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Interest calculation

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Interest calculation

May 1, 2020
5:43 am

davidgeorge

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Regular savings account interest is 0.25% and promotion interest is 3%. If my account balance is $0 before promotion started, the ratio of interests earned from regular and promotion should be 0.25%:2.75, which is 1:11. However, interests posted in my account gives the ratio 1:9.5.

May 1, 2020
6:42 am

2of3aintbad

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Since the regular interest rate has been reduced to 0.25% during the period, the bonus rate has risen (to 2.75% in your case). It makes sense that the ratio is less than 1:1.11 for you. I opened a new account in April and so it was simple to confirm that I received the correct interest amounts.

May 1, 2020
7:14 am

davidgeorge

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2of3aintbad said
Since the regular interest rate has been reduced to 0.25% during the period, the bonus rate has risen (to 2.75% in your case). It makes sense that the ratio is less than 1:1.11 for you. I opened a new account in April and so it was simple to confirm that I received the correct interest amounts.

Thanks. You are right. I forgot there was a rate change in April.

June 15, 2020
5:59 am

Bud

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if a gic at tangerine matures into savings account at tangerine how does it affect new money deal calculation will it throw it off reduce the promo room?

June 15, 2020
7:31 am

cruzinalong

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Only NEW money from external source counts.

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