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Ingdirect has now become Tangerine! Same bank, different name, STILL GREAT SAVINGS! See below!
Tangerine, the former Ingdirect.ca has been bought by the Bank of Nova Scotia. I can only hope that it does not go the way of Ally.ca. In other words, lower interest rates and
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more fees or simply closing it down altogether.
I am with Meridian Credit Union and have been since before it changed from Niagara Credit Union. I became a member in 1962 when I was a baby :) I like credit unions because each member owns at least one share of the credit union. They also have fewer fees and often more benefits.
However Meridian has an online savings account which will give you 1.35% just like Ingdirect. However it is NOT like Ingdirect in that there are several restrictions which Ingdirect does not have.
- You can schedule money transfers to your other Ingdirect accounts.
- You can open up a chequing account and schedule money to go from your savings into your Thrive chequing account a few days before your bills are due. That way you do not lose interest by transferring it sooner.
I love my credit union and cannot understand why anyone would want to pay the excessive fees which I feel banks charge. However I do not like the fact that I cannot schedule money to be moved to another account.
I have to do it when I am thinking about it so my bills are paid, NOT schedule it a few days before the bill is to be paid. I wrote an email telling Meridian that was the reason I was moving my business money to Ingdirect because of that little convenience Ingdirect provides which Meridian Online Advantage Savings does not. I hope they re-evaluate the scheduling bit and change to match Ingdirect.
But then we will see, because we do not know in the new year if the BNS in its wisdom or lack thereof will change things at "Tangerine".