Eligible Deposit for Promos, Strategy Near End of Promo | Tangerine Bank | Discussion forum

MarcoL said

Hello,
My understanding is that money transferred from my Tangerine chequing account to my savings account would count towards the "eligible deposit". Is this correct?

Also, I am approaching the end of a promo period. What strategy do you use to get the most benefit from the next promo?
Marco

Welcome to the Club, MarcoL ❗

What NorthernRaven said (Post #2), but rules & terms can change! So ... to be safe, I always transfer my SA $ completely Out of Tangerine, just before the special offer ends.

From what we've found, there's no special strategy (that we know of ) to get picked for the next Tangerine Special Offer ... it appears to be completely random.

'Carpe Diem'

Dean

I've been playing the Tangerine bonus game for many many years now. I used to transfer the money to another bank and then back, but then noticed people said it was good enough to move it into the chequing account. Eventually, I took a leap of faith and did that and it worked. I've been doing that for many years now and it always works.

However...

It used to be that you could transfer your money to chequing on the last day of the promo, but then Tangerine got tricky and set the date for new money to be a couple of days before that and people missed the next promo period.

So for years now I've been moving my money to chequing at least 5 days before the end of the promo.

Most often, the next promo appears within a week or so. Occasionally it takes a few weeks, but once I didn't get a promo for about 3 months. And once, it was 8 or 9 months. But generally, for all these years, I've received almost continuous promos. Other people, including my wife, haven't been so lucky. And has others have said, there's no pattern to how they decide who gets promos.

Lastly, new promos are usually for new money only, but occasionally it has been for the entire balance. Also, the list of eligible accounts varies a bit. For example, it may or may not include TFSAs.

MarcoL said
Thanks RicksBank. That is very helpful!

That was the first time I saw that.

Marco  

You were offered an extension on the original offer. It always uses the original snapshot/offer date for eligible funds on an extension.

I personally only move funds out at the end of a promo on the day after it ends, providing it's a business banking day, otherwise it's the last business banking day prior. New offers, not extensions, usually occur a few days into the following month, or may not occur until another month afterwards.

Simplii is another story when it comes to moving funds out as they often snapshot on the last day of the month, or on a new offer announcement, snapshot days in advance of the public being made aware.

Oh yes, I agree with JohnnyCash that it sounds like you're describing an extension to an existing promo. I had an extension like that last year. The balance date was unchanged from the original promo.

It's maybe been a couple of years since I've seen them pick a balance a few days before the end of an existing promo, but I don't trust them not to do that again.