“Promotional Interest” is earned on Eligible Deposits (excluding Promotional Interest) | Page 2 | Tangerine Bank | Discussion forum

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“Promotional Interest” is earned on Eligible Deposits (excluding Promotional Interest)
September 29, 2024
1:07 pm
InterestThis
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Dean said
.
Yup ⬆

Scotiabank's stock (BNS) had been in the doldrums for quite some time. But I (and many others) held on, partially because we were Paid To (BNS Dividend
= ~6%).

And finally with BNS's stock recent turnaround (⬆ ~20%, and still climbing), we're all Smilin' Now. sf-laugh

    Dean

  

It's probably a good idea to hold all the CDN banks in ETF's, and other things, like one ETF which converts all of the bank Divs and capital gains into Divs.
So everytime the banks come out with sneaky tricks, at least you are getting some back in bank Divs.
So they give you a shave in bonus percentage, to boost the Div, and of course pay for the CEO's divorce and yacht too.
It's just the way the system is, might as well play inside the system as it's designed.

September 29, 2024
1:16 pm
InterestThis
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Primus said

I don't think Tangerine has any more reputation to lose. 🙂  

I don't recall having one real problem with Tang, nothing major I can think of.

September 29, 2024
2:19 pm
Dean
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InterestThis said

It's probably a good idea to hold all the CDN banks in ETF's . . .  

Not a bad idea , but . . .

    I already own stock in four of the five CDN Big Banks, so basically I'm running my own private CDN Banks ETF ... and the MER = 0.00%. sf-laugh

Ca-Ching ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

September 29, 2024
3:32 pm
usephrase
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Dean said

Not a bad idea , but . . .

    I already own stock in four of the five CDN Big Banks, so basically I'm running my own private CDN Banks ETF ... and the MER = 0.00%. sf-laugh

Ca-Ching ❗

    Dean

  

I think holding bank stocks is better, MER=0.00% and you choose which bank stocks you buy, not all of bank stocks in ETF. I will buy bank stocks when prices are good, now prices are so higher.

September 29, 2024
5:18 pm
InterestThis
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That is a good point about the bank stocks. But if they are in a more broad ETF the MER can be .11 or .22.
But yes directly owning them there is no mer or fees so you are ahead in that, and for some probably get the lower tax on Divs.
But on the other hand having the broader ETF has benefits too.

But regardless holding the bank shares is a good way to make sure that you benefit a bit from how they operate.
Some of us are horrible bank customers, having not paid a fee in living memory.

September 30, 2024
6:57 am
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cgouimet said

I agree. When this first came up in discussion, I figured the promotional interest kinda became part of the starting balance ...  

I confirmed, you are right.
I received an offer on May 1, 2024 but the term and condition was: new deposits exceeded Dec 4, 2023. Tangerine calculated my balance in May 2024 was : new deposits from an external bank - total promotional interests for all months from Dec 5, 2023 to May 1, 2024.

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