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Earn 5.50% interest until August 31, 2024
April 5, 2024
4:17 pm
mordko
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RaySee said
Is it a "new money" promo or "leave it where it is"?

Mine is up at the end of April and I need to know if I should transfer out May 1.  

New money.

April 6, 2024
2:38 am
RetirEd
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Something like six or seven years back, I had a promo (called in and asked if I could have one*) with base rate + promo rate. When base rate went up, they cut the promo rate to leave me with the same total rate. Then, when the base rate went down, they didn't move the promo rate and my total rate fell.

Unimpressed. I left them, TFSAs and all, when they demanded a $2 fee for monthly statements. They offered to advance me $24 to cover a year's statements but nothing beyond that. I offered them nothing beyond that, too.

*Tangerine never cold-offered me a promo, and usually refused my call-in for one.

RetirEd

April 6, 2024
3:26 pm
rebel88
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I transferred some money from a Simplii account to my Tangerine account back on April 1st. As of today, April 6th, the monies are still on hold in my Tangerine account even though my Simplii account shows it was deposited in Tangerine within two business days. I called Tangerine and was advised that the monies would be released on April 8th. Is this hold period typical at Tangerine?

April 6, 2024
3:44 pm
mordko
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rebel88 said
I transferred some money from a Simplii account to my Tangerine account back on April 1st. As of today, April 6th, the monies are still on hold in my Tangerine account even though my Simplii account shows it was deposited in Tangerine within two business days. I called Tangerine and was advised that the monies would be released on April 8th. Is this hold period typical at Tangerine?  

Up to 5 business days. I think its fairly standard.

https://www.tangerine.ca/en/legal/account-terms#:~:text=Holds%20on%20your%20Account,day%20you%20make%20the%20deposit.

April 6, 2024
7:27 pm
MG
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rebel88 said
I transferred some money from a Simplii account to my Tangerine account back on April 1st. As of today, April 6th, the monies are still on hold in my Tangerine account even though my Simplii account shows it was deposited in Tangerine within two business days. I called Tangerine and was advised that the monies would be released on April 8th. Is this hold period typical at Tangerine?  

Yes, typical as mentioned by Mordko. If you had instead pulled the money from Simplii using your Tangerine account, then there would be no hold at all. That is what I did. I have Tang linked to my Simplii savings account and did a pull, instead of a push from Simplii.

April 6, 2024
7:33 pm
zgic
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Strange. What I have read here is that PUSH has no holds.
PULL has holds.

April 7, 2024
10:42 am
Loonie
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zgic said
Strange. What I have read here is that PUSH has no holds.
PULL has holds.  

Not strange. It's normal. You are just not familiar with how this works.

April 7, 2024
11:52 am
JohnnyCash
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Loonie said

Not strange. It's normal. You are just not familiar with how this works.  

I'm trying to determine if your post was meant to be taken seriously?

April 7, 2024
12:02 pm
MG
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zgic said
Strange. What I have read here is that PUSH has no holds.
PULL has holds.  

My mistake, mea culpa! So sorry about that. I actually did both ways and forgot I did so. You are quite right. A push has no holds.

April 7, 2024
1:32 pm
zgic
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MG said

My mistake, mea culpa! So sorry about that. I actually did both ways and forgot I did so. You are quite right. A push has no holds.  

Thank you MG for clarifying.

April 22, 2024
3:50 pm
Fritz23
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I called for a renewal promotion rate (5.25% until 08/28) and was offered first 4.5% and than 4.6%. Other wrote hey got 5% a few days ago. ...frustrating, what is the trick? Thanks.

April 22, 2024
4:19 pm
InterestThis
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There is no trick, you just have to pull all the money out by each offer ending deadline, and sometimes take a pass on the lower offers. Then if the algorithm needs more deposits for Tang, it might make the offer.
Surely Tang would forbid employees handing them out, as that is wide open for corruption.

April 25, 2024
6:53 pm
RaySee
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OK. I got the heads-up email from Tangerine. I'm trying to interpret this. Previously I've had offers that say to just leave everything where it is and the promo rate will apply rather than only on new deposits.
Should I read this as "new deposits only, after May 1"?
Should I move all of my funds out now and back on April 1 (or after I get the activation)?
Or just leave everything as-is?

Here's the small print:

The 5.75% 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, 2024 (“Eligible Clients”). The 5.75% promotional interest rate (the “Promotional Interest Rate”) is valid from May 1, 2024 to July 31, 2024 (the “Promotion Period”) and is only applicable to Tangerine Savings Accounts, Tax-Free Savings Accounts, RSP Savings Accounts and US$ Savings Accounts where the Eligible Client is the Primary Account Holder (referred to collectively as “Applicable Accounts”). Promotional Interest is the interest earned on Eligible Deposits during the Promotion Period. “Eligible Deposits” for any day during the Promotion Period is the excess of (i) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type (excluding Promotional Interest) over (ii) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type as at December 4, 2023 (WTF?), to a maximum of $1,000,000 per Applicable Account Type (in the currency of the Applicable Account). The Promotional Interest Rate is an annualized rate, calculated daily and paid monthly. All balances in Applicable Accounts that don’t qualify as Eligible Deposits will continue to earn the Bank’s applicable Posted Rate. This Offer can’t be combined with any other promotional Savings rate offers. This Offer, including interest rates, may change, be extended or cancelled without notice.

2024-04-25-21_43_26-Banking-1.jpg

April 26, 2024
4:56 am
Norman1
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I received the same e-mail about an upcoming 5¾% offer. Looks like Tangerine Bank will effectively be extending my current offer that started December 5, 2023.

The upcoming offer is a new-money offer and not an entire-balance offer. The upcoming offer uses the December 4, 2023 closing balances so that money that is considered new by my current offer will also be considered new by the upcoming offer. No need for me to transfer money out before my current offer ends on April 30 and back in after the upcoming offer starts. 🙂

April 26, 2024
8:41 am
Pronounced Zed
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5.75% For May 1st to July 31st. That's only a 3 month window instead of their usual 5 months. Hope this isn't where things are heading.

April 26, 2024
9:05 am
RaySee
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Norman1 said
I received the same e-mail about an upcoming 5¾% offer. Looks like Tangerine Bank will effectively be extending my current offer that started December 5, 2023.

The upcoming offer is a new-money offer and not an entire-balance offer. The upcoming offer uses the December 4, 2023 closing balances so that money that is considered new by my current offer will also be considered new by the upcoming offer. No need for me to transfer money out before my current offer ends on April 30 and back in after the upcoming offer starts. 🙂  

They sure don't make it very clear. I just checked and my Savings account had a balance of about $500 on Dec. 4, so I guess I moved everything out in anticipation of a new "New Money" offer. So my "New Money" threshold for the May offer will be ~$500 regardless of what I do?
(I just called T to ask about this and, after navigating various menus, was told my wait would be 30 min. )

April 26, 2024
9:45 am
Norman1
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Yes, your threshold will be the December 4 balance of around $500 no matter what you do now:

… Promotional Interest is the interest earned on Eligible Deposits during the Promotion Period. "Eligible Deposits" for any day during the Promotion Period is the excess of

(i) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type (excluding Promotional Interest) over

(ii) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type as at December 4, 2023,

to a maximum of $1,000,000 per Applicable Account Type (in the currency of the Applicable Account).

April 26, 2024
9:46 am
JohnnyCash
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Pronounced Zed said
5.75% For May 1st to July 31st. That's only a 3 month window instead of their usual 5 months. Hope this isn't where things are heading.  

Extension offers have always been 3 months, whereas new one's are 5.

April 26, 2024
9:57 am
bpwest
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Norman1 said
I received the same e-mail about an upcoming 5¾% offer. Looks like Tangerine Bank will effectively be extending my current offer that started December 5, 2023.

The upcoming offer is a new-money offer and not an entire-balance offer. The upcoming offer uses the December 4, 2023 closing balances so that money that is considered new by my current offer will also be considered new by the upcoming offer. No need for me to transfer money out before my current offer ends on April 30 and back in after the upcoming offer starts. 🙂  

I'm gonna quote Norman1, as my offer appears to be identical.

My expiring offer, 6%, Dec 5 - April 30, under 'Bonuses and Contests' said "New Deposit Digital-Only Savings Campaign", and I would agree that the new money uses the 'snapshot' date of Dec 4, 2023.

I usually withdraw my monies at end of an offer, even when they say 'no need to move your money', but will trust them this time, and my Dec 4 2023 'snapshot' was very little $'s.

April 26, 2024
10:42 am
InterestThis
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That reads like an offer extension, so for those one would not remove the money, as its based on the Dec 4, 2023 balance.

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