Tangerine | Financial Crooks

I opened an EQ Bank account in 2016 when they were offering 3% interest. That has since dropped to 2% but it’s still a reasonably good interest rate. If Tangerine, PC Financial, or Oaken decides to offer a higher rate in 2017, however, I want to be ready to move my money quickly. I could mail in a cheque to EQ Bank link my accounts but I don’t want to. As of late November 2016, I don’t have to: You can now set up a link between your EQ Bank account and your other bank just by filling in some information online, waiting a few days for EQ Bank to make some mini deposits, and reporting the information.

Why Would I Want to a Link Set Up Between my EQ Bank Account That EQ Knows About?

You can generally link accounts 2 ways. I could set up a link in my Tangerine bank accounts system that would let me push and pull money (send and request money) from EQ Bank. Similarly, I can set up a link in my EQ Bank accounts system to move money back and forth to Tangerine.

If you “push” money, which means if you request to transfer money out of your account to another bank, the transaction usually goes through in 2 business days. More importantly, the receiving bank usually does not require a hold to be placed on the money. You can use it right away.

If you “pull” money, which means if you request a transfer of money into your account from *another bank* there is usually a hold put on your money when it comes in. You cannot usually use it right away.

So I like to have links at both banks so that I can push the money and be able to use it right away—no matter which bank the money is starting out in.

How Many Links Can I Set Up to External Bank Accounts from EQ Bank?

Other users report there is a limit of 10 links. I don’t have 10 bank accounts, so that is plenty for my needs!

Can I Link My EQ Bank Account to my Friend’s Bank Account at Another Bank?

No. You can only link accounts that are in your own name.

Can I Set Up a Link from my External Bank to my EQ Bank Account?

Yes. I’ll be writing how in another article.

Linking Your EQ Bank Account to Another External Bank Account

Here’s how I linked my EQ Bank account to my Tangerine bank account.

Sign in to your account at EQ Bank.
From the Pay & Transfer tab along the top of the screen, select Linked Accounts.
Click on the button: Link another bank account

The Additional Verification Required Page

Type the answer to the security question then click on the button: Verify

The Link an external account Page

An example of a cheque is shown to indicate what is meant by Transit No; Inst. No and Account No.

Type the correct information in the following text boxes:

Transit No
Inst. No (institution number)
Account No
Nickname (if desired, for example, I called mine University Savings)

Then click on the button: Next

Link another external bank account Page

Review the details to make sure you’ve entered the correct information.

If it’s ok, click on the button: Confirm

Strangely enough there’s no button to click if it’s wrong! You’d have to use your browser’s back button or start over.

You’re almost there Page

EQ Bank will respond with some information about how they will create the link.
Basically, they will make two tiny deposits to your requested external bank account. When you see them land in your account, you will need to report the successful link to EQ Bank.

Click on one of the buttons:

Go to Pay & Transfer; or
Back to linked accounts

You’re done, until those micro deposits are made.

Confirming the Link Once the Small Deposits Are Made to Your External Bank Account

Once you’ve received the 2 small amounts of money from EQ Bank, you can report them.

Sign in to your EQ Bank account.
From the list under the Pay & Transfer tab, click on Linked Accounts.
In the descriptive link for the new link, click on the link: Verify

Verify pending external linked account Page

In the text boxes, type in the amount of each of the two deposits.
Click on the Submit button.
A confirmation message will tell you that the two accounts are now linked.

Once you’ve done so, the link will be fully set up. You can now transfer money in or out of your EQ Bank account using the Pay & Transfer page.

It’s all good! Hopefully EQ Bank will continue to offer a competitive interest rate but if I get a much better rate elsewhere, I’ll be ready to push the money out.

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Did you take advantage of this new method to link accounts to EQ Bank? How did it go? Please share your views with a comment.

First, Check if Tangerine Is Offering a Bonus for Opening a Savings Account

If you have never opened any account at Tangerine or ING Direct, you can definitely get a bonus for starting one. You should check the various options available on the day you want to open the account. You can often get a $50 cash payment if you open an account and deposit $100 – but only if you put in an Orange Key number code when you are applying to open the account. At other times, there will be an offer for a higher interest rate or more cash if you set up various things such as direct pay deposits. Check the Tangerine website for deals or phone them, and be aware that you can get an Orange Key number code from other Tangerine users, including me, if that is a better deal.

There’s usually less on offer for opening a second account at Tangerine.

I had my young relative sign in to his chequing account, then use the Contact Us, Online Chat feature to ask if he could get a temporary higher interest account on his savings. As usual recently, the Online Chat responded that no agents were available. Sigh.

Opening a Tangerine Savings Account If You Are Already a Client

Go to the Tangerine website.

Click on the Saving tab.

Click on the Savings Accounts link.

Click on the Learn More button and read about the features of the account.

If you like them, click on the Enroll Now button.

A popup window will ask “Are you already a Client?”
Click on the button: Yes, log me in

The Open a Tangerine Savings Account Page

When you already have a Tangerine account, they expect you to fund your new savings account by moving money in from either your other Tangerine account/s or from your already linked external bank account.

In the Amount field, type the amount to transfer into your new Savings account.

If necessary, click to change the selected currency from Canadian dollars, CAD, to American dollars, USD.

If you want to Nickname your new Savings account, type the name in the text field, for example, Boat Fund.

From the drop-down list, select where you want to take out the money to be deposited into your Savings Account. For example, you could choose your Tangerine chequing account.

If necessary, click to change the answer to “Is this a joint Account?” from No to Yes. (If you do, you will need to fill in more information.)

If necessary, click to change the answer to “Will this Account be used on behalf of a third party other than the named Account holder(s)?” from No to Yes.

From the drop-down list, select the answer for “What is the intended use of this Account?”
Read the terms and conditions and if you accept them, leave the answer Yes selected.

Click on the Next button.

Read the details on the summary page, if they look ok, click on the Confirm button.

Your account is now opened and has the money in it, if you transferred money from an existing Tangerine account.

So now my young relative has his Savings account set up. I hope he was just kidding when he nicknamed it: “Beer Fund.”

Related Reading

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Do you have a Tangerine Savings Account? Does it meet your needs? Please share your experiences with a comment.

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How to Link Your EQ Bank Account to Your Other Bank Online With No Mailing of a Cheque