5.35%-5.50% on new deposits until October 31, 2024 | Tangerine Bank | Discussion forum

bhuc said
I just got an offer today for 5.35% til Oct 31,2024.
My spouse got a different offer .... 5.5% til Oct 31,2024.

Go figure  

Seems to be a trend that started earlier this year, offering different promo rates to clients for the same start and end dates. What's also notable is the duration, also a new trend where the duration is now shorter, now matching 3 month extension offers, whereas prior, new offers were traditionally 5 months. I would imagine it's Tangerine uncertain of how quickly the BoC will reduce rates.

We got 5.5% for both self and spouse, Aug 7 - Oct 31
Includes USD, which is really helpful
This is 3 times in succession where one offer expired-- i.e., July 31), and we got a new one a few days later.
I made sure to get all the funds out, including the interest paid on Aug 1
Curious that last night, I was deluged with ORANGE ALERTS, that my accounts had nothing in them!

I got the 5.5% offer until Oct 31 today. Looks like I was fine parking money in the chequing account, as moving funds from chequing to savings is 'eligible' as new funds.

These games can get tedious! Especially if an offer does not arrive!

I was offered 4.75% too.

zgic said
EQ is the BEST. No promo games plain 5%.  

You're getting 5% at EQ? I only see 2.5%.

I have received the 5.5% offer today (until Oct. 31st), but I will not use it (not sure if I should accept it, or not). I have opened my first Simplii account ever and will take advantage of the 6.25% . Interestingly, the rate is not shown under my Simplii account, but two CSRs have confirmed that it is 6.25% until January, 2025. I have no experience with Simplii, so I am keeping my fingers crossed.

topgoat said
My offer was only 4.75%. Looks like there is a wide range of rates being offered nowadays.  

Also offering for 4.25% to Oct 31... :-\

everhopeful said
I am on the 5.5% offer to Oct 31 and have a question:

I have a Tang GIC maturing next week, which I have directed to be redeemed to my Tang chequing account, which I will then probably transfer out to another FI (I know directly transferring these funds to my Tang savings account will not receive the bonus interest).

Will this redemption and withdrawal via Tang chequing affect the bonus interest on future deposits to my Tang savings account? Could I redeposit the funds withdrawn above from my other FI into my Tang savings account to get the full interest bonus on it?  

You were smart and correct to have had the proceeds from the maturing GIC deposited into the chequeing account. Your theoretical withdrawal from your chequeing account has nothing to do what's eligible for the promo. Promotional interest is simply governed by the snapshot, anything above will earn the bonus interest.

Good points, mustang!
We have 5.5 to Oct 31 and have been on a roll with Tang with several consecutive offers, but we will have to be careful after this one as there is a GIC maturing Feb.'25. It's the only GIC we ever bought with Tang - and maybe the last but it was hard to say no to 6%.

We had the same problem with DUCA a few years ago.

mustang said
My understanding of Tangerine policy on this issue:
I believe that Tangerine will include the value of the maturing GIC when they calculate your balance as of Aug 4. The 5.5% promo offer only applies for deposits that exceed the Aug 4 closing balance.
So, you are snookered, no matter what you do
We had a similar situation a while back--with GIC maturing while we were on an offer. However, since GIC was in spouse's name, we were able to transfer over the matured gic value to my account, which was also on the offer
Left spouses account empty for the duration of the promo offer
This scenario is actually a disincentive to buying Tangerine GICs-- if you hope to be on an offer when the gic matures  

Maturing GICs into a chequing account do not count as part of the snapshot, however if redeemed into a savings account, they are.

Those redeemed funds can then be moved from chequeing to the savings account and are eligible for the promotional interest rate.

JohnnyCash said

Maturing GICs into a chequing account do not count as part of the snapshot, however if redeemed into a savings account, they are.

Those redeemed funds can then be moved from chequeing to the savings account and are eligible for the promotional interest rate.  

I looked at the T&C's of the most recent offer again and it seems that this "evasive" tactic would work. Something to try ...