Targeted offer - 5.5% on new money from Jul 4th till Nov 30th, 2023 | Page 2 | Tangerine Bank | Discussion forum

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Targeted offer - 5.5% on new money from Jul 4th till Nov 30th, 2023
July 4, 2023
9:36 pm
Norman1
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COIN said

Update: I did get an email notification at 6:20PM but I had already accepted the offer from Insight at around 2PM. Should I also activate the email offer?

One only needs to activate once:

4. To “Activate” the Offer, the Client needs to perform one of the following actions by July 31, 2023:

  1. Click the ‘Activate Now’ button in the Offer email that the Client has received directly from the Bank; or
  2. Click the ‘Activate Now’ button on Tangerine’s website once the Client has logged in; or
  3. Open an Applicable Account; or
  4. Accept the Offer through the Tangerine Interactive Voice Response System.
July 5, 2023
5:19 am
Sulaw
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Would transferring funds from my Tangerine chequing account into the Tangerine savings account qualify as "new money"?

July 5, 2023
6:18 am
cgouimet
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Sulaw said
Would transferring funds from my Tangerine chequing account into the Tangerine savings account qualify as "new money"?  

I didn't get this particular offer, yet, but I suspect it has to be new money in your name at Tangerine. Have a look at the T&C's of your offer.

CGO
July 5, 2023
8:27 am
bhuc
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Sulaw said
Would transferring funds from my Tangerine chequing account into the Tangerine savings account qualify as "new money"?  

From Tangerine... Full Offer Terms and Conditions
9.
The Promotional Interest Rate is an annualized rate, and, subject to the limits and qualifications outlined in these Terms and Conditions, the Promotional Interest will be calculated daily during the Offer Period and paid monthly. Although all balances for a particular Applicable Account Type are consolidated for purposes of calculating Eligible Deposits, 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:

Money transferred from a Tangerine Chequing Account to an Applicable Account.
Money transferred from another financial institution, including the Eligible Client’s linked account, Tangerine email Money Transfer, or Interac e-Transfer®, to an Applicable Account.
Money transferred from a Savings Account to a TFSA Savings or RSP Savings Account.
Money transferred from a US$ Savings Account to a TFSA Savings or RSP Savings Account.
Money transferred from a TFSA account, or RSP account at another financial institution to a TFSA Savings or RSP Savings Account.

July 5, 2023
1:31 pm
savemoresaveoften
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bhuc said

From Tangerine... Full Offer Terms and Conditions
9.
The Promotional Interest Rate is an annualized rate, and, subject to the limits and qualifications outlined in these Terms and Conditions, the Promotional Interest will be calculated daily during the Offer Period and paid monthly. Although all balances for a particular Applicable Account Type are consolidated for purposes of calculating Eligible Deposits, 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:

Money transferred from a Tangerine Chequing Account to an Applicable Account.
Money transferred from another financial institution, including the Eligible Client’s linked account, Tangerine email Money Transfer, or Interac e-Transfer®, to an Applicable Account.
Money transferred from a Savings Account to a TFSA Savings or RSP Savings Account.
Money transferred from a US$ Savings Account to a TFSA Savings or RSP Savings Account.
Money transferred from a TFSA account, or RSP account at another financial institution to a TFSA Savings or RSP Savings Account.  

That begs the question if a maturing gic is going to the chequing account first. so the subsequent transfer to the savings account qualifies. i know a maturing gic directly going into the savings account does not...

July 5, 2023
5:32 pm
mustang
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My reading of T&C:
1. eligible deposits, include:
Money transferred from a Tangerine Chequing Account to an Applicable Account.

2. Excluded deposits:
Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.

So, trying to put 2 and 2 together:
a) If my GIC is paid into savings account, no go on the promotional rate
However:
b) If my GIC is paid into checking account, then I can transfer from checking to savings-- and the promo applies

Seems more than a tad weird-- but that's the way it reads to me, anyway

July 5, 2023
6:45 pm
COIN
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A cheque deposited to Tangerine at a BNS ATM has to go to the chequing account first before it can be transferred to the savings account.

Does anyone know if it is now possible to deposit directly to the savings account and avoid the chequing account altogether?

July 5, 2023
6:57 pm
Bill
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I've had the same wording before re "Bank GIC" in my t&c and then a matured GIC amount that went straight to savings account thereafter got the promo rate. I've no idea what they mean by "Bank GIC" not getting promo rate, not the case for me.

July 6, 2023
8:07 am
bhuc
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My wife got the targeted offer of 5.5 % yesterday.
So I transferred $'s from my joint HISA where I am primary to my wife's joint HISA where she is primary.
I am assuming she will get the promo because their was zero dollars prior to yesterday in her account ! Time will tell if that's the case or not .

July 6, 2023
8:21 am
InterestThis
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Tang must really need more reserve deposits, they extended other offers, but that was not enough so have now increased this new offer.

July 6, 2023
9:26 am
mustang
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So, confused enough that I ventured a phone call this morning
Very edifying-- not!
What I was told-- first by csa, and then, at my request, by her supervisor:
The "snapshot" they take of our accounts as of July 3, 2023 is used to determine "new money". i.e., the promo rate will only apply to additional funds, above and beyond the July 3 snapshot balance.
So far, so good
I was aware of that, and had cleaned out the accounts.
Thus, the new money being deposited now, after July 3, into savings account, is eligible for the promo rate of 5.5%
Now, the kicker
We have a GIC maturing Oct 11.
The July 3 snapshot DOES include the GIC.
(I argued that is not what the T&C says, but my eloquence failed to carry the day)
Bottom line, we can get the promo rate up to Oct 11, but after that, the money that was in the gic will reduce the amount eligible for promo rate, and that amount will earn only 1,0%. Regardless of what we do with it-- put into checking, savings, or pull out to external account. The net effect will be to reduce that amount eligible for promo rate
Whew!

July 6, 2023
9:26 am
cgouimet
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InterestThis said
Tang must really need more reserve deposits, they extended other offers, but that was not enough so have now increased this new offer.  

I believe they have a lot of offers ending Jun 30 and Jul 31 ...

CGO
July 6, 2023
9:39 am
InterestThis
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Would keep researching that, as previously if the GIC matured into the Savings account, it did not count as new money. But if it was switched and matured into the chequing account, then it could be moved into the Savings account as new money. That worked.
The snapshot is of eligible accounts, not all accounts. So post or read the entire terms of service doc, to specify what accounts are taking in the snapshot.
Basically all CSR's say no no no to everything even if they don't understand it, as they don't want to say the wrong thing and be held to it.

mustang said
So, confused enough that I ventured a phone call this morning
Very edifying-- not!
What I was told-- first by csa, and then, at my request, by her supervisor:
The "snapshot" they take of our accounts as of July 3, 2023 is used to determine "new money". i.e., the promo rate will only apply to additional funds, above and beyond the July 3 snapshot balance.
So far, so good
I was aware of that, and had cleaned out the accounts.
Thus, the new money being deposited now, after July 3, into savings account, is eligible for the promo rate of 5.5%
Now, the kicker
We have a GIC maturing Oct 11.
The July 3 snapshot DOES include the GIC.
(I argued that is not what the T&C says, but my eloquence failed to carry the day)
Bottom line, we can get the promo rate up to Oct 11, but after that, the money that was in the gic will reduce the amount eligible for promo rate, and that amount will earn only 1,0%. Regardless of what we do with it-- put into checking, savings, or pull out to external account. The net effect will be to reduce that amount eligible for promo rate
Whew!  

July 6, 2023
9:40 am
InterestThis
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cgouimet said

I believe they have a lot of offers ending Jun 30 and Jul 31 ...  

Which were extended.

July 6, 2023
9:48 am
cgouimet
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InterestThis said

Which were extended.  

Our offers (a 5.0% and a 5.25%) ending Jul 31 were extensions of Sep and Dec 2022 offers. Renewals would be good but one or two new 5.5% would be gooder. So, my plan is to shuffle all $ to Hubert about Jul 25.

CGO
July 6, 2023
10:21 am
Rail Baron
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cgouimet said

Our offers (a 5.0% and a 5.25%) ending Jul 31 were extensions of Sep and Dec 2022 offers. Renewals would be good but one or two new 5.5% would be gooder. So, my plan is to shuffle all $ to Hubert about Jul 25.  

Does Hubert have any 5.5% interest earning, in any category, at present? These would be attractive, but I cannot find them.

July 6, 2023
10:43 am
cgouimet
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Rail Baron said

Does Hubert have any 5.5% interest earning, in any category, at present? These would be attractive, but I cannot find them.  

Nothing close. A good parking place until I see if we get new TNG offers. I find TNGHUB transfers the fastest of the 2nd tier FI's we use. We don't have much in HISA's; most of our 'cash' is in GIC's.

CGO
July 6, 2023
11:38 am
bali
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In reply to "InterestThis"
If a GIC matures during a promo period then the existing funds in the HISA receiving the promo rate will not be affected if another GIC is purchased immediately as specified in the GIC maturity instructions and the GIC money is not deposited into an account.

July 6, 2023
11:44 am
InterestThis
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I matured 2 GIC's into the chequing acct, then put into Saving for a previous offer, and it worked. Its all in the fine print, in what is does not say.

July 6, 2023
12:20 pm
COIN
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InterestThis said
I matured 2 GIC's into the chequing acct, then put into Saving for a previous offer, and it worked. Its all in the fine print, in what is does not say.  

Just to clarify. So, the funds from the two matured GIC's now qualify for the new 5.5% promo rate? So, the key is to deposit the funds from the two matured GIC's to chequing first?

What about completely taking out from Tang all the funds from the maturing GIC's?

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