Limit raised to $1 million on extended 2½% new-money Winter 2018 offer | Tangerine Bank | Discussion forum

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Limit raised to $1 million on extended 2½% new-money Winter 2018 offer
August 19, 2018
9:30 am
Norman1
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Previously, Tangerine selectively extended their Winter 2018 2½% new-money offer to November 30.

Effective August 1, Tangerine raised the limit on their extended offer from $500,000 of new money to $1 million:

5. “Additional Interest” is 1.25%. During the Offer Period, the Bank will calculate Additional Interest for new deposits to Applicable Accounts each time the sum of the daily balances in each Applicable Account exceeds the corresponding Applicable Account Type balance as at January 3, 2018 to a maximum of $500,000 per Applicable Account Type (“Eligible Deposits”) until July 31, 2018. Effective August 1, 2018, the Bank will calculate Additional Interest for new deposits to Applicable Accounts each time the sum of the daily balances in each Applicable Account exceeds the corresponding Applicable Account Type balance as at January 2, 2018 to a maximum of $1,000,000 per Applicable Account Type (“Eligible Deposits”). Additional Interest will only apply to net new Eligible Deposits that raise the Applicable Account Type balance above the January 2, 2018 balances, and the balances in an Applicable Account Type that are equal to or less than the Applicable Account Type balances as at January 2, 2018 will not earn Additional Interest.

August 19, 2018
12:35 pm
Loonie
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Are they hard up , or what? lol

Unfortunately, CDIC didn't also increase their limit from 100K to 1million.
Just last week, I withdrew the excess that had piled up at Tang.

This move probably reflects the increasing concentration of wealth in our society and fears of a market downturn or crash, given the length of the current bull.

August 19, 2018
2:01 pm
User230
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They might be seeing withdraws from their mutual funds. Than that money gets sent other places.

More likely they are feeling the burn of their competitors like Hubert and EQ.

A 0.2% or less difference to keep moving money around isn't worth it.

It could also be a much about nothing. A large client asked for it to be raised. Trying to grow their business in new directions. Cater to high value customers needs.

I only bank with them right now because I want Pre-Authorised Debits (PAD) from their CC Mastercard.

I wish they allowed PAD from other banks. Even if it meant one less category. I'd be okay with that.

I could delete the account and still have their good CC.

August 21, 2018
5:48 am
savemoresaveoften
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With GIC rates getting more juicy, this is their defence to try to keep as much deposit as possible without raising their funding cost beyond 2.5%, my 2 cents.

August 31, 2018
10:25 am
bhuc
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Norman1 said
Previously, Tangerine selectively extended their Winter 2018 2½% new-money offer to November 30.

Effective August 1, Tangerine raised the limit on their extended offer from $500,000 of new money to $1 million:

5. “Additional Interest” is 1.25%. During the Offer Period, the Bank will calculate Additional Interest for new deposits to Applicable Accounts each time the sum of the daily balances in each Applicable Account exceeds the corresponding Applicable Account Type balance as at January 3, 2018 to a maximum of $500,000 per Applicable Account Type (“Eligible Deposits”) until July 31, 2018. Effective August 1, 2018, the Bank will calculate Additional Interest for new deposits to Applicable Accounts each time the sum of the daily balances in each Applicable Account exceeds the corresponding Applicable Account Type balance as at January 2, 2018 to a maximum of $1,000,000 per Applicable Account Type (“Eligible Deposits”). Additional Interest will only apply to net new Eligible Deposits that raise the Applicable Account Type balance above the January 2, 2018 balances, and the balances in an Applicable Account Type that are equal to or less than the Applicable Account Type balances as at January 2, 2018 will not earn Additional Interest.

  

UNFORTUNATELY Tangerine did not raise the max to 1,000,000 for the promotion of 2.75 % for 270 days or in my case Dec 31, 2018sf-frown

August 31, 2018
2:19 pm
Bud
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are u looking for a sugarbabe

August 31, 2018
10:58 pm
Vatox
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October 29, 2017
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Yes, my 2.5% promo to April 30, 2019 also reads $1 million.

September 1, 2018
6:01 am
Bud
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Call your private banker at ING for an exceptionsf-winksf-laugh

September 29, 2018
6:43 am
rfdm4g4g9
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I am on their paltry 2.5 % promo till Nov 30.

Has anyone managed to negotiate it with Tangerine to 2.75 % or 3% , using TD's 3.2% or RBC's 3 % for 6 months or Scotia's upto 3% ?

Opening an account with RBC and TD is a big hassle for me, as I don't bank with them, will have to open a chequing account also with them along with their esavings account to get free transfers, back and forth.

If I could just open a savings account with them and link it directly to Tangerine, with no back and forth withdrawal fees, I would open it in a jiffy for 3% and 3.2 %.

September 30, 2018
9:06 am
Londonguy
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rfdm4g4g9 -- Is there some reason you're ignoring the DUCA 3.25% savings account promo that runs until Dec 3? Link your new DUCA account to Tang and away you go, then pull it back at the first of December if you want, no new chequing accounts required

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