2.5% promotion rate extension to Nov 30 - being rolled out now | Tangerine Bank | Discussion forum

That's good news!

This is the fine print:

Your 2.50%* Savings Interest Rate Offer Is Now Extended Until November 30th
…

*2.50% interest rate Offer is calculated by adding the Bank's current applicable Posted Rate with the Additional Interest rate of 1.40%. The Offer is only applicable to Tangerine Savings Accounts, RSP Savings Accounts and Tangerine Tax-Free Savings Accounts ("Applicable Accounts") from January 3, 2018 to November 30, 2018. A number of the same type of Applicable Accounts is defined as an "Applicable Account Type". Additional Interest will apply to net new Eligible Deposits made between January 3, 2018 and November 30, 2018 of up to $500,000 per Applicable Account Type for Clients who have received this communication about the Offer directly from Tangerine and who Activate and receive a Confirmation that the Offer has been successfully activated as outlined in the full Offer Terms and Conditions. Clients must be the Primary Account Holder on the Applicable Account. The Offer does not apply to certain Account types. The applicable Posted Rate and the Additional Interest rate are annualized rates, calculated daily and paid monthly. Any Applicable Account closed prior to the payment of Additional Interest will forfeit any Additional Interest calculated during the month in which the Applicable Account is closed. This Offer and interest rates are subject to change without notice.

I moved my fund to DUCA in early March and only few dollars left in my Tangerine's savings account. Maybe this is the reason I wasn't offered an extension?

I also received the extension so that saves me from having to move the funds out at the end of the month, (or having to phone in and beg) and at the same time, 2.5% is a little better than EQ's 2.3%.

Thanks Tangerine.

Joebart said
I find it a bit disturbing since that offer is only in Inside Banner, nameless, not personal and actually is not in my documents or Promos and Bonuses folder. It might disappear with no trace any time. Your five cents?  

It could, that's why I took a screenshot that shows the offer on my personal page and saved it.

I got the extension offer as well, in the top banner after first signing in. However, clicking on the 'learn more' button or the 'move money' button in that banner ad does nothing at all. To do this, I had to look at the same offer in 'insights'. Only then did I see the same fine print as Norman1.

Under 'bonuses and contests' I am still listed as 2.5% till the end of May.

savemoresaveoften said
I logged into my account yesterday and at the top, it shows promotional rate of 2.5% extended to Nov 30. Its based on closing balance on Jan 2nd. Same usual new deposit since Jan3 up to $500k. So basically an extension. No signup required based on what I see (no enroll button to click).

I kind of expected them to do it since with a good selection of 1y GIC at now 2.5% and higher, they need to protect the deposit base and also prevent massive deposit swing by May 31.  

I received an email confirmation of the rate extension as well. Let's hope that this is going to be the new more respected way of maintaining our ongoing business.

"Good news! Your special interest rate of 2.50% has been extended until November 30, 2018. This means you’ll have even more time to save at a great rate and reach your savings goals faster.

Earn 2.50% Interest* on New Savings Deposits, Including New Deposits Brought In Since January 3rd.

New deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s) and RSP Savings Account(s) will earn 2.50% until November 30, 2018.

Log in at tangerine.ca and go to ‘Insights’ near the top left of your screen to learn more or move money. Remember, your special rate will also apply to new deposits to any new Savings Accounts you open between now and November 30th."

On another note, I received an inactivity fee notice for my Tangerine Chequing account, indicating that there had been zero activity in the past 10 months and advising me that my account would be charged an inactivity fee of $10.00 if there was no further activity within the next 2 months. As a result, I just transferred another $10.00 from my external bank account. I trust that this will clear the inactivity fee.

Norman1 said
That's good news!

This is the fine print:

Your 2.50%* Savings Interest Rate Offer Is Now Extended Until November 30th
…

*2.50% interest rate Offer is calculated by adding the Bank's current applicable Posted Rate with the Additional Interest rate of 1.40%. The Offer is only applicable to Tangerine Savings Accounts, RSP Savings Accounts and Tangerine Tax-Free Savings Accounts ("Applicable Accounts") from January 3, 2018 to November 30, 2018. A number of the same type of Applicable Accounts is defined as an "Applicable Account Type". Additional Interest will apply to net new Eligible Deposits made between January 3, 2018 and November 30, 2018 of up to $500,000 per Applicable Account Type for Clients who have received this communication about the Offer directly from Tangerine and who Activate and receive a Confirmation that the Offer has been successfully activated as outlined in the full Offer Terms and Conditions. Clients must be the Primary Account Holder on the Applicable Account. The Offer does not apply to certain Account types. The applicable Posted Rate and the Additional Interest rate are annualized rates, calculated daily and paid monthly. Any Applicable Account closed prior to the payment of Additional Interest will forfeit any Additional Interest calculated during the month in which the Applicable Account is closed. This Offer and interest rates are subject to change without notice.

  

I'm confused: I don't know if my 2.5% rate has already been automatically extended to Nov 30 or if I need to activate this special offer again, the same way I needed to back in Jan, when they gave a Jan 31 deadline for activation retroactive to Jan 3.

A key phrase in the fine print (thanks, Norman1) is "Clients ... who Activate and receive a Confirmation that the Offer has been successfully activated as outlined in the full Offer Terms and Conditions."
I can't find the full Offer Terms and Conditions on Tang's website, so the answer to the auto-extension versus reactivate issue is not readily available.

Regarding "This Offer and interest rates are subject to change without notice."
I interpret this to mean:
(i) once activated & confirmed, the Offer & total rate cannot be changed: I will receive a total of 2.5% until Nov 30, with the only potential change being the split between Tang's regular rate paid on the last day of each month (now 1.1%) and the bonus rate paid on the first day of each following month (2.5% - 1.1% = 1.4%): if the regular rate changes, the bonus rate would change by the same amount, in the opposite direction, to maintain a constant 2.5% total rate.
(ii) Prior to activation & confirmation, anything goes without notice: the whole Offer could disappear, or the rate could be changed.

panache said
…
thanks Kidd, not sure why an inactivity fee would apply for an online Chequing account with no statements or service required.

There will be after the account has been inactive for two years.

Under section 439 of the Bank Act, Tangerine Bank would have to mail out notices after two, five, and nine years of inactivity.