Ing direct canada market share
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What else has changed? Krystal Yee started banking with Tangerine when it was still called ING Direct and owned by the Dutch multinational company that brought no-fee, online-only banking to Canada.
Canada's Tangerine Bank targets million new customers | Business | Reuters
Scotia will keep hands off, Aceto promises. However, it has become tougher for Tangerine to stand out in a field where its mainstream rivals now offer online banking along with more aggressive pricing. Rate comparison websites showed some competitors were offering better savings rates while others were charging lower mortgage rates than Tangerine the week of April Indeed, Tangerine customers would have found a better deal on a five-year variable mortgage rate at Scotiabank.
The deal is temporary and comes with some restrictions. Aceto says mortgage rates can be tricky to compare because mainstream banks will sometime post special rates that are available only to certain qualified customers.
Long time customer Yee said the new name initially struck her as frivolous. This one is a bit more fun and lighthearted, which is the feeling I get when I think of the bank. So it actually does work. Yee, who runs a personal finance blog called givemebackmyfivebucks.
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Her mortgage is with Vancity credit union and her RRSP is at TD Canada Trust. But her business with ING had grown along with the company, which initially offered only savings accounts. Yee recently opened a THRIVE chequing account, partly because it offers better rates on overseas debit card transactions than competitors. For Aceto, the name change is both an opportunity and a challenge, one he would have preferred to avoid.
The name change was foisted on the Canadian unit under the terms of its sale in September, The name was chosen partly because it allowed the company to preserve its existing orange colour — and because the word Orange as a brand name was already taken.
Tangerine also works in both English and French.
For Scotiabank, the purchase has been a good investment. Tangerine has 2 million customers and continues to gain new ones at roughly the same rate as it did before the ownership change, Aceto says. David McVay of McVay and Assoc. This is mostly due to the decision to exit the mortgage broker market after the purchase by Scotiabank.. However, Tangerine's share of deposit accounts has risen over the same time period to 3. Aceto says Tangerine continues to invest in new technology aimed at putting it out in front of competitors.
A long awaited credit card is scheduled to hit the market in combined with an improved smartphone app. Like many younger customers, Yee does all her banking online and pays for almost all her purchases with plastic. It keeps a record of everything I spend. Correction - April 28, This article was edited from a previous version that mistakenly said Tangerine does not offer free chequing accounts. The Toronto Star and thestar. You can unsubscribe at any time.
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