Targeted offer 5.50 | Tangerine Bank | Discussion forum

Hmmm my offer this morning was slightly lower at 5.25% from February 8, 2024 to June 30, 2024

And now with this online-only offer, here’s how you can start earning 5.25% interest* on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and now, US$ Savings Account(s)

Also, received this offer today. I moved most of my cash out of Tang although it would appear that I would only need to move funds to the chequeing account before Feb 7th to meet the condition of new money deposited to the eligible savings accounts. Whether I would receive the targeted offer would be uncertain had I did this.

Terms:
You’re eligible for a special interest rate on your savings.
A great savings rate could be just the thing you need to help you reach your savings goals faster. And now with this online-only offer, here’s how you can start earning 5.50% interest* on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and now, US$ Savings Account(s):

Click the ‘Activate Now’ button below by February 29, 2024
Eligible new deposits to these Accounts from February 8, 2024 to June 30, 2024 (up to a maximum of $1,000,000† per Applicable Account Type*) will earn your special rate of 5.50%.
Once you’ve activated, here’s how it will work:
We’ll total up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on February 7, 2024 to get your total balances per Account Type
From February 8, 2024 to June 30, 2024, you’ll earn your special interest rate on new deposits over your total balances calculated on February 7, 2024 (up to $1,000,000† per Account Type)
The rest of your Account balance will earn the current posted rate

victor6433 said

Absolutely i did.. my last one expired on Jan 30th.. so I received it back to back..  

Alas, I wish I had the foresight to move the money. We had a few bucks left in the account when the 6% offer expired. I was going to move it monday, but then the new 5.5% offer was received. So, my base level won't be zero.

Amazing how my family member got back-to-back-to-back offers. She had the 5% offer in the fall, the 6% offer, and now the 5.5% offer, while I've had nothing.

semi-retired said
Received the 5.50% rate promo yesterday.Just finished the 6% promo end of Jan.I had emptied accounts Feb/01 to BMO promo at 5.5% lasting till end of Feb.Will transfer everything back to Tang to keep them,& me happy.Love these promos.  

Ditto! We will not beg for better rates, but will take them when offered.

Has anyone ever had an issue from just moving the Tang Savings balance to Chequing, and then back into Saving for an offer?
According to the terms to date, chequing balance has always been excluded from the baseline balance calculation for Savings promo's.
There is a Tang promo expiring February 29, 2024.

InterestThis said
Has anyone ever had an issue from just moving the Tang Savings balance to Chequing, and then back into Saving for an offer?
According to the terms to date, chequing balance has always been excluded from the baseline balance calculation for Savings promo's.
There is a Tang promo expiring February 29, 2024.  

The issue with moving the funds from Savings to Chequing is that Tang is aware that the funds are still within Tang. Thus, the incentive to offer you a new Promo is not as high compared to the funds leaving Tang to an external FI. i.e. funds could be sitting in chequing earning 0% for several days (or longer) until or even if Tang presents new offer. Tang may decide not to offer new Promo.

By moving funds externally, you receive the higher interest from the external FI, and if Tang is reviewing, perhaps gives Tang more incentive to attract those funds back into Tang family.

InterestThis said
Thanks for the info, that answered both of my questions!

I remember a time when a Tang promo came out the next day, so having it in the chequing would have been more convenient.
But true enough, surely they are using "AI" now on this, so if the money is sitting in a low-interest account, it could block the offer.
So yes, best to move it out a few days before, as if they are using "AI" now, it might spark an offer to get it back.  

I always moved my $ out of TNG when a promo expired, a few days before expiry. Just in case.

But I haven't had to do that since mid 2022 because my spouse has been on her own TNG promo when mine is expiring so, I just shuffle $ to her TNG. We move $ back and forth to whichever TNG offer is best.

When we run out of offers, we'll need go to the next best ...

NO ONE has ever figured out how the marketing promos are disseminated. No point in all the speculation.
In the past, it has NOT been affected by having $ in a Tang chequing.