New Account tab.
  4. Click to select the radio button under Chequing.
  5. Click on the Learn More button.
    Read through the information on Features; Security; and Fees.
    Check the types and costs of fees to make sure this account will meet your needs.
  6. If it looks good, click on the Open an Account button.
    1. In the Amount field, type in the amount you’d like to fund your account with.
    2. If desired, add a Nickname by typing it in the Nickname field.
    3. In the Fund from this Account: section, from the drop-down list, select which account to add the money from. Remember if you add it from an external bank or financial institution it will be placed on hold for 5 business days (or more.) If you need to write a cheque or make a payment immediately, you will need to fund it from your Tangerine Savings account from funds that are not on hold.
    4. If desired, click on the Yes button beside the Is this a Joint Account? question. This will not be immediate. You will probably have to submit some other information.
    5. In the Contact Information field, ensure that your address and email address are correct. If necessary edit them.
  7. In the Legal section
    1. Confirm that you are the only person who will benefit from the account
    2. Choose the intended use for the account from the drop-down list. Choices include Daily Banking; Home Purchase; Retirement; Personal Savings; Purchase a Vehicle; Vacation Leisure; Education; Emergency Fund; Other
    3. Read the terms and conditions and if you agree click on the Yes button. (Or on No, if you disagree.)
    4. Click on the Next button.
  8. Confirm you want to continue creating the account.

You’re done! Go and set up some Payees for bills and pay your bills!

Would you like to order cheques for your Tangerine Account?

Simply navigate to your Chequing Account after enrollment and click on the Order my Cheques link. Your first 50 cheques are free!

The following is the Tangerine Hold Policy as of March, 2013:

“Tangerine may place holds on money deposited as outlined below:
These terms are still posted on their site on June 2014.

  • 0 business days for government cheques
  • Up to 5 business days for Electronic Funds Transfers (EFT)
  • Up to 5 business days for all cheques, drafts, and money orders and US cheques drawn from a Canadian financial institution
  • Up to 10 business days for a new external link to a business account
  • Up to 15 business days for USD deposits from outside of Canada
  • We [Tangerine] consider Saturdays, Sundays and national holidays to be non-business days.”

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Do you use a Tangerine Chequing account or another online chequing account? What features do you like? Please share your experiences with a comment.
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Does It Cost Anything to Transfer Part of my ING Direct RRSP to Another Institution?

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ING Direct, now Tangerine.ca, offers a great service for quickly making a new RRSP contribution. You can make the contribution into a daily interest savings account RRSP, a cashable RRSP GIC, or a RRSP “Streetwise” Mutual fund by simply logging in to your online account and “moving” your money from your chequing or savings account into the RRSP investment you want. You can print your RRSP receipt immediately if the cash was already in your account, or as soon as the hold clears if your cash has to be transferred in from another non-Tangerine bank account. This convenience means we often make our new RRSP contributions to our ING Direct Tangerine RRSPs. Sometimes, though, a better investment opportunity comes up later and we want to move some of that RRSP money elsewhere. When that happened recently, I contacted ING Direct Tangerine to check whether it costs anything to move part of my RRSP to another institution.

Tangerine To Start Charging a Fee to Transfer Out RRSPs and TFSAs!

UPDATE: Please be aware that as of January 2015, Tangerine has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

ING Direct Tangerine Does not Charge Transfer Out Fees for RRSPs

Here’s a direct quote from ING Direct Tangerine: “We don’t have unfair fees, so there’s no charge from us to transfer out your RSP funds. Before making the move, check with your other bank for any unfair fees they may charge you for an RSP transfer in the future. You don’t want the fee to eat away at your retirement savings.”

Their advice is sound. Most “big banks” charge a hefty fee to transfer money out of an RRSP at their bank.

How Do I Transfer some of my RRSP funds from Tangerine to Direct Investing, InvestorLine or Investor’s Edge?

Don’t take the money out of your RRSP to move it! You can NOT add it back to your RRSP. And you will have to pay a non-refundable tax on the withdrawal.

To move the money, you must transfer it, not withdraw it. The money will move directly from one RRSP to the other.

I’m going to quote ING Direct Tangerine again on this one:
“To transfer out your RSP funds from ING Direct Tangerine you will need to submit an RSP Transfer Form (T2033) to the other bank that will be receiving your RSP funds. You can find this form at your local bank branch or online at cra-arc.gc.ca. Once they’ve received your completed form, they’ll communicate on your behalf to move your money.”

In any situation where you are transferring an RRSP, you must have an RRSP account at both locations BEFORE you can make the transfer. If you want to transfer out, first set up the new account at the new bank or trust company so there is somewhere to send it to!

Where Can I Get a RRSP T2033 for Direct Investing, InvestorLine, Investor’s Edge or ING Direct Tangerine?

To get the T2033 form to move an RRSP from anywhere TO BMO InvestorLine, go to
https://www.bmoinvestorline.com/ILClientWeb/marketing/accountTransfer.do?method=displayMarketingForm&lang=E
or
https://www.bmoinvestorline.com/public/pdf/Trans_SD.pdf

To get the T2033 form to move an RRSP from anywhere TO CIBC Investor’s Edge, go to
https://www.investorsedge.cibc.com/ie/pdf/2033.pdf

To get the T2033 form to move an RRSP from anywhere TO RBC Direct Investing, go to
http://www.rbcdirectinvesting.com/transfer-an-account.html

To get the T2033 form to move an RRSP TO ING Direct Tangerine from another institution, login to your existing Tangerine account. From the menu on the left, click on the link Transfer RSPs to open the form.

How Long Does It Take to Transfer Money from One RRSP to Another?

And quoting once again:
“An RSP transfer takes 3-6 weeks to complete.”

Actually, that’s a bit on the quick side. It has taken me as long as 8 weeks to transfer an RRSP, and that was from one bank to that same bank’s self-directed brokerage firm!

So if you were thinking of moving the money fast enough to take advantage of a special GIC rate, it may not be fast enough. Call the bank or brokerage with the good rate and find out if there’s any way to have them “hold” that rate for you. (It’s not very likely, though, unless you’re bringing in a very large amount of money.)

If it’s for a quick investment opportunity like a low stock price, you likely won’t be able to move the money fast enough. In that case, consider whether you could make a new contribution to your brokerage account in time to make the purchase.

Please remember you will pay a fee to transfer your money out of Tangerine to InvestorLine or any other financial institution. BEFORE starting any transfer talk to the institution that will receive the money and ask them to pay the transfer fee. Get any agreement in writing BEFORE beginning the transfer process.

UPDATE: Please be aware that as of January 2015, Tangerine plans has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

Related Reading

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Do you ever use a strategy of quickly contributing to your RRSP at one location, then shifting it later to another? What was the longest you had to wait for a transfer to take place? Please share your experiences with a comment.

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