RSP/RIF/TFSA 'Cash Bonus' Offer Ends March 1st | Tangerine Bank | Discussion forum

It's too late, realistically, for transfers-in, as no one could be sure of it getting there in two weeks.
Apparently this promo began Jan 19. Why didn't they tell people then?
Someone might think it's a scam to get you to transfer money in and then not give you the reward and also pick up another $50 or so from you when you then leave.
The only thing I can see it being useful for is someone who has a large contribution room for TFSA or RSP and wants to fill it now AND to whom this offer is extended.

For transfers in from another financial institution, it is still possible to obtain the bonus as long as Tangerine Investments receives the transfer paperwork by March 1 and the funds are received by May 1:

4. For Transfers of RSP, TFSA, or RIF funds from another financial institution, a T2033 form must be received by Tangerine Investments by March 1, 2021. The other financial institution must deliver the transferred funds to Tangerine Investments by May 1, 2021. If the funds aren’t delivered to Tangerine Investments within that period, the Bonus won’t be paid. Please note that transferring a portion or all of your TFSA, RSP or RIF funds from another financial institution to Tangerine Investments may result in your current financial institution charging you a fee.

Unfortunately, their investment funds are quite pricey. Over 1% MER for what are passive index funds. That's as much as some of the actively managed funds I have!

Really suitable for starter accounts. Not a good deal for those who have something like $100,000 to invest. For $100,000, the one-time bonus would be $500. Afterwards, one would be paying at least $500+ extra each year in management fees compared to other passive investing alternatives.

I don't have the $150,000 (or the desire to buy investment funds) laying around to qualify for the full $750.

I didn't get the offer, I call them and they said they only target new clients !! as I already have mutual funds with them !! that's how unfair these guys are !

Kidd said
I DID receive this offer.

I think this is a promising sign, tangerine NEED cash and they are afraid.

In approximately 30 days, last years 2.8% 1 year gics come due. If tangerine are not willing to pony up... they're going to lose 100's of millions of dollars in deposits. Yippee Ki Yay.  

Unfortunately, I don't think it's a sign that they need money per se. The bonus is not available for GICs.

With mutual funds, they offload most of the risk to the customer and Tang doesn't have to find any borrowers. or deal with customers who want a higher rate of return. They will probably make more money off fees than if they'd sold you a GIC at a good rate.

We'll know they are short of funds when posted rates go up.

I admit I don't know everything, but I know Tang would not be selling mutual funds for so many years if they weren't making money off them. It's not a public service.

The Tang mutual funds are little more than index funds, with a bit of rebalancing which can be accomplished by a computer programme.

The Prospectus for their Global Balanced Fund reads:
"Each of the four asset classes seeks to replicate as closely as possible the performance of a recognized
securities index: the Canadian bond component seeks to replicate a generally recognized Canadian bond index; the Canadian equities component seeks to replicate a generally recognized Canadian equity index; the U.S. equities component seeks to replicate a generally recognized U.S. equity index; and the international equities component seeks to replicate a generally recognized international equity index."

Sounds like an index fund to me. And you can get those for a much lower management fee from Vanguard or iShares etc. As far as I know, those companies are not going under.
It seems like a very profitable venture to me.

Bill said
When you purchase Tangerine mutual funds my understanding is that does not provide any money to them, not the same as savings accounts deposits they can loan out or use to meet reserve requirements. With mutuals they go out and buy the underlying investments held by the funds and that they then hold in trust for you, it would seem to me (though they make more management fees the more they have under their management). So the fact they are making no extra offers re getting savings accounts or GIC money suggests to me that they are not in deep trouble or needing more cash, in fact quite the opposite, i.e. they have enough right at the moment.  

If they don’t need cash then they must need profits. And the MER will accomplish that. In either case it’s getting funds under Tang. It still means they want your money to not go to someone else.