Personal Finance

The 3 Month Tangerine Lottery thread

  • Last Updated:
  • Jan 16th, 2018 3:39 pm
Jr. Member
User avatar
Nov 28, 2011
101 posts
128 upvotes
Vancouver
psyko514 wrote:
Jan 4th, 2018 12:52 pm
You need to open a chequing and savings account to qualify for the offer. If you're new to Tangerine, you can also get a $50 bonus if someone refers you and another $100 bonus if you switch your direct deposits to your new chequing account.
Does it have to be a monthly payroll from a company?

I guess something like a gst direct deposit wouldn't qualify?
Sr. Member
Apr 23, 2008
566 posts
33 upvotes
Dealfinder111 wrote:
Jan 4th, 2018 2:14 pm
Any know if I can pull money out from EQ at Tangerine's site more than $30000? EQ has a limit of $30000 transfer limit between linked accounts per transaction.
I just echo another poster, limit $30K if doing a push at EQ site, limit $500K if doing a pull at Tang site
Deal Addict
Sep 11, 2006
1225 posts
223 upvotes
LOL anyone remember the 3.2% promo offered last year? Good times good times.

For people who move $50K+ cash from Tangerine to Simplii, is there a big risk of CRA flagging it and having to go through a bunch of checks for no reason when they ask why you're moving so much cash between banks?
Deal Fanatic
User avatar
Apr 29, 2008
5903 posts
1611 upvotes
Montreal
Frankie3s wrote:
Jan 3rd, 2018 11:08 pm
With a rate offer like that it looks like they're trying to get rid of your business. How could they possibly offer (and expect) a low interest rate offer like this be accepted when competitors such as, EQ and Simplii are offering 2.3% and 3% respectively? Have they lost their minds?
Many people don’t want multiple savings accounts
Many don’t have huge balances and don’t mind losing $50 if it means not having to transfer money from account to account
Member
Apr 9, 2010
493 posts
185 upvotes
Toronto
Shadow Rider wrote:
Jan 4th, 2018 9:18 pm
LOL anyone remember the 3.2% promo offered last year? Good times good times.

For people who move $50K+ cash from Tangerine to Simplii, is there a big risk of CRA flagging it and having to go through a bunch of checks for no reason when they ask why you're moving so much cash between banks?
While I haven't seen anyone complain here of CRA flagging anything, I think it's possible it might happen rarely. Although I think it's easy enough to tell the truth and say that you're moving your own money to benefit from better interest rates. I think anyone can understand that and you should be fine if you pay taxes. Plus the money is accounted for, it's not going into a black illegal hole right? ;)

And yes! I miss the 2 times I got 3%+ and even the 2.94%. Unfortunately, I don't think we'll be getting back to that anytime soon.
Deal Addict
User avatar
Feb 19, 2010
4749 posts
1716 upvotes
So this looks like a case of good news and bad news.

The good news, based on available evidence so far, is that Tangerine appears to have given up the stupid lottery scheme that they've had going for the longest time. It's about time they started treating all of their customers the same way instead of coming up with some ridiculously nebulous approach to offering numerous different rates on some mysterious basis.

The bad news is that while the BOC has raised rates twice in the last little while, and will likely be raising again soon, the rates Tangerine are offering now aren't nearly as competitive as they were before the rate increases.

Bottom line for me is I'm out. No longer have the lottery game to play but also no longer interested in playing with Tangerine any way. Buh bye.
Deal Guru
Jun 26, 2011
10229 posts
1024 upvotes
Markham
Shadow Rider wrote:
Jan 4th, 2018 9:18 pm
LOL anyone remember the 3.2% promo offered last year? Good times good times.

For people who move $50K+ cash from Tangerine to Simplii, is there a big risk of CRA flagging it and having to go through a bunch of checks for no reason when they ask why you're moving so much cash between banks?
Absolutely nothing to worry about with CRA moving 50K cash between banks.
Deal Fanatic
Feb 17, 2007
5278 posts
1493 upvotes
I wasn't offered anything although I pulled everything out on the 28 and 29th.
I guess it's because I accepted their 3% for 6 months on Dec 21st. So, I'm SOL until the end of that offer (6/19).
Then again, not missing out on much since they seem to be offering 2.5%, which is less than the 3% I was offered, plus I'm earning 3% until Dec 31, 2018 at Ideal Savings.
Deal Expert
User avatar
Aug 18, 2005
17145 posts
1918 upvotes
GTA West
Shadow Rider wrote:
Jan 4th, 2018 9:18 pm
For people who move $50K+ cash from Tangerine to Simplii, is there a big risk of CRA flagging it and having to go through a bunch of checks for no reason when they ask why you're moving so much cash between banks?
I've moved $50K+ many times and it all went through no differently than smaller transfers.
You are more likely to get investigated if you keep transferring $9,999.99 over and over.

BTW, you may be thinking of the FINTRAC $10,000 limit rather than the CRA.
Deal Guru
Jun 26, 2011
10229 posts
1024 upvotes
Markham
Jucius Maximus wrote:
Jan 5th, 2018 12:51 am
I've moved $50K+ many times and it all went through no differently than smaller transfers.
You are more likely to get investigated if you keep transferring $9,999.99 over and over.

BTW, you may be thinking of the FINTRAC $10,000 limit rather than the CRA.
Fintrac does not care if you transfer $10,000+ between accounts. If you deposit $10,000 cash within a 24 hour period, that's another story. They want to know where the cash came from.

The exception for electronic is international transfers.
Deal Guru
Jan 7, 2002
11142 posts
3769 upvotes
Waterloo, ON
Shadow Rider wrote:
Jan 4th, 2018 9:18 pm
For people who move $50K+ cash from Tangerine to Simplii, is there a big risk of CRA flagging it and having to go through a bunch of checks for no reason when they ask why you're moving so much cash between banks?
Nope. Nor is there any danger that FINTRAC, the anti-moneylaundering monitoring agency, will question this, especially if you transfer funds within Canada using Canadian financial institutions.

Where there may be a rare "danger" is if you get audited by CRA for other reasons, they see large transfers and ask where the money came from. For instance if they think you're hiding taxable income, one auditing tool is to estimate the income it takes to support your spending habits, then look at your finances for where that money came from. But this is an extreme situation where they have reason to believe that you're hiding income. This isn't going to happen just because you move $50k (or $500k) from TING to Simplii to EQB in search lf higher interest rates.
veni, vidi, Visa
Sr. Member
Dec 26, 2011
521 posts
143 upvotes
Dealfinder111 wrote:
Jan 4th, 2018 2:14 pm
Any know if I can pull money out from EQ at Tangerine's site more than $30000? EQ has a limit of $30000 transfer limit between linked accounts per transaction.
The limit is specifically per transaction per push from EQ, you can just do multiple transactions of $30000 each.
Deal Fanatic
Oct 26, 2008
5285 posts
1071 upvotes
BC
WHO wrote:
Jan 4th, 2018 11:42 pm
I wasn't offered anything although I pulled everything out on the 28 and 29th.
I guess it's because I accepted their 3% for 6 months on Dec 21st. So, I'm SOL until the end of that offer (6/19).
Then again, not missing out on much since they seem to be offering 2.5%, which is less than the 3% I was offered, plus I'm earning 3% until Dec 31, 2018 at Ideal Savings.
For the record ....... you meant to say, "I accepted their 2.5% for 6 months on Dec 21st".
Deal Fanatic
Feb 17, 2007
5278 posts
1493 upvotes
macnut wrote:
Jan 5th, 2018 10:28 am
For the record ....... you meant to say, "I accepted their 2.5% for 6 months on Dec 21st".
Why would I write 3% if I meant 2.5% ? :confused:
Guess I need more sleep, yeah 2.5% at Tangerine, but for 6 months, rather than 3.
The other part is correct though, Ideal is paying 3% until Dec 31.

Thanks for pointing it out.

Edit : annnnnd... that was also wrong. I dunno why I'm stuck on 3%, no one is paying 3% :facepalm: Everyone is paying 2.5%, including Ideal.
I just decided to move it to Ideal since it's guaranteed for 1 year, and I was pissed at Ting for dropping my 2.75% early.
Last edited by WHO on Jan 5th, 2018 11:33 am, edited 1 time in total.

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