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Another Tangerine Promo for existing customers -- only 2.2%!
April 7, 2022
1:28 pm
bb_sam
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Just got this crappy offer compared to what others have received:

Here’s what’s going to happen:
1. Look out for a message from us dropping in your inbox on May 3, 2022.
2. In that email, activate your offer to earn your special rate.
3. Remember, you’ll have to keep the funds in your Account between May 3, 2022 to November 30, 2022 (the “Promotion Period”) to keep earning your special rate.

April 7, 2022
1:50 pm
implode
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I got this exact email/promo too. My existing promo doesn't end until end of April, so this kinda lines up.

That point 3. Does it means we don't get promo rate if we take out funds between May 3 to Nov 30?

April 7, 2022
2:04 pm
bb_sam
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implode said

That point 3. Does it means we don't get promo rate if we take out funds between May 3 to Nov 30?  

Yes, that's the way I read it. You have to keep the funds in the account until Nov 30th. So it's kind of like a GIC.

April 7, 2022
2:10 pm
implode
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But it also says:
"The Promotional Interest Rate is an annualized rate, calculated daily and paid monthly. This Offer can’t be combined with any other promotional rate offers for non-registered Savings Accounts. This Offer, including interest rates, may change, be extended or cancelled without notice."
if the interest and already paid out monthly, if I take out some money after the interest is paid out after month 1, what happens to what's left? It's a guess atm. Need to see the actual terms when the offer is made on May 3.

April 7, 2022
2:33 pm
ingoo
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April 7, 2022
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Also received this offer... information is confusing (as with all the other recents promos.)

Is promo based on closing balance on May 2? Or closing balance as of yesterday (Apr 6)? Or May 31 (activation deadline)?

And, if I drain the account before May 31, activate the promo, then move everything in, does the offer invalidate if I withdraw anything over $0? Or does it invalidate if I make any withdrawals period?

April 7, 2022
3:37 pm
hwyc
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Did all of you have an existing offer ending by end of April? ... Looking for a pattern

April 7, 2022
3:37 pm
pooreva
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ingoo said
Also received this offer... information is confusing (as with all the other recents promos.)

Absolutely confusing. Got it too...
Is it on new money?
Is it on existing money?
What happens if I have 10K on that offer and withdraw $100 let say in July? Will I lose 2.2%? Will I lose ALL interest or from July going forward?
I am currently on 2% until month end and will move it to Hubert. Everything is clear there, no need to balance on a head while knitting using my feet.

April 7, 2022
3:50 pm
implode
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hwyc said
Did all of you have an existing offer ending by end of April? ... Looking for a pattern  

My existing promo ends on April 30th.

April 7, 2022
4:07 pm
Vatox
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I think it means 7 month GIC. If you remove money, the promotion rate is gone. Of course, you could take it and if better rates come along, just remove it at the end of the month, after interest is paid. I think better rates will be here before May, and surely before the end of May.

April 7, 2022
5:22 pm
Alexandre
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Vatox said
I think it means 7 month GIC. If you remove money, the promotion rate is gone.

No. It means, if you remove portion of money, you are no longer paid interest on money you withdraw.
Yes, we live in a world where banks have to state that, just as fast food chains have to warn customers that hot coffee could cause burns when spilled.

April 7, 2022
5:37 pm
hwyc
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This is now the second pre-offer (at a monthly frequency?). For those on this one can read about the March one here for some reference. The email text is quite similar. The scope is non-registered savings account. I would infer similar T&C here. However, I am disappointed to learn rate is 2.2% for 5 months to end of November 🙁

April 7, 2022
6:00 pm
cgouimet
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Weird wording.

I was on 2% thru Apr. Then my wife got 2.4% thru Aug. So all our TNG $ shifted to her accounts. All except $1.

On May 3, I'll accept the 2.2% offer and add $1k to see what happens with interest on May 31. If 2.2% then that's a fallback in Sep...

CGO
April 7, 2022
8:04 pm
savemoresaveoften
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hwyc said
Did all of you have an existing offer ending by end of April? ... Looking for a pattern  

I am quick sure that is exactly what they are doing. So all those with promo ends in Apr "may" be included in this 2.2% promo.
My shitty 1.2% expires in 2 weeks, so its consistent with all that reported receiving this "disappointing" email.

April 7, 2022
8:16 pm
ingoo
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Yes, my 2% promo ends end of April.

April 7, 2022
8:19 pm
bb_sam
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yes, my original 2% offer ends end of April.

April 7, 2022
9:22 pm
Vatox
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My 2% also at end of month.

April 8, 2022
5:44 am
suburbs4life
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I had the same offer as above. On the 2% promo that ends April 30th.
I still interpret this as a veiled poorly paid cashable gic.

…have to keep funds in account during the specified time period to keep earning the promo rate…

Like no shit if your money isn't in the account any longer you wont get any interest… however, if you have 10k and remove 5k I should still get the same promo interest rate on 5k. This is clearly not supported by their wording in the email. Id assume the promo rate would be stopped if money is withdrawn early.

April 8, 2022
6:21 am
hwyc
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Not fair to compare with a cashable GIC. Account balance is allowed to go down or up during the promo period. Promo interest is calculated daily on full balance, paid out monthly [period]

To hi-lite w/o T&C "…have to keep funds in account during the specified time period to keep earning the promo rate… " could lead to an over interpretation, IMO

April 8, 2022
7:17 am
hwyc
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Oops found a typo in an earlier post.

hwyc said
... I am disappointed to learn rate is 2.2% for 5 months to end of November 🙁  

It's 7 months to end of November ... so a lower rate offer at a longer period.

April 8, 2022
7:23 am
ingoo
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hwyc said
Not fair to compare with a cashable GIC. Account balance is allowed to go down or up during the promo period. Promo interest is calculated daily on full balance, paid out monthly [period]

To hi-lite w/o T&C "…have to keep funds in account during the specified time period to keep earning the promo rate… " could lead to an over interpretation, IMO  

I think that's what we're trying to clarify--whether account balance can fluctuate, and if there's a snapshot of your account balance from a certain date. Likely we won't know until we get the "real" offer and the terms & conditions.

Either way, being locked into 2.2% for 7 months (as another poster suggests) in an increasing rate environment is pretty bad. The 2.8% promo ends Aug 31, so they likely won't issue a better rate until then. I can only hope Simplii offers a high interest promo to me in May! (Although it's been over a year, maybe two, since they've given me anything.)

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