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Email this4:06 pm
January 7, 2020
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cgouimet said
I've been scratching too. The only I can think of TNG tracking this is for them to add the earned promo interest to the starting balance with everything else considered new money.
Yes, that would make the most sense-- maybe the only sense
It would be great if they showed us what they considered to be the starting balance-- but it's a secret, as near as I can tell
My impression has been, if I ask what is the starting balance, they can't just call up a number, but have to go through the ritual of looking back at entries. (That's just supposition, on my part, of course)
4:15 pm
February 7, 2019
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mustang said
Yes, that would make the most sense-- maybe the only sense
It would be great if they showed us what they considered to be the starting balance-- but it's a secret, as near as I can tell
My impression has been, if I ask what is the starting balance, they can't just call up a number, but have to go through the ritual of looking back at entries. (That's just supposition, on my part, of course)
The offer you get always says what the starting balance is considered to be which is as of a date. This thought that they may add the promo interest to it is my speculation.
Being wrong is not my thing but I can be flexible for a price on occasion...
| CGO |
4:48 pm
March 30, 2017
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By keep base interest and promotional interest as 2 separate entries each month, it’s super easy for them to track what balance earns promotional rate or not.
Mathematically, it is ‘equivalent’ to adding promo interest to the ‘opening balance’ to determine what amount earn base vs extra. But sounds way too complicated to describe it that way.
For the record, I never read the fine print even when I had high 6 figures with them in the past. Maybe I should now lol
6:19 pm
April 6, 2013
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The fine print does say Promotional Interest is not included in calculating "Eligible Deposits":
…
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.
…
8. A Promotional Interest Rate of 5.50% 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.
…
Tangerine could just exclude any Posted Rate interest and Additional Interest when calculating amount of the Eligible Deposits.
10:28 pm
March 15, 2019
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I vaguely remember talking to a CSR a while back. If I remember and understood what he said, the principal on a matured GIC is consider "old money" but the interest on that GIC is consider"new money".
4:52 am
July 25, 2023
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Just circling back around again to report. Didn't take long for Tangerine to cough up a new offer after I drained the savings account. This morning they're offering 5.5% until 31 December so my $50k is on the move again. Tangerine Shuffle really is a great name for this stupid dance. Thanks again for all your input. May the special offers be in your future too. 
5:38 am
February 7, 2019
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My wife got her Mar 01 TNG 5.25% extended to Oct 31.
My Dec 01 5.0% offer ended on Jul 31. My funds had all moved to my wife's accounts by then. I got a few warnings that my promo was ending and still no new offer ...
Oh well, I got 8 months @ 5.0% and my wife is getting 8 months @ 5.25%, so far. No complaints although I would gladly accept 5.5%, particularly the closer we get to the expiry of that 5.25% ...
| CGO |
6:16 am
March 30, 2017
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cgouimet said
My wife got her Mar 01 TNG 5.25% extended to Oct 31.My Dec 01 5.0% offer ended on Jul 31. My funds had all moved to my wife's accounts by then. I got a few warnings that my promo was ending and still no new offer ...
Oh well, I got 8 months @ 5.0% and my wife is getting 8 months @ 5.25%, so far. No complaints although I would gladly accept 5.5%, particularly the closer we get to the expiry of that 5.25% ...
duca is 5.25% until end of jan for their earn more account. Not as easy to access as one require to call in, but the next best rate available out there that is NOT locked in.
6:35 am
February 7, 2019
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savemoresaveoften said
duca is 5.25% until end of jan for their earn more account. Not as easy to access as one require to call in, but the next best rate available out there that is NOT locked in.
I know. I may do that if I need more 5.25% elbow room or when my wife's TNG 5.25 expires.
I do much prefer the self-serve process of TNG.
And I don't like being on hold - lots of that at DUCA.
| CGO |
7:00 am
July 25, 2023
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cgouimet said
I know. I may do that if I need more 5.25% elbow room or when my wife's TNG 5.25 expires.
I do much prefer the self-serve process of TNG.
And I don't like being on hold - lots of that at DUCA.
Self-serve is huge IMO. I'm certain I would step away from some fraction of a percent of interest in order to avoid having to call a CSR at any FI.
Hopefully wifey's offer gets extended again.
7:45 am
November 5, 2022
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Not sure the below is correct, as had a constant balance and somewhat round numbers, and just calculated for last month and the numbers add up. But the Promo interest is deposited seperately, so it would be easy for Tang to keep it seperate.
But even the example below using the 100K example is $1 difference per month in interest. Someone with a very large constant balance could notice the difference. Makes sense they don't want to pay Promo interest on Promo interest, that is the kind of compounding they want to charge, not pay.
mikee said
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”).
8:02 am
March 14, 2023
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Norman1 said
Tangerine could just exclude any Posted Rate interest and Additional Interest when calculating amount of the Eligible Deposits.
That's exactly what they do. I reviewed my promo interest calculations and the "Additional Interest" is paid on the new deposits only (none is paid on any type of interest). The "Posted Rate Interest" is paid on the entire balance. I was able to match their calculations down to the penny for several months.
8:30 am
April 6, 2013
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InterestThis said
Not sure the below is correct, as had a constant balance and somewhat round numbers, and just calculated for last month and the numbers add up. …
Last month (July) is too early to detect this. Last month was the first month of the July-November 5½% promotion and didn't have any 5½% Promotional Interest paid.
8:41 am
November 5, 2022
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am calculating using another ongoing Tang offer with the same criteria.
Norman1 said
InterestThis said
Not sure the below is correct, as had a constant balance and somewhat round numbers, and just calculated for last month and the numbers add up. …Last month (July) is too early to detect this. Last month was the first month of the July-November 5½% promotion and didn't have any 5½% Promotional Interest paid.
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