Tangerine New Winter Promotion for 3% | Page 2 | Tangerine Bank | Discussion forum

Can anyone share the T/C’s for this new targeted promo that ends sept - mine I received earlier this month but higher rate and shorter duration

Leafs1967 said
Can anyone share the T/C’s for this new targeted promo that ends sept - mine I received earlier this month but higher rate and shorter duration  

Full Offer Terms and Conditions
General:

The Tangerine Bank (the “Bank”) Savings Interest Offer of 2.75% (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank (“Eligible Clients”) (2) “Activate” (as defined in Section 4 below) the Offer by January 31, 2019 and (3) receive a Confirmation in their online Inbox that the Offer has been successfully activated.

The Offer is only available to Eligible Clients between January 8, 2019 and September 30, 2019 (the “Offer Period”). If the Offer is not Activated between January 8, 2019 and January 31, 2019, Tangerine Clients will not be eligible for the Offer and will not receive Promotional Interest.

The Offer is only applicable to Tangerine Savings Accounts (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”) and Tangerine RSP Savings Accounts (“RSP Savings”) (referred to collectively as “Applicable Accounts”) where the Eligible Client is the Primary Account Holder as described in Section 12 below. A number of similar Applicable Accounts (for example, 3 separate TFSA Savings) is defined as an “Applicable Account Type”. The Offer is not applicable to any other Accounts, including (but not limited to) Tangerine RIF Savings Accounts (“RIF Savings”), Tangerine US$ Savings Accounts, Tangerine Business Savings Accounts, Tangerine US$ Business Savings Accounts, or Tangerine Children’s Savings Accounts (“CSA”).

To “Activate” the Offer, the Client needs to perform one of the following actions by January 31, 2019:

Click the ‘Activate Now’ button in the Offer email that the Client has received directly from the Bank; or
Click the ‘Activate Now’ button on Tangerine’s website once the Client has logged in; or
Open an Applicable Account; or
Verbally accept the Offer during a conversation with a Tangerine Contact Centre Associate.
“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 January 7, 2019, to a maximum of $1,000,000, subject to the limitations in Section 12 below.

All balances in Applicable Accounts that don’t qualify as Eligible Deposits will earn the Bank’s applicable posted rate of interest listed on the Bank’s website (the “Posted Rate”).

Promotional Interest:

A Promotional Interest rate of 2.75% will apply to Eligible Deposits under this Offer. Eligible Clients will receive Promotional Interest in two separate interest payments - (1) interest calculated at the Posted Rate, (2) an additional interest payment that represents the excess of Promotional Interest over Posted Rate interest (“additional interest”). For clarity, Promotional Interest equals the sum of Posted Rate interest and additional interest. Payment of additional interest will be made to the Applicable Account at the start of the month following the month in which it was calculated. The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the additional interest rate so that the Promotional Interest rate remains unchanged. Notwithstanding the above, the Bank may change the Promotional Interest rate at any time without prior notice.

Subject to the limits and qualifications outlined in these Terms and Conditions, Promotional Interest will be calculated daily and paid monthly. Although all balances for a particular Applicable Account Type are consolidated for purposes of calculating Eligible Deposit, Promotional Interest is paid to an individual Account based on the Eligible Deposits applicable to such Account. The following transactions are examples of what will qualify as Eligible Deposits for which Promotional Interest will apply:

Money transferred from a Tangerine Chequing Account to an Applicable Account.
Money transferred from another financial institution, including the Eligible Client’s linked account, Tangerine Email Money Transfer, or Interact e-Transfer, to an Applicable Account.
Money transferred from a Savings Account into a TFSA Savings or RSP Savings Account.
Money transferred from a US$ Savings Account into a TFSA Savings or RSP Savings Account.
Money transferred from a TFSA account or RSP account at another financial institution to a TFSA Savings or RSP Savings Account.
Example 1: Eligible Client has $10,000 in their existing TFSA Savings on January 7, 2019. Five days later, they transfer $5,000 to a new TFSA Savings from their Tangerine Savings Account. They also transfer $5,000 from their existing TFSA Savings to a TFSA GIC. The total of the balances in the TFSA Savings remains $10,000 after completing the transfers. Therefore the transfers to the TFSA Savings do not qualify as Eligible Deposits.

Example 2: Eligible Client has $10,000 in their existing TFSA Savings on January 7, 2019. Five days later, they transfer $10,000 to their existing TFSA Savings from their Tangerine Savings Account. They also transfer $5,000 from their existing TFSA Savings to a TFSA GIC. Their balance in the TFSA Savings is $15,000 after completing the transfers. Additional Interest will apply to $5,000 of the new deposit to the existing TFSA Savings.

Example 3: Eligible Client has $10,000 in their existing Tangerine Savings Account on January 7, 2019. Five days later, they open an additional Tangerine Savings Account and transfer in $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 does not qualify as an Eligible Deposit.

Exclusions

Notwithstanding the above, the following are examples of the types of transactions that won’t qualify as Eligible Deposits and won’t earn Promotional Interest:

Transfers or money deposited into RIF Savings, CSA, Business Savings Account, US$ Savings Account or US$ Business Savings Account.
Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.
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 January 7, 2019.
Money deposited into an RSP Savings Account and then transferred into a RSP GIC resulting in no change to the total Applicable Account balances in RSP Savings from January 7, 2019.
Transfers made to any new TFSA Savings Account from an existing TFSA Savings Account or TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from January 7, 2019.
Money deposited into a TFSA Savings Account and then transferred into a TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from January 7, 2019.
Money transferred from an RSP, TFSA or RIF Account to any Applicable Account.
Money transferred from a CSA to an Applicable Account.
Direct or indirect transfers from Tangerine Business Savings Accounts and Tangerine US$ Business Savings Accounts to Applicable Accounts.
After the Offer Period ends, all balances will earn interest at the Posted Rate payable on the Applicable Account.

Eligibility:

This Offer is non-transferable and is only available to 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”). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Account. Where money is transferred from an Account where the Eligible Client is listed second on the statement to an Applicable Account where the Eligible Client is the Primary Account Holder, that transfer will be eligible for Promotional Interest.

This Offer can’t be combined with other promotional rate offers.

Limitations:

Eligible Deposits to TFSA Savings and RSP Savings Accounts are subject to the limits imposed by the Canada Revenue Agency (the “CRA”). The Eligible Client is fully responsible for monitoring their individual contribution limits and ensuring any and all deposits fall within these set CRA limits. Individual TFSA contribution limits can be found on the CRA website at cra-arc.gc.ca. The RSP contribution limit is as noted on the Eligible Client’s Notice of Assessment issued by the CRA. The Eligible Client further agrees to at all times indemnify and hold the Bank harmless in respect of any such penalties or charges imposed upon the Eligible Client as a result of these imposed limits.

Subject to the imposed CRA limits on Tax-Free Savings Accounts and Registered Retirement Savings Plans, Promotional Interest will be paid on the first $1,000,000 of Eligible Deposits made to each Applicable Account Type. No Eligible Deposits or daily balances to which Promotional Interest would otherwise qualify will be greater than $1,000,000 for any Applicable Account Type (i.e. $1,000,000 across all Tangerine Savings Accounts, $1,000,000 across all Tangerine Tax-Free Savings Accounts and $1,000,000 across all Tangerine RSP Savings Accounts). Any balances greater than $1,000,000 for an Applicable Account Type will earn interest at the applicable Posted Rate of interest.

If the Offer can’t run as planned for any reason, 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, the Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

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.

The Bank reserves the right to suspend, modify, withdraw or extend the Offer in whole or in part, or to change any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion.

The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

This Offer may be suspended, modified or withdrawn at any time without notice for any reason including, but not limited to, an error or mistake on behalf of the Bank.

To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, promotional material, or statement, whether written or oral, (collectively a “Message”) from the Bank, these Terms and Conditions will supersede all other Messages.

You agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice regarding this Offer is deemed to be provided on the day it is posted on the Bank’s website.

After not getting any offer for 3 % or even 2.5 %, I contacted them & negotiated hard, but all they would give me is their crappy 2.0 % offer.

Absolutely would not budge on this crappy 2.0 % offer. I accepted it just for the sake of it & will be moving ALL my money elsewhere for around 3 %. I told them about other bank rates etc. Moving money also doesn't scare them anymore, that's how crappy & lousy their rates have become these days.

I know I won't get any other offers since I accepted 2 % for 180 days. But that's fine, I hardly get any lottery offers from them these days anyway. And I am just going to keep $ 1 in that account.

Just a fall back account if the other accounts with other banks become too risky and above $ 100,000 for CDIC protection.
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Tangerine Limited Time Interest Offer Terms & Conditions
General:

1. The Tangerine Bank (the "Bank") Limited Time Interest Offer of 2.00% (the "Offer") is available to existing Tangerine Clients who receive notification that they are eligible for the Offer from a Tangerine Contact Centre Associate and who verbally accept the Offer ("Eligible Clients"). The Offer is available to Eligible Clients on all eligible deposits for a period of 180 days from the date they accept the Offer (the "Promotion Period") to a maximum of $500,000 in deposits to all Tangerine Savings Accounts combined (CDN dollar, non-registered Accounts only; herein referred to as "Applicable Accounts") where the Eligible Client is the Primary Account Holder as described in section 9 below. It is not applicable on any other Account types, including (but not limited to) the Tangerine RSP Savings Account, Tangerine Tax-Free Savings Account, Tangerine RIF Savings Account, Tangerine US$ Savings Account, Tangerine Business Savings Account, Tangerine US$ Business Savings Account, or Tangerine Children's Savings Account.

Additional Interest:

2. "Additional Interest" is 0.75%. Additional Interest is added to the applicable posted rate of interest listed on the Bank's website (the "Posted Rate") to calculate the total amount of interest payable under this Offer. (For example, if the Posted Rate were 1.05% and the Additional Interest were 0.45% then: Posted Rate of 1.05% + Additional Interest of 0.45% = Offer of 1.50%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate.

3. Subject to the limits and qualifications outlined in these Terms and Conditions, Additional Interest will be calculated daily and paid monthly during the Promotion Period in Applicable Accounts.

4. After the 180 day Promotion Period ends, all balances will earn interest at the Posted Rate payable on the Applicable Account(s).

5. The Offer will be automatically applied to all existing Applicable Accounts that the Eligible Client has when the Promotion Period begins, and any subsequent Applicable Accounts opened by the Eligible Client during the Promotion Period will also earn Additional Interest. The Offer will end on the same date for all Applicable Accounts.

6. Additional Interest will be paid on the first $500,000 of deposits in Applicable Accounts. This is a combined total across all of the Client's Applicable Accounts. Any balances greater than $500,000 will earn interest at the applicable Posted Rate of interest payable.

7. Interest is calculated daily and paid monthly for both the Posted Rate interest payments and the Additional Interest payments. Additional Interest will not be paid and will not be payable until the start of the month following the month in which it was calculated, and the calculation for that month will not include interest on top of Posted Rate interest for the previous day (Example: If the month ends on July 31 the Bank's applicable Posted Rate of interest will be paid to that Applicable Account on July 31, and any Additional Interest will be paid to that Applicable Account the next day on August 1. Both Additional Interest and Posted Rate interest payments will be calculated based on the same balance for the month of July, despite the fact that the Posted Rate interest is paid on July 31, one day before the Additional Interest is paid.). Any Applicable Account closed prior to the payment of Additional Interest will forfeit any Additional Interest calculated during the month in which the Applicable Account is closed.

Eligibility:

8. This Offer is non-transferable and only for Eligible Clients. Clients who receive the Offer and/or these Terms and Conditions from any source other than the Bank, and who are not Eligible Clients as described in Section 1 above, will not be eligible for this Offer.

9. 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"). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (Example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Account. Where money is transferred from an Account where the Eligible Client is listed second on the statement to an Applicable Account where the Eligible Client is the Primary Account Holder, that transfer will be eligible for Additional Interest.

Limitations:

10. This Offer cannot be combined with other promotional rate offers. Where an Eligible Client qualifies for more than one promotional rate offer from the Bank, and the Eligible Client accepts this Offer, this Offer will be applied to the Eligible Client's Applicable Account(s) to the exclusion of any other promotional rate offer unless otherwise arranged.

11. 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.

12. If the Bank is unable to run the Offer as planned for any reason, 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, the Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

13. The Bank reserves the right to withdraw the Offer in whole or in part, or to vary any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion. The Bank reserves the right to end the Offer earlier or to extend the Promotion Period further at its absolute discretion.

14. The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

15. This Offer may be suspended, modified or withdrawn at any time without notice for any reason including, but not limited to, an error or mistake on behalf of the Bank.

16. To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, promotional material or statement, whether written or oral, (collectively a "Message") from the Bank, these Terms and Conditions will supersede all other Messages.

17. You agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice offered by us with respect to this Offer is deemed to be provided on the day it is posted on our website.

Last updated on July 28, 2018

Another day another dollar said
Hi,
Just to vent out: I am kind of getting tired of the Tangerine’s spinning lottery saving rates for existing clients.

Tangerine treats their existing clients like airliners do, trying to benefit from their clients’ inertia.

I currently benefit from the special rate at 2.75% up to Sept 2019, but the whole process was not simple as it involved transferring out/in some funds to make sure the rate is on the max balance, and not to forget to click on the offer to initiate the improved rate. I do not know other financial institutions that have a multiple steps to do business with for a simple saving account.

Then I realized they are offering a better rate at 3.00% for 6 months to new clients. I do not mind that Tangerine entices new clients with a better rate, but on top of it they are offering a duration that makes the offer better than the one for existing clients.

That whole behaviour indicates Tangerine does not value their existing clients.
I wish their business model returns to the initial ways under Ing Direct on which Tangerine was founded on, on clarity and good rates.  

Hey ADAD! Welcome to the forum! Peruse the Tang forum going back years and you will see you are not alone with your frustration. Many hours have been spent trying to figure out Tangs' rhyme or reason for offering different rates to different clients. Many people, myself included, have just given up playing their games. I Did just get my bonus interest of 1 cent on the 17 bux I got from my January credit card rewards though. WOO-HOO! Credit card is the only reason I still have any relationship with them at all. That may eventually not even be enough to stay with them. They certainly aren't the ING of old.