Personal Finance

Question about "new money" and interest rate promotions

  • Last Updated:
  • Oct 26th, 2017 1:10 pm
Deal Addict
Nov 12, 2008
1983 posts
389 upvotes
Aurora

Question about "new money" and interest rate promotions

Say I have 5k of old money in an account (was there before the promotion began)...
Then I deposit 5k of new money...
Then a few days later I withdraw 5k.

Will the remaining 5k in the account earn the promotional interest rate or is it considered old money?
2 replies
Deal Fanatic
User avatar
Feb 19, 2010
6237 posts
2992 upvotes
Gweedz wrote: Say I have 5k of old money in an account (was there before the promotion began)...
Then I deposit 5k of new money...
Then a few days later I withdraw 5k.

Will the remaining 5k in the account earn the promotional interest rate or is it considered old money?
While you haven't provided any details as to which bank or the promo details so that anyone could provide an informed answer, my guess would be that if the promotion is for "new" money then the answer to your question is no.

You started the promo with $5K and your balance now is $5K. "New" doesn't refer to when you deposited it. It refers to the change in your account balance from the beginning of the promo.
Deal Addict
Nov 12, 2008
1983 posts
389 upvotes
Aurora
Thanks for clarifying that!

I had Tangerine in mind, but I thought the question was generic and applied to all.

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