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Just offered 3% (!!!) at Tangerine for 180 days
July 8, 2015
7:33 pm
Loonie
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I think maybe I see what you're saying, 2of3aintbad. My GIC was purchased at almost the same day of the month as this Tangerine deal expires for me, so I think I am OK either way. Perhaps I still don't understand you.

It's encouraging to hear from JustMe as well that Tang did honour the full percentage offer previously when rates went down.

I think that I won't move any more money at this time.

July 11, 2015
7:25 pm
EconMaster
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The Tangerine offer of 3% was and is marketed through targeted emails, phone calls and notices on their site as clients log in. It is not showing to the general public, as far as I can tell, when they go onto the site if they are not active clients. Tangerine, a division of and owned by the Bank of Nova Scotia maintains their own CDIC coverage to $100,000 like all proper financial institutions here in Canada. Take advantage of this offer if you can. There is no locked-in period. There are no restrictions to removing your money at any time. At up to three times other on-line banks, it appears to be the best deal going right now. If you are a client of Amicus Bank, PC Financial, you can ask for a rate match, but they will likely only offer 1.50% which is 0.45% over posted rate.

July 12, 2015
11:26 am
Rick
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Got the email on Jul 3, and message when I log in offering the 3% until Nov 30. Guess they opened it up to everyone or targeted me as I have moved money over to them to take advantage of their offers in the past. Definitely not because I have a substantial amount of cash with them. My savings account was at 5 bux and change. Needless to say I initiated a transfer over immediately. I just wonder why they continue to do these gimmicks instead of just offering competitive rates all the time? Six months of interest @ 1.05% and six months at 3% works out to about the same as offering 2% all year. Whats the point of having your deposit base fluctuate wildly as there is a mass exodus of cash once the promotion ends? Why not just return to being an industry leader on interest rates and retain the deposit base all year? Especially since the savvy savers realize their promos are based on your account balances as of a certain date, and promo rates only apply to new deposits, so they yank out any liquid cash to take advantage of any new promos before they take effect, if any new promos happen at all. If there are no new promotions, they move it out anyway as Tangs regular rates are at or near the bottom of the pack. The way they do things now, there is actually an incentive to move my money out immediately after or just prior to the end of the promo. Are they hoping that people will just forget about their balances and/or not bother to take the time and effort to move their cash to an institution that actually offers better interest rates? I miss ING. sf-frown

July 12, 2015
12:32 pm
Loonie
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I miss ING too. Bring back the Dutchman and "save your money!"

I think the strategy must be to get more customers (and thus more money), with the hope and knowledge that most of them won't quibble and will not realize that there are valid competitors out there. I expect this is true and that it works. It takes time and effort to follow your money as closely as most of us do who use this website. Most people can't or don't do that.

Actually, if you got all their bonus offers on savings accounts this year, you would have done very well. The one previous to this was 1.75 (with 2.1 for new money) for 3 months, and there was one before that which was 2.5 on new money for 3 months. So, over the course of the year, if you moved your money in and out as required, you would have gotten about 2.6!, and compounded monthly, which is far better than anywhere else.

I think they're probably doing pretty well at getting and keeping money. I've been intending to move mine out for at least a year but have not done so yet. My overall rate for this year with Tangerine savings is about 2.4 or so, assuming the current offer holds, so I'm not complaining about that.sf-smile

Overall, averaging in the people who don't move their money around and don't ask for bonuses, it probably works for Tang. The extra cost involved in rewarding people like us who expect more is probably cheap advertising for them because we spread both good and bad news.

July 20, 2015
11:11 am
AM-il
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THANK YOU VERY MUCH for posting the URL!
I called them and with the URL they gave me the promo!sf-cool

July 24, 2015
5:12 am
HIS285
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I noticed this morning that the savings account regular rate had dropped to 0.8%.

My account still says that I can get 3% until November but it's probably because the notice wasn't updated.

The promo would now be:

.8% regular interest + 1.95% additional Interest = 2.75%

July 24, 2015
5:58 am
Norman1
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It looks like the offer is now 0.80% regular interest + 2.20% additional interest.sf-smile At least that's what it looks like for the 3%-for-180-days offer.

Click on the "Learn More" link to view the terms and conditions. This is the updated condition #2:

2. "Additional Interest" is 2.20%. Additional Interest is added to the applicable posted rate of interest listed on the Bank's website (the "Posted Rate") to calculate the total amount of interest payable under this Offer. (For example, if the Posted Rate were 1.05% and the Additional Interest were 0.45% then: Posted Rate of 1.05% + Additional Interest of 0.45% = Offer of 1.50%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate.

July 24, 2015
8:11 am
jgclghrn
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Norman1 said

It looks like the offer is now 0.80% regular interest + 2.20% additional interest.sf-smile At least that's what it looks like for the 3%-for-180-days offer.

I have the 3% offer until Nov. 30 for new money added between July 2 and Sept. 30. The small print on my offer still quotes the 1.95% bonus + the posted rate which is now 0.8%. I called Tangerine and they said regardless I am still getting the 3% on new money. The old money will now only get 0.8%.

July 24, 2015
8:54 am
2of3aintbad
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jgclghrn, family member and I have one of each offer. strange how one was updated but not the other.

July 24, 2015
10:21 am
jgclghrn
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2of3aintbad said

jgclghrn, family member and I have one of each offer. strange how one was updated but not the other.

It is odd. When I mentioned it to the representative I talked to she glossed over the discrepancy and continued to emphasize that I was still getting 3% on my new money.

August 19, 2015
3:38 pm
rhvic
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Somebody may have noted this before, but I have found a link on Tangerine's page which at least confirms that I am getting the 3% rate, since this rate does not show under the 'account info' when I look at my savings account (there it just shows 0.8%).

On Tangerine's page which lists one's accounts, there is a link in the left menu called "My info and options" with a sub-link of "My contest entries and Bonuses". It is here that for example it says for me:
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Your special rate offers

See below for offer details.
Description ____________________________________Start date_______End date
Limited Time Offer - view Terms and Conditions 23-Jun-2015 19-Dec-2015

----------
The link "view Terms and Conditions" then details the 3% rate.

Hope this helps with any confusion (on this issue) at Tangerine.

April 6, 2016
6:58 am
Miron
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I just got an Email from Tangerine about the same offer but for a shorter period:

From April 5 to June 30, 2016, you'll earn 3.00% interest on up to $500,000 in new deposits to your Tangerine Savings Account(s).* Our regular posted interest rate is 0.80%, so this special springtime rate is designed as a boost to help you reach your savings goals faster.

* 3.00% interest rate Offer is current as of April 5, 2016 and is calculated by adding the Bank's current applicable Posted Rate with the Additional Interest rate of 2.20% for net new Eligible Deposits of up to $500,000 to your Tangerine Savings Accounts ('Applicable Accounts'). Offer will be applied from April 5, 2016 to June 30, 2016. To receive the Offer, Tangerine Clients must have received the Offer by email directly from the Bank, and/or received a notification that they are eligible to participate in the Offer when they log in on the Bank's website. Clients must also be the Primary Account Holder on the Applicable Account. The Offer does not apply to certain Account types, as outlined in the full Offer Terms and Conditions. The applicable Posted Rate and the Additional Interest rate are annualized rates, calculated daily and paid monthly. Additional Interest will not be payable on Applicable Accounts that are closed before each monthly payment of Additional Interest is made. This Offer and interest rates are subject to change without notice. For full details, please visit our full terms and conditions.

April 6, 2016
9:39 am
2of3aintbad
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Miron said

I just got an Email from Tangerine about the same offer but for a shorter period:

From April 5 to June 30, 2016, you'll earn 3.00% interest on up to $500,000 in new deposits to your Tangerine Savings Account(s).* Our regular posted interest rate is 0.80%, so this special springtime rate is designed as a boost to help you reach your savings goals faster.

* 3.00% interest rate Offer is current as of April 5, 2016 and is calculated by adding the Bank's current applicable Posted Rate with the Additional Interest rate of 2.20% for net new Eligible Deposits of up to $500,000 to your Tangerine Savings Accounts ('Applicable Accounts'). Offer will be applied from April 5, 2016 to June 30, 2016. To receive the Offer, Tangerine Clients must have received the Offer by email directly from the Bank, and/or received a notification that they are eligible to participate in the Offer when they log in on the Bank's website. Clients must also be the Primary Account Holder on the Applicable Account. The Offer does not apply to certain Account types, as outlined in the full Offer Terms and Conditions. The applicable Posted Rate and the Additional Interest rate are annualized rates, calculated daily and paid monthly. Additional Interest will not be payable on Applicable Accounts that are closed before each monthly payment of Additional Interest is made. This Offer and interest rates are subject to change without notice. For full details, please visit our full terms and conditions.

I think this should be in the other thread:
https://www.highinterestsavings.ca/forum/tangerine-bank/new-special-rate-offers/

April 6, 2016
10:17 am
Miron
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2of3aintbad said
I think this should be in the other thread:
https://www.highinterestsavings.ca/forum/tangerine-bank/new-special-rate-offers/

No problem, I am moving it...

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