Got 3.22% again. Moved all money from savings to checking on July 1st. This has become a quarterly ritual now. If I didn't get an offer from Tangerine it would have gone to Meridian.
Tangerine Interest Rate Lottery thread
- Last Updated:
- Mar 28th, 2024 3:03 pm
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- SCORE+58
- fizikz
- Sr. Member
- Jan 10, 2006
- 878 posts
- 882 upvotes
- melcon
- Member
- Apr 5, 2017
- 435 posts
- 63 upvotes
- Speedy1
- Deal Fanatic
- Jun 29, 2007
- 6041 posts
- 2751 upvotes
- Vancouver
The $65k was moved out on May 24.
Interesting another account just got the exact same 3.22% offer as well. This account had only ~$160 transferred out ~May 24 as well after initial 6 month promo rate was over.
- DMac90
- Member
- Jul 13, 2015
- 256 posts
- 117 upvotes
- Ontario
Just to confirm, "new money" counts even if you have moved your balance out of your savings account and put it in a chequing account only to move it back to the savings account today?
Got 3.1% this time.
Got 3.1% this time.
- newt_101
- Deal Fanatic
- Oct 24, 2004
- 8568 posts
- 4207 upvotes
- Toronto (Central)
Considering that you don't qualify for that much through your TFSA, isn't it a bad idea to do this seeing as you'd be taxed on it?Conquistador wrote: ↑ HELOC
IMO it makes it a moot point
- telusboy
- Banned
- Jul 1, 2017
- 80 posts
- 32 upvotes
If you did prior to July 4 yes, otherwise No.
Not sure if they take July 4 night snap shot or July 4 morning snap shot.
- Conquistador
- Deal Fanatic
- Feb 19, 2010
- 6237 posts
- 2992 upvotes
First of all, it wasn't me that talked about doing this. It was mkl38s. I was only answering melcon's question about where one could borrow 2.7% money.
Half a million bucks at around 1/2% interest (net) for three months is over $600. (Interest on the HELOC is deductible BTW.)
Yes, one will pay income tax on that $600 but I'm not aware of a 100% marginal tax rate so one comes out several hundred dollars ahead for spending a few minutes transferring money in and out. How is that a moot point?
- tasamy
- Deal Addict
- Dec 23, 2005
- 2672 posts
- 161 upvotes
- Calgary
If our money is in my wife's single savings account and We move it to our joint saving account while I'm the primary holder, Does it consider as a new money?
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- ace604
- Deal Guru
- Aug 8, 2012
- 10198 posts
- 4028 upvotes
- BC
Prime might be going up 0.25% later this month
But ya, if it stays the same you would net $500 of taxable interest income (after factoring in cancelling out the 2.7% carrying charges deduction).
So your profit is $250+ depending on your marginal tax rate.
If your LOC balance is at $0 now and you deposit this cash into a new savings account you make at Tangerine called "Investment savings" then you have a good paper trail.
If you have other balance in LOC that is for non-deductible use then you have to calculate the different portions of interest for each use of funds. If you just deposit the funds into your main Tangerine savings account that has other transactions going on you will also run into 'current use of funds' issues.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
- ace604
- Deal Guru
- Aug 8, 2012
- 10198 posts
- 4028 upvotes
- BC
Secured home equity LOC at prime.
You can borrow for cheaper from a broker like IB:
https://www.interactivebrokers.com/en/index.php?f=1595
1.64% blended rate today on $500k CAD (2% on first $140k, 1.5% on rest).
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
- ace604
- Deal Guru
- Aug 8, 2012
- 10198 posts
- 4028 upvotes
- BC
Only if you have a time machine so you could do the moving out part before today like most people already did in anticipation of a new promo
Next time move it out early. Before Oct 5th it should be gone. Sept 30th if you are paranoid they will change the dates.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
- ace604
- Deal Guru
- Aug 8, 2012
- 10198 posts
- 4028 upvotes
- BC
Interest paid to earn income is tax deductible.
You pay tax on 3.2% and deduct the 2.7% cost.
It works out to effectively earning 0.5% taxable interest on money that isn't yours and would otherwise be sitting as unused available credit.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
- newt_101
- Deal Fanatic
- Oct 24, 2004
- 8568 posts
- 4207 upvotes
- Toronto (Central)
Nice!Conquistador wrote: ↑ First of all, it wasn't me that talked about doing this. It was mkl38s. I was only answering melcon's question about where one could borrow 2.7% money.
Half a million bucks at around 1/2% interest (net) for three months is over $600. (Interest on the HELOC is deductible BTW.)
Yes, one will pay income tax on that $600 but I'm not aware of a 100% marginal tax rate so one comes out several hundred dollars ahead for spending a few minutes transferring money in and out. How is that a moot point?
I was told by a financial adviser that because I had maxed out my TFSA I would have to pay taxes on the income I made through a HISA if I was to put my HELOC into it - time to transfer over a few hundred thousand!
Thanked!
- telusboy
- Banned
- Jul 1, 2017
- 80 posts
- 32 upvotes
Did the Joint account where you are the Primary holder get the offer ? If so yes.
Your wife's Single account has nothing to do with it. Whatever you do, don't make it joint to transfer the money, otherwise it won't be counted as new money.
Transfer it to an external account from her single account then back to your Joint account on which you are the primary and which got the offer.
You both have separate Client ID's right ?
So when she logs in with her client ID she will see BOTH the accounts, her Single account and the Joint account.
But if you log in with your Client ID , you will only see the Joint account. You won't see her Single account. You won't have access to it.
- goubagouba
- Member
- Apr 29, 2013
- 434 posts
- 98 upvotes
- Montreal
Never get anything and when I contact Tangerine the best they can do is always 1.6% If I don't care about interest this 3-month period, is there anything I can do to increase my chances of getting an actual offer next period? Should I call in like I usually do and just refuse the 1.6% they will likely offer me, or should I just not contact them at all?
- parclub
- Member
- Jul 2, 2015
- 262 posts
- 146 upvotes
- OTTAWA,ON
I notice that you are in Montreal.goubagouba wrote: ↑ Never get anything and when I contact Tangerine the best they can do is always 1.6% If I don't care about interest this 3-month period, is there anything I can do to increase my chances of getting an actual offer next period? Should I call in like I usually do and just refuse the 1.6% they will likely offer me, or should I just not contact them at all?
JMO, but I don't think that Tangerine's offers are completely random, they can't be that simple minded.
I could be wrong but I believe that they do have set of algorithms that the computer sifts through each promo period.
Eg, If you're from Quebec, you don't have access to the 2.3% that EQ offers everyone without having to grovel so why offer
a superior rate (the 3.22% one) to a higher percentage of Quebec residents when you really don't have to ?
Sure, some Quebec posters will say , yes, I did get a fair offer, but only Tangerine knows what percentage of the Quebecers did get the 3.22%
IOW, why hand out what you don't have to ?
- takky
- Newbie
- Mar 26, 2008
- 89 posts
- 33 upvotes
- Mississauga
Just logged in to my Tangerine account was offered 2.97% on new deposits, time to transfer back from EQ.
- Avril25
- Newbie
- May 25, 2016
- 29 posts
- 5 upvotes
Last promo, I received 3%. Moved money out of savings into chequing and waited for new offer. No new offer Phoned in to move funds to an external account, was offered 2.5% until October 2.
- crxmugen
- Sr. Member
- Jan 5, 2006
- 914 posts
- 264 upvotes
- Markham
- crasher
- Deal Addict
- Oct 12, 2005
- 1475 posts
- 181 upvotes
- Mississauga
Got 3.22% till Sep.30. As my move to Eq was posted today, so kinda missed it myself but other accounts in family got same offer, so will have to move there.
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