Targeted offer - 5% on new money until August 31, 2023 | Page 2 | Tangerine Bank | Discussion forum

My 4.75% promo (new money to eligible accounts) expired March 31/23. I didn't call to ask for anything. Just saw a 5% promo (all money in eligible accounts) through Aug 31/23. (I think I'm reading the new promo correctly that it isn't 'new money'.)

* The 5.00% Interest Rate Offer (the “Offer”) is only available to existing Tangerine Clients who have received this communication directly from Tangerine and who activate the Offer online by April 30, 2023. The 5.00% promotional interest rate (the “Promotional Interest Rate”) is valid from April 13, 2023 to August 31, 2023 (the “Promotion Period”) and is only available for eligible non-registered Tangerine Savings Account(s) (“Applicable Accounts”) to a maximum balance of $1,000,000 in all Applicable Accounts combined (“Eligible Balances”) during the Promotion Period. The Promotional Interest Rate is an annualized rate, calculated daily and paid monthly. This Offer can’t be combined with any other promotional rate offers for non-registered Savings Accounts. This Offer, including interest rates, may change, be extended or cancelled without notice.

Full T&Cs:

Tangerine Non-Registered Savings Accounts Full Terms and Conditions (the “Non-Registered Account Offer Terms and Conditions”)

General
The Tangerine Bank (the “Bank”) Special Savings Rate Offer for Non-Registered Savings Accounts (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank, (2) “Activate” the Offer (as defined in Section 4 below) by April 30, 2023 and (3) receive a Confirmation in their online Inbox that the Offer has been successfully activated (“Eligible Clients”).

The Offer is only available to Eligible Clients on combined daily closing balances in their eligible Tangerine Savings Account(s), as defined below (“Applicable Accounts”) to a maximum daily closing balance of $1,000,000 in all Applicable Accounts combined (“Eligible Balances”) from April 13, 2023 to August 31, 2023 (the “Promotion Period”).

For the purposes of this Offer, “Applicable Accounts” only include Tangerine Savings Accounts and don’t include any other Tangerine Accounts such as (but not limited to) Tax-Free Savings Accounts (“TFSA Savings”), RSP Savings Accounts (“RSP Savings”), RIF Savings Accounts, US$ Savings Accounts, Business Savings Accounts, US$ Business Savings Accounts, or Children’s Savings Accounts.

To “Activate” the Offer, the Client needs to perform one of the following actions by April 30, 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

Promotional Interest
“Promotional Interest” is the interest earned on Eligible Balances as part of this Offer, calculated at a “Promotional Interest Rate” of 5.00%, which is the sum of the applicable posted rate of interest listed on the Bank’s website (the “Posted Rate”) and an additional top-up rate of interest to make up the difference (the “Top Up Rate”). Therefore, Promotional Interest earned is the sum of: (1) interest earned on Eligible Balances calculated at the Posted Rate, and (2) additional interest earned on Eligible Balances calculated at the Top Up Rate (“Additional Interest”). The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the Top Up Rate so that Promotional Interest remains unchanged during the Promotion Period.

Example: If the Posted Rate is 0.40%, a Promotional Interest Rate of 2.50% will be made up of the Posted Rate and a Top Up rate of 2.10%. If the Posted Rate changes to 0.50%, the Top Up Rate will change to 2.00% such that the Promotional Interest Rate will remain at 2.50%.

Subject to the limits and qualifications outlined in these Terms and Conditions, the Promotional Interest Rate will apply to Eligible Balances and be calculated daily at close of business (ET) and paid monthly. Eligible Clients will receive Promotional Interest earned in two separate interest payments: (1) interest earned on Eligible Balances at the Posted Rate is paid at the end of the month in which it was accrued, (2) Additional Interest is paid at the start of the month following the month in which it was calculated.

On days during the Promotion Period, where the combined balances in the Applicable Accounts are above $1,000,000, the Promotional Interest Rate will apply to the maximum amount and the Posted Rate will apply to that portion of the combined balances in the Applicable Accounts that is over $1,000,000. Promotional Interest Rate will be applied to balances in the oldest Applicable Account first and subsequently to other Applicable Account(s) in the order in which the Account(s) had been opened until the maximum combined balance of $1,000,000 has been reached.

Example: Eligible Client with multiple Applicable Accounts

An Eligible Client who activates the Offer has three Tangerine Savings Accounts. The first Tangerine Savings Account opened has $50,000, the second Account has $960,000 and the third has $25,000. Since $1,000,000 is the maximum balance threshold, the Promotional Interest Rate will apply only to the balances in the first and second Tangerine Savings Accounts up to $1,000,000 (i.e. $50,000 in the first Account and $950,000 in the second Account). The third Tangerine Savings Account with a balance of $25,000 will receive the Posted Rate.

After the Promotion Period ends, all balances in the Applicable Accounts will earn interest at the Posted Rate.

The Promotional Interest Rate will be automatically applied to all Eligible Balances in all existing Applicable Accounts that the Eligible Client has when the Promotion Period begins, and to all Eligible Balances in any subsequent Applicable Accounts opened by the Eligible Client during the Promotion Period.

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 for Eligible Clients. 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 an Eligible Client is not the Primary Account Holder (e.g. 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.

Limitations
This Offer can’t be combined with any other promotional rate offers for non-registered Savings Accounts. Where an Eligible Client qualifies for more than one promotional rate offer for non-registered Savings Accounts from the Bank, this Offer will cancel any other existing promotional rate offers and will be applied to the Eligible Client’s Applicable Accounts unless otherwise arranged.

The Bank reserves the right at its absolute discretion to revise these Terms and Conditions from time to time without prior notice.

The Bank reserves the right to suspend, terminate or extend the Offer in whole or in part, at any time and from time to time without notice at its absolute discretion.

The Bank reserves the right, at its sole discretion, to disqualify any Eligible Client it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer or otherwise becomes ineligible.

To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, promotional material or statement, whether written or oral from the Bank (collectively “Messages”), these Terms and Conditions will supersede all other Messages.

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

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.

Thanks. That should definitely cover it!

And one can always write a cheque for larger transfers-out.

Thanks. That extra 25K could be a handy route too.
25k seems awfully stingy for a bank of this size.

Higher limits are common elsewhere, but perhaps they prefer to make things more difficult for clients than to spend more on security. This becomes clearer when you consider how stingy they are with providing adequate customer support by phone.

savemoresaveoften said

I believe its a combination of both  

My belief is that ...

1. if it had anything to do with security/fraud, In and Out limits would be identical.

2. All FI's want to make it easy for us to move money In but a little more difficult to move money Out and thus In limits higher than Out limits and the rationale the difference is pure PR.

That being said, I have never made an online transfer of more than $25k. If I need more, I move another $25k after the previous one is acknowledged at the receiving end although it may be on hold for a few days or more. This way if anything goes afoul, my "at risk" capital and BP are minimized ...

There's no such thing as a "quick" call to Tang when you're left on Hold for a half hour or more.

savemoresaveoften said

Their call back feature still works relatively well, except they dont always make it available. 

Meanwhile, they think it is perfectly acceptable to abuse me with their incessant sales / online spam while on hold.

Is the heading on this thread incorrect (remove 'new money')? See posts 21 and 23.

Also, I don't see this added to the promo list (for posterity).

i also did the same.