5.75% Promo Pulled after being offered? | Tangerine Bank | Discussion forum

How do you know it is gone? Did you click on "Details" to see if the promo rate is mentioned?

My Tangerine account, in " Insights", not worked and displayed in the past months:
"Check back for fresh insights soon.".

Will I be able to receive interest rate promotion offer in my " Insights"?

The Insights panel has been broken for many months, if not more than a year. It doesn't always load. It rarely dismisses when asked.

"Insights" feature is not working, how I know if I received interest rate promotion offer or not?

thanks, Norman1

usephrase said
Tangerine does not consider interest/promotional interest paid into your account as new deposit. all interest paid are not new deposit.
New Deposit should be the fund you deposit from another bank.
I knew this today after called Tangerine several times.  

This is nothing new, its been brought up numerous times over the years.

Tangerine customer support, he told me like that: Tangerine does not consider interest/promotional interest paid into your account as new deposit, New Deposit should be the fund you deposit from another bank. He let me read Term and Condition of the offer and he raised his voice after I asked him more questions.
In May 2024, I moved into Tangerine from another bank new deposit but he told me when Tangerine calculated promotional interest at the end of May =( your new deposits from other banks- promotional interests paid - regular interests paid- the balance in Tangerine on Dec 5, 2023)*promotional interest rate( 5.75%-0.6%)*31 days in May/365 days.

Did you get promotional rate for the entire balance or for new deposit? Tangerine they offer 2 types of promotional offers. If promotional rate is for entire balance, they consider interest paid into your balance.

The current 5.75% offer excludes "Promotional Interest" from the definition of "Eligible Deposits". Definition of "Promotional Interest" includes regular interest:

5. “Promotional Interest” is the interest earned on Eligible Deposits during the Promotion Period. “Eligible Deposits” for any day during the Promotion Period is the excess of (i) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type (excluding Promotional Interest) over (ii) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type as at December 4, 2023, to a maximum of $1,000,000.00 per Applicable Account Type (in the currency of the Applicable Account). ….

Promotional Interest is calculated at a “Promotional Interest Rate” of 5.75%, which is the sum of the applicable posted rate of interest listed on the Bank’s website on any given day (the “Posted Rate”) and an additional top-up rate of interest to make up the difference (the “Top Up Rate”). Therefore, Promotional Interest earned is the sum of: (1) interest earned on Eligible Balances calculated at the Posted Rate, and (2) additional interest earned on Eligible Balances calculated at the Top Up Rate (“Additional Interest”).…

Sure, make me re-do my calculation, Norman1.

And what I discovered is that you are absolutely correct (and that my memory isn't great). All interest paid was excluded from the bonus or "top up" rate. The "Posted Rate" interest is calculated on total balance.

Tangerine could make the "Additional Interest" calculation more clear with a simpler statement that it is based on "net new deposits, excluding all interest".