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Email this1:33 pm
December 26, 2020
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I had an offer which ended November 30. The offer was 5.10% from September 5 to November 30 on new money brought in after September 5. I liked the offer. I did not read the terms and conditions. I read them after I could not figure out the Promotional interest to the penny. This is Clause 5 of my offer:
5. “Promotional Interest” is the interest earned on Eligible Deposits made to Applicable Accounts each day during the Offer Period. “Eligible Deposits” for any day during the Offer 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 September 4, 2024, to a maximum of $1,000,000.00 (in the currency of the Applicable Account), subject to the exclusions in Section 10 below.
So the offer states that Promotional Interest is not eligible to earn Promotional Interest. I have carefully checked the Promotional Interest paid to me and Tangering is excluding both Regular Interest (.30%) and Promotional Interest (4.80%) from earning Promotional Interest. This is not what Clause 5 states.
So, I am not mad about this, but in my opinion it is very chintzy. I did not have any previous offers with this exclusion. I put in $70M in new money and not paying Promotional Interest on any Interest earned means I am out $2.39 up to November 30, by my calculations. No big deal.
The next step in this saga is a new offer from Tangerine with a new rate of 4.60% from Dec. 1 to Feb. 28, 2025. I did not have to move the money out. The conditions are the same, new money after September 5 only. I accepted the offer when it arrived on Dec. 3. However, I have a $20M, 18 month GIC (thank you Peter) which matures on Dec. 21. The $20M is not new money. If I want the 4.60% on the $70M I have to accept .30% on the $20M. That does not suit me. My plans are to move the $70M out early in the week of Dec. 16 and the $20M out on Dec. 23. I am not going to ask a CSR for some break. I am disappointed Tangerine plays these games with their offers.
I will start afresh, if and when Tangerine gives me a new offer.
1:50 pm
December 7, 2023
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As I know, all banks' offers are limited to 1M. I do not know 1M for one account or for one client. I do not have 1M, did not read T&C for it.
You have to open more accounts in different banks to receive promotional interest or something like this.
If exceed more than 20M, is eligible for the offer, then, you move out all from Tangerine.
Friendly reminder, you need to think about CDIC coverage.
https://www.cdic.ca/
7:56 pm
December 26, 2020
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I did not mean to create confusion. I meant "M" to be the Roman numeral representing 1,000. Perhaps K would have been a better choice.
8:33 pm
December 7, 2023
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RAV4guy said
I did not mean to create confusion. I meant "M" to be the Roman numeral representing 1,000. Perhaps K would have been a better choice.
I thought you are too rich 
12:23 pm
September 21, 2022
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From what I understand Ur 20k will get 0.3%... after Dec.21st however I wonder if U were to invest 20k or more into a new GIC... then wouldn't rest of the cash continue to get 4.6% (in Ur case) ??
Also wondering if U could just invest anytime (doesn't have to be after??
Believe Tan takes a picture of all GICs + cash onhand on a certain date as reference so during the promotion U need to have this amount or more and you'll get special rate ... downside is locking in a new GIC --mind U Tan rates are pretty good (at least today) -- am I wrong?
6:25 pm
December 26, 2020
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Miked, thanks for your thoughts. Yes, you are right, the Tangerine rates are good enough. I could do a 1 year GIC or an 18 month GIC. I would still earn the Promotional interest rate on the new money and I would put the old money to work at a decent rate. Thanks again for helping me.
8:39 pm
December 7, 2023
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RAV4guy said
Miked, thanks for your thoughts. Yes, you are right, the Tangerine rates are good enough. I could do a 1 year GIC or an 18 month GIC. I would still earn the Promotional interest rate on the new money and I would put the old money to work at a decent rate. Thanks again for helping me.
It is better to ask Tangerine, somebody said different thing on this website.
12:40 am
April 6, 2013
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RAV4guy said
…So the offer states that Promotional Interest is not eligible to earn Promotional Interest. I have carefully checked the Promotional Interest paid to me and Tangering is excluding both Regular Interest (.30%) and Promotional Interest (4.80%) from earning Promotional Interest. This is not what Clause 5 states.
So, I am not mad about this, but in my opinion it is very chintzy. I did not have any previous offers with this exclusion. I put in $70M in new money and not paying Promotional Interest on any Interest earned means I am out $2.39 up to November 30, by my calculations. No big deal.
…
That's not how paragraph 5 of my Tangerine offer defines Promotional Interest. Promotional Interest includes the regular interest:
5. “Promotional Interest” is the interest earned on Eligible Deposits during the Promotion Period. ...
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. …
6:04 am
March 30, 2017
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5. “Promotional Interest” is the interest earned on Eligible Deposits made to Applicable Accounts each day during the Offer Period. “Eligible Deposits” for any day during the Offer 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 November 4, 2024, to a maximum of $1,000,000.00 (in the currency of the Applicable Account), subject to the exclusions in Section 10 below.
Mine has no mention of promotional interest not qualified either, as the definition of eligible deposit is simply any amount above the set watermark as of Nov 4.
1:23 pm
December 26, 2020
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Norman1, thank you for looking into this matter. According to what you post from Tangerine, Promotional Interest earned is the sum of the Posted Rate and Top Up Rate. So, Tangerine is indeed calculating my Promotional Interest earned correctly as described in the above.
My comments are:
a) Why are they doing this? It is liable to make depositers unhappy and is penny ante.
b) Isn't it fun reading the fine print.
savemoresaveoften, your comment confuses me. I read in the clause 5.(i) you posted:
(excluding Promotional Interest).
So I read your offer as stating Promotional Interest is not paid on the Promotional Interest.
1:34 pm
December 7, 2023
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RAV4guy said
Norman1, thank you for looking into this matter. According to what you post from Tangerine, Promotional Interest earned is the sum of the Posted Rate and Top Up Rate. So, Tangerine is indeed calculating my Promotional Interest earned correctly as described in the above.My comments are:
a) Why are they doing this? It is liable to make depositers unhappy and is penny ante.
b) Isn't it fun reading the fine print.savemoresaveoften, your comment confuses me. I read in the clause 5.(i) you posted:
(excluding Promotional Interest).So I read your offer as stating Promotional Interest is not paid on the Promotional Interest.
You should thank Tangerine, offering you higher rate promotion. Other banks, rates were much lower. I appreciated Tangerine and Simplii often offered me higher rate promotions, no complaints about them even I was a little disappointed when they did not offer me promotions. EQ's rate was 2.5% when Tangerine/Simplii was 6.0%, 5.5%, unbelievable. Even big six banks' rates, such as: TD DI, CIBC Edge, were 4.4% at that time.
5:27 pm
March 14, 2023
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RAV4guy said
My comments are:
a) Why are they doing this? It is liable to make depositors unhappy and is penny ante.
b) Isn't it fun reading the fine print.
a) Why? Who knows, outside of the creators of the promotion. I'd guess that for the few depositors that even aware, the lost income is immaterial and the options are lower interest rates elsewhere.
b) No, it's not fun but if one is interested in the details then one must read and understand the fine print.
The calculation of promo interest (and exclusion of promo interest in the calculation) has been consistent for some time. It's been discussed in previous Tangerine promo threads.
5:39 am
March 30, 2017
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RAV4guy said
savemoresaveoften, your comment confuses me. I read in the clause 5.(i) you posted:
(excluding Promotional Interest).So I read your offer as stating Promotional Interest is not paid on the Promotional Interest.
I stand corrected. I read again and yes it does seem mine exclusively EXCLUDE promotional interest rate on promotional interest paid !
8:05 am
November 5, 2022
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Interesting, this might be a new clause for Tang? Didn't notice it before.
But does it really mean it excludes the previous months Promo interest in total, or just the end of day Promo interest it is calculating internally each day?
-----------------------
5. “Promotional Interest” is the interest earned on Eligible Deposits made to Applicable Accounts each day during the Offer Period. “Eligible Deposits” for any day during the Offer 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 October 2, 2024, to a maximum of $1,000,000.00 (in the currency of the Applicable Account), subject to the exclusions in Section 10 below.
9:10 am
December 7, 2023
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InterestThis said
Interesting, this might be a new clause for Tang? Didn't notice it before.
But does it really mean it excludes the previous months Promo interest in total, or just the end of day Promo interest it is calculating internally each day?-----------------------
5. “Promotional Interest” is the interest earned on Eligible Deposits made to Applicable Accounts each day during the Offer Period. “Eligible Deposits” for any day during the Offer 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 October 2, 2024, to a maximum of $1,000,000.00 (in the currency of the Applicable Account), subject to the exclusions in Section 10 below.
All promotional interests paid to you for each of months, excluded
9:17 am
November 5, 2022
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Yes that's most likely it, I would go and calculate it to make sure, but not worth the time from my pov.
6:53 pm
December 26, 2020
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I did waste my time, I checked the calculation, and can confirm Tangerine did not pay me Promotional interest on any interest earned during my previous offer. This amounted to only a few dollars in the three months of the offer.
Tangerine did pay the posted rate on all the money in the account including all interest earned in the previous months.
9:19 pm
April 6, 2013
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So, Tangerine pays "Posted Rate” interest and "Top Up Rate" interest.
"Posted Rate" interest is paid on the entire balance. "Top Up Rate" interest is paid on new funds excluding funds from "Posted Rate" and "Top Up Rate" interest.
4:40 am
November 18, 2017
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Sleaze. And newer sleaze. How many of their customers will even read those terms, let alone understand them? I'm no longer with Tangerine, but I sure hope some customers of theirs will complain to regulators or ombudspeople.
RetirEd
8:45 am
November 5, 2022
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For each 100K, at 5% the monthly interest is about $415.
For the $415 promo interest, the interest on that is about $1.70 a month. (actually a bit less, as it only the Promo interest excluded).
A good way to make up for these bank haircuts is to own bank stocks and bank ETF's.
Also, sometimes a careful person can collect "double-interest" for a day on certain transfers if one does it correctly, that more than makes up for it.
Please write your comments in the forum.