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Targeted offer: 2% on new deposit Oct 7, 2020 to Feb 28, 2021
October 8, 2020
9:16 am
Vatox
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Patch002 said

Sorry, but I may have to partly disagree with you there.

You can be loyal to EQ but will they (or any FI) be loyal to you?

It's a competitive market out there. If EQ sees deposits leaving, then they'll act. (and I like EQ and I don't like Tangerine because of their game-playing).  

It’s not about an FI being loyal to us, it’s about behaviour and offering the best they can to everyone. If you want FIs to stop playing games, like Tang, then you need to stop rewarding that behaviour. You take the higher offer because you personally want to gain regardless of others. The world is far too selfish these days and it’s very destructive.

October 8, 2020
9:19 am
Dean
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Dean said

No such offer given to me, either.

Since the last special rate they gave me (2.6%) expired on Aug. 30th, I moved all my $$$ elsewhere ... with a present Tangerine interest rate of only 0.15%, who wouldn't ❗

I guess they don't like my money anymore ... LOL sf-laugh

'Carpe Diem'

      Dean

  

EDIT . . .

My offer (2% for ~ 5 months) came this morning ❗

I guess they Still like my money ... LOL sf-laugh

'Carpe Diem'

      Dean

sf-cool " Live Long And Prosper " sf-cool

October 8, 2020
10:00 am
GreatWhiteNorth
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Bill said
They offered a rate to me for a certain time, I accepted, it would not be right for me to renege on our agreement. Offer, acceptance, contract. Same as if they offered me a rate, I accepted, and then rates went down, they would be bound to our agreement (unless, of course, the agreement gave them the right to reduce it).  

Nothing wrong with asking for the higher rate if they want to keep my $ from moving to a better option. We agreed on a rate and timeframe, not on any commitment of my $. Given that, Tang is notoriously cold hearted about giving all customers their best deal so not worth a call if you have the second option IMO.

October 8, 2020
10:04 am
GreatWhiteNorth
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Can somebody please post the terms.
Does $ in Tang checking count as New Money when moved to savings?

October 8, 2020
10:53 am
Patch002
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Vatox said

It’s not about an FI being loyal to us, it’s about behaviour and offering the best they can to everyone. If you want FIs to stop playing games, like Tang, then you need to stop rewarding that behaviour. You take the higher offer because you personally want to gain regardless of others. The world is far too selfish these days and it’s very destructive.  

Vatox, I'm not sure if you are agreeing with me or not, you've essentially repeated my sentiments except for the selfish and destructive aspect. I am suggesting that you go with whomever is providing you the best return, service and quality. In this case, EQ is paying 1.5%, Tang is paying 2.0% and I'm transferring money to Tang (but not closing EQ account). Should EQ realize that they need to be more competitive, then EQ will raise their rates to attract customers.

October 8, 2020
10:56 am
Patch002
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GreatWhiteNorth said
Can somebody please post the terms.
Does $ in Tang checking count as New Money when moved to savings?  

Full Offer Terms and Conditions
General:
1. The Tangerine Bank (the “Bank”) Savings Interest Offer of 2.00% (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank (“Eligible Clients”) (2) “Activate” (as defined in Section 4 below) the Offer by October 31, 2020 and (3) receive a Confirmation in their online Inbox that the Offer has been successfully activated.
2. The Offer is only available to Eligible Clients between October 7, 2020 and February 28, 2021 (the “Offer Period”). If the Offer is not Activated between October 7, 2020 and October 31, 2020 , Tangerine Clients will not be eligible for the Offer and will not receive Promotional Interest.
3. The Offer is only applicable to Tangerine Savings Accounts (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”), Tangerine RSP Savings Accounts (“RSP Savings”), 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, 3 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”).
4. To “Activate” the Offer, the Client needs to perform one of the following actions by October 31, 2020:
a. Click the ‘Activate Now’ button in the Offer email that the Client has received directly from the Bank; or
b. Click the ‘Activate Now’ button on Tangerine’s website once the Client has logged in; or
c. Open an Applicable Account; or
d. Accept the Offer through the Tangerine Interactive Voice Response System.
5. “Promotional Interest” is the interest earned on Eligible Deposits made to Applicable Accounts each day during the Offer Period. “Eligible Deposits” for any day during the Offer Period is the excess of (i) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type (excluding Promotional Interest) over (ii) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type as at October 6, 2020, to a maximum of $1,000,000†, subject to the exclusions in Section 10 below.
6. All balances in Applicable Accounts that don’t qualify as Eligible Deposits will earn the Bank’s applicable posted rate of interest listed on the Bank’s website (the “Posted Rate”).
7. In the case of deposits made to Applicable Accounts by means of a T2033 form, those deposits will earn interest at the Posted Rate payable on the Applicable Account from the time the transfer request is submitted to Tangerine and while the funds are in transit. Upon receipt of the transferred funds by Tangerine, those funds will be included in the calculation of Eligible Deposits as explained above, provided that the Offer Period hasn’t already ended when the funds are received.
Promotional Interest:
8. A Promotional Interest rate of 2.00% will apply to Eligible Deposits under this Offer. Eligible Clients will receive Promotional Interest in two separate interest payments - (1) interest calculated at the Posted Rate, (2) an additional interest payment that represents the excess of Promotional Interest over Posted Rate interest (“additional interest”). For clarity, Promotional Interest equals the sum of Posted Rate interest and additional interest. Payment of additional interest will be made to the Applicable Account at the start of the month following the month in which it was calculated. The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the additional interest rate so that the Promotional Interest rate remains unchanged. Notwithstanding the above, the Bank may change the Promotional Interest rate at any time without prior notice.
9. Subject to the limits and qualifications outlined in these Terms and Conditions, Promotional Interest will be calculated daily and paid monthly. Although all balances for a particular Applicable Account Type are consolidated for purposes of calculating Eligible Deposit, Promotional Interest is paid to an individual Account based on the Eligible Deposits applicable to such Account. The following transactions are examples of what will qualify as Eligible Deposits for which Promotional Interest will apply:
a. Money transferred from a Tangerine Chequing Account to an Applicable Account.
b. Money transferred from another financial institution, including the Eligible Client’s linked account, Tangerine email Money Transfer, or Interact e-Transfer, to an Applicable Account.
c. Money transferred from a Savings Account into a TFSA Savings or RSP Savings Account.
d. Money transferred from a US$ Savings Account into a TFSA Savings or RSP Savings Account.
e. Money transferred from a TFSA account, or RSP account at another financial institution to a TFSA Savings or RSP Savings Account.
Example 1: Eligible Client has $10,000 in their existing TFSA Savings on October 6, 2020. Five days later, they transfer $5,000 to a new TFSA Savings from their Tangerine Savings Account. They also transfer $5,000 from their existing TFSA Savings to a TFSA GIC. The total of the balances in the TFSA Savings remains $10,000 after completing the transfers. Therefore the transfers to the TFSA Savings do not qualify as Eligible Deposits.
Example 2: Eligible Client has $10,000 in their existing TFSA Savings on October 6, 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.
Example 3: Eligible Client has $10,000 in their existing Tangerine Savings Account on October 6, 2020. Five days later, they open an additional Tangerine Savings Account and transfer in $5,000 from their existing Tangerine Savings Account. Their Applicable Account Type balance remains $10,000 in total between both Tangerine Savings Accounts. The transfer to the new Tangerine Savings is not eligible for the Additional Interest because it does not qualify as an Eligible Deposit.
Exclusions
10. Notwithstanding the above, the following are examples of the types of transactions that won’t qualify as Eligible Deposits and won’t earn Promotional Interest:
a. Transfers or money deposited into RIF Savings, CSA, Business Savings Account, or US$ Business Savings Account.
b. Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.
c. Transfers made to any new RSP Savings Account from an existing RSP Savings Account or RSP GIC resulting in no change to the total Applicable Account balances in RSP Savings from October 6, 2020.
d. Money deposited into an RSP Savings Account and then transferred into a RSP GIC resulting in no change to the total Applicable Account balances in RSP Savings from October 6, 2020.
e. Transfers made to any new TFSA Savings Account from an existing TFSA Savings Account or TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from October 6, 2020.
f. Money deposited into a TFSA Savings Account and then transferred into a TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from October 6, 2020.
g. Money transferred from an RSP, TFSA or RIF Account to any Applicable Account.
h. Money transferred from a CSA to an Applicable Account.
i. Direct or indirect transfers from Tangerine Business Savings Accounts and Tangerine US$ Business Savings Accounts to Applicable Accounts.
11. After the Offer Period ends, all balances will earn interest at the Posted Rate payable on the Applicable Account.
Eligibility:
12. This Offer is non-transferable and is only available to Eligible Clients who have received the Offer communication from the Bank.
13. The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the “Primary Account Holder”). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Account. 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.
14. This Offer can’t be combined with other promotional rate offers.
Limitations:
15. Eligible Deposits to TFSA Savings and RSP Savings Accounts are subject to the limits imposed by the Canada Revenue Agency (the “CRA”). The Eligible Client is fully responsible for monitoring their individual contribution limits and ensuring any and all deposits fall within these set CRA limits. Individual TFSA contribution limits can be found on the CRA website at cra-arc.gc.ca. The RSP contribution limit is as noted on the Eligible Client’s Notice of Assessment issued by the CRA. The Eligible Client further agrees to at all times indemnify and hold the Bank harmless in respect of any such penalties or charges imposed upon the Eligible Client as a result of these imposed limits.
16. Subject to the imposed CRA limits on Tax-Free Savings Accounts and Registered Retirement Savings Plans, Promotional Interest will be paid on the first $1,000,000 † of Eligible Deposits made to each Applicable Account Type. No Eligible Deposits or daily balances to which Promotional Interest would otherwise qualify will be greater than $1,000,000† for any Applicable Account Type (i.e. $1,000,000 CAD across all Tangerine Savings Accounts, $1,000,000 USD across all Tangerine US$ Savings Accounts, $1,000,000 CAD across all Tangerine Tax-Free Savings Accounts and $1,000,000 CAD across all Tangerine RSP Savings Accounts). Any balances greater than $1,000,000† for an Applicable Account Type will earn interest at the applicable Posted Rate of interest.
17. The Bank reserves the right at its absolute discretion to vary, delete or add to any of these Terms and Conditions from time to time without prior notice. In the event of conflict, these Terms and Conditions will prevail over any of the contents of any brochure, promotional materials or statements, or any other communication regarding this Offer, whether written or oral from the Bank, except where otherwise stated.
18. The Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend, the Offer, in whole or in part, or modify it in any way, including if the Offer can't run as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of the Bank which corrupt or affect the administration, security or proper conduct of this Offer.
19. The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer for any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer or otherwise becomes ineligible.
20. By accepting this Offer, you agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice regarding this Offer is deemed to be provided on the day it is posted on the Bank’s website.

† For US$ Savings Accounts, the maximum Eligible Deposit amount is $1,000,000 USD.

October 8, 2020
10:59 am
Patch002
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p.s. as per Subparagraph 9a)

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

So yes, a Tangerine Chequing Account transferring in to Savings will qualify.

October 8, 2020
11:48 am
GreatWhiteNorth
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Patch002 said
p.s. as per Subparagraph 9a)

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

So yes, a Tangerine Chequing Account transferring in to Savings will qualify.  

thanks 🙂

October 8, 2020
12:17 pm
annie
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Patch002 said
p.s. as per Subparagraph 9a)

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

So yes, a Tangerine Chequing Account transferring in to Savings will qualify.  

Do USD accounts also have a 2% interest rate?

October 8, 2020
12:24 pm
fbeaulie
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annie said

Do USD accounts also have a 2% interest rate?  

If you got that offer, yes.

"Your activated special offer: Earn 2.00% interest until February 28, 2021 on up to $1,000,000† in new deposits to your Tangerine Savings Account(s), RSP Savings Account(s), Tax-Free Savings Account(s), and US$ Savings Account(s) made between October 7, 2020 and February 28, 2021"

October 8, 2020
12:35 pm
annie
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fbeaulie said

If you got that offer, yes.

"Your activated special offer: Earn 2.00% interest until February 28, 2021 on up to $1,000,000† in new deposits to your Tangerine Savings Account(s), RSP Savings Account(s), Tax-Free Savings Account(s), and US$ Savings Account(s) made between October 7, 2020 and February 28, 2021"  

Wow~ What a great promotion why I don’t have any... I called to ask.. Thank you for letting me know!

October 8, 2020
3:13 pm
JustMe2016
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I don't know why you guys are making a big deal out of the 2% at Tang since Simplii is offering 2% to anyone for new money starting after Sept 30 and good for 6 months. Tang has 1 mil limit while Simplii has 500K limit.

October 8, 2020
5:18 pm
Adam1
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I received the 2.3% offer from Simplii for 6 months on October 1st as well as this offer, 2% from Tangerine for 5 months, just got the email yesterday.

Obviously I'll stick with the 2.3% at Simplii until it ends on March 31, 2021, where I've already funded the savings account (which had been at $0 for a long time) the same day I got the offer. I haven't accepted the Tangerine 2% offer I got yesterday, yet.

My question is, will it make a difference whether or not I accept the offer for getting more offers later? I was hoping I could be targeted for an offer like this in the future, so will it increase my chances of that if I ignore the offer? Or should I accept it anyways even though I'm not going to put any money in?

Also wanted to add that I got the earlier offer of 2.8% interest from April 3 (I think) to August 31, 2020 from Tangerine and I kept my money in for exactly that time, previously having a $0 balance for a while. So I think Tangerine noticed the full account balance go away on September 1 (external account transfer) and they wanted me to bring my money back there, lol.

I have never used my Simplii savings account until now. I prefer how Tangerine pays the promo interest every month rather than at the end of the offer period like Simplii, but the extra 0.3% interest and extra month of the promotion is the only reasons I am even keeping my money at Simplii. I'm glad that Simplii removed the one day delay when withdrawing from the savings account. That would have been such a hassle for me to withdraw the day before I need the money....

Adam

October 8, 2020
5:34 pm
Save2Retire@55
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Ok then EQ. I wanted to stay with you but disappointing me by dropping to 1.5% without even sending an email wasn't nice at all! At least Oaken changes their rates every week yet send an email about it!

Pull transfer is initiated from EQ to Tangerine.

Loyalty does NOT work it seems! My first and last time feeling loyal to a corporate. Bring me the extra $400 - TAX ~ $270! That is how I take from corporates and contribute to the government's high salaries (UGH!)

October 8, 2020
5:57 pm
Bill
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Adam1, my experience with Tangerine is if you accept an offer you won't get another one before or when it expires, you have to be on their regular rate for a while (i.e. that's when the account is empty) and then another offer comes months or years later. I usually call in the day after my offer expires and they put me on another promo, albeit not usually quite as good as the offers they freely send out to the clients of their choice. The few times I've declined I find within a few months I get another unsolicited offer. That's my experience, others here have different experiences. For some reason they seem to want to keep my business, others on here say they rarely or never get offers, not my experience at all. I do have and use a bit their credit card, I've got their chequing account, and I'm a super-friendly charmer on the phone (never a harsh word for their great company, never complain that they're not giving me the absolute top rate out there, just wondering if they've got a promo for me before I go through the bother of transferring my money out), but I'm not sure if any of that affects anything.

October 8, 2020
7:12 pm
smayer97
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Bill said
... but I'm not sure if any of that affects anything.  

As has been shared by MANY users here, and my experience included with lots of different variations over the years, there is NO discernible pattern as to how and to whom Tangerine extends an offer. In other words, NONE of our actions or inactions seem to matter whatsoever, despite our perceptions.

October 8, 2020
10:24 pm
User230
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As rates get closer and closer to zero. It seems not worth it to move the money over.

Got offer. Going to ignore it.

October 9, 2020
4:49 am
topgun
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User230 said
As rates get closer and closer to zero. It seems not worth it to move the money over.

Got offer. Going to ignore it.  

Good for you.

Have a Great Day

October 9, 2020
6:53 am
fbeaulie
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Bill said
Adam1, my experience with Tangerine is if you accept an offer you won't get another one before or when it expires, you have to be on their regular rate for a while (i.e. that's when the account is empty) and then another offer comes months or years later. 

My experience is slightly different. I have pretty much accepted all their offers and I almost always got another offer 4 to 7 days after the offer expired (except Summer 2018). I only called them once (in 2017). However, this time, it took a couple of months before I got another one (beginning of June to October 7).
offers.JPG

October 9, 2020
7:51 am
MG
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fbeaulie said
I have pretty much accepted all their offers and I almost always got another offer 4 to 7 days after the offer expired (except Summer 2018).

Fbeaulie, but do you move your funds out when your offer expires or do you just keep them at Tangerine, getting a low interest rate, hoping for an offer?

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