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Tangerine Bank - 2.00% interest till 2022 Apr 30
December 3, 2021
4:06 pm
Bill
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anon52, my answer is yes. The promo is for money new to you, and the joint account where you're primary is considered to be you, the other one is considered to be your wife.

December 3, 2021
4:24 pm
Loonie
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I think you should check their definition of "Eligible Deposits", which will be somewhere in the T&C of the offer. It's possible that it has to be money that is new to Tangerine, i.e. cheque or transfer from another FI.

In promos that did not require "new money" at Tang, I have similarly moved joint account funds from one primary to the other, to get better rate. However, it was after that that they stopped giving me offers!

December 3, 2021
5:51 pm
Bill
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T&C clarify I'm right: "Where money is transferred from an Account where the Eligible Client is listed second on the statement to an Applicable Account where the Eligible Client is the Primary Account Holder, that transfer will be eligible for Promotional Interest."

December 3, 2021
6:43 pm
julio
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From COIN: Are you hinting that Tandia will do better than 2%?
Answer: yes, massively, till April 2022.

December 3, 2021
8:04 pm
Kidd
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julio said
From COIN: Are you hinting that Tandia will do better than 2%?
Answer: yes, massively, till April 2022.  

Well... now i need "massively" defined. 0.25% even 0.5% in my opinion, is not massively. 0.5% is significant. The size of the universe is massively big. The Canadian government is massively incompetent.

Massively... bigger than big. How does massively compare to biggest? Nothing can be bigger than biggest.

December 3, 2021
8:21 pm
Loonie
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I don't really follow what julio is saying, but Tandia's site is promising "the most won-der-ful rate of the year", to be revealed on Monday.
How won-der-ful is "most won-der-ful"? Clearly it's all relative!

December 3, 2021
9:36 pm
Kidd
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All humour aside. I have a question.

2% on new tangerine deposits. December 2021 you give them $50,000, new money.

January 2022 a tangerine $20,000 gic matures. This is NOT new money.

So in your savings you now have a total of $70,000. $50,000 paying 2% and $20,000 paying 0.1%. You pull $20,000 out. Are you pulling $20,000 at 2% or $20,000 at 0.1%?

December 4, 2021
5:03 am
savemoresaveoften
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Kidd said
All humour aside. I have a question.

2% on new tangerine deposits. December 2021 you give them $50,000, new money.

January 2022 a tangerine $20,000 gic matures. This is NOT new money.

So in your savings you now have a total of $70,000. $50,000 paying 2% and $20,000 paying 0.1%. You pull $20,000 out. Are you pulling $20,000 at 2% or $20,000 at 0.1%?  

they will count as pulling $20k at 2%.

Your beginning balance is "registered" in Dec 2021 which is $20k.
GIC are parts of your balance too. Same rational you cant deposit a mature GIC amount to your savings account and count as new money.
So after ur GIC matures and if u withdraw $20k, u end up having $20k at 0.1%, $30k at 2%

December 4, 2021
5:36 am
Bill
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Seems to be the case. When you click on Open an Account, then Savings, GIC option comes up, so they seem to consider GICs as part of Savings account.

December 4, 2021
9:55 am
Kidd
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To be honest, I knew the answer to my question. So… why did I bring the topic up?

This March of 2022, Tangerine has millions of dollars coming due from a GIC sale they held 2 years ago, paying 2.9%. This maturing money will roll into our savings accounts, thus diluting their current 2% offer.

In March of 2020, Tangerine offered unbelievable rates on their GICs. This sale lasted a week, maybe 2 weeks at most. 2.8% for 1 year, 2.9% for 2 years and 3% for 3 years. i laddered my GIC investment. Last March of 2021, i kicked myself for going so short. Thinking, i should have gone "everything" for 3 years. hind sight is 20/20

December 4, 2021
10:00 am
Loonie
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Moral of the story: There are some FIs that are prone to offering Savings promos. Reserve these for Savings promos and get your GICs at FIs that are less likely to offer Savings Promos. However, in the long run this might work against the likelihood of you receiving targeted offers as it is a goal of every FI is to upgrade your investments with them.

P.S. I did not see Kidd's last post before writing.
The same thing is likely to happen with the current DUCA Savings promo. When it ends, they will offer a GIC deal but you won't be able to roll over the GIC you bought 3 years ago after a previous savings promo- my guess. They will want to hang on to your most recent deposits.

Best strategy now with Tang is probably to withdraw everything when the firs tGIC matures. It's still a useful promo as it is relatively long lasting even with the early withdrawals, and those who got the promo already have a Tang account so they don't have to go through that rigmarole.

December 4, 2021
10:45 am
julio
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KIDD: Well... now i need "massively" defined. 0.25% even 0.5% in my opinion, is not massively. 0.5% is significant.
ANSWER: It will be more then "significant", if you can deal with Tandia. And two more days of non-work days wait is worth the wait.
I live driving distance from a branch and thus my dealings with them is excellent and fast. The rep is very accommodating. I will drive there on Monday. Driving does not work, sadly, for everyone.

December 4, 2021
12:22 pm
savemoresaveoften
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julio said
KIDD: Well... now i need "massively" defined. 0.25% even 0.5% in my opinion, is not massively. 0.5% is significant.
ANSWER: It will be more then "significant", if you can deal with Tandia. And two more days of non-work days wait is worth the wait.
I live driving distance from a branch and thus my dealings with them is excellent and fast. The rep is very accommodating. I will drive there on Monday. Driving does not work, sadly, for everyone.  

so what exactly is the Tandia deal ?! I am confused .....

Checking their website, so only Evest offer linked to other FI (me-to-me transfer). The smart savings does not ?

December 4, 2021
12:45 pm
HermanH
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As we are in a Tang thread, I think it is significant to remind ourselves that Tandia is limited to Ontario residents while Tang is open to all Canadians.

December 5, 2021
7:08 am
GoldenLion
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Thanks LazyWays and Kidd. I found the 2% offer in the Tangerine account insight folder.sf-wink

December 5, 2021
11:29 pm
Loonie
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julio said
I got the offer too. However, I received a phone call from Tandia today. ONLY FOR THOSE who can deal with Tandia CU: wait with transfers (of non-reg only) to piddly 2% Tang till Monday, 06dec2021. You will thank me after.  

Thank you, julio!sf-smile

https://www.tandia.com/wonderfulrate

December 6, 2021
4:03 am
Kidd
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Thank You Julio.

Massively has been defined. Tandia are offering 3%.

December 6, 2021
12:32 pm
Vatox
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Leaving $20k at 0.1% isn’t cool, I would just pull everything and put it elsewhere. Tang doesn’t deserve your money!

December 6, 2021
12:45 pm
Kidd
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Vatox said
Leaving $20k at 0.1% isn’t cool, I would just pull everything and put it elsewhere. Tang doesn’t deserve your money!  

The point of the question in post #27. ALL $70,000 would need to be pulled, as you can not get away from that 0.1%.

December 6, 2021
1:10 pm
cgouimet
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semi-retired said
Just received the 2% offer.Wife received squat.  

Same here so I can only use my savings and our joint ...

CGO
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