Targeted offer - 5% on new money till June 30, 2023 (extended to September 30) | Page 5 | Tangerine Bank | Discussion forum

Bill said
Alexandre, I guess you're right about employee performance evaluations affecting customer service that way.

If you log in to Tangerine, click on the down arrow by your name at the top, select Profile & Settings, then Bonuses & Contests, down to Special Rate Offers and then Offer Terms on the right you will get in pretty clear English the terms of your offer.  

You can also look at the Account, then Details, the "More Info" button will show you the terms and the starting balance date for new money offers ...

No complaints about clarity. The language of the extended offer is crystal clear.

However, I never received an email and only learnt about the extension from this thread and account message/information after logging.

Bill said
Alexandre, I guess you're right about employee performance evaluations affecting customer service that way.

If you log in to Tangerine, click on the down arrow by your name at the top, select Profile & Settings, then Bonuses & Contests, down to Special Rate Offers and then Offer Terms on the right you will get in pretty clear English the terms of your offer.  

Here's the Full Offer Terms & Conditions for me:

"General

The Tangerine Bank (the “Bank”) Savings Interest Offer of 5.00% (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank, (2) “Activate” (as defined in Section 4 below) the Offer by February 28, 2023 and (3) receive a confirmation to their online Tangerine Account Message Board that the Offer has been successfully activated (“Eligible Clients”).

The Offer is only available to Eligible Clients between February 2, 2023 and September 30, 2023 (the “Offer Period”).

The Offer is only applicable to Tangerine Savings Accounts (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”), Tangerine RSP Savings Accounts (“RSP Savings”), and Tangerine US$ Savings Accounts (“US$ Savings) (referred to collectively as “Applicable Accounts”) where the Eligible Client is the Primary Account Holder as described in Section 13 below. Multiple Applicable Accounts of the same type (for example, three separate TFSA Savings Accounts) are collectively 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 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 February 28, 2023:

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
Accept the Offer through the Tangerine Interactive Voice Response System.
Promotional Interest

“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 February 1, 2023, to a maximum of $1,000,000 (in the currency of the Applicable Account), subject to the exclusions in Section 10 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”).

In the case of deposits made to Applicable Accounts by means of a T2033 form, those deposits will earn interest at the Posted Rate payable on the Applicable Account from the time the transfer request is submitted to Tangerine and while the funds are in transit. Upon receipt of the transferred funds by Tangerine, those funds will be included in the calculation of Eligible Deposits as explained above, provided that the Offer Period hasn’t already ended when the funds are received.

A Promotional Interest Rate of 5.00% 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.

The Promotional Interest Rate is an annualized rate, and, subject to the limits and qualifications outlined in these Terms and Conditions, the Promotional Interest will be calculated daily during the Offer Period and paid monthly. Although all balances for a particular Applicable Account Type are consolidated for purposes of calculating Eligible Deposits, 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 Interac e-Transfer®, to an Applicable Account.
Money transferred from a Savings Account to a TFSA Savings or RSP Savings Account.
Money transferred from a US$ Savings Account to 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 February 1, 2023. 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 February 1, 2023. 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 February 1, 2023. Five days later, they open an additional Tangerine Savings Account and transfer $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 therefore won’t earn Promotional Interest:

Transfers or money deposited to a RIF Savings, CSA, Business 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 February 1, 2023.
Money deposited to an RSP Savings Account and then transferred to an RSP GIC resulting in no change to the total Applicable Account balances in RSP Savings from February 1, 2023.
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 February 1, 2023.
Money deposited to a TFSA Savings Account and then transferred to a TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from February 1, 2023.
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 in the Applicable Accounts will earn interest at the Posted Rate payable on the Applicable Account.

Any Applicable Account closed prior to the payment of Promotional Interest will forfeit any Promotional Interest calculated during the month in which the Applicable Account is closed.

Eligibility

This Offer is non-transferable and is only available to Eligible Clients who have received the Offer communication from the Bank.

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 Applicable Account and is listed second on the statement for that Account), the Offer won’t be applied to that particular Account. 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.

Limitations

Limit of one Offer per Eligible Client. This Offer is non-saleable, may not be exchanged for cash and can’t be combined with any other discounts, offers, or promotions except as otherwise permitted.

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 (in the currency of the Applicable Account) 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 (in the currency of the Applicable Account) for any Applicable Account Type (i.e. $1,000,000 CAD across all Tangerine Savings Accounts, $1,000,000 USD across all Tangerine US$ Savings Accounts, $1,000,000 CAD across all Tangerine Tax-Free Savings Accounts and $1,000,000 CAD across all Tangerine RSP Savings Accounts). Any balances greater than $1,000,000 (in the currency of the Applicable Account) for an Applicable Account Type will earn interest at the applicable Posted Rate of interest.

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. In the event of conflict, these Terms and Conditions will prevail over any of the contents of any brochure, promotional materials or statements, or any other communication regarding this Offer, whether written or oral from the Bank, except where otherwise stated.

The Bank reserves the right at its sole discretion, without advance notice, to extend, suspend, terminate or otherwise modify the Offer, in whole or in part or for select Clients for any reason or if the Offer can’t run as planned, 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 suspend, disqualify, limit or revoke this Offer for any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer or who otherwise is deemed ineligible.

By accepting the Offer, you consent to receive electronic messages that notify you when the Offer Period is expiring and inform you about the interest rate that will take effect after the Offer Period expires.

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

Earn more interest with your special savings rate until July 31, 2023
You’re earning 5.00%* interest on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and US$ Savings Account(s) until July 31, 2023. Why not move money to your Account(s), or open a new Account, to make the most of your special rate?

Here’s how it works:

We totalled up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on December 5, 2022 to get your total balances per Account Type.

From December 6, 2022 to July 31, 2023, you’ll earn your special interest rate on new deposits over your total balances calculated on December 5, 2022 (up to $1,000,000† per Account Type).

The rest of your Account balance will earn the current posted rate

If it's so easy and handy to access the info online, one has to wonder why the CSRs, who deal with Tang info all day long, can't find it, make sense of it, or tell you how to find it.

Alexandre said

You are almost there.

Click on More Info button under that text that you quoted:
  

Thanks Alexandre

Ok here is what it says when I click on the 'Info Button':

"Earn more interest with your special savings rate until September 30, 2023

You’re earning 5.00%* interest on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and US$ Savings Account(s) until September 30, 2023. Why not move money to your Account(s), or open a new Account, to make the most of your special rate?

Here’s how it works:
We totalled up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on February 1, 2023 to get your total balances per Account Type
From February 2, 2023 to September 30, 2023, you’ll earn your special interest rate on new deposits over your total balances calculated on February 1, 2023 (up to $1,000,000† per Account Type)
The rest of your Account balance will earn the current posted rate"

BlueSky said
It's crystal clear, especially in the ex. in the T&C that Tang is seeking new deposits. New money that is above and beyond the total amount, combined, in all eligible accounts, as of Feb. 1. That is the "old money" that has been sitting in the accounts up until June 30. Starting July 1st, only the excess amount of money of what was in the accounts will qualify for the 5%, the "old money" will earn the current rate of 1% only.  

BlueSky,

Thank you for your reply. That's what I initially thought as well and I sent a message to Tangerine and even called them as well for double confirmation and they said the same thing that you're saying but people on here are saying that it's the opposite and that their CSR's are wrong, over-worked and don't know what they're talking about.

Bill said
My offer says the same as Top Dogg cited in post #94 above, i.e. until Sept 30 I get 5% on all amounts exceeding the Feb 1 balance. No reference to June 30, July 1, or any other dates.  

Hi Bill,

Thanks for the reply. So does that mean that you're just leaving your funds in there and you will continue to get the 5% rate on your current Savings Account, etc. balance until September 30th?

It says right in the account, the offer is just extended to Sept 30. There is not one word about July 1, etc. The key is check your balance on Feb 1, that is the baseline.

"From February 2, 2023 to September 30, 2023, you’ll earn your special interest rate on new deposits over your total balances calculated on February 1, 2023 (up to $1,000,000† per Account Type)