Maybe this is a stupid question, that 2.5% for 3 mths is an annualized rate and not just that you get 2.5% for 3 mths?
From today's Tangerine website
https://www.tangerine.ca/en/landing-pag ... TwodFwYJHQ
Here’s How It Works:
Open a Chequing Account with a minimum initial deposit of $100 and receive a $25 Bonus‡.
Open a Tangerine Savings Account, RSP Savings Account or Tax-Free Savings Account with at least $100 and get a $25 Bonus††.
Plus you can earn 2.40%* interest in that Account for 6 months when you also open a Chequing Account.
Switch your payroll direct deposits by August 31, 2017 and continue payroll direct deposits for 3 months to receive a $100 Bonus†††
Interested in opening a Savings Account but not a Chequing Account? You’ll still get $25 for opening a Savings Account and will earn 1.90%** interest in that Account for the first 6 months.