Another Tangerine Promo for existing customers -- only 2.2%! | Page 3 | Tangerine Bank | Discussion forum

Maybe it is a different offer or terms/conditions. I know that I have received Promo interest for offers that were calculated on CHQ balances.

No, I moved all my money out of Tang and received a New Money offer. After putting some money back into my CHQ and SAV accounts, I received the usual interest and Promo interest for both accounts.

I am suggesting that the folks who employ the tactic of shuffling all their money (i.e. $10K) from their SAV to their CHQ account in order to establish a baseline of zero for their SAV account might also be eligible for Promo rates in their CHQ account (with any new funds above $10K), but just not notice it since they are putting all the funds back into their SAV account.

AllanB: Where would you go today for 3% in a savings account?

RicksBank: you quote...

"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."

Online-only again? The pressure to switch to online banking is incessant.

RetirEd

AllanB said
Hold the line fellas!  

I'm inclined to ignore the offer and roll-the-dice on a BoC .5% increase on June 1st, which will trigger offers on rates to increase further. Locking in with Tangerine at 2.2% until the end of November is too long. The next BoC rate increase will not be the last.

bb_sam said

I just got another email advising of the pending 2.2% rate promo. It sounds like this promo is a bit different since they seem to be suggesting that I should keep the funds "right where it is". So, it seems like I won't have to transfer the funds out and then in again???

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. To make the most of your special rate, just keep your money right where it is.  

I just received that ⬆ same emailed message from Tang. Apparently, it will be good through to Nov. 30th, and now there's No mention of a specified time period my money has to stay there with them, to retain the deal (i.e. my money Isn't Locked-In) ❗

Here's the fine print . . .

"* The 2.20% Interest Rate Offer (the “Offer”) is only available to existing Tangerine Clients who have received this communication directly from Tangerine and who activate the Offer online by May 31, 2022. The 2.20% promotional interest rate (the “Promotional Interest Rate”) is valid from May 3, 2022 to November 30, 2022 (the “Promotion Period”) and is only available for eligible non-registered Tangerine Savings Account(s) (“Applicable Accounts”) to a maximum balance of $5,000,000 in all Applicable Accounts combined (“Eligible Balances”) during the Promotion Period. 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."

.

I guess that's better than; 'A Kick In The Pants'.

Dean

The terms of all previous promos were clearly set to achieve 2 goals: to keep existing money in our accounts and to attract new money. Surely this promo would be set up to do the same, and include all existing and new money?

My concern is that for the first time the announcement doesn't include the actual T&Cs or specify that it's for new money. I don't trust them not to still have that requirement so I'm going to move my money out to my chequing account for a few days prior to May 3rd as I have successfully done for the last few promos. To me, that assurance is worth the loss of a few days interest at my current 2.0% rate.

Thanks to the person who told me that Tang will extend promos to other household members who didn't get the offer email. We phoned and were told to call back after May 3rd and they will activate the promo for my wife too.

Promo rate ending tomorrow, here's the message in Tangerine inbox a few days ago:
"Just a quick note about the special interest rate you have in place for this Account
We hope that the special 2.00% interest rate you’ve been earning has helped you make your money work as hard as you do.
As a reminder, this rate will end on 30-April-2022. After that date, the funds in the Account will earn the posted rate.
You’ll find more information about your Tangerine Savings Account, including your rights and obligations, within your Account Terms (which continues to apply to your promotional offer and to the Tangerine Savings Account after the offer end date).
Remember that you can close your Tangerine Savings Account, at any time if you like, including after the offer end date, and there is no charge to do so. However, there is a fee associated with transferring registered funds to another financial institution, as disclosed in our fee schedule.
As part of your banking experience with us, you have access to many free digital banking features, including money management tools such as Money Rules and Goals.
To learn of any future promotions that might be available to you, keep an eye out for emails from us, and watch for messages on our website and Mobile Banking app."

Bill said
Promo rate ending tomorrow, here's the message in Tangerine inbox a few days ago:
"Just a quick note about the special interest rate you have in place for this Account
We hope that the special 2.00% interest rate you’ve been earning has helped you make your money work as hard as you do.
As a reminder, this rate will end on 30-April-2022. After that date, the funds in the Account will earn the posted rate.
You’ll find more information about your Tangerine Savings Account, including your rights and obligations, within your Account Terms (which continues to apply to your promotional offer and to the Tangerine Savings Account after the offer end date).
Remember that you can close your Tangerine Savings Account, at any time if you like, including after the offer end date, and there is no charge to do so. However, there is a fee associated with transferring registered funds to another financial institution, as disclosed in our fee schedule.
As part of your banking experience with us, you have access to many free digital banking features, including money management tools such as Money Rules and Goals.
To learn of any future promotions that might be available to you, keep an eye out for emails from us, and watch for messages on our website and Mobile Banking app."  

Sheesh, that line:

"Remember that you can close your Tangerine Savings Account, at any time if you like, including after the offer end date, and there is no charge to do so. However, there is a fee associated with transferring registered funds to another financial institution, as disclosed in our fee schedule."

sounds like a dare to leave. No, I think I'll keep the account open as that is where TING's mastercard deposits the 2% cashback on mastercard purchases.