Targeted offer - 5.5% on new money from Jul 4th till Nov 30th, 2023 | Page 3 | Tangerine Bank | Discussion forum

I called Tang and I'm not convinced you get the 5.5% on the maturity proceeds from the matured GIC's. I think you get only the 1%. For what its worth, this is also what Tandia does.

mustang said

Yes, that is _precisely_ what I was told,even after I questioned that did not agree with T&C, at least how I read them  

It is probably safer to move all the funds out of Tang to another institution.

The CSR also said the GIC principal is part of the base on July 3rd and any withdrawal would reduce the amount eligible for the 5.5%. Confusing, eh.

I don't understand how some people can move the GIC maturity proceeds to chequing and then to savings and get 5.5%. Will they be in for an unpleasant surprise down the road?

That could be significant: "…put the matured GIC money into one of our joint savings accounts, …"

Would the primary holder of the joint savings account happen to be different than the primary holder of the matured GIC?

Could be similar to the situation described in paragraph 14 about transfers from Applicable Accounts that are joint but with a different primary holder:

14. 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 money is transferred from an Account where the Eligible Client is listed second on the statement for an Applicable Account where the Eligible Client is the Primary Account Holder, that transfer will be eligible for Promotional Interest.

I hasten to add that when I spoke to the CSR yesterday he said that the interest portion of the matured GIC would qualify as new money but not the original principal.

Looks like we have drilled down to a resolution here
I just called to confirm-- although I confess to having something a little less than 100% confidence in the csa. To his credit, he put me on hold while he checked with someone presumably more knowledgeable, without me insisting, so that's a good sign

Our particular situaton:
I am joint (secondary) with my wife on one account-- which holds the gic
I have my own account-- which she is not joint on
We both received the promo offer, and activated

The gic will mature into the savings account where she is primary. And will not be eligible for the 5.5% there-- would just earn 1.0%
However, I will transfer immediately to my account, where it is eligible

So, at the end of the day,there is some consistency here
I think

The way I see it is:
The promo offer is made to the primary account holder.

Example:

For accounting balance purposes, as of July 3rd
"A" has 10 K across all accounts and
"B" has zero K across all accounts
including GIC's.

HISA "A"
- Primary "A" has a Balance $ 10 K
- Secondary( joint) "B"
After July 3 "A" will get rate 1.0 % going forward if "A" keeps the balance at 10 K

So if "A" transfers 10 K to "B" then
"B" will get promotion rate 5.5%

HISA "B"
- Primary "B" now has a Balance $ 10 K
- Secondary( joint) "A"
"B" will get promotion rate 5.5%

And by the way, CRA will attribute interest on the 5.5% to "B" and not "A"

Hope this clarifies !

Are you absolutely certain that depositing the GIC maturity proceeds first to the chequing account and then transferring to the savings account will get the 5.5%? So there will be no unpleasant surprises

?

Glad to see most of people here are getting that 5.5% rate offer. For me, unfortunately I am seeing this offer in my Insight when logging into my account, nor do I see any promo email from Tangerine.
I am only offered 5% until end of Sept 2023.
Is this because I only have a saving account with Tangerine, don't have a chequing account?

cgouimet said

New offer or an extension of an existing 5%  

If I deposit additional money into my exisiting savings account, will those money get 5.5%?