Interest calculation | Tangerine Bank | Discussion forum | Canadian High Interest Savings Bank Accounts

Please consider registering
guest

Home

Discussion forum
sp_ArrowRight

Tangerine Bank
sp_ArrowRight

Interest calculation

Topic RSS

Interest calculation

May 1, 2020
5:43 am

davidgeorge

Member

Members

Forum Posts: 338

Member Since:
May 20, 2016

Offline

Regular savings account interest is 0.25% and promotion interest is 3%. If my account balance is $0 before promotion started, the ratio of interests earned from regular and promotion should be 0.25%:2.75, which is 1:11. However, interests posted in my account gives the ratio 1:9.5.

May 1, 2020
6:42 am

2of3aintbad

Member

Members

Forum Posts: 317

Member Since:
February 24, 2015

Offline

Since the regular interest rate has been reduced to 0.25% during the period, the bonus rate has risen (to 2.75% in your case). It makes sense that the ratio is less than 1:1.11 for you. I opened a new account in April and so it was simple to confirm that I received the correct interest amounts.

May 1, 2020
7:14 am

davidgeorge

Member

Members

Forum Posts: 338

Member Since:
May 20, 2016

Offline

2of3aintbad said
Since the regular interest rate has been reduced to 0.25% during the period, the bonus rate has risen (to 2.75% in your case). It makes sense that the ratio is less than 1:1.11 for you. I opened a new account in April and so it was simple to confirm that I received the correct interest amounts.

Thanks. You are right. I forgot there was a rate change in April.

June 15, 2020
5:59 am

Bud

Member

Banned

Forum Posts: 1375

Member Since:
February 20, 2018

Offline

if a gic at tangerine matures into savings account at tangerine how does it affect new money deal calculation will it throw it off reduce the promo room?

June 15, 2020
7:31 am

cruzinalong

Ontario

Member

Members

Forum Posts: 223

Member Since:
April 15, 2020

Offline

Only NEW money from external source counts.

All RSS