5.25? Promo Rate ending October 31, 2023. Any extensions Yet?? | Tangerine Bank | Discussion forum

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5.25? Promo Rate ending October 31, 2023. Any extensions Yet??
October 24, 2023
3:54 am
rfdm4g4g9
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I am on 5.25℅ till October 31, 2023 for about 4 months now. From July to October.

Previously also I was on 5.25%, but they extended my promo in July for 4 months more, so I did not move my money elsewhere.

Has anyone got any extensions for those whose promotion is ending on October 31, 2023?

Last time I got the extension automatically, and was informed at least 10 days in advance of the extension, before the promo was getting over.

But now it's October 24, no extension notice so far. So I guess I might not get it.

I will probably withdraw all my money on October 31, I guess. Lets see if I get a new offer on November 4 or November 5 for say around 6%.1

October 24, 2023
4:16 am
krwilson
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I have the exact same story as you for getting the first extension BUT have received no new offer either.

October 24, 2023
5:17 am
JohnnyCash
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There's usually a gap of a month after an extension offer expires, in rare cases it can come the following month.
Probably best to move the funds out, or at the very least move everything to the chequing account as a new offer will likely stipulate new funds only.

October 24, 2023
5:54 am
rfdm4g4g9
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JohnnyCash said
There's usually a gap of a month after an extension offer expires, in rare cases it can come the following month.
Probably best to move the funds out, or at the very least move everything to the chequing account as a new offer will likely stipulate new funds only.  

Thanks.

Yes, I will be moving the money on October 31 or maybe November 1.

No way I am keeping money in it for just 1%.

Even 5.25% was on a lower side, as lot are getting 6% + these days .

October 24, 2023
6:11 am
cgouimet
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rfdm4g4g9 said
I am on 5.25℅ till October 31, 2023 for about 4 months now. From July to October.

Previously also I was on 5.25%, but they extended my promo in July for 4 months more, so I did not move my money elsewhere.

Has anyone got any extensions for those whose promotion is ending on October 31, 2023?

Last time I got the extension automatically, and was informed at least 10 days in advance of the extension, before the promo was getting over.

But now it's October 24, no extension notice so far. So I guess I might not get it.

I will probably withdraw all my money on October 31, I guess. Lets see if I get a new offer on November 4 or November 5 for say around 6%.1  

My spouse is on the same offer (5.25% from Mar 1 to Jun 30, extended to Oct 31). From what I've read in these forums, a 2nd extension is unlikely. Perhaps we'll get a new one for Dec 1 on ...

CGO
October 24, 2023
7:28 am
toto
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My October 31st /5.25 extension ends also. I am going to call today and ask for a extension, most likely they will say no , but Ive been doing this with Tangerine so long now Im used to it. Once or twice over the years I got lucky with this strategy.

October 24, 2023
8:00 am
JohnnyCash
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toto said
My October 31st /5.25 extension ends also. I am going to call today and ask for a extension, most likely they will say no , but Ive been doing this with Tangerine so long now Im used to it. Once or twice over the years I got lucky with this strategy.  

Be sure to let them know about all the other ongoing promo's at Manulife 5.25%, Meridian 5.75% and HSBC 6.35%. If you are not yet a Simplii client, they have a 6.0% offer, and if you're a resident of Ontario, Duca at 6.25%.

October 24, 2023
12:53 pm
toto
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Yes, Im ready with my list of comparable interest rates from other financial institutions, and some I am linked to already, Ill let you know what they say when I call

October 24, 2023
1:12 pm
toto
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OK just called Tangerine about my October 31st/ 5.25 extension expiry. I got a very pleasant customer service rep that asked if id be interested in GICS or Mutual Funds instead, I declined as I already have GICS. I mentioned that I will move my money to one of the other promos, so he offered me 5 percent for 150 days starting today. I took the offer as it is in my best interest to stay where I am right now.
There was no wait on the phone lines either.

October 24, 2023
2:17 pm
COIN
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toto said
OK just called Tangerine about my October 31st/ 5.25 extension expiry. I got a very pleasant customer service rep that asked if id be interested in GICS or Mutual Funds instead, I declined as I already have GICS. I mentioned that I will move my money to one of the other promos, so he offered me 5 percent for 150 days starting today. I took the offer as it is in my best interest to stay where I am right now.
There was no wait on the phone lines either.  

Is 5 percent a typo? Sounds low when compared to what else is out there. Did you mean 6%?

October 24, 2023
2:19 pm
savemoresaveoften
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COIN said

Is 5 percent a typo? Sounds low when compared to what else is out there. Did you mean 6%?  

When you call in, the offer you will receive is always subpar.

October 24, 2023
5:17 pm
BlueSky
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cgouimet said

My spouse is on the same offer (5.25% from Mar 1 to Jun 30, extended to Oct 31). From what I've read in these forums, a 2nd extension is unlikely. Perhaps we'll get a new one for Dec 1 on ...  

I don't know how Tang works, but I was on a promo from Feb. to June, was extended till Sept. 30. I pulled my funds on Sept. 27, and got a new 6% beginning of Oct. till Feb. 24.

October 24, 2023
5:31 pm
jorno319
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BlueSky said

... I was on a promo from Feb. to June, was extended till Sept. 30. I pulled my funds on Sept. 27, and got a new 6% beginning of Oct. till Feb. 24.  

The same happened for me (except I moved my funds to my Tangerine chequing account on Sept. 30).

October 24, 2023
5:38 pm
toto
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Yes it was 5 percent that I received when I called in, a quarter point less, I didnt expect higher, I only accepted it because it works for me right now with my investments, and I didnt want to take the chance that I wouldnt get an extended offer.

October 24, 2023
5:55 pm
cgouimet
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jorno319 said

The same happened for me (except I moved my funds to my Tangerine chequing account on Sept. 30).  

1st & 2nd double extension I've heard of. Congrats ...

CGO
October 24, 2023
11:41 pm
JohnnyCash
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cgouimet said

1st & 2nd double extension I've heard of. Congrats ...  

They were new offers, not double extensors, that came without having to wait a typical month to see if they were once again chosen to be lottery winners.

October 25, 2023
8:46 pm
rfdm4g4g9
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My other account still has this offer. But forgot to move the money out in time. So hopefully on November 4, they extend it. So moving out the money on October 31 or November 1.

-----------------

Tangerine

Full Offer Terms and Conditions

General

The Tangerine Bank (the “Bank”) Savings Interest Offer of 6.00% (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 October 31, 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 October 4, 2023 and February 29, 2024 (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 October 31, 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 October 3, 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 6.00% 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 October 3, 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 October 3, 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 October 3, 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 October 3, 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 October 3, 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 October 3, 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 October 3, 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.

October 27, 2023
10:23 pm
rfdm4g4g9
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krwilson said
I have the exact same story as you for getting the first extension BUT have received no new offer either.  

Looks like second extension is very unlikely.

Might as well move the money out on October 31, for a better offer from Tangerine. No guarantee you will get that offer either. It's a lottery out there. Or whatever algorithm they have in place.

Or call them to negotiate a better rate. Might not get 6%, but 5.25% is doable depending on how much you have, and what agent or supervisor you get.

October 28, 2023
4:18 am
The Rock
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cgouimet said

1st & 2nd double extension I've heard of. Congrats ...  

I haven't been so lucky. I had the new client promo at 5% from Feb 1st to June 30, and haven't had any new offers other than a credit card offer. Fortunately there plenty of other great offers out there.

October 29, 2023
4:52 am
rfdm4g4g9
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JohnnyCash said

Be sure to let them know about all the other ongoing promo's at Manulife 5.25%, Meridian 5.75% and HSBC 6.35%. If you are not yet a Simplii client, they have a 6.0% offer, and if you're a resident of Ontario, Duca at 6.25%.  

Called them, but the best they could do was 4.75% . Gave all the above examples, they would not budge.

Were pushing their GIC & Mutual Funds.

I declined the 4.75% offer, and will move my money out on October 31.

4.75% they were offering was for the entire amount, not just NEW deposits. But all the money in my account currently at 5.25% is New deposit anyway, so didn't accept their 4.75% offer.

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