Tandia promo 5 yr term 3% (ON only) | GIC discussions | Discussion forum

savemoresaveoften said
it will come handy and possibly even higher when the 3% wonderful acct ends in 2 months time 🙂  

Using funds from the 3% "wonderful" account might not work if this promo is only for "NEW" money.

COIN said

Using funds from the 3% "wonderful" account might not work if this promo is only for "NEW" money.  

Ok, I called Tandia. Money already in the "wonderful" account will not qualify for the 3% 5 year GIC because they don't consider that "NEW" money. However, it does qualify for the 2.70% 5 year GIC.

savemoresaveoften said

That is interesting but with so many other FIs offering 5y at 3%, when the time comes, I will just tell them if I dont get 3% (if thats still the best rate at the time), transfer my money out pls.  

It wasn't clear from the website so I called 1-800-598-2891 and the agent said money from the "wonderful" account does not qualify as "new money" so not eligible for the 3% 5 year GIC.

hwyc said
Thanks for the fact checking, COIN ... No longer a hypothesis. Still trying to make some sense out of this requirement ... or whether it is enforceable.  

It doesn't have to make sense. It is company policy. LOL!

Whenever I see a promo rate I always check to see of it applies to only "new" money and what is the definition of "new" money.