Targeted offer - 5.5% on new money from Jul 4th till Nov 30th, 2023 | Page 5 | Tangerine Bank | Discussion forum

True dat.

By keeping an account open (with a buck or two balance), you don't have to go through the paperwork of opening a new account should you receive or hear about a future Promo.

Caveat, it could take a few months or it could take many months before a new offer comes along. Just have to remember to execute a transaction every year to avoid any inactivity consequences. My suggestion, move $1 in every July 1, move $1 out every Jan 1, though I only deal with 4 banks so it's not too cumbersome.

The Rock said

You could keep your balance at zero and still keep your account open.  

One of the reaons I keep $1 in unused accounts is so that every January is I move that $ around each account (individual and joint) in every FI within that bank so as to keep each account non-dormant and always available.

Saver602: I don't think you are going to get any offers from Tangerine if you have closed your account (unless you have other dealings with them), as you wouldn't be a client of theirs.

Tangerine does not consider former customers as "new customers" even of they've been away for years. (I don't know if there is an eventual limit on that, but nobody I know has reached it.)
RetirEd

A few years ago I went through a stretch with Tangerine of no offers for maybe a year or so so I just kept a few bucks in the accounts. Last few years I've been pretty well always on one promo or another.

Nothing until the next lottery. Best to drain the account by the end of the month and park your funds elsewhere in the event you get another offer that stipulates new money to be eligible.

Dean said
.
What Johnny said ⬆

It's called; 'The Tangerine Shuffle'.

Dean

  

HAHA I love that! Tangerine Shuffle

If I am reading the fine print correctly Tangerine does not pay interest on promotional interest at the promotional interest rate. For example, $100K generates monthly promo interest $375.00 (100,000 X 4.5%) / 12 + regular interest $83.33 (100,000 X 1%)/ 12 = $458.33. For subsequent months, they will pay 4.5% interest on $100,083.33 but only 1% on the $375.00 promotional interest. Would deducting interest at the beginning of the month ensure that interest for the balance held in the account is paid at 5.5%?

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 July 3, 2023, to a maximum of $1,000,000 (in the currency of the Applicable Account), subject to the exclusions in Section 10 below.

6. 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”).

Trying to get my head around this, and it is starting to hurt
Is the suggestion that Tangerine actually keeps a separate "bucket" for the promo interest--i.e., so they can determine what NOT to pay further interest on?
If so, can I pull that amount out? But what if I later added additional funds again-- or are they always going to subtract all promo interest previously paid? In which case it wouldn't matter how much I took out, they would always subtract any previous interest paid?

JohnnyCash said
Nothing until the next lottery. Best to drain the account by the end of the month and park your funds elsewhere in the event you get another offer that stipulates new money to be eligible.  

100k drained, play stupid games, win stupid prizes. Showing 1% yield and no way I’m sticking around.

Please correct me if I'm wrong. The way I understand this promo is for example the promo starts on say Aug 1 & your balance is 10,000 at the end of the day on July 31st, any balance above 10,000 from Aug 1 to the end of the promo that is above 10,000 will get the promo rate. So the 10,000 will get the regular rate (1% for me) & any balance above the 10,000 will get the promo rate. Am I understanding this promo correctly?