3% until November 30, 2015 on new Tangerine Savings Account deposits made between July 2 and September 30 | Tangerine Bank | Discussion forum

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3% until November 30, 2015 on new Tangerine Savings Account deposits made between July 2 and September 30
July 2, 2015
5:35 pm
Norman1
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A RedFlagDeals.com member sighted another targeted offer from Tangerine.

3% on net new deposits to Tangerine Savings Accounts made between July 2 and September 30:

Tangerine: Everything grows better in the summer

Official terms and conditions require one to receive the offer via email directly from Tangerine or an online notification when one logs in to their account on their web site.

July 2, 2015
6:00 pm
james1900
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I spotted the following statement on the online banking after clicking "Account info" button:

Special offer: Earn 3% interest until Nov 30, 2015 on new deposits to your Tangerine Savings Account from July 2 to September 30. Learn more

I did not call Tangerine.

July 2, 2015
9:04 pm
Norman1
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If targeted, one does not need to call in for this new offer, for new deposits.

July 2, 2015
9:25 pm
Loonie
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Judging by the fine print, it looks like this offer applies to new money deposited into existing savings accounts between July 2 and Sept 30, but the rate persists to Nov 30, which is unusual. It looks like new money deposited in Oct and Nov will not qualify for this promotion.
"The Offer is available to Eligible Clients between July 2, 2015 and November 30, 2015 (the 'Offer Period') on all net new deposits, as explained in the Additional Interest section below, made between July 2, 2015 and September 30, 2015 ('Eligible Deposits') to a maximum of $500,000 in all Tangerine Savings Accounts combined (CDN dollar, non-registered Accounts only; herein referred to as 'Applicable Accounts')."

Like the other 3% special currently offered by Tangerine, this one targets specific clients, and its rate is not guaranteed. "Additional Interest and/or Posted Rates may change at any time without prior notice."

Additional interest above regular ("Posted") rate will be paid out on 1st of the month, as with other offers.

July 2, 2015
9:51 pm
Jon
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They seems to have a much more lax requirement than the previous one as I only have a couple thousand dollars, yet they still allow me to get it.

July 3, 2015
5:01 am
Dennis
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Maybe it's for everybody this time. I have zero balance but I got notification when I logged in.

July 3, 2015
11:17 am
HIS285
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I assume that the threshold is the amount that was in the account on July 2. Do correct me if I am wrong.

So, if someone had $10,000 on July 2, then anything above that will get the 3% rate. But the $10,000 will get only 1.05%.

It seems that the more money one had on July 2, the less interesting this offer is... unless one has a lot of money to transfer from somewhere else. Even then, the 3% rate will never be reached for the total amount in the account. And it's only for five months.

July 3, 2015
12:13 pm
Yatti420
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Offer reflects balance on July 1st.. All new net money from deposits starting on July 2nd get 3%. In terms.. General #2..https://www.tangerine.ca/en/landing-page/summersavingsale/termsandconditions/termsandconditions.html

July 3, 2015
12:27 pm
Loonie
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HHIS285 - I think you have it about right. Technically, the baseline is July 1:
"During the Offer Period, the Bank will calculate Additional Interest on Eligible Deposits for existing Applicable Accounts each time the sum of the daily balances in all Applicable Account(s) exceeds the sum of Applicable Account balances as at July 1, 2015."

I think your point is well taken that anybody who actually had money in their account at the beginning can never get the full 3% on the account. Only the people who got the other 3% offer can get that, and they get it for a longer period of time. So, the reward for the more "loyal" customer is greater.

The target audience for this one is the opposite of the other 3% offer. Seems to be primarily targetted at accounts showing no loyalty to Tangerine, whom they are trying to revive. Such persons only have 3 months to get the money in the account, allowing for both lump sum transfers and payroll deposits. For 3 months, they might not get the payroll deposits, as it's too much bother, but for 5 months they might. By extending the 3% to 5 months, they are, I suppose, hoping people may stop programming their computers to take the money out in 3 months.

The person who may benefit the most (and the one Tangerine is most interested in luring back) is the one who took out all their money just before the last offer expired. Ironically, they are rewarding behaviour they don't want, but they do want the money back more than anything, it seems, and are willing to pay for it. From a consumer perspective, that's the way it should be.

By the time this offer expires, we'll be into the Christmas rush, when people are more inclined to spend. At that time, people will also be looking to top up their RRSPs and, in January, their TFSAs. So the next offer may target those accounts. There may be something in October or November to get people to put money aside for 2016 TFSA, as there was last Fall.

July 3, 2015
3:43 pm
Bill
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Tangerine has had a promo for some time re 2016 TFSA, i.e. double interest:
https://www.tangerine.ca/en/saving/savings-accounts/tfsa-kickstart-account/termsandconditions/index.html

July 3, 2015
9:43 pm
Loonie
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Thanks for the reference, Bill. Looks like the TFSA kick-start started May 1.

July 4, 2015
6:46 am
HIS285
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Thanks for the replies. Also, I guess the 3% is really the regular rate of 1.05% + 1.95%, and that the 1.05% could go down at any time.

I'm in a position where I could transfer a fair amount from PT and CDF. Not sure it's worth the hassle.

I'm concerned that Tangerine could impose new transfer out fees once they have the money. Maybe it's not justified on my part (I never would have thought so with the old ING, but with Tangerine, I feel anything is possible).

July 4, 2015
11:28 am
semi-retired
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These accounts for the 3% bonus interest rates are all non-registered,so there shouldn't be transfer fees involved down the road.

July 4, 2015
7:18 pm
Loonie
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HIS285 said

Thanks for the replies. Also, I guess the 3% is really the regular rate of 1.05% + 1.95%, and that the 1.05% could go down at any time.

I'm in a position where I could transfer a fair amount from PT and CDF. Not sure it's worth the hassle.

I'm concerned that Tangerine could impose new transfer out fees once they have the money. Maybe it's not justified on my part (I never would have thought so with the old ING, but with Tangerine, I feel anything is possible).

NOTE: The interest rate can change on both the 1.05 and the 1.95%. T&C #4 states: "Additional Interest and/or Posted Rates may change at any time without prior notice." "Additional interest" refers to the 1.95; and "Posted Rate" refers to 1.05

I don't think there will be any transfer-out fees for several reasons. First, no other bank that I know of charges a fee for a non-registered account, unless you want a money order or certified cheque etc. Second, they have to give you 2 or 3 months notice of any change in fees anyway.

If the Bank of Canada rate goes down, or Tangerine's profits go down, either or both rates might go down. That is the most likely reason why it would happen.
If the bank rate goes down, then the rates will go down at all banks, so you would lose out no matter where it is.
Personally, I would think it's probably worth your while to make the transfer,especially if PT and CDF can do this electronically, which I think they can. It's not much work, but it depends on how much money you have and whether it's worth it to you..

July 5, 2015
1:03 am
Yatti420
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I can't keep cash at Tang for 1.05.. They need to offer more people.. No notice yet on my end :( Oh well.. Zagging we go :)

July 5, 2015
7:49 am
HIS285
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OK, I'm convinced it's worth it after all. After some calculations, it seems I'll make more than $1300 additional interest by moving my money (if the rates hold). Which I'll then transfer into my RRSP.

July 5, 2015
9:33 am
Jon
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Yatti420 said

I can't keep cash at Tang for 1.05.. They need to offer more people.. No notice yet on my end :( Oh well.. Zagging we go :)

Try to give them a call, they seems to offer it to anyone that call them.

July 5, 2015
10:22 am
ValueTime
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Don't you just love these limitations! The old "bait and switch" con ...

Limitations:

If the Bank is unable to run the Offer as planned for any reason, 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, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

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.

The Bank reserves the right to withdraw the Offer in whole or in part, or to vary any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion. The Bank reserves the right to end the Offer earlier or to extend the Offer Period further at its absolute discretion.

The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

This Offer may be suspended, modified or withdrawn at any time without notice.

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

You agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice regarding this Offer is deemed to be provided on the day it is posted on our website.

July 6, 2015
10:53 pm
Yatti420
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Jon said

Yatti420 said

I can't keep cash at Tang for 1.05.. They need to offer more people.. No notice yet on my end :( Oh well.. Zagging we go :)

Try to give them a call, they seems to offer it to anyone that call them.

Called and got it.. Thanks Tangerine.. Said was targeted.. We struggled at first for terms etc but pretty sure I got promo..

Edit: confirmed

July 24, 2015
8:32 am
Nav66
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As of today (24 July '15) the rate is 2.75% (0.80% + 1.95% bonus). The savings rate was dropped from 1.05% to 0.80% last night.

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