Maturing GIC & current promotion | Tangerine Bank | Discussion forum

I have TFSA GIC maturing this September, and I am also on promo offer from Tangerine.
I decided I'll just roll over funds to new TFSA GIC and not worry about promo rules.

andied20, I don't know if this helps but I know the T&C wording you're referring to, I had the same thing, but twice in the last year I had Tangerine GICs mature directly into my savings account and despite that wording those funds ended up receiving the promo rate while in the savings account. I'm not sure what that wording was referring to, at least in my case.

maturing GIC to chequing has worked in the past.
But for sure check with them carefully, and in writing, so it doesn't go south.

davidgeorge said
I can confirm that GIC deposited to savings account directly is not eligible for the promotion rate. If you then transfer the amount (from GIC) out of the savings account, your eligible amount will be reduced by that amount. All interest from previous months is not eligible for the promotion rate either.  

Well... unfortunately, I can confirm that this statement above is exact.

Curriously, I can`t find anything in the T&C explaining that the special rate does not apply to maturing CIG. Anybody can find something in the T&C ?

usephrase said
T&C in my offer:
Exclusions
10. Notwithstanding the above, the following are examples of the types of transactions
that won’t qualify as Eligible Deposits and therefore won’t earn Promotional Interest:
a. Transfers or money deposited to a RIF Savings, CSA, Business Savings
Account, or US$ Business Savings Account.
b. Money transferred from a Bank GIC, Investment Fund or Line of Credit to an
Applicable Account.
c. Transfers made to any new RSP Savings Account from an existing RSP Savings
Account or RSP GIC resulting in no change to the total Applicable Account balances in
RSP Savings from September 4, 2024.
d. Money deposited to an RSP Savings Account and then transferred to an RSP
GIC resulting in no change to the total Applicable Account balances in RSP Savings
from September 4, 2024.
e. Transfers made to any new TFSA Savings Account from an existing TFSA
Savings Account or TFSA GIC resulting in no change to the total Applicable Account
balances in TFSA Savings from September 4, 2024.
f. Money deposited to a TFSA Savings Account and then transferred to a TFSA
GIC resulting in no change to the total Applicable Account balances in TFSA Savings
from September 4, 2024.
g. Money transferred from an RSP, TFSA or RIF Account to any Applicable
Account.
h. Money transferred from a CSA to an Applicable Account
i. Direct or indirect transfers from Tangerine Business Savings Accounts and
Tangerine US$ Business Savings Accounts to Applicable Accounts.  

I did not find anything like this (ref: "Exclusions") in my offer`s T&C:

You’re now earning a 5.25% interest rate until December 31, 2024.*
Terrific! You're earning a special 5.25%* interest rate on eligible new deposits in this Account until December 31, 2024.

Any balances that don’t qualify as an eligible new deposit (or any balance in excess of $1,000,000.00 per Applicable Account Type) will continue to earn interest at the Bank’s applicable Posted Rate.

* The 5.25% Interest Rate Offer (the “Offer”) is only available to existing Tangerine Clients who have received this communication directly from Tangerine and who activate the Offer online by October 31, 2024 (“Eligible Clients”). The 5.25% promotional interest rate (the “Promotional Interest Rate”) is valid from October 1, 2024 to December 31, 2024 (the “Promotion Period”) and is only applicable to Tangerine Savings Accounts, Tax-Free Savings Accounts, RSP Savings Accounts and US$ Savings Accounts where the Eligible Client is the Primary Account Holder (referred to collectively as “Applicable Accounts”). Promotional Interest is the interest earned on Eligible Deposits during the Promotion Period. “Eligible Deposits” for any day during the Promotion Period is the excess of (i) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type (excluding Promotional Interest) over (ii) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type as at May 6, 2024, to a maximum of $1,000,000.00 per Applicable Account Type (in the currency of the Applicable Account). The Promotional Interest Rate is an annualized rate, calculated daily and paid monthly. All balances in Applicable Accounts that don’t qualify as Eligible Deposits will continue to earn the Bank’s applicable Posted Rate. This Offer can’t be combined with any other promotional Savings rate offers. This Offer, including interest rates, may change, be extended or cancelled without notice.
Tangerine Savings Extended New Money Interest Rate Offer Terms & Conditions
General
1. The Tangerine Bank (the “Bank”) Savings Extended New Money Interest Rate Offer (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank, (2) “Activate” the Offer (as defined in Section 4 below) by October 31, 2024 and (3) receive a Confirmation in their online Inbox that the Offer has been successfully activated (“Eligible Clients”).
2. The Offer is only available to Eligible Clients from October 1, 2024 to December 31, 2024 (the “Promotion Period”).
3. The Offer is only applicable to Tangerine Savings Accounts (“Savings Accounts”), Tax-Free Savings Accounts, RSP Savings Accounts, and US$ Savings Accounts (referred to collectively as “Applicable Accounts”) where the Eligible Client is the Primary Account Holder as described in Section 12 below. Multiple Applicable Accounts of the same type (for example, three separate RSP Savings Accounts) are collectively defined as an “Applicable Account Type”. The Offer is not applicable to any other Accounts, including (but not limited to) Tangerine RIF Savings Accounts, Tangerine Business Savings Accounts, US$ Business Savings Accounts, or Children’s Savings Accounts.
4. To “Activate” the Offer, the Client needs to perform one of the following actions by October 31, 2024:
a. Click the ‘Activate Now’ button in the Offer email that the Client has received directly from the Bank; or
b. Click the ‘Activate Now’ button on Tangerine’s website once the Client has logged in; or
c. Open an Applicable Account.
Promotional Interest
5. “Promotional Interest” is the interest earned on Eligible Deposits during the Promotion Period. “Eligible Deposits” for any day during the Promotion Period is the excess of (i) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type (excluding Promotional Interest) over (ii) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type as at May 6, 2024, to a maximum of $1,000,000.00 per Applicable Account Type (in the currency of the Applicable Account). For example, if a Client has 3 RSP Savings Accounts, and the sum of end-of-day balances in all 3 RSP Savings Accounts on May 6, 2024 was $20,000 and the sum of end-of-day balances in those Accounts at the time of calculation is $50,000, then the Eligible Deposits for that day will be $30,000 ($50,000 subtract $20,000).
Promotional Interest is calculated at a “Promotional Interest Rate” of 5.25%, which is the sum of the applicable posted rate of interest listed on the Bank’s website on any given day (the “Posted Rate”) and an additional top-up rate of interest to make up the difference (the “Top Up Rate”). Therefore, Promotional Interest earned is the sum of: (1) interest earned on Eligible Balances calculated at the Posted Rate, and (2) additional interest earned on Eligible Balances calculated at the Top Up Rate (“Additional Interest”). As the Posted Rate may change at any time without prior notice, if such a change occurs the Top Up Rate will be adjusted so that the Promotional Interest Rate will always remain the same during the Promotion Period.
Example: If the Posted Rate is 0.70%, a Promotional Interest Rate of 4.50% will be made up of the Posted Rate and a Top Up rate of 3.80%. If the Posted Rate changes to 0.50%, the Top Up Rate will change to 4.00% such that the Promotional Interest Rate will remain at 4.50%.
6. All balances in Applicable Accounts that don’t qualify as Eligible Deposits will continue to earn interest at the Bank’s applicable Posted Rate.
7. In the case of Eligible Deposits made to Applicable Accounts by means of a T2033 form, those deposits will earn interest at the Posted Rate payable on the Applicable Account from the time the transfer request is submitted to Tangerine and while the funds are in transit. Upon receipt of the transferred funds by Tangerine, those funds will be included in the calculation of Eligible Deposits as explained above in Section 5, provided that the Offer Period hasn’t already ended when the funds are received.
8. The Promotional Interest Rate is an annualized rate, and, subject to the limits and qualifications outlined in these Terms and Conditions, the Promotional Interest Rate will apply to Eligible Deposits and be calculated daily at close of business (ET) and paid monthly. Eligible Clients will receive Promotional Interest earned in two separate interest payments: (1) interest earned on Eligible Deposits at the Posted Rate is paid at the end of the month in which it was accrued, (2) Additional Interest is paid at the start of the month following the month in which it was calculated.
Example: Eligible Client deposited a total of $5,000 in new deposits to their Tangerine Savings Account between May 7, 2024 and October 1, 2024. This initial $5,000 in new deposit counts as an Eligible Deposit and will earn Promotional Interest starting on October 1, 2024. During the Campaign Period, they transfer $1,000 to their Tangerine Savings Account from an external account. This new Eligible Deposit of $1,000 will earn Promotional Interest starting on the day of transfer.
9. After the Promotion Period ends, all balances in the Applicable Accounts will earn interest at the Posted Rate.
10. The Promotional Interest Rate will be automatically applied to all Eligible Deposits in all existing Applicable Accounts that the Eligible Client has when the Promotion Period begins, and to all Eligible Deposits in any subsequent Applicable Accounts opened by the Eligible Client during the Promotion Period, subject to the maximum balance noted above in Section 5.
11. Any Applicable Account closed prior to the payment of Promotional Interest will forfeit any Promotional Interest calculated during the month in which the Applicable Account is closed.
Eligibility
12. This Offer is non-transferable and is only for Eligible Clients. The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the “Primary Account Holder”). Where an Eligible Client is not the Primary Account Holder (e.g. the Eligible Client is not the Primary Account Holder on a joint Applicable Account and is listed second on the statement for that Account), the Offer won’t be applied to that particular Account.
Limitations
13. Limit of one Offer per Eligible Client. This Offer is non-transferrable, non-saleable, may not be exchanged for cash and can’t be combined with any other promotional Savings Account rate offers unless permitted. Where an Eligible Client qualifies for more than one promotional Savings Account rate offer from the Bank, this Offer will cancel any other existing promotional Savings Account rate offers and will be applied to the Eligible Client’s Applicable Accounts unless otherwise arranged.
14. The Bank reserves the right at its absolute discretion to vary, delete or add to any of these Terms and Conditions from time to time without prior notice. In the event of conflict, these Terms and Conditions will prevail over any of the contents of any brochure, promotional materials or statements, or any other communication regarding this Offer, whether written or oral from the Bank, except where otherwise stated.
15. The Bank reserves the right at its sole discretion, without advance notice, to extend, suspend, terminate, or otherwise modify the Offer, in whole or in part or for select Clients, for any reason or if the Offer can't run as planned including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of the Bank which corrupt or affect the administration, security or proper conduct of this Offer.
16. The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer for any person it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer or who otherwise is deemed ineligible.
17. By accepting this Offer, you agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice with respect to this Offer is deemed to be provided on the day it is posted on our website.

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. . . + isn't there some Rule here about making a post that ⬆ HORRIBLY Looong ?!

Peter will know the details ... but among other things, I think it also involves
10,000 Lashes with a Wet Noodle and a 10 day Time-Out.

Dean