Target email 3.5% Sept 8-Jan 31, 2023 Savings/TFSA/RSP/US | Tangerine Bank | Discussion forum

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Target email 3.5% Sept 8-Jan 31, 2023 Savings/TFSA/RSP/US
September 8, 2022
8:31 pm
frugal lady
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Email received Sept 8 (had savings balance of $0):
The Tangerine Bank (the “Bank”) Savings Interest Offer of 3.50% (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank, (2) “Activate” (as defined in Section 4 below) the Offer by September 30, 2022, and (3) receive a confirmation to their online Tangerine Account Message Board that the Offer has been successfully activated (“Eligible Clients”).

The Offer is only available to Eligible Clients between September 8, 2022 and January 31, 2023 (the “Offer Period”).

The Offer is only applicable to Tangerine Savings Accounts (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”), Tangerine RSP Savings Accounts (“RSP Savings”), and Tangerine US$ Savings Accounts (“US$ Savings) (referred to collectively as “Applicable Accounts”) where the Eligible Client is the Primary Account Holder as described in Section 13 below. Multiple Applicable Accounts of the same type (for example, three separate TFSA Savings Accounts) are collectively defined as an “Applicable Account Type”. The Offer is not applicable to any other Accounts, including (but not limited to) Tangerine RIF Savings Accounts (“RIF Savings”), Tangerine Business Savings Accounts, Tangerine US$ Business Savings Accounts, or Tangerine Children’s Savings Accounts (“CSA”).

September 9, 2022
12:55 am
cgouimet
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A 1 month extension of last weeks offer ...

CGO
September 9, 2022
4:59 am
hwyc
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Other than the rate ... not really an extension. Not the same people was targeted, not the same scope of accounts, & different eligibility on deposits.

By now we should be familiar with the two lotteries from Tangerine ... in addition to the call-in offers, which is the third lottery.

September 9, 2022
7:02 am
mustang
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No offer for us. zero dollars in account. Last offer expired Aug 31

September 9, 2022
7:07 am
cgouimet
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hwyc said
Other than the rate ... not really an extension. Not the same people was targeted, not the same scope of accounts, & different eligibility on deposits.

By now we should be familiar with the two lotteries from Tangerine ... in addition to the call-in offers, which is the third lottery.  

Correct.

My wife's offer was for non Reg Savings only Sep 1 to Dec 31.

This is broader (Reg Savings now included), to different people and for one extra month.

The extra month would have been nice but all we have at TNG are non Reg accounts ...xtra

CGO
September 9, 2022
7:29 am
HermanH
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Read the Terms & Conditions carefully. I found a discrepancy in #7:

On days during the Promotion Period, where the combined balances in the Applicable Accounts are above $5,000,000, the Promotional Interest Rate will apply to the maximum amount and the Posted Rate will apply to that portion of the combined balances in the Applicable Accounts that is over $5,000,000. Promotional Interest Rate will be applied to balances in the oldest Applicable Account first and subsequently to other Applicable Account(s) in the order in which the Account(s) had been opened until the maximum combined balance of $5,000,000 has been reached.

Example: Eligible Client with multiple Applicable Accounts

An Eligible Client who activates the Offer has three Tangerine Savings Accounts. The first Tangerine Savings Account opened has $50,000, the second Account has $960,000 and the third has $25,000. Since $1,000,000 is the maximum balance threshold, the Promotional Interest Rate will apply only to the balances in the first and second Tangerine Savings Accounts up to $1,000,000 (i.e. $50,000 in the first Account and $950,000 in the second Account). The third Tangerine Savings Account with a balance of $25,000 will receive the Posted Rate.

Supposedly, the maximum balance stated a few times in the T&C is $5 million, but the example says that the maximum eligible is only $1 million.

I called Bellami 6027649 and she checked with her manager to verbally confirm that the threshold is actually $5M. She would not be able to give me written confirmation, but said that the call was recorded and that I could give her name and date in the future, if there was ever a dispute.

September 9, 2022
10:52 am
savemoresaveoften
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HermanH said
Read the Terms & Conditions carefully. I found a discrepancy in #7:

On days during the Promotion Period, where the combined balances in the Applicable Accounts are above $5,000,000, the Promotional Interest Rate will apply to the maximum amount and the Posted Rate will apply to that portion of the combined balances in the Applicable Accounts that is over $5,000,000. Promotional Interest Rate will be applied to balances in the oldest Applicable Account first and subsequently to other Applicable Account(s) in the order in which the Account(s) had been opened until the maximum combined balance of $5,000,000 has been reached.

Example: Eligible Client with multiple Applicable Accounts

An Eligible Client who activates the Offer has three Tangerine Savings Accounts. The first Tangerine Savings Account opened has $50,000, the second Account has $960,000 and the third has $25,000. Since $1,000,000 is the maximum balance threshold, the Promotional Interest Rate will apply only to the balances in the first and second Tangerine Savings Accounts up to $1,000,000 (i.e. $50,000 in the first Account and $950,000 in the second Account). The third Tangerine Savings Account with a balance of $25,000 will receive the Posted Rate.

Supposedly, the maximum balance stated a few times in the T&C is $5 million, but the example says that the maximum eligible is only $1 million.

I called Bellami 6027649 and she checked with her manager to verbally confirm that the threshold is actually $5M. She would not be able to give me written confirmation, but said that the call was recorded and that I could give her name and date in the future, if there was ever a dispute.  

If you do have $5mm, i wont risk the $4mm potentially at their $hitty base rate vs 3.5%. you are talking some major coins there if turns out limit is 1 in their system and not 5mm.
Even with phone recording and whats not, they do NOT have to honor what was said. You can sue them but all it does is make the lawyers rich

September 9, 2022
5:52 pm
suburbs4life
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I dont see 99.9% of the population having any worries about 5 million dollar vs 1 million dollar deposit limits. As save more said above, I would not keep $5 million in one bank account. If I were to do that id keep it in one of the big 5 banks for shorter periods of time.

I wish I had the problems of worrying where to stash all my cash safely though

September 30, 2022
7:28 pm
HermanH
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HermanH said
I called Bellami 6027649 and she checked with her manager to verbally confirm that the threshold is actually $5M. She would not be able to give me written confirmation, but said that the call was recorded and that I could give her name and date in the future, if there was ever a dispute.  

I contacted Tang via e-mail and received a written response confirming the $5M upper limit of the promotional offer.

October 2, 2022
9:14 am
Bruford
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HermanH said
Read the Terms & Conditions carefully. I found a discrepancy in #7:

On days during the Promotion Period, where the combined balances in the Applicable Accounts are above $5,000,000, the Promotional Interest Rate will apply to the maximum amount and the Posted Rate will apply to that portion of the combined balances in the Applicable Accounts that is over $5,000,000. Promotional Interest Rate will be applied to balances in the oldest Applicable Account first and subsequently to other Applicable Account(s) in the order in which the Account(s) had been opened until the maximum combined balance of $5,000,000 has been reached.

Example: Eligible Client with multiple Applicable Accounts

An Eligible Client who activates the Offer has three Tangerine Savings Accounts. The first Tangerine Savings Account opened has $50,000, the second Account has $960,000 and the third has $25,000. Since $1,000,000 is the maximum balance threshold, the Promotional Interest Rate will apply only to the balances in the first and second Tangerine Savings Accounts up to $1,000,000 (i.e. $50,000 in the first Account and $950,000 in the second Account). The third Tangerine Savings Account with a balance of $25,000 will receive the Posted Rate.

Supposedly, the maximum balance stated a few times in the T&C is $5 million, but the example says that the maximum eligible is only $1 million.

I called Bellami 6027649 and she checked with her manager to verbally confirm that the threshold is actually $5M. She would not be able to give me written confirmation, but said that the call was recorded and that I could give her name and date in the future, if there was ever a dispute.  

Dam, not good for me then.

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