Tangerine offer for new clients - up to 2.4% | Tangerine Bank | Discussion forum

If you're looking for the new "promo" offer for existing either non-registered or registered "savings," I think you've "jumped the gun" a bit.

The 2.4% offer for "new clients" is a standard "promo" for new clients, regardless of any "promo" for existing clients.

The existing "fall promo" offer ranges from a reported 2.20% to 2.95-3%. I'm not expecting Tangerine to unveil their "winter promo" before January 3rd, possibly January 9th or 10th due to the New Year's Day holiday, in line with past practices. To be safe, I'd make sure you have your existing funds transferred out to a competing high interest savings account that you have on or before January 1st. If you can't make it due to the statutory holidays, at least transfer it to your Tangerine Chequing prior to the above date to ensure when your "savings deposit balance(s)" are captured by the system are a "minimum level".

There's a possibility there may be no "winter savings promo" for non-registered accounts as, in the past, Tangerine has used that for TFSA/RRSP promos but, last year, did extend it to non-registered accounts.

Cheers,
Doug

Loonie said

Good idea to move to Tang chequing, Doug. It doesn't waste the time going back and forth to elsewhere. I hadn't thought of that.

Yes, moving monies from Tang Savings to Tang Chequing avoids having any sort of balance in Savings on 'snapshot day', be that Dec 31/Jan 1/ Jan 3, 9 or 10???, but at the cost of lower chequing rate of .15% (or .55%/.65%, depending on amount on deposit) for a few days.
This shifting to chequing does eliminate the need to transfer to another bank, tho, with the associated delays that generally occur.

And I personally hesitate to 'park' monies in Tang chequing for fear that Tangerine may, in a future offer, not exclude those chequing monies, in their 'snapshot'. (this would invoke a massive reaction, methinks!!) I believe PC Financial takes snapshot of all monies, which defeats the strategy of chequing acct. 'parking' at PC Financial.

perhaps someone could clarify: I'm getting 2% on savings account, so if I move it to chequing today in hopes of being offered a higher rate in January, what happens if I don't get an offer? Can I simply transfer back to savings and continue to get the 2% already in place?

My 3% offer ends today. I have called them and asked for for extension. They returned with with 2%.
A few minutes later I have moved all my money the to EQ where I do not have to beg for 2%. Left $1 in all saving accounts. If by some miracle they come with better offer I might think about it. Otherwise by by Tingarine...

Loonie said

Good idea to move to Tang chequing, Doug. It doesn't waste the time going back and forth to elsewhere. I hadn't thought of that.

Yeah, slightly lower interest rate (0.55% or 0.65%, I believe, on balances over $100,000) but it's also only for a few days, not up to a week or two (depending on hold period at the other FI).

Cheers,
Doug

I'd still make the move for 2.5%. That's $500 on 100K/yr. And you can still sometimes get 3% on promos, even 3.5% last year at Luminus.
The more you deposit, the bigger difference it makes, of course, but better in my pocket than theirs.

However, I agree that a nice steady predictable 2% wold keep my money there - as it is currently doing at EQ and one-yr cashable 2.05 at Hubert.

I see individuals moving money from their savings acc't to checking acc't to hopefully get offered a promotional rate. Do you think the same logic applies if I move money from my savings to our Tangerine spousal account or do they review all savings account with you name on them before offering the promotional rate? I'm just trying to prevent having to move money between institutions.