5.75% Promo Pulled after being offered? | Tangerine Bank | Discussion forum

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5.75% Promo Pulled after being offered?
July 5, 2024
9:10 am
smayer97
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Well, this just happened. My wife received a 5.75% offer from Jul 4 to Sep 30 yesterday. Went to process it this morning and it is gone.

Anyone else experience this?

July 5, 2024
10:19 am
The Rock
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How do you know it is gone? Did you click on "Details" to see if the promo rate is mentioned?

July 5, 2024
9:15 pm
smayer97
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Yes, I did and it was not there either. Came back hours later, and the now the offer is back in Insights... strange. All good in the end.

July 6, 2024
6:00 am
usephrase
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My Tangerine account, in " Insights", not worked and displayed in the past months:
"Check back for fresh insights soon.".

Will I be able to receive interest rate promotion offer in my " Insights"?

July 6, 2024
6:42 am
cgouimet
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usephrase said
My Tangerine account, in " Insights", not worked and displayed in the past months:
"Check back for fresh insights soon.".

Will I be able to receive interest rate promotion offer in my " Insights"?  

We don't have insights all the time. So, all that message means is that you don't have any insights at this time but perhaps you will at a later date ...

CGO
July 6, 2024
7:52 am
ertyu
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The Insights panel has been broken for many months, if not more than a year. It doesn't always load. It rarely dismisses when asked.

July 6, 2024
9:58 am
JohnnyCash
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ertyu said
The Insights panel has been broken for many months, if not more than a year. It doesn't always load. It rarely dismisses when asked.  

Try a different device, ie, mobile or desktop/laptop.

July 7, 2024
4:35 am
smayer97
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NO... it is a Tangerine site problem.... Period!

July 7, 2024
6:54 am
cgouimet
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ertyu said
The Insights panel has been broken for many months, if not more than a year. It doesn't always load. It rarely dismisses when asked.  

To the best of my knowledge, I've never missed Insights. But like you, dismissing them hasn't worked for a long time; so I just stopped dismissing them ...

CGO
July 7, 2024
8:16 am
usephrase
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"Insights" feature is not working, how I know if I received interest rate promotion offer or not?

July 7, 2024
9:48 am
Norman1
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Tangerine will send notification of an offer to one's e-mail address or to one's Tangerine online banking mailbox.

Offers will also show up under "Profile & Settings" ▶ "Bonuses & Contests".

July 7, 2024
1:17 pm
usephrase
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thanks, Norman1

July 9, 2024
11:04 am
usephrase
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Tangerine does not consider interest/promotional interest paid into your account as new deposit. all interest paid are not new deposit.
New Deposit should be the fund you deposit from another bank.
I knew this today after called Tangerine several times.

July 9, 2024
11:09 am
JohnnyCash
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usephrase said
Tangerine does not consider interest/promotional interest paid into your account as new deposit. all interest paid are not new deposit.
New Deposit should be the fund you deposit from another bank.
I knew this today after called Tangerine several times.  

This is nothing new, its been brought up numerous times over the years.

July 10, 2024
1:54 pm
CAD
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usephrase said
Tangerine does not consider interest/promotional interest paid into your account as new deposit. all interest paid are not new deposit.
New Deposit should be the fund you deposit from another bank.
I knew this today after called Tangerine several times.  

If I remember correctly when I was using one of Tang's offers, every month I was getting higher and higher interest meaning they did apply promo offer on principal + regular + promo interest (compound interest).

July 10, 2024
7:04 pm
usephrase
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Tangerine customer support, he told me like that: Tangerine does not consider interest/promotional interest paid into your account as new deposit, New Deposit should be the fund you deposit from another bank. He let me read Term and Condition of the offer and he raised his voice after I asked him more questions.
In May 2024, I moved into Tangerine from another bank new deposit but he told me when Tangerine calculated promotional interest at the end of May =( your new deposits from other banks- promotional interests paid - regular interests paid- the balance in Tangerine on Dec 5, 2023)*promotional interest rate( 5.75%-0.6%)*31 days in May/365 days.

Did you get promotional rate for the entire balance or for new deposit? Tangerine they offer 2 types of promotional offers. If promotional rate is for entire balance, they consider interest paid into your balance.

July 11, 2024
8:10 am
Wrayzor
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What I recall from a previous New Money promo offer, the promotional interest earned was excluded from the promo interest calculation but regular interest did receive the promo rate. I checked the payments I received and was able to verify. I no longer have the calculation I did, nor can I access the Ts & Cs of prior offers (didn't you used to be able to get them from the Profile page?).

I looked at my current offer, and don't see the same exclusion language. So maybe the inclusion of promo interest varies offer by offer. I don't have any funds under the current offer to validate.

July 11, 2024
8:30 am
Norman1
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The current 5.75% offer excludes "Promotional Interest" from the definition of "Eligible Deposits". Definition of "Promotional Interest" includes regular interest:

5. “Promotional Interest” is the interest earned on Eligible Deposits during the Promotion Period. “Eligible Deposits” for any day during the Promotion 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 December 4, 2023, to a maximum of $1,000,000.00 per Applicable Account Type (in the currency of the Applicable Account). ….

Promotional Interest is calculated at a “Promotional Interest Rate” of 5.75%, which is the sum of the applicable posted rate of interest listed on the Bank’s website on any given day (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”).…

July 11, 2024
10:38 am
usephrase
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I put my money in Simplii but the promotional offer 5.5% will end soon on July 15, I moved my money to Tangerine 5.75% and temporarily park my money over there. Simpplii messaged: "Keep an eye out for more saving offers". I prefer Simplii even its promotional rate was a little bit lower than Tangerine because Simplii is one of SIX big banks.

July 11, 2024
10:51 am
Wrayzor
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Sure, make me re-do my calculation, Norman1.sf-smile

And what I discovered is that you are absolutely correct (and that my memory isn't great). All interest paid was excluded from the bonus or "top up" rate. The "Posted Rate" interest is calculated on total balance.

Tangerine could make the "Additional Interest" calculation more clear with a simpler statement that it is based on "net new deposits, excluding all interest".

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