My recent issues with Tangerine | Page 2 | Tangerine Bank | Discussion forum

InterestThis said
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.  

No double-interest, I did " Move In" transaction in Tangerine to take money from Simplii, Tangerine paid me interest on Nov 12, Simplii side, the transaction date displayed in online account, was Nov 13 but I calculated, Simplii did NOT pay me interest for Nov 12. I guess Simplii has 2 systems, one does Transaction Date, another does the real transfer in/out...

InterestThis said
Can definitely get double-interest in certain cases, but its not worth doing, as if done incorrectly would be a train-wreck. But those are all small potatoes, better to focus on the large potatoes.
I honestly don't understand getting upset about the big banks sneaky fees and haircuts, that is how they do business, that is their business. If you trim a little off 10 million people, that is a lot of hair.
But if you hold bank stocks or bank ETF's at least you get a piece of the action. (after the CEO takes their bonuses to fund their divorces, vices and vacation homes).  

Simplii offered me 3.5%, no offer from Tangerine. I decided to move all my money to TD Direct Investing, 1% Call Back + 3% Cashable GIC= 4% for 1 year. The reason I buy Cashable GIC is that once bank stock price is good, I will buy RY or another bank stock. Plus their dividend is higher than interest rates.

Norman1 said

usephrase said

No double-interest, I did " Move In" transaction in Tangerine to take money from Simplii, Tangerine paid me interest on Nov 12, Simplii side, the transaction date displayed in online account, was Nov 13 but I calculated, Simplii did NOT pay me interest for Nov 12. I guess Simplii has 2 systems, one does Transaction Date, another does the real transfer in/out...

The transaction posting dates shown by Simplii's online banking site don't matter.

Interest is calculated using the transaction effective dates shown in the monthly statements. Pre-authorized debits and cheques received by Simplii on November 12 will be effective November 12 and not when they are posted to the account November 13:

Interest Charges - Interest (including interest on charges and insurance premiums, if applicable) is calculated on the daily closing balance of your account and accrues from the date a transaction is made (i.e., the “eff. date”). The “trans. date” is the date when the transaction was posted to your account and may vary from the "eff. date".

  

My Simplii statement:
trans. date : Nov 13 eff.date : Nov 12

RAV4guy said
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.

The conditions are the same? I'm not so sure now. The original New Money t&c had a section on Exclusions, specifically excluding GIC in (10b). However, this section is missing from the Extended Offer t&c.

I also had one TFSA GIC maturing in a few days. I think I will let it mature to my TFSA Savings, then withdraw it on Dec 31st. I'll know by Jan 1st if there's promo on the amount.