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Another Tangerine Promo for existing customers -- only 2.2%!
April 8, 2022
7:25 am
bb_sam
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I just can't imagine that in the 7 month period of this promotion that Simplii or some other bank won't have a better promotion. So, I guess the 2.2% is a good place to park our $$ until something better comes up. It's just annoying since Tangerine has offered better promotions to other clients.

April 8, 2022
7:29 am
ingoo
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Agreed. Someone on RFD mentioned that Tang probably got quite a lot of deposits from the 2.8/2.4 cohort that they don't need to incentivize more people at this point. Makes sense, but also sucks for us haha.

April 8, 2022
8:02 am
hwyc
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ingoo said
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.
...  

We now have the full T&C for the March email pre-offer. It serves as a base for my post in this thread. Hope that helps.

April 8, 2022
8:25 am
JPenterprise
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My 1.35% for both CAD & USD a/c would be ended in mid-April. Tangerine called me last week and offer 2.25% for 150 days (5 months). The good thing is 2.25% will apply to both CAD & USD a/c, all existing and new fund. I have 6 figures in USD a/c, 2.25% is the best rate I can find. I accepted the offer.

April 8, 2022
9:08 am
ingoo
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Also bear in mind there will be a BOC rate increase next week, and likely in May as well.

April 8, 2022
9:11 am
BlueSky
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hwyc said

We now have the full T&C for the March email pre-offer. It serves as a base for my post in this thread. Hope that helps.  

Clearly, from this link, the requirement is to keep the funds in the account during the promo period. However, this recent pre-promo email offer, May-Nov., doesn't stipulate that funds must be kept in the account at all time, only to say that while one keep funds in the account, this interest rate will apply upon activation. Now, the real email promo of May 3rd might just be similar in its wording to the one that appear though the link. The waiting game...

April 8, 2022
10:26 am
savemoresaveoften
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BlueSky said

Clearly, from this link, the requirement is to keep the funds in the account during the promo period. However, this recent pre-promo email offer, May-Nov., doesn't stipulate that funds must be kept in the account at all time, only to say that while one keep funds in the account, this interest rate will apply upon activation. Now, the real email promo of May 3rd might just be similar in its wording to the one that appear though the link. The waiting game...  

yeah will need to see what fine print exactly means. Otherwise I wont even accept the offer. 2.2% is simply not attractive and I rather lock in a 1y ar 3% or more which should be attainable (at non broker) post next week's rate.

April 8, 2022
10:37 am
Pronounced Zed
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Once again that confusing wording "you’ll have to keep the funds in your Account" that came with the 2.8% April offer. In that case, and I read the terms very carefully, you did not have to keep a minimum balance equal to the date when the promo started.

A whole month before you can even activate this offer? I'm guessing their doing what they can to keep people from moving money.

April 8, 2022
10:52 am
Vatox
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ingoo said
Also bear in mind there will be a BOC rate increase next week, and likely in May as well.  

And it may even be 50 bps too.

https://www.reuters.com/world/americas/bank-canada-hike-rates-by-50-basis-points-april-2022-04-06/

April 8, 2022
11:25 am
Bill
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It says "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."

I haven't been in school in quite a while so I'm not sure how they're teaching reading comprehension these days, but that doesn't at all say to me anything about having to keep it there the whole time to get the promo rate, i.e. "to keep earning" is not the same as "to earn". So I'm betting heavily that you'll get the promo rate, on a daily basis, for whatever days during the promo period the money is there.

April 8, 2022
12:00 pm
canadian.100
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Bill said
It says "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."

I haven't been in school in quite a while so I'm not sure how they're teaching reading comprehension these days, but that doesn't at all say to me anything about having to keep it there the whole time to get the promo rate, i.e. "to keep earning" is not the same as "to earn". So I'm betting heavily that you'll get the promo rate, on a daily basis, for whatever days during the promo period the money is there.  

You are basically correct - you can add or reduce your funds in the acct but if your promo is only on the "additional funds" and you withdraw the "additional funds", then your reduced balance will only get the non-promo rate. If your promo rate is on the total balance there is no problem adding or withdrawing funds - you will get the promo rate on whatever your balance is. I have almost always got the promo on the total balance in the acct - so there was no problem adding to or reducing the balance - I got the promo rate on whatever the total balance was. I have been satisfied with the promos I get from Tang and hope the next one will be even better now with the rates increasing - hoping for 2.8% at least.sf-wink

April 9, 2022
4:22 pm
suburbs4life
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I dont like how they have worded it. Will wait to see what the actual offer is. Hoping for something much better elsewhere with the anticipated BoC rate increases.

April 11, 2022
4:14 am
RetirEd
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Lots of speculation here - let's hope the next post on this thread has actual info to the specific questions:

-what happens to existing money at the start of the special term?
-what happens to new money deposited during the term?
-what happens to interest on cash removed from the term - specifically, is any interest lost?
-what happens to interest on amounts left in the term? Does it continue to earn the special rate, and does it get already-earned interest clawed back?

RetirEd

April 22, 2022
4:31 pm
RicksBank
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OK, I also recently received the 2.2% email offer saying "stay tuned until May 3".

I'm currently getting 2.0% until the end of April. Definitely seems to be the pattern.

I don't trust them so I'm going to move my money from savings to chequing just before the end of the month, then move it back on May 3rd along with a bunch of new money from a recent property sale.

My wife and I have individual TANG savings accounts. She never gets these bonus offers. I've gotten every one for many years except for a gap from 04/2021 to 11/2021. We need to add a joint savings account. Do people with joint accounts get these bonus offers as "easily" as individual account holders?

April 22, 2022
5:16 pm
Bill
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As you are the one who gets offers open the joint account with you as primary, then the promos you get will apply to that account too.

April 22, 2022
5:48 pm
HermanH
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RicksBank said
I don't trust them so I'm going to move my money from savings to chequing just before the end of the month, then move it back on May 3rd along with a bunch of new money from a recent property sale.

My wife and I have individual TANG savings accounts. She never gets these bonus offers. I've gotten every one for many years except for a gap from 04/2021 to 11/2021. We need to add a joint savings account. Do people with joint accounts get these bonus offers as "easily" as individual account holders?  

Are you certain that a transfer from Savings acct to your Chequing account is sufficient to make those funds qualify as new funds for future offers?

Also, your wife should be able to get the same offer as you do (provided you are under the same household address). Any Tang offer to one member of a household can be extended to any other member under the same household address. Call a rep and demand it. Sometimes, you may have to approach different reps or ask for supervisor attention, but it is an acknowledged Tang policy.

April 22, 2022
8:54 pm
RicksBank
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Bill said
As you are the one who gets offers open the joint account with you as primary, then the promos you get will apply to that account too.  

Perfect, thanks!

April 22, 2022
8:59 pm
RicksBank
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HermanH said

Are you certain that a transfer from Savings acct to your Chequing account is sufficient to make those funds qualify as new funds for future offers? 

I've been playing the Tang bonus game since 2015. In the early years I'd move my money to EQ, Hubert, etc, a few days prior to the end of the bonus period, and then back again for the next bonus. People here on the forum braver than I discovered that simply moving it to chequing and back was "good enough", so I've been doing that successfully for a few years now. However, all anybody can ever say is "It worked last time".

HermanH said
Also, your wife should be able to get the same offer as you do (provided you are under the same household address). Any Tang offer to one member of a household can be extended to any other member under the same household address. Call a rep and demand it. Sometimes, you may have to approach different reps or ask for supervisor attention, but it is an acknowledged Tang policy.  

Wow, I missed hearing about this. Good to know, thanks!

April 22, 2022
9:37 pm
HermanH
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RicksBank said
I've been playing the Tang bonus game since 2015. In the early years I'd move my money to EQ, Hubert, etc, a few days prior to the end of the bonus period, and then back again for the next bonus. People here on the forum braver than I discovered that simply moving it to chequing and back was "good enough", so I've been doing that successfully for a few years now. However, all anybody can ever say is "It worked last time".

I think that this is how it works. When I got new Tang offers for New Money Savings Campaign, they would usually be good for new money in Savings/Chq/TFSA and, sometimes, USD accounts. Therefore, if you moved the money into your CHQ account and the new offer started, then the balance in your CHQ account would not get the new promo. Only new money above the balance in your CHQ would qualify. However, it seems that if you transfer the money from your CHQ to your SAV, then it qualifies because the SAV was at zero. This probably explains why members report success in the technique. No one expects to make any interest in their chequing accounts. After reading my latest Terms and Conditions, I think that I could have done the same.

I think that if the funds are moved out of SAV and into another bank (instead of just a shuffle to Tang CHQ), then any new balances in either the SAV or CHQ would qualify for the promo rate.

April 22, 2022
10:17 pm
RicksBank
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HermanH said

RicksBank said
I've been playing the Tang bonus game since 2015. In the early years I'd move my money to EQ, Hubert, etc, a few days prior to the end of the bonus period, and then back again for the next bonus. People here on the forum braver than I discovered that simply moving it to chequing and back was "good enough", so I've been doing that successfully for a few years now. However, all anybody can ever say is "It worked last time".

I think that this is how it works. When I got new Tang offers for New Money Savings Campaign, they would usually be good for new money in Savings/Chq/TFSA and, sometimes, USD accounts. Therefore, if you moved the money into your CHQ account and the new offer started, then the balance in your CHQ account would not get the new promo. Only new money above the balance in your CHQ would qualify. However, it seems that if you transfer the money from your CHQ to your SAV, then it qualifies because the SAV was at zero. This probably explains why members report success in the technique. No one expects to make any interest in their chequing accounts. After reading my latest Terms and Conditions, I think that I could have done the same.

I think that if the funds are moved out of SAV and into another bank (instead of just a shuffle to Tang CHQ), then any new balances in either the SAV or CHQ would qualify for the promo rate.  

Sorry, I have to disagree with that. I've never seen CHQ money included in the "eligible account types" for these promos in any way at all. That's why it works to move the money there before they take a snapshot of your eligible account balances to determine what the balance is to define "new deposits".

For example, from the email for may last promo of 2% that ends at the end of this month (the T&C of course is more detailed, but the list of account types is the same):

"Now with this online-only offer, you can earn a 2.00% interest rate* until April 30, 2022 on new deposits to your Tangerine Savings Account(s), including TFSA, RSP, and US$, up to $1,000,000 per Applicable Account Type."

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