Targeted offer - 5.5% on new money from Jul 4th till Nov 30th, 2023 | Page 5 | Tangerine Bank | Discussion forum

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Targeted offer - 5.5% on new money from Jul 4th till Nov 30th, 2023
July 25, 2023
7:36 am
cgouimet
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Saver602 said
Got all excited when I saw this rate (here) and logged into TNG but no offer for me, just 1% for savings. I have a couple of GICs with TNG and had a residual $1k in a savings account with them. So, I just transferred the $1k out to RBC and will close the savings account in the coming days. If that initiates an offer by TNG I will report back. Ticks me off that we need to play games and skip around from institution to institution - but here we are.

New member of this community - first post. Been lurking for quite some time. You folks are awesome - thanks for sharing what you know.  

I could be wrong but, you might improve the odds of getting TNG HISA offers if you have a TNG Savings account. I keep $1 in mine until I get an offer worthy to move more in ...

CGO
July 25, 2023
6:42 pm
Patch002
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True dat.

By keeping an account open (with a buck or two balance), you don't have to go through the paperwork of opening a new account should you receive or hear about a future Promo.

Caveat, it could take a few months or it could take many months before a new offer comes along. Just have to remember to execute a transaction every year to avoid any inactivity consequences. My suggestion, move $1 in every July 1, move $1 out every Jan 1, though I only deal with 4 banks so it's not too cumbersome.

July 26, 2023
5:01 am
The Rock
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Patch002 said
True dat.

By keeping an account open (with a buck or two balance), you don't have to go through the paperwork of opening a new account should you receive or hear about a future Promo.

  

You could keep your balance at zero and still keep your account open.

July 26, 2023
6:24 am
cgouimet
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The Rock said

You could keep your balance at zero and still keep your account open.  

One of the reaons I keep $1 in unused accounts is so that every January is I move that $ around each account (individual and joint) in every FI within that bank so as to keep each account non-dormant and always available.

CGO
July 26, 2023
8:17 am
Dean
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cgouimet said

One of the reaons I keep $1 in unused accounts is so that every January is I move that $ around each account (individual and joint) in every FI within that bank so as to keep each account non-dormant and always available.  

    Ditto ⬆

It's a very common (and Smart) practice, with many of us here. It keeps the account Open & Active, so the FI doesn't eventually consider it dormant, and then closes it down.

Example: 'Lying in wait, for the next Tangerine SA promo rate'. sf-laugh

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 26, 2023
8:52 am
RetirEd
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Saver602: I don't think you are going to get any offers from Tangerine if you have closed your account (unless you have other dealings with them), as you wouldn't be a client of theirs.

Tangerine does not consider former customers as "new customers" even of they've been away for years. (I don't know if there is an eventual limit on that, but nobody I know has reached it.)
RetirEd

RetirEd

July 26, 2023
2:19 pm
Saver602
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Thanks everyone. I guess I will keep the TNG savings account open with a buck or two in it and hope for an offer. They have a fair bit of my money tied up in GICs, you'd think they would want more from me. Appreciate all the responses, thanks!

July 26, 2023
4:27 pm
Bill
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A few years ago I went through a stretch with Tangerine of no offers for maybe a year or so so I just kept a few bucks in the accounts. Last few years I've been pretty well always on one promo or another.

July 27, 2023
4:30 pm
kesa
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my previous offer was 5% and then extended to July 31, what can I expect now?

July 27, 2023
6:15 pm
JohnnyCash
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Nothing until the next lottery. Best to drain the account by the end of the month and park your funds elsewhere in the event you get another offer that stipulates new money to be eligible.

July 27, 2023
6:50 pm
Dean
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.
What Johnny said

It's called; 'The Tangerine Shuffle'. sf-wink

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 27, 2023
6:57 pm
moneyhelp
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Dean said
.
What Johnny said

It's called; 'The Tangerine Shuffle'. sf-wink

    Dean

  

HAHA I love that! Tangerine Shuffle sf-laugh

July 28, 2023
1:04 am
cgouimet
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Dean said
.
What Johnny said

It's called; 'The Tangerine Shuffle'. sf-wink

    Dean

  

The TS but not in a SDB ... 🙂

CGO
August 1, 2023
10:08 am
mikee
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If I am reading the fine print correctly Tangerine does not pay interest on promotional interest at the promotional interest rate. For example, $100K generates monthly promo interest $375.00 (100,000 X 4.5%) / 12 + regular interest $83.33 (100,000 X 1%)/ 12 = $458.33. For subsequent months, they will pay 4.5% interest on $100,083.33 but only 1% on the $375.00 promotional interest. Would deducting interest at the beginning of the month ensure that interest for the balance held in the account is paid at 5.5%?

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 July 3, 2023, to a maximum of $1,000,000 (in the currency of the Applicable Account), 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”).

August 1, 2023
10:39 am
savemoresaveoften
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It seems like the trick of maturing a GIC into a checking account, and then move the amount over to the savings account, the amount will be counted as new money to earn the promo rate. A direct deposit into the savings account does not.
Interesting until that loop hole is closed.

August 1, 2023
12:37 pm
mustang
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Trying to get my head around this, and it is starting to hurt
Is the suggestion that Tangerine actually keeps a separate "bucket" for the promo interest--i.e., so they can determine what NOT to pay further interest on?
If so, can I pull that amount out? But what if I later added additional funds again-- or are they always going to subtract all promo interest previously paid? In which case it wouldn't matter how much I took out, they would always subtract any previous interest paid?

August 1, 2023
12:44 pm
cgouimet
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mustang said
Trying to get my head around this, and it is starting to hurt
Is the suggestion that Tangerine actually keeps a separate "bucket" for the promo interest--i.e., so they can determine what NOT to pay further interest on?
If so, can I pull that amount out? But what if I later added additional funds again-- or are they always going to subtract all promo interest previously paid? In which case it wouldn't matter how much I took out, they would always subtract any previous interest paid?  

I've been scratching too. The only I can think of TNG tracking this is for them to add the earned promo interest to the starting balance with everything else considered new money.

CGO
August 1, 2023
1:58 pm
kesa
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JohnnyCash said
Nothing until the next lottery. Best to drain the account by the end of the month and park your funds elsewhere in the event you get another offer that stipulates new money to be eligible.  

100k drained, play stupid games, win stupid prizes. Showing 1% yield and no way I’m sticking around.

August 1, 2023
2:27 pm
COIN
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I would think a rational person would consider the interest to be new money. That is new money you did not have prior to the interest credited.

August 1, 2023
2:29 pm
dommm
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Please correct me if I'm wrong. The way I understand this promo is for example the promo starts on say Aug 1 & your balance is 10,000 at the end of the day on July 31st, any balance above 10,000 from Aug 1 to the end of the promo that is above 10,000 will get the promo rate. So the 10,000 will get the regular rate (1% for me) & any balance above the 10,000 will get the promo rate. Am I understanding this promo correctly?

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