Targeted offer - 5% on new money till June 30, 2023 (extended to September 30) | Page 6 | Tangerine Bank | Discussion forum

InterestThis said
It says right in the account, the offer is just extended to Sept 30. There is not one word about July 1, etc. The key is check your balance on Feb 1, that is the baseline.

"From February 2, 2023 to September 30, 2023, you’ll earn your special interest rate on new deposits over your total balances calculated on February 1, 2023 (up to $1,000,000† per Account Type)  

My balance on February 1, 2023 was basically $0 if not $0. It wasn't until February 4, 2023 that I moved all my funds back in.

Yes, Top Dogg, as my Feb 1 balance was zero I'm getting 5% until Sept 30 on any money I choose to keep in my account. Maybe they'll extend it again, for me that would be the 3rd extension of the original offer.

Yes Tangerine can be confusing and sometimes guilty of poor communications. There are others that don't even communicate rate changes, like EQ Bank.

That's why each of us have our own set of preferred FI's that we monitor routinely for rate changes and and special offers and the T&C's associated with them.

Kinda like monitoring Grocery flyers and posted prices and receipts to make sure we're in the right transactions.

Also, not all offers/transactions are equally attractive to all of us ...

I think Tangerine (or was it Simplii?) recently had something like 3-4 overlapping promos.

They should have just have one promo at a time open to all, like a sane institution.

cgouimet said
Yes Tangerine can be confusing and sometimes guilty of poor communications. There are others that don't even communicate rate changes, like EQ Bank.

That's why each of us have our own set of preferred FI's that we monitor routinely for rate changes and and special offers and the T&C's associated with them.

Kinda like monitoring Grocery flyers and posted prices and receipts to make sure we're in the right transactions.

Also, not all offers/transactions are equally attractive to all of us ...  

cgouimet: Your last statement is very true. I think most (such as myself) are looking for the best savings interest rate in the market at the time. If not the best, at the very least in the top 3 savings interest rates in the market.

The overlapping promos are just part of how it all works, as they are responses to changing market conditions, similar to GIC's. If the banks math tells them to bring in more savings, they raise the promo rate over a period.
It sure would be interesting to know how much savings money comes in when they do a promo. Its probably somewere in a disclosure.
But of course, they also want to get people to open an account, and then leave thousands in the account when the offer expires.
There are plenty of people with 80K just sitting in a crummy savings account.

The Rock said
Last day for the promo. Tangerine is witnessing a mini bank run today.  

Which direction is the bank run? In or out?

The Rock said

Out. Alot of money being pulled this week.  

I ran the other way, opening 2 GICs @5.5%.

TheRock, you didn't get an extension beyond June 30 at Tangerine?

ertyu said on June 23rd
I have this promo and just got a notice they've extended mine till Sep 30  

Since Tangerine didn't ask, I wonder is it possible to say NO to an extension & let the promo ends on June 30th. Normally there would be no reason to do so. But in a rising rate environment, people may want that choice of being released back to the lottery pool sooner.

... just saying in hind sight, I probably would have passively accept