Interest doesn't start on the day pulls are made | Tangerine Bank (formerly ING Direct) | Discussion forum

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Interest doesn't start on the day pulls are made
October 4, 2017
2:34 pm
xup6.yc
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So it used to be that Tang will start counting interest when you make a pull request, but now i've noticed that it goes into pending and not your account balance.
So you basically don't get any interest until Tang actually gets the money.
Kinda sad, Tang is starting to offer less and less benefits.

Side note: I got retention rate 2.75% til Dec.31!

October 6, 2017
8:04 pm
SavingIsGood
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Hey, they have to watch their bottom line...
If you are moving 1/2 mill that will save them $37.67/day in interest.
Now imagine how much money they are saving since at least 5 million Canadians received this offer (2.75%) and initiated pull on Oct 6th... =3 days long weekend+1 day for money to arrive= $37x4x5mil... wow!

October 7, 2017
1:31 am
Loonie
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Sounds like a good reason to move it only to chequing.

5 million?

October 7, 2017
6:27 am
Bill
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If you pull money to Tangerine it's in your account earning interest the next business day, nothing to do with when "Tang actually gets the money".

October 7, 2017
7:21 pm
Joebart
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Well it's not that simple.
In my case it showed as pending for two days (no interest) then it showed as a balance for another three days as on hold (accumulated interest) . Same time it was at EQ as available acummateted interest as well for ther more days before vanished from EQ bookes. So I have had three days of interest from both banks....

October 7, 2017
7:55 pm
Bill
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Joebart, that's not the way it's ever worked for me. I've pulled money to Tangerine from TD for many years now and it's always there and earning interest the next business day, e.g. if I do a pull on a Friday it's there on Monday. Never been put in "pending" status for 2 days first.

October 8, 2017
4:36 am
Joebart
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Well, I have pulled money from EQ Bank, October 04, Tangerine had it as pending transaction, on October 06 it arrived and was put on hold earning interest. Today is October 08 and according to EQ money is still there earning interest and I guess it will disappear on Tuesday so it looks so far I have interest from both sides for a couple of days. 04.05.06.07.08.09 who knows..

October 8, 2017
5:52 am
Bill
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Well, Joebart, I guess for those who like playing the double-interest-for-a-few-days game there are techniques available - maybe it's got something to do with transfers from ebank to ebank instead of from a Big 5 bank.

October 8, 2017
8:04 am
JW
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On Oct 5 from my Tan Savings I did a pull from PCF. Tan indicated it would happen in PM of Oct 6. The HOLD menu indicates it is accumulating interest. On the PCF site it acknowledges the pull and indicates the transaction will be processed on Oct 10. I assume I am getting 2.75% at Tan Oct 6 to 10. At PCF I assume I am getting 2.5% for Oct 6 to Oct 9 (maybe 10). Can't complain.

October 9, 2017
4:56 pm
speedwagen
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I'm with Bill on this 1. Like him, I've been doing it for years, including EQ. I'm not sure what the heck xup6.yc & Joebart are doing, but you must be doing something wrong or perhaps you've done something wrong in the past & Tang has some sort of acc'ts watchlist, but I can assure everyone that you'll earn interest starting the day you specified as the pull date...period!

I took it a step further by calling Tang after I read this thread and they assured me that it's still business as usual.

I usually specify a date - that's the date I want, that's the date I get, however, contrary to some FI's platform where now means NOW, as in the minute you click on "submit", now @ Tang means the next banking day, as in shortly after midnite of the now day and if the now day was a Friday, shortly after midnite on Sunday, presuming Monday isn't a holiday.

If you have concerns about something, by all means bring it up, but don't go spreading misinformation. This forum is supposed to be about sharing useful & constructive info, not useless innuendo.

October 10, 2017
8:46 am
Joebart
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"Do not correct a fool or he will hate you, correct wise man and he will appreciate you"

October 11, 2017
1:35 am
speedwagen
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To which I say "whatever a fool thinks is irrelevant, whereas an appreciative wiseman is welcome". Which one are you, Joebart?

October 11, 2017
4:42 pm
tcharger67
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xup6 i ran a quick calculation on my september interest. guess what, it was exactly 5 days short, the number of days before it cleared.
on a side note, deposits made in august included the interest gain.
Possible change to policy? Possible member did not input information correctly(doubtful, most likely automated)

December 1, 2017
8:04 am
rfdm4g4g9
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Bill said
Joebart, that's not the way it's ever worked for me. I've pulled money to Tangerine from TD for many years now and it's always there and earning interest the next business day, e.g. if I do a pull on a Friday it's there on Monday. Never been put in "pending" status for 2 days first.  

So is Thursday the best day to do a PULL into Tangerine from your external account like Simplii Financial ?

So the money will be in Tangerine the next business day - i.e Friday & will start earning interest in Tangerine from Friday.

But it won't leave Simplii Financial till Monday . So basically Fri, Sat & Sun for 3 days its earning interest in both places - Simplii & Tangerine.

Does it matter what time you do the PULL on Thursday ? Before 5.00 PM or after 5.00 PM or something like that ? Or it doesn't matter.

TIA

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