Another 2.80% Promotion for existing clients starting April 1, 2022 | Page 5 | Tangerine Bank | Discussion forum

1. I'm still at my crappy 1.2% rate until May 4th. When should I pull it out so that I might receive a new promotional rate is on "New Money"?
2. Or is the promo no longer only on "new money", but on the whole balance.
3. It sounds like they are forcing you to not move the money so that you can't pull out early, in hopes of snagging a better rate.

Think there is good reason to question the enforceability of point #3 in the emails we received, namely:

"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."

Writing this because NO REFERENCE to this is anywhere to be found in the Terms and Conditions posted on the Tang website.

Any class action lawyers ready to take this up if Tang tries to enforce this?23

I think you have a different 2.80% offer.

The offer I received has a $5 million limit. Eligible balances are the "daily closing balances…from April 1, 2022 to August 31, 2022" and not the daily closing balances of the accounts on the day the offer was activated.

I also never received that e-mail saying "you'll have to keep the funds in the your Account between…"

Lots of confusion on Tangerine's 2.8% promo. The T&C's for the offer I received are shown below. My offer came via an email in mid-March saying stay tuned for an April 1 email, which arrived after I called Tangerine on April 1. It seems there may have been one or more other 2.8% offers. I'm only referring to the offer that began with the mid-March teaser email.

Under the terms and conditions of the offer I received, "Eligible Accounts" are limited to Tangerine savings accounts and do NOT include any other accounts (such as TSFAs, RRSPs, etc.) and the promo rate is applied to the combined daily closing balances in the client's eligible Tangerine savings accounts.

It is quite clear from the T&C's that there is no requirement to maintain a minimum balance in the Tangerine savings accounts nor is there a prohibition against withdrawals during the promo period. It's possible such conditions exist for offers others received - closely review the T&C's of your offer when you log into your Tangerine account.

Terms & Conditions for the Offer I Received:

General
The Tangerine Bank (the “Bank”) Special Savings Rate Offer for Non-Registered Savings Accounts (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank, (2) “Activate” the Offer (as defined in Section 4 below) by April 30, 2022 and (3) receive a Confirmation in their online Inbox that the Offer has been successfully activated (“Eligible Clients”).

The Offer is only available to Eligible Clients on combined daily closing balances in their eligible Tangerine Savings Account(s), as defined below (“Applicable Accounts”) to a maximum daily closing balance of $5,000,000 in all Applicable Accounts combined (“Eligible Balances”) from April 1, 2022 to August 31, 2022 (the “Promotion Period”).

For the purposes of this Offer, “Applicable Accounts” only include Tangerine Savings Accounts and don’t include any other Tangerine Accounts such as (but not limited to) Tax-Free Savings Accounts (“TFSA Savings”), RSP Savings Accounts (“RSP Savings”), RIF Savings Accounts, US$ Savings Accounts, Business Savings Accounts, US$ Business Savings Accounts, or Children’s Savings Accounts.

To “Activate” the Offer, the Client needs to perform one of the following actions by April 30, 2022:
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
Promotional Interest
“Promotional Interest” is the interest earned on Eligible Balances as part of this Offer, calculated at a “Promotional Interest Rate” of 2.80%, which is the sum of the applicable posted rate of interest listed on the Bank’s website (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”). The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the Top Up Rate so that Promotional Interest remains unchanged during the Promotion Period.

Example: If the Posted Rate is 0.40%, a Promotional Interest Rate of 2.50% will be made up of the Posted Rate and a Top Up rate of 2.10%. If the Posted Rate changes to 0.50%, the Top Up Rate will change to 2.00% such that the Promotional Interest Rate will remain at 2.50%.

Subject to the limits and qualifications outlined in these Terms and Conditions, the Promotional Interest Rate will apply to Eligible Balances and be calculated daily at close of business (ET) and paid monthly. Eligible Clients will receive Promotional Interest earned in two separate interest payments: (1) interest earned on Eligible Balances at the Posted Rate is paid at the end of the month in which it was accrued, (2) Additional Interest is paid at the start of the month following the month in which it was calculated.

On days during the Promotion Period, where the combined balances in the Applicable Accounts are above $5,000,000, the Promotional Interest Rate will apply to the maximum amount and the Posted Rate will apply to that portion of the combined balances in the Applicable Accounts that is over $5,000,000. Promotional Interest Rate will be applied to balances in the oldest Applicable Account first and subsequently to other Applicable Account(s) in the order in which the Account(s) had been opened until the maximum combined balance of $5,000,000 has been reached.

HermanH said

Gogie said
Lots of confusion on Tangerine's 2.8% promo. The T&C's for the offer I received are shown below. My offer came via an email in mid-March saying stay tuned for an April 1 email, which arrived after I called Tangerine on April 1.

I would suggest that you should exercise caution and take care to read the actual Terms and Conditions of any offer you activate. Just because they send you something via e-mail does not mean it necessarily matches the actual terms applied to your accounts. Be sure to read the terms under Current Offers to be certain.  

The terms and conditions I quoted are NOT from an email, they are from my account online. I'm not the least bit worried about collecting the interest on my account.

COIN said
So, I'm still a bit confused.

Are we saying that we can deposit funds when we have and withdraw funds when we need and the entire remaining balance still earns the full 2.80%?  

There seems to be some differences, other than rates and timelines, between various Tangerine offers. It is best for you to check the T&C's of the offer you receive. Our (spouse and I) recent 2.0% and 2.4% offers were based on daily balances of existing and new $ and paid monthly.

AllanB said
I will hang up the phone if they don't offer 2.8 I'm holding out for 3+ next week. Hold the line folks!

Their best offer 2.25% maximum $150million no that isn't a typo for 150d. Try again next week.  

Please post if you do end up getting a better rate next week. Good luck!

COIN said
Ok, so I read the terms and conditions and got confused with the base rate and the bonus rate.

So, I called Tangerine and the CSR said the end result will always be the 2.80%. Is this true?  

I haven't seen the current 2.8% offer but my wife's 2.4% offer has as in the legal stuff ...

"8. A Promotional Interest Rate of 2.40% 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."

So with current base rate of 0.1%, bonus rate is 2.3%.

If the base rate goes to 0, bonus rate will be 2.4%. If the base goes to 0.2%, bonus will be 2.2%.

COIN said
"So with current base rate of 0.1%, bonus rate is 2.3%.

If the base rate goes to 0, bonus rate will be 2.4%. If the base goes to 0.2%, bonus will be 2.2%."

This sounds logical but bear in mind we are dealing with Tang. LOL!

So, the same methodology also applies to the 2.8%?  

Someone who has the current offer could check the legal stuff, possibly item 8 and post it here ...