Tangerine continues the high interest promo till July 31? | Tangerine Bank | Discussion forum

Got the heads up email April 25 as after I started moving moving 25K increments to Simplii (used to allow 50K). Stopped when I saw the email.

Called them late last evening (Apr 30) asking where the activation email was. Took about 1/2 hour to get through. Was told it would be sent and show up in Insights May 2 and was assured the rate would apply beginning May 1 once the offer was activated.

Suggested to them they go back to automatic extensions , which they've done in the past, and that enough notice be provided so clients don't start shifting money out and so clients aren't left guessing and that they're not wasting my time or theirs on an unnecessary phone call.

Not a fan of the games these banks like to play.

I am new to this game of bonus interest payments, and wonder how to play the back end of it?

I have a promo rate on "new money" of 5.25% that runs through July 31.

Does that mean I should start moving my money out of the account before July 31, so that in case there is a new promo I can move it back in again later as "new" money?

Rail Baron said
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I have a promo rate on "new money" of 5.25% that runs through July 31.

Does that mean I should start moving my money out of the account before July 31, so that in case there is a new promo I can move it back in again later as "new" money?

Yes. If the next offer is also a new-money offer and the offer uses a later daily closing balance as the starting balance, then the offer won't be of much value with a large balance still in the account.

Christoph said
Got the heads up email April 25 as after I started moving moving 25K increments to Simplii (used to allow 50K). Stopped when I saw the email.

Called them late last evening (Apr 30) asking where the activation email was. Took about 1/2 hour to get through. Was told it would be sent and show up in Insights May 2 and was assured the rate would apply beginning May 1 once the offer was activated.

 

Hope what they told you is correct as I took them at their word & haven't moved funds (may not have been wise). Might be too late now but will move to chequing if nothing tomorrow.

Rail Baron said
I am new to this game of bonus interest payments, and wonder how to play the back end of it?

I have a promo rate on "new money" of 5.25% that runs through July 31.

Does that mean I should start moving my money out of the account before July 31, so that in case there is a new promo I can move it back in again later as "new" money?  

An easy way to ensure you have zero funds in your "promo" savings account is to set up a (free) chequing account with Tangerine and then transfer all funds in your savings account to your chequing account a day or two before the end of your current promo. That way, if you get a new offer you can transfer the funds back to your savings account after activating the new offer and ensure all your funds are covered. There is no delay in moving funds between a Tangerine savings account and chequing account, unlike moving money to/from other financial institutions. If you end up not getting a new offer after a few days just move your money elsewhere then.

A secondary benefit of setting up a Tangerine chequing account is the ability to do e-transfers, which, I believe, cannot be made from a Tangerine savings account.

Thanks for the advice on setting up a chequing acct. It coincides with a $400 promo from Tang for opening a chequing acct.

But that only applies to CAD accounts. I also have a promo on my USD savings acct. Does Tang offer USD chequing accounts, too?

This is the fine print of the 5.75% extension offer from the activation screen:

Tangerine Savings New Money Retention 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 May 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 May 1, 2024 to July 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 May 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 December 4, 2023, 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 December 4, 2023 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 5.75%, 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 1: Eligible Client has $10,000 in their existing TFSA Savings on May 1, 2024. Five days later, they open a new TFSA Savings Account and transfer $5,000 to it from an external account. They also transfer out $5,000 from their existing TFSA Savings. The total of the balances in the TFSA Savings remains $10,000 after completing the transfers. Therefore, the transfers to the TFSA Savings don’t qualify as Eligible Deposits.

Example 2: Eligible Client has $10,000 in their existing Tangerine Savings Account on May 1, 2024. Five days later, they open an additional Tangerine Savings Account and transfer $5,000 from their existing Tangerine Savings Account. Their Applicable Account Type balance remains $10,000 in total between both Tangerine Savings Accounts. The transfer to the new Tangerine Savings is not eligible for the Additional Interest because it doesn’t qualify as an Eligible Deposit.

Example 3: Eligible Client has $10,000 in their existing Tangerine Savings Account on May 1, 2024. Five days later, they open an additional Tangerine Savings Account and deposited $5,000 from their external Account. Their Applicable Account Type balance is $15,000 in total between both Tangerine Savings Accounts. The transfer to the new Tangerine Savings of $5,000 is eligible for the Additional Interest because it qualifies as an Eligible Deposit.

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.

I activated online after s77 reported that the offer appeared among the Insights. I didn't wait for the "time to activate" e-mail.

I expect that the "time to activate" e-mail would arrive in the next few days to those who wait. Nothing would be lost activating later; the Promotional Interest will be paid starting May 1 as long as one activates by May 31.