Another 2.80% Promotion for existing clients starting April 1, 2022 | Page 2 | Tangerine Bank | Discussion forum

This seems to specifically point to a retention offer, not new money:

Thu 2022-03-17 12:02
Keep your savings in place to earn a special rate.
Tangerine

RetirEd

HermanH said

Loonie said
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.

I'm a new Simplii member so I checked. Interest may only be paid at the end of the period, but interest is calculated and earned daily. Fluctuations in balance do not terminate the offer.  

Yes, I know. Tangerine, however, could make it so that it DID terminate the offer if they held back posting of interest to after the offer ends (as Simplii does). They might give you the promo interest up to withdrawal date only or none at all. We won't know until they post the T&C.

Loonie said

If they have a Chat function, perhaps you could get an answer that way?
As for the MC, you could also take out what you think you will need for MC payments before the promo starts and put it elsewhere, sending it back to Tang as needed to pay the bill. Or you may have maturing GICs from which you could pay the bills.  

Thanks Loonie; Everything that matures with Tangerine, and I have been lucky with their GIC's etc.; goes into my HISA. But using my CIBC VISA, I still get the 2% for groceries, so I can use that card for the 5 months if need be as every month I have funds being deposited into CIBC account.

I always enjoy your posts and sometimes you do get me thinking!!!

Yes. This is the same way the Scotia Momentum savings has worked for years. You lose the whole amount for the whole time period if you withdraw so much as one penny at any time. And that includes for any money you add afterwards.

I'm not a qualified legalese interpreter but I think the word "keep" in para. 3 is critical.
To my way of thinking, "keep" means "retain". In other words, you would get the rate up until the point where you were no longer allowed to "keep" it, namely when you withdrew some money.

However, I suspect this blurb was written by the marketing dept, not the legal dept, and therefore we have to wait for the official T&C.

Loonie said
I'm not a qualified legalese interpreter but I think the word "keep" in para. 3 is critical.
To my way of thinking, "keep" means "retain". In other words, you would get the rate up until the point where you were no longer allowed to "keep" it, namely when you withdrew some money.

However, I suspect this blurb was written by the marketing dept, not the legal dept, and therefore we have to wait for the official T&C.  

If the T&C also mention "keep ur funds until end of blah blah", I am pretty sure it will mean any withdrawal will void the bonus rate.
I would not trust any staff (manager or VP or...) regarding his/her explanation/interpretation, no matter how certain that individual is. Tangerine will NOT honor whatever the person says if its turns out wrong, even there is a recording to back it up. I had similar experience before and the supervisor got back to me saying "yes, the rep did say that in the phone call, however she was wrong and unfortunately we can not offer what was said. We will make sure our staffs are properly trained and just apologized for the inconvenience". In other words just total BS.

Loonie said
I can imagine that you did have this experience with Tang.
It's similar to insurance companies whose first response is to deny you benefits.
If you'd worked your way up the Complaints ladder, you might have won, but it's a hassle. I also would count it as false advertising if rep gave wrong info. At some point, they have to take responsibility for what their employees communicate.
If you'd taken your audiotape to one of those consumer complaints shows on TV, I'm certain you would have gotten your full interest lickety split, but we don't all want such publicity for ourselves either. We just want what we're owed.

If there is no greater clarity with T&C, then I think the best thing is to consider it like a GIC. If you can't do that, don't buy it.  

That is exactly what I am going to do. Treat this like a 5 month GIC. This morning I added Tangerine Mastercard as a payee with my CIBC account. This will eliminate me having to pay monthly balance through my Tangerine HISA. I will ensure all funds are in my Tangerine HISA that I wish to invest for the 5 month period by 31 March 22. Then I'll just leave it there with no withdrawals or deposits period until the end of the "term" i.e. 01September, 2022.

Yes, you could take your money out at Tandia, but you couldn't put it back in to the promo account. However, interest is paid up til withdrawal as far as I know and on balance thereafter.
I didn't take any $ out! It's been a great promo.

One of their Wealth Management people called me the other day wanting to know my plans for the money. He was very pleasant to talk to and readily understood why I wouldn't be wanting his mutual funds. No pressure. It was actually a pleasant respectful conversation.