July 2015: savings and TFSA drop to 0.80% | Tangerine Bank | Discussion forum

To answer my own question.... you cannot close the account BEFORE the bonus interest is paid. From their terms and conditions:

"Additional interest will be paid at the start of the month following the month in which it was calculated, provided the applicable Account was not closed before the payment of additional interest."

So if you transfer the balance BEFORE the additional interest is paid in the month following, you forfeit the bonus interest for the previous month.

Rick... why do you equate TRANFERRING with CLOSING. I believe that if you left the account open but reduced the balance to $1 in the following month, before the interest is paid, you would still receive all the interest, to which you were entitled, calculated for the previous month,.

RRSPs are different, though, and there is normally an option on the transfer form for Balance of Account, but also a place for you to estimate the amount. Most people probably do transfer the balance, so the staff probably assumed you intended the whole thing since it's difficult to estimate precisely.

So I don't think you'd have a problem with a savings account.

Whether it is a good idea though, is uncertain. This last time, they made the best offer to people who hadn't transferred their money out - yet - and allowed some more to get back in. Hard to say what will be the rules next time.