3% until November 30, 2015 on new Tangerine Savings Account deposits made between July 2 and September 30 | Page 2 | 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 24, 2015
10:18 am
jgclghrn
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Nav66 said

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.

I have the 3% offer until Nov. 30 for new money added between July 2 and Sept. 30. The small print on my offer still quotes the 1.95% bonus + the posted rate which is now 0.8%. I called Tangerine and they said regardless I am still getting the 3% on new money. The old money will now only get 0.8%.

August 4, 2015
10:46 am
RicksBank
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Cool. It only took me 2 minutes last night to write a check and deposit it to my (empty) savings account with the mobile app's Cheque-In feature. I'll earn over $900 more during the offer period. Interest starts paying today, and is still 3.00% (0.80% + 2.20%) as explained here:

“Additional Interest” is 1.95% on all Eligible Deposits made between July 2, 2015 and July 23, 2015. Additional Interest is added to the Posted Rate to calculate the total amount of interest payable under this Offer (Example: Posted Rate of 1.05% + Additional Interest of 1.95% = Offer of 3.00%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate. Effective as of July 24, 2015, the Additional Interest is 2.20% and the Posted Rate is 0.80%.

September 30, 2015
7:47 am
HIS285
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If I understand this offer correctly, today is the last day for new deposit to count toward the 3% rate until November 30.

How will that work?

To take an example: If I have $10,000 in new deposits as of today, and spend $2,000 in the next few days for rent and other expenses, and then deposit $3,000 later, will the 3% only be calculated on $8,000 so that I would be better off putting that money in a savings account at another bank?

It's probably simple enough but I'm somewhat confused by the process starting tomorrow.

September 30, 2015
11:14 am
rqs
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I was wondering the same thing. Does anyone have the definitive answer?

September 30, 2015
12:20 pm
2of3aintbad
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HIS285, I think 3% only on $8000 since your later deposit after sep 30 is not an 'Eligible Deposit'. from T & C:
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, as outlined in the Additional Interest section below.

September 30, 2015
2:35 pm
Loonie
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2of3aintbad said

HIS285, I think 3% only on $8000 since your later deposit after sep 30 is not an 'Eligible Deposit'. from T & C:
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, as outlined in the Additional Interest section below.

I would read it differently, just based on this quote. According to this, it appears to apply to anything above and beyond what was in the account on July 1. If, by withdrawing money, your balance falls below the July 1 balance, then you wouldn't get the deal for that day, reducing your overall rate of interest.
In the absence of contrary info, it looks as if any balance above July 1 as of Sept 30 might qualify.
However, I have not checked all the details and am not pursuing this offer myself.
It would be wise to phone and ask, I think. Email is better still, if you can get an answer, as you then have a record of what they said and you don't have to waste time waiting for CS.

September 30, 2015
2:42 pm
HIS285
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Loonie, I think you've summarized the issue accurately.

In one scenario, I wouldn't be putting any more money into the account, even after a withdrawal; in the other scenario, I would deposit enough money to get back to the maximum I reached as of September 30. I may try to write them now that I know it is a real issue.

September 30, 2015
4:20 pm
Bill
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Just a reminder, no Sept 30 deadline for those on the 3% 180-day Tangerine promo.

September 30, 2015
9:10 pm
Joe
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Bill said

Just a reminder, no Sept 30 deadline for those on the 3% 180-day Tangerine promo.

Bill is correct.....there 2 different promotions.

Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.

November 26, 2015
6:40 pm
panache
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Has anyone got an update from Tangerine as to whether they anticipate offering another promotional rate? The 3% promo expires November 30, and I'm wondering what other attractive options are out there. Or should I move money's back to Achieva that is offering the 1.7%.
Any advice is appreciated.

November 27, 2015
1:13 am
Loonie
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Hubert is 1.8, if that's any help to you. I think Implicity also but have not checked.

With the economy in such rough shape, as recently revealed, with low GDP expectations and inflation, there may not be another offer this good from Tangerine in the immediate future. However, it's only a savings account, so we are not obligated to leave our money there.

Personally, I expect Tang's next offer will focus on TFSA/RRSP, which they have been neglecting for some time after having instituted the transfer fee to try to try to get us to "behave" and stay put, but this may depend on part on what is in the next federal budget, expected before year end as I understand it. Also, I expect they will be focussing on promoting their credit card more heavily in the near future. So their emphasis will not likely be on savings accounts. Good time to move money elsewhere probably. Would love to be proven wrong, of course!

You could look at the Zag offer, perhaps, if still open to new people. I have not kept up on it.

November 27, 2015
7:08 am
jgclghrn
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Loonie said
You could look at the Zag offer, perhaps, if still open to new people. I have not kept up on it.

Zag Bank has now made 2.5% their base savings account rate. No apparent fees.

November 27, 2015
10:58 am
Bill
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panache, there's rarely if ever any indication ahead of time re promotional rates - even if you call the institution, they don't let their frontline people know what's coming. So pre-planning is not usually possible. We just have to wait and see, usually someone on this site gets the word out right away.

November 27, 2015
8:00 pm
Rick
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I moved half of my Tang savings out today. Their promotions are usually based on the balance as of some date before the promo starts. If there is another promo in Dec, I can figure out if it's worth moving it back. I've said it before, and I'll say it again.... I wish they would quit with the gimmicky promos and just go back to offering above average rates.

November 28, 2015
9:57 pm
Loonie
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I sympathize, Rick, but...
they would never have offered 3% on an ongoing basis. 5 or 6 months is a good run (I got the 6-month deal).
Personally, I'm willing to jump some minor hoops for that, but not major ones. There comes a point for each of us where it's just too much bother, and then we take our money and put it somewhere else.

November 29, 2015
10:14 am
Rick
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Loonie said
they would never have offered 3% on an ongoing basis. 5 or 6 months is a good run (I got the 6-month deal).
Personally, I'm willing to jump some minor hoops for that, but not major ones. There comes a point for each of us where it's just too much bother, and then we take our money and put it somewhere else.

Loonie...
I agree....I wouldn't expect 3% year round. Just not realistic these days. BUT....if you take their regular .8% Hi-Interest (sic) rate account for 6 months, combine it with the 3% rate you got for 6 months, it works out to 1.9% per year (not compounded). That would not be out of the realm of possibility these days. To my point, it would put them in the position of being a rate leader, like they were in the ING days, stabilize the deposit base, (I'm sure I'm not the only one moving funds out), and improve their standing in general. I too, am willing to jump through a few hoops, which is why I will wait to see the next promo to figure out if I move it all out or back in in December. To their credit (LOL), I am liking the new orange credit card...so far. It may be the only contributions they get to my Tang savings account (until the next promo).

November 29, 2015
12:32 pm
2of3aintbad
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In January, we will have new TFSA room. I would think that at least that amount of the savings in the two Tangerine promotions will be looking for a new home. So Tangerine should be motivated to offer a TFSA promotion instead.

November 29, 2015
5:48 pm
Loonie
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there was another "deal" that Tang offered just before the 3% one, and I think there was yet another one before that. So, actually, over the course of 2015, the effective rate that i, at least, got, is higher than 2%, although I have not bothered to work it out precisely yet. If you jumped all the hoops, they did make it worth your while this year

December 1, 2015
1:53 pm
Calibre
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Fellow Savers,

Just got off the phone with Tang - They offered me a 2% rate for the next 180 days when I threatened to withdraw the funds associated with their previous promotion (3%). Decent rate, with very few "strings" attached - Details below.

Calibre

1.The Tangerine Bank (the "Bank") Limited Time Interest Offer of 2.00% (the "Offer") has been calculated based on interest rates current as of December 01, 2015 and is available to existing Tangerine Clients who receive notification that they are eligible for the Offer from a Tangerine Contact Centre Associate and who verbally accept the Offer ("Eligible Clients"). The Offer is available to Eligible Clients on all eligible deposits for a period of 180 days from the date they accept the Offer (the "Promotion Period") to a maximum of $500,000 in deposits to all Tangerine Savings Accounts combined (CDN dollar, non-registered Accounts only; herein referred to as "Applicable Accounts"). It is not applicable on any other Account types, including (but not limited to) the Tangerine RSP Savings Account ("RSP Savings"), Tangerine Tax-Free Savings Account ("TFSA Savings"), Tangerine RIF Savings Account ("RIF Savings"), Tangerine US$ Savings Account, Tangerine Business Savings Account, Tangerine US$ Business Savings Account, or Tangerine Children's Savings Account ("CSA").

December 1, 2015
2:04 pm
rhvic
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Thanks Calibre.

I'm still tempted to move my money back to Hubert at 1.8% by mid month (when my Tangerine rate drops from 3%) rather than leave it at Tangerine. If they come up with a better rate than say President's Choice likely will come up with, then I'll move it back. These two institutions in particular seem to be trying to out-promote each other.

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