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Tangerine Interest Promo New Deposits, separated by account type?
September 28, 2020
9:20 am
arandomguy
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Looking from some clarification on this. Are new deposits separated by account type?

As in say I have 2 accounts with promo rates -

Savings Account - $100

TFSA Savings Account - $100

I withdraw $100 out of the TFSA. I deposit $100 into the Savings account. Is that $100 considered a "new deposit" and earning the promo rate in the Savings account?

September 28, 2020
9:36 am
LK
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You'd need to check the specific fine print for your promo offer, as there is some variation among the different types of "bonus interest" offers.

For each account, go to Account Details and click "more info" to see the terms and conditions specific to each account.

September 28, 2020
1:00 pm
Vatox
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New deposits, almost always, means money not currently at that institution. Tangerine usually gives a start date. If money is in your name at that institution, moving it between accounts isn’t new money.

September 28, 2020
1:51 pm
fbeaulie
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Vatox said
New deposits, almost always, means money not currently at that institution. Tangerine usually gives a start date. If money is in your name at that institution, moving it between accounts isn’t new money.  

The latest offer that I got from Tangerine (in January) had an example that seems to show that it is not always the case:

"Example 2: Eligible Client has $10,000 in their existing TFSA Savings on January 5, 2020. Five days later, they transfer $10,000 to their existing TFSA Savings from their Tangerine Savings Account. They also transfer $5,000 from their existing TFSA Savings to a TFSA GIC. Their balance in the TFSA Savings is $15,000 after completing the transfers. Additional Interest will apply to $5,000 of the new deposit to the existing TFSA Savings."

In addition, as far as I know, money in a Tangerine checking account has never counted :

2017: "10. (…) The following transactions will be considered Eligible Deposits to which Additional Interest will apply:
Money transferred from a Tangerine Chequing Account to an Applicable Account.
"

2020: "9. (…) The following transactions are examples of what will qualify as Eligible Deposits for which Promotional Interest will apply:
Money transferred from a Tangerine Chequing Account to an Applicable Account.
"

Edited: After reading carefully the details of my latest offer, I noted that there was a specific exclusion for transfers from TFSA to Savings Account:

Exclusions
10. Notwithstanding the above, the following are examples of the types of transactions that won’t qualify as Eligible Deposits and won’t earn Promotional Interest:
(…)
Money transferred from an RSP, TFSA or RIF Account to any Applicable Account.
(…)

It does not mean that transferring the $100 from your Tangerine TFSA to another institution (outside a TFSA) and then transferring the $100 from the other institution to your Tangerine Savings Account would not work! (I would not do that for $100...). Again, as LK wrote, you need to read carefully the specific fine print for your promo offer.

September 28, 2020
5:21 pm
smayer97
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Vatox said
New deposits, almost always, means money not currently at that institution. Tangerine usually gives a start date. If money is in your name at that institution, moving it between accounts isn’t new money.  

Although often true, it is not always so, so you need to read the fine print for each and every offer. I have seen Tang. offer promos based on money moved to specific accounts even from within Tang. and not net new money to Tang.

September 28, 2020
8:05 pm
Kidd
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I believe from checking to savings is considered "NEW" money.

In the past, many have stated that they have moved ALL their tangerine savings into their tangerine checking the day before their current offer expired.

A snap shot of their savings was taken by tangerine at the time a new offer was offered, showing a zero balance. Then the money was transferred from their checking account back into their savings account.

September 28, 2020
9:28 pm
smayer97
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Kidd said
I believe from checking to savings is considered "NEW" money.

In the past, many have stated that they have moved ALL their tangerine savings into their tangerine checking the day before their current offer expired.

A snap shot of their savings was taken by tangerine at the time a new offer was offered, showing a zero balance. Then the money was transferred from their checking account back into their savings account.  

Yes, that is one scenario...BUT it is NOT always the case because many times Tang. has limited it to new money to Tang., period. Bottom line, you need to read the fine print.

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