It’s simple & rewarding to save. Earn 6.00%* interest until February 29, 2024. | Page 2 | Tangerine Bank | Discussion forum

For the newbies, make sure you check the applicable account's register, and confirm what the balance was end of day Oct 3. That is what everything is based on. If the money had not transfered yet, then only money above that amount will be applicable.
But if the money had cleared out before then, then it will. Be sure to check that carefully, so you don't get an unpleasant surprise on Nov 1.

I transferred money out on the 2nd and it went through on the 4th, so I'm salty.

Remember! Do not keep any cash in any Tangerine accounts when not in a promo! Drain your Tangerine accounts completely and immediately. Tangerine is more likely to reward you for doing so.

I received the 6% offer. Now, my 1 year GIC with Tangerine matures today. Do the funds from matured GIC qualify as the new deposits?

COIN said

I called about this a while back and the answer for what it's worth from the CSR was:
1) Principal is "old" money.
2) The interest is "new" money.

You should also call yourself and see if you get the same or different answer.  

Thanks for this very important information. I think even if I am told by a CSR that all funds (principal+interest) are new money, I can't totally trust the words. To avoid confusion, I move funds to DUCA.

Bill said
I had same situation and question earlier this year with Tangerine (the promo had the standard wording and was confusing to me) so I let a GIC mature into savings account, checked at month-end and the entire amount got the savings account promo rate, was counted as new money in my case.  

I would think the same, as GICs aren’t the accounts mentioned.

InterestThis said

From my experience, if the GIC matures into the Tang CHEQUING account, and then you transfer it into the applicable account, then its a new deposit.
I make sure everything matures into the Chequing account only.  

TFSA GICs too? Then it’s not tax free gains anymore.

The Rock said

May I have yours? Haven't had one since my promo ended in June.  

Rock.. Duca is at 6.25%
Up 250G coverage..

Alexandre said

Check how much money is in DIRF (Deposit Insurance Reserve Fund) which covers Ontario credit unions. Then, divide that number by 250,000 to estimate how many depositors will be covered 100%.  

Less than a couple of thousand on that basis but one hopes most deposits are much smaller. Likely OK as long as the Unions go belly up individually rather than as a team.

Thank you. Alexandra
so same as Saven bank as well Ontario right... Hmm.

mordko said

Less than a couple of thousand on that basis but one hopes most deposits are much smaller. Likely OK as long as the Unions go belly up individually rather than as a team.  

Yes, that is how insurance works. It assumes that not every credit union will go bust at the same time.

Same idea with fire insurance on your house, it is based on the assumption that not every house will catch fire at the same time. All bets are off if your town is hit by a raging forest fire.

I vaguely remember Lloyd of London had a problem many years ago when almost every disaster they insured happened at the same time. The call went out to the "Names" demanding more money. Sad story.