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Earn 2.5% interest* in a Tangerine Savings Account, including RSPs and TFSAs
January 2, 2015
5:22 pm
JustMe
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Copy/paste from Tang:
"Getting the most out of your savings doesn’t really happen by accident. With Tangerine you can save like you mean it easily by earning 2.5% interest* until March 31, 2015 on new deposits made to a Savings Account, RSP Savings Account or Tax-Free Savings Account."

* Savings Interest Rate Offer of 2.5% is available between January 1, 2015 and March 31, 2015 on all net new deposits made between January 1, 2015 and March 31, 2015 to a maximum of $250,000.00 per Account registration. Offer applicable to the Tangerine Savings Account, Tangerine Tax-Free Savings Account, Tangerine RSP Savings Account and Tangerine RIF Savings Account. For full details, please visit tangerine.ca/savings2015/termsandconditions

January 2, 2015
5:39 pm
james1900
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less cheerful. Last year they were 3% or 3.1%.

January 4, 2015
4:52 am
gocanada
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Where are you seeing this? I don't see it on the main page or when I login, and when I go to that link, I get: "Oops, we can't find the page you're looking..."

January 4, 2015
5:00 am
gocanada
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I get the banner now - not sure what changed. Here's the link about the promotion:
http://www.tangerine.ca/en/lan.....index.html

And the link to the terms and conditions:
http://www.tangerine.ca/en/lan.....index.html

January 4, 2015
9:23 am
JustMe
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james1900 said

less cheerful. Last year they were 3% or 3.1%.

2.5% is still Better than 2/2.1% so grab it asap. Maybe next offer will be for 2.2%...
BTW, Tang interest rates ARE negotiable. When I was moving out money after previous promotion ended, as I was beyond transfer limit so I had to call them; customer serv.rep. offered me on the spot to keep money with 2% until June. I did agree but after cool off period realized that I will not be able to take advantage of any further promotion like this one so called again and took all money out. That decision will get me about $250 more now.

January 4, 2015
10:31 am
rickjeb2800
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PC Financial has a similar promotion, as it did last September going head to head with Tangerine with the $250,000 limit on deposits. However, one less obvious advantage to Tangerine over PCF promotion is that Tangerine pays its promotion interest each month during the 3 month promotion period, making it subject to compounding either at the basic savings rate or maybe the promotion interest rate if you are under the $250,000 cap. Whereas PCF only pays the promotion interest in bulk in one payment after the promotion ends and therefore the promotion interest does not earn interest during the promotion. PCF seem defensive on this matter when pointed out to them. But when they are competing on head to head and trying to gain advantage with over .1% more (3.1% v 3%) in the last promotion in 2014, one may want to consider this if one is investing the full amount permitted.

January 4, 2015
10:34 am
Loonie
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This may only be a good deal for the regular savings account. Be aware that Tang now charges $45 to withdraw registered accounts.

January 4, 2015
2:13 pm
Greg Franklin
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Justme, negotiating works but it is has been in a desperate, falling, low interest rate savings account, GIC, bond, dividend yield environment.

I am suspicious too about why they are doing these 3.0%, 3.10%, now 2.50% short term 3 month or 4 month promotions.

I can't know for sure but it seems financial institutions are looking at the Bank of Canada cutting their rate in 2015.

Now, as Loonie mentioned, they added a new $45+ H.S.T. for registered accounts. It is not bad enough that for every rates are 16.67% lower 2.50% versus 3.00% but now the first $50.85 of interest earned is Tangerine Bank's money.

I can see them adding new fees in 2015. Maybe they will add a withdrawal, cash out fee of registered accounts and who knows what else they will do.

One thing is for sure, they don't want to compete for longer term, fixed rate money, GIC's, RRSP's, TFSA, RRIF's etc.

Their 1, 2, 3 year rates are really low compared to other CDIC insured deposits. Looking at others compounding 3.00% for 5 year money versus much lower Tangerine Bank, PC Financial 2.50%, 2.55% RRSP, TFSA rates.

In 5 years, it is 1 year's less interest 15.927% versus 13.41%, 2.517% less total interest. On larger deposits, $35,000 TFSA's and $65,000 RRSP's, this is a total of $2,517 less total interest.

I hope, I am wrong but the last 5, 6 years, it has been getting more difficult for getting close to 3.5% to 4.00% savings accounts, GIC rates.sf-smile

January 4, 2015
2:37 pm
Greg Franklin
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Regarding the $50.85 registered accounts transfer out fee, depending when your money is transferred in and transferred out and if there are any other promotions at 2.5% and if they are 2.5% or less in 3 months, your deposit of $2,034 to as much as $10,000 will earn not be worth more than what you started with.

This is if they do not add more or other fees and restrictions that can add more possible lost interest and add more costs to depositors.

It is getting to a point that if you are not careful, you are actually not making any money anymore.

January 5, 2015
6:34 am
mr P. Pincer
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PCF requires you to apply, but it looks like we do not have to apply for this Tangerine one, just move the new money in, right?
Or did I miss something in the fine print somewhere?

January 5, 2015
11:54 am
JustMe
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mr P. Pincer said

PCF requires you to apply, but it looks like we do not have to apply for this Tangerine one, just move the new money in, right?
Or did I miss something in the fine print somewhere?

No fine print. You just log in, initiate transfer and enjoy 2.5% on new money deposited. If you had 10K on 2014.12.31 and transferred $100 today, you will get 2.5% on 100 and regular rate on 10K.
Every month you get two interest deposits: one regular - whatever their regular rate is and another to top it up to 2.5%. With Tang you get compound interest vs. PC Fin where you get bonus interest at the end of promo meaning you do not get interest on interest. Of course if you are playing with thousand of $ that difference is all peanuts. But if you are depositing 6 figures then it counts. Money makes money. With 5M at any Manitoba bank I would have income of 100K/year (split at 50K) and would not think of any investment, growth, shares, market and other BS. But since I do not play lotto no 5M for me...

January 5, 2015
10:42 pm
Doug
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Loonie said

This may only be a good deal for the regular savings account. Be aware that Tang now charges $45 to withdraw registered accounts.

Please be careful with statements like this.

My understanding is Tangerine Bank merely began charging a $45 "transfer out" fee for registered plans, bringing them in line with their entire competition who have already done this for years (they were an anomaly in this regard). There is still no fee for TFSA withdrawals; only "transfers out". :)

Cheers,
Doug

January 5, 2015
11:39 pm
Loonie
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Doug said

Loonie said

This may only be a good deal for the regular savings account. Be aware that Tang now charges $45 to withdraw registered accounts.

Please be careful with statements like this.

My understanding is Tangerine Bank merely began charging a $45 "transfer out" fee for registered plans, bringing them in line with their entire competition who have already done this for years (they were an anomaly in this regard). There is still no fee for TFSA withdrawals; only "transfers out". :)

Cheers,
Doug

Please be careful with statements like this.

It is simply not true that Tangerine's "entire competition" charges this fee.
Tangerine, therefore, was not an anomaly, but one of a small group that did not charge. The others still don't.

ING built their brand on "no fees", and now Tangerine has abandonned that branding in favour of the amorphous and undefined "no unfair fees", with the CEO trying to claim all the while that nothing has changed. Fairness is in the eyes of the beholder.

I think most readers knew what I was referring to, but, yes, to be crystal clear, the charge is for transfers-out, not withdrawals per se.

January 6, 2015
8:45 am
Greg Franklin
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If you think that Tangerine Bank is finished with squeezing more and new, higher fees from clients with their services and products then you are going to be surprised in 2015, 2016 etc.

Why do you think Bank of Nova Scotia bought ING Direct and named it now to Tangerine Bank? It was so they could change the financial institution into their own image, making.

We all knew this was coming and if they think that saying certain fees are fair then they think we were fools born yesterday.

They also removed the cashable GIC option, has much lower GIC and savings account rates and has much higher mortgage rates than the competition.

Their strategy is to monopolize not compete with other financial institutions which is bad news for consumers, depositors, borrowers etc.sf-frown

February 27, 2015
10:28 am
Calan
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Along with this promotion there's the $25 for setting up an Automatic Savings Plan (ASP) of $100 for 6 months. Any idea if that offer is for existing clients as well as new clients? I've put an email in to Tangerine but haven't heard back yet. The promotion is listed on the same page as the 2.5% interest promotion (http://www.tangerine.ca/en/lan.....index.html) but does not include specific details for the ASP.

Thinking I would set up an automatic transfer from savings to chequing on, say, the 14th of every month, then an ASP from chequing to savings on the 15th of every month. Lose 1 day of interest on $100 each month, but get $25 at the end of 6 months. Works out well.

February 27, 2015
10:35 am
2of3aintbad
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As an existing client, I asked at the the downtown Toronto coffee place and was told the ASP bonus was only for new clients. I think the wording is pretty clear, under "Plus, you can also get up to $75 when you become a new Tangerine Client and open your first Savings Account."

But if you hear differently, please let us know ...

February 27, 2015
11:39 pm
Yatti420
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FYI it is for new and existing customers however is for new money only..http://www.tangerine.ca/en/lan.....index.html

February 28, 2015
4:13 am
2of3aintbad
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Calan's question was about $25 for the ASP (automatic savings program). Is that what you are referring to?

March 25, 2015
4:09 pm
rhvic
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Getting close to March 31 and the end of the 2.5% interest rate special, thus time for me to move my money out of Tangerine and back to Hubert, to park it there at 1.95% until either Tangerine or President's Choice come up with a new attractive interest rate offer. This way, my 'starting' balance at Tangerine will be low and any funds I move back in will be 'new'.

March 25, 2015
4:14 pm
JustMe
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Not so fast! I got this e-mail from Tang:

As a thank you for being such a great saver, you qualify for a special interest rate offer.
You probably don't want to shop around for great rates, so don't bother. Your money is already earning top rates with us.
Keep your January to March 2015 RSP, TFSA, RIF and Savings Account deposits in these Accounts and they'll earn 2.10% interest* from April 1 to June 30, 2015. Plus, get 2.10% interest on new deposits until June 30, 2015.
Earn this special interest rate on up to $500,000 in eligible deposits to each of your Applicable Account registration types*, with no minimum deposit amount required. The special interest rate will apply as long as your balance is greater than your December 31, 2014 balance. It's a great way to make your money grow.

* 2.10% interest rate Offer is current as of March 23, 2015 and is calculated by adding the Bank's current applicable posted rate ("Posted Rate") with the additional interest rate of 1.05% for Tangerine Savings Accounts, Tangerine Tax-Free Savings Accounts and Tangerine RSP Savings Accounts, or 0.60% for Tangerine RIF Savings Accounts ("Additional Interest"). Offer will be applied from April 1, 2015 to June 30, 2015 on all net new deposits made to the Applicable Accounts since January 1, 2015, to a maximum of $500,000 per Applicable Account registration types. The Posted Rate and Additional Interest are annualized rates, calculated daily and paid monthly. Interest at the Posted Rate will be paid at the end of each month. Additional Interest is payable and paid on all open Applicable Accounts at the start of the following month, and assumes the Applicable Account was not closed prior to the payment of Additional Interest. The Offer and interest rates are subject to change without notice. Additional Interest may not apply to certain internal balance transfers made between existing Tangerine Accounts. Offer is only applicable to Accounts that are eligible for Additional Interest. Offer is only applicable to Clients who have directly received the offer from Tangerine and is non-transferable. Offer will only be applicable to Accounts where Client is the Primary Account Holder. For full details, please visit tangerine.ca/springsaving/termsandconditions.

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