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Another 2.80% Promotion for existing clients starting April 1, 2022
March 18, 2022
3:27 am
RetirEd
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This seems to specifically point to a retention offer, not new money:

Thu 2022-03-17 12:02
Keep your savings in place to earn a special rate.
Tangerine

RetirEd

March 18, 2022
7:05 am
JPenterprise
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It sounds like a 1-month GIC for max. of 5 months if Tangerine pay interest monthly. Also, assuming they won't debit the interest back if there is any withdraw until end of August. That means I can not transfer from HISA to Cheque a/c and use any features like e-transfer, pay bills....

March 18, 2022
7:32 am
COIN
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RetirEd said
This seems to specifically point to a retention offer, not new money:

Thu 2022-03-17 12:02
Keep your savings in place to earn a special rate.
Tangerine

RetirEd  

If it is strictly a retention offer, I only have a couple of dollars with Tang right now. Not much to retain.

March 18, 2022
9:11 am
Alexandra
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It would be nice if they made this offer one heck of a lot clearer. I do not have a chequing account with them....just a HISA. I have a mastercard with them as well and each month I pay the mastercard balance from my HISA. So that would be classified as a withdrawal. Guess I could just not use their card, (2% for groceries mainly), for the 5 month period and use CIBC VISA instead. Got awhile to clear this up.

March 18, 2022
10:04 am
Loonie
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HermanH said

Loonie said
It's also possible that they've taken a leaf out of Simplii's book so that, for this offer, promo interest is only posted at the end of the offer - if you continued to qualify.

I'm a new Simplii member so I checked. Interest may only be paid at the end of the period, but interest is calculated and earned daily. Fluctuations in balance do not terminate the offer.  

Yes, I know. Tangerine, however, could make it so that it DID terminate the offer if they held back posting of interest to after the offer ends (as Simplii does). They might give you the promo interest up to withdrawal date only or none at all. We won't know until they post the T&C.

March 18, 2022
10:25 am
Loonie
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Alexandra said
It would be nice if they made this offer one heck of a lot clearer. I do not have a chequing account with them....just a HISA. I have a mastercard with them as well and each month I pay the mastercard balance from my HISA. So that would be classified as a withdrawal. Guess I could just not use their card, (2% for groceries mainly), for the 5 month period and use CIBC VISA instead. Got awhile to clear this up.  

If they have a Chat function, perhaps you could get an answer that way?
As for the MC, you could also take out what you think you will need for MC payments before the promo starts and put it elsewhere, sending it back to Tang as needed to pay the bill. Or you may have maturing GICs from which you could pay the bills.

March 18, 2022
10:46 am
Alexandra
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Loonie said

If they have a Chat function, perhaps you could get an answer that way?
As for the MC, you could also take out what you think you will need for MC payments before the promo starts and put it elsewhere, sending it back to Tang as needed to pay the bill. Or you may have maturing GICs from which you could pay the bills.  

Thanks Loonie; Everything that matures with Tangerine, and I have been lucky with their GIC's etc.; goes into my HISA. But using my CIBC VISA, I still get the 2% for groceries, so I can use that card for the 5 months if need be as every month I have funds being deposited into CIBC account.

I always enjoy your posts and sometimes you do get me thinking!!!sf-laugh

March 18, 2022
11:18 am
savemoresaveoften
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I imagine bonus interest will only be paid at end of term. This is the only way if they want your money to stay there for the entire period.
So base interest still pays monthly, while bonus portion is paid after Aug31, just like Simplii as others mentioned.
Either way, my stupid 1.2% loyalty promo does not end until Apr22, so I am out of luck again. I really hate them now....

March 18, 2022
2:37 pm
Pronounced Zed
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Yes. This is the same way the Scotia Momentum savings has worked for years. You lose the whole amount for the whole time period if you withdraw so much as one penny at any time. And that includes for any money you add afterwards.

March 18, 2022
2:49 pm
GR
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I emailed and spoke with one of the Supervisors at Tangerine. According to HIS INTERPRETATION of the pending offer, the promo rate of 2.80% should apply to both new and old money (i.e. existing balances at March 31, 2022 plus new deposits starting April 1, 2022). Also, any funds withdrawn during the promotion period should earn the promo rate until date of withdrawal. These interpretations appear to be logical, but I wouldn't accept it as definitive. He declined to consult with Marketing or any other department to confirm his interpretations. He stated that we have to wait until we receive the offer to activate, in order to see the final terms and conditions.

I encourage others to communicate with a Supervisor or Manager at Tangerine regarding this new promo and post their findings here.

March 18, 2022
3:09 pm
COIN
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"Also, any funds withdrawn during the promotion period should earn the promo rate until date of withdrawal. These interpretations appear to be logical,"

The explanation is too logical. Remember we are talking about Tang.

March 18, 2022
9:15 pm
Patch002
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Pronounced Zed said
Yes. This is the same way the Scotia Momentum savings has worked for years. You lose the whole amount for the whole time period if you withdraw so much as one penny at any time. And that includes for any money you add afterwards.  

I agree with you. This is paragraph 3 of Tangerine's email.

3. Remember, you’ll have to keep the funds in your Account between April 1, 2022 to August 31, 2022 (the “Promotion Period”) to keep earning your special rate."

e.g. say your opening balance is $50,000. So what happens if your balance dips below to say $49,999.99 or less. One interpretation of Paragraph 3 says that if any funds is removed, then the Promotion is null & void, and you only get the standard 0.10%. Another view is that it is a like a 5 month GIC where if you redeem any of it, you forfeit the higher rate (and only get the standard rate). The added stipulation is that any "new" money also gets 2.8%, but again if that daily balance ever drops below $50 k (in the example), you get 0.10%.

I hope I'm wrong, but reading & interpreting legalese is what I do.

March 19, 2022
12:03 am
Loonie
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I'm not a qualified legalese interpreter but I think the word "keep" in para. 3 is critical.
To my way of thinking, "keep" means "retain". In other words, you would get the rate up until the point where you were no longer allowed to "keep" it, namely when you withdrew some money.

However, I suspect this blurb was written by the marketing dept, not the legal dept, and therefore we have to wait for the official T&C.

March 19, 2022
12:50 am
cgouimet
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This thing reads like a slippery cashable 5-mo GIC. Put $ in Apr 1. On Aug 31 collect interest @ 2.8%/yr. If any $ leave before Aug 31, the GIC is cashed-out and all interest is forfeited.

So, this is a weird offer as written. I think it best to wait to see how it reads in 2 weeks ...

CGO
March 19, 2022
5:45 am
savemoresaveoften
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Loonie said
I'm not a qualified legalese interpreter but I think the word "keep" in para. 3 is critical.
To my way of thinking, "keep" means "retain". In other words, you would get the rate up until the point where you were no longer allowed to "keep" it, namely when you withdrew some money.

However, I suspect this blurb was written by the marketing dept, not the legal dept, and therefore we have to wait for the official T&C.  

If the T&C also mention "keep ur funds until end of blah blah", I am pretty sure it will mean any withdrawal will void the bonus rate.
I would not trust any staff (manager or VP or...) regarding his/her explanation/interpretation, no matter how certain that individual is. Tangerine will NOT honor whatever the person says if its turns out wrong, even there is a recording to back it up. I had similar experience before and the supervisor got back to me saying "yes, the rep did say that in the phone call, however she was wrong and unfortunately we can not offer what was said. We will make sure our staffs are properly trained and just apologized for the inconvenience". In other words just total BS.

March 19, 2022
12:02 pm
Loonie
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I can imagine that you did have this experience with Tang.
It's similar to insurance companies whose first response is to deny you benefits.
If you'd worked your way up the Complaints ladder, you might have won, but it's a hassle. I also would count it as false advertising if rep gave wrong info. At some point, they have to take responsibility for what their employees communicate.
If you'd taken your audiotape to one of those consumer complaints shows on TV, I'm certain you would have gotten your full interest lickety split, but we don't all want such publicity for ourselves either. We just want what we're owed.

If there is no greater clarity with T&C, then I think the best thing is to consider it like a GIC. If you can't do that, don't buy it.

March 19, 2022
12:28 pm
Alexandra
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Loonie said
I can imagine that you did have this experience with Tang.
It's similar to insurance companies whose first response is to deny you benefits.
If you'd worked your way up the Complaints ladder, you might have won, but it's a hassle. I also would count it as false advertising if rep gave wrong info. At some point, they have to take responsibility for what their employees communicate.
If you'd taken your audiotape to one of those consumer complaints shows on TV, I'm certain you would have gotten your full interest lickety split, but we don't all want such publicity for ourselves either. We just want what we're owed.

If there is no greater clarity with T&C, then I think the best thing is to consider it like a GIC. If you can't do that, don't buy it.  

That is exactly what I am going to do. Treat this like a 5 month GIC. This morning I added Tangerine Mastercard as a payee with my CIBC account. This will eliminate me having to pay monthly balance through my Tangerine HISA. I will ensure all funds are in my Tangerine HISA that I wish to invest for the 5 month period by 31 March 22. Then I'll just leave it there with no withdrawals or deposits period until the end of the "term" i.e. 01September, 2022. sf-smile

March 19, 2022
4:40 pm
COIN
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Tandia's 3% promo is also unusual.

1) There was a small window at the start where you are allowed to add new funds and then the window closes.

2) However, it is my understanding that you are allowed to make withdrawals at any time without any penalties.

March 19, 2022
11:30 pm
Loonie
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Yes, you could take your money out at Tandia, but you couldn't put it back in to the promo account. However, interest is paid up til withdrawal as far as I know and on balance thereafter.
I didn't take any $ out! It's been a great promo.

One of their Wealth Management people called me the other day wanting to know my plans for the money. He was very pleasant to talk to and readily understood why I wouldn't be wanting his mutual funds. No pressure. It was actually a pleasant respectful conversation.

March 20, 2022
6:37 am
COIN
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Loonie said
Yes, you could take your money out at Tandia, but you couldn't put it back in to the promo account. However, interest is paid up til withdrawal as far as I know and on balance thereafter.
I didn't take any $ out! It's been a great promo.  

Any idea what happens after this promotion?

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