Tangerine:
I would suggest Tangerine for people who are looking to switch banks. I anticipate many people will be angry learning about how their old banks mutual funds have been overcharging them. For those who aren't planning on switching banks please look at the robo-advisor section, because Tangerine uses a nearly identical format but charges more. Tangerine is an institution similar to credit unions in its superior savings and credit card accounts but they also offer simple lower costing investment options than traditional mutual funds.
Tangerine allows monthly contributions at no charge, no account fees, and simple fund solutions (there are only four!) The real benefit stands out as having your banking and investment accounts all in one place
They also have one of the simplest formats for investing. Tangerine will set you up with your funds based upon criteria you select. Tangerine funds automatically balance themselves (you’re on your own with the TD eSeries or ETF options below) and they all have the same fee of 1.07%. You will also only be using one fund to invest in so a simple automatic payment will keep you investing automatically with no hassle. Remember that all your funds are in the Tangerine so it's really as simple as a few button clicks to transfer your money and invest it even if you do the transfers manually! You can invest monthly amounts with no additional charges. There is no need to transfer money or juggle accounts from place to place since it will all be held at Tangerine.
What’s also a benefit to Tangerine is their client support. Their staff are specifically trained to help with those who are new to investing, they will be better equipped than any of the other options to help you with concerns. If you run into any issues or have ANY questions about their services contact their support they are there to help.
It’s worth disclosing that Tangerine’s parent company is Scotiabank, which may put some people off. However, the acquisition does have benefits as Tangerine customers are able to use Scotiabank ATM’s which are common throughout Canada. Smaller credit unions struggle with national ATM coverage.
Summary of Tangerine:
-Any size of account is perfect for tangerine
-You will have access to banking as well as investments all from the same account
-Purchasing investments is all done automatically and free of hassle based upon the criteria you select and discuss with a representative
-There are no account fees for investments, the only fees are from the fund itself
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