Another 2.80% Promotion for existing clients starting April 1, 2022 | Tangerine Bank | Discussion forum

hwyc said
Someone in my family received Tangerine email today informing him he will be on the next wave of offer at 2.80% starting April 1st to end-of-August !!!

  

If we received this notification about the next offer starting April 1, could one still remove funds from savings before that date and then transfer it in as new funds after the offer starts? Or does the wording exclude that?

I just got an email re the 2.80% offer. It does NOT state nor imply that the rate applies only to NEW deposits. Here's the footnote to the offer:

* The 2.80% Interest Rate Offer (the “Offer”) is only available to existing Tangerine Clients who have received this communication directly from Tangerine and who activate the Offer online by April 30, 2022. The 2.80% promotional interest rate (the “Promotional Interest Rate”) is valid from April 1, 2022 to August 31, 2022 (the “Promotion Period”) and is only available for eligible non-registered Tangerine Savings Account(s) (“Applicable Accounts”) to a maximum balance of $5,000,000 in all Applicable Accounts combined (“Eligible Balances”) during the Promotion Period. The Promotional Interest Rate is an annualized rate, calculated daily and paid monthly. This Offer can’t be combined with any other promotional rate offers for non-registered Savings Accounts. This Offer, including interest rates, may change, be extended or cancelled without notice.

lifeonanisland said
I wonder if anyone gets these offers while their money is currently taking advantage of another targeted offer? Some of mine currently in another offer until the end of April.  

Not sure how often this happens (I'd never previously received a Tangerine offer while currently on one), but I just received this 2.8% offer while currently under a 1.6% offer until Mar. 31.

Axial said

Not sure how often this happens (I'd never previously received a Tangerine offer while currently on one), but I just received this 2.8% offer while currently under a 1.6% offer until Mar. 31.  

I'm still stuck on my 2.0% rate until April 30th, but no 2.8% offer 🙁

Here is an exact email I received from Tangerine today about a new but similar offer; it doesn't mention anything about the New Money requirement?! Wondering if I should move my current holdings out or not until APR-01 to be safe?!

*

We’re here to help with your savings.
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Flag for follow up. Start by 2022-03-17. Due by 2022-04-01.
Flag for follow up. Start by 2022-03-17. Due by 2022-04-01.
Tangerine
Thu 2022-03-17 12:02

Keep your savings in place to earn a special rate.

Tangerine

Let’s take a moment to think long-term.

Let’s get through this together.

Earn a 2.80% special interest rate on all your eligible non-registered Savings balances of up to $5,000,000 combined*.

CDIC Digital Membership Sign - This logo signifies that this institution is a CDIC Member Deposit Protection

Here’s what’s going to happen:

1. Look out for a message from us dropping in your inbox on April 1, 2022.

2. In that email, activate your offer to earn your special rate.

3. Remember, you’ll have to keep the funds in your Account between April 1, 2022 to August 31, 2022 (the “Promotion Period”) to keep earning your special rate.

* The 2.80% Interest Rate Offer (the “Offer”) is only available to existing Tangerine Clients who have received this communication directly from Tangerine and who activate the Offer online by April 30, 2022. The 2.80% promotional interest rate (the “Promotional Interest Rate”) is valid from April 1, 2022 to August 31, 2022 (the “Promotion Period”) and is only available for eligible non-registered Tangerine Savings Account(s) (“Applicable Accounts”) to a maximum balance of $5,000,000 in all Applicable Accounts combined (“Eligible Balances”) during the Promotion Period. The Promotional Interest Rate is an annualized rate, calculated daily and paid monthly. This Offer can’t be combined with any other promotional rate offers for non-registered Savings Accounts. This Offer, including interest rates, may change, be extended or cancelled without notice.

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The mailbox that sent this email for us stubbornly refuses to accept email. It won’t cooperate if you hit ‘reply’, so please use our regular contact information to reach us if you need to.

Click here to unsubscribe if you'd like to stop receiving promotional emails from Tangerine Bank. Please note that if you unsubscribe, you'll continue to receive certain transactional and operational emails about your Account and transactions with Tangerine Bank.

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The fine print of the offer and of previous offers are available after logging in, under

"Profile & Settings" ► "Bonuses & Contests"

Alexandra said
I received notification of this offer as well today. Right now, under an old offer, I am receiving 1.6% until 31 March. So, I guess if I activate the new offer on April 1st, I'll be receiving 2.8% from 1 Apr - 31 Aug.

I take it that any funds I already have in my HISA at 01 April plus any new deposits will get the 2.8%. It does sound as though you can't do any withdrawals from the account until the offer expires?

Maybe the unusual heads up is so clients will start to transfer funds in early and for them to delay any decision to lock into another institutions GIC rates.  

I’m pretty sure the rate applies to any funds in an eligible account on any day and you do not have to leave the money in the account until August 31. Since they state interest is deposited monthly what are they going to do, come after you to try to recover the interest paid if you take money out before August 31?

You'll have to wait for the specific T&C.
It could be that any withdrawal, however small, would terminate the offer, so you would get the promo rate only up until that date; the word "keep" in point number 3 could be the clue on that.
Or it could be that they are just trying to scare you away from making a withdrawal with this poorly worded email.
It's also possible that they've taken a leaf out of Simplii's book so that, for this offer, promo interest is only posted at the end of the offer - if you continued to qualify.
Still, if what you want is a term deposit for a few months, it could be a good deal.
No email here.