Targeted offer: 6.00% on new money until March 31, 2024 | Tangerine Bank | Discussion forum

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Targeted offer: 6.00% on new money until March 31, 2024
November 4, 2023
11:18 pm
RoughRunner
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October 21, 2021
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Just got an offer for 6.00% interest until March 31, 2024 in my insights. Most of my savings is in Motive's 120 day 5.75% GIC but the rest is at Tangerine now. 6% on a savings account, wow what a time to be alive, its a strange world out there.

November 5, 2023
7:44 am
Lodown
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Check the fine print. If it says "new money", the money already in the account will not get the bonus interest.

November 5, 2023
8:34 am
NorthernRaven
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RoughRunner said
6% on a savings account, wow what a time to be alive, its a strange world out there.  

There can be too much of a good thing. Back in the early 1980s the BoC rate briefly touched 20%, and while there were fewer options for high interest savings, I'm pretty sure 1-year GIC rates would have been north of 16% in that window. Double digit inflation, 20%+ mortgage rates etc. It was living in interesting times, for sure... 🙂

I assume that Tangerine things it can keep a sufficient fraction of the new money as stick lower-rate (0.8%) deposits to make spending on a bunch of bonus interest worth their while.

November 5, 2023
11:20 am
HermanH
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Lodown said
Check the fine print. If it says "new money", the money already in the account will not get the bonus interest.  

The terms and conditions will specify at what date the balances are calculated in order to determine 'old' and 'new' money.

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