Tangerine: A special 5.10%* interest rate on new deposits to Savings/TFSA/RRSP account from Sep 5 to Nov 30, 2024 | Tangerine Bank | Discussion forum

Posted in Insights:

"Sweetness! Your special rate is active.
Remember, You're earning a special interest rate of 5.35%* on new deposits to this Account until November 30, 2024."

or 4.5% offer

Just activated 5.35% until November 30, 2024. Very happy with this for the time being

AdrenalineTrade said
I moved all my money out of Tangerine on August 30th. Just got the special offer of 5.35% until November 30, 2024. My last rate was 5.25%, so I am pleased with this.
  

This exact thing happened to me as well. I was at 5.25% until Aug. 31, moved all my money out the end of August and got the 5.35% rate today until Nov. 30.

Ha. On Sept 5th I had a balance of about $0.00 in my regular Savings account.

On Sept 6th, a large GIC matured and paid out into that account. I'm just hoping that will work.

Norman1 said

leigh said
Ha. On Sept 5th I had a balance of about $0.00 in my regular Savings account.

On Sept 6th, a large GIC matured and paid out into that account. I'm just hoping that will work.

That would depend on the terms and conditions of your 5.10% offer.

That won't work for the offer of 5½% until October 31, 2024 that I'm on. That offer specifically excludes any funds from a Tangerine GIC deposited into an applicable account:

Promotional Interest

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 August 6, 2024, to a maximum of $1,000,000 (in the currency of the Applicable Account), subject to the exclusions in Section 10 below.
…

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 [Tangerine] 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 August 6, 2024.
…

  

Nice catch.
I moved everything out at the end of august but I still have a Tangerine GIC expiring later this month that I would have moved to my savings account. I'll move this amount somewhere else.

cgouimet said
It's been said a few times in these forums that GIC's maturing to a TNG Checking account will qualify as new deposits when transferred to an HISA with promotional interest.

I opened a Checking account and changed the maturing instructions of all our TNG GIC's to it. I'll be testing the process at the end of Oct as I have two of those GIC's maturing early Oct ...  

Can verify that in past offers, maturing a GIC into chequing has made it qualify as a new deposit into Savings.

smayer97 said
Just to concur that MOST times this is true. There has been at least one time in the last few years when this was not, but it has been the exception so far, but is not a guarantee.  

Good point, I should have said it has worked in the one's I used, which is only SOME of them. People always need to verify it, as its their money to lose.

Well, it looks like I was just unlucky having a GIC pay out into the savings account just now. But I really don't see the difference of how a GIC paying out into a chequing account being acceptable when paying into a savings account is not. After all, it would still be money Tangerine already had invested, so not really additional funds. I'll bet they'll close that loophole soon.

Anyhow, I've just tried several times to open another GIC with Tangerine on line and keep getting a "Technical Difficulties" excuse and having it cancelled each time I've almost got there.

So I called them have been waiting for some time now for a call-back. I'm fast becoming disillusioned.

JohnnyCash said

It doesn't matter is it's true, or not. You have nothing to lose by having a maturing GIC deposited into the chequeing account as you can move it to the savings account if the T&C's allow, or transfer the funds to another institution. You do potentially have something to lose by having a GIC mature directly to the savings account.  

Agreed that the better choice, and the ultimate conclusion to take away from this part of the discussion, is to always have GICs mature in a chequing account to increase your chance of qualifying for future promos.

My point was simply to make folks aware that even that is not a 100% guarantee of qualifying, though the odds are significantly higher, based on the current track record.