Personal Finance

Tangerine 3 months 2.5% and 3% Expiring - any new offer

  • Last Updated:
  • May 17th, 2017 8:44 pm
Deal Addict
May 28, 2009
1120 posts
79 upvotes
what happened to the big thread on the last offers post April 5th with the polls regarding how many got what ?

dont see it anymore ? was it deleted ?
Jr. Member
May 5, 2012
150 posts
24 upvotes
CALGARY
qewcool wrote:
Apr 9th, 2017 4:54 pm
what happened to the big thread on the last offers post April 5th with the polls regarding how many got what ?

dont see it anymore ? was it deleted ?
[Tangerine] (Targeted) up to 3.21% special interest rate on new deposits April 5, 2017 to June 30, 2017 + POLL - RedFlagDeals.com Forums tangerine-targeted-up-3-21-special-inte ... l-2091935/
Deal Fanatic
User avatar
Aug 8, 2012
8018 posts
2813 upvotes
BC
qewcool wrote:
Apr 9th, 2017 7:07 pm
ah it was moved into hot deals
thanks
It wasn't moved to hot deals. I posted it in hot deals.
Was hoping some people would spot it in time before midnight and move their money out of savings.
POLL: How many credit cards do you CARRY?
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...)
Deal Addict
Jan 21, 2014
1627 posts
369 upvotes
I am still baffled on how Tangerine targeted these offers. My wife and I have joint account with Tangerine since the ING Direct days. We recently also opened individual savings accounts for CIDC protection and every time we got the offer, we both had the same until this time, they left my wife out. When you logged in, it tells you how much interest you have earned from them and my wife actually has a few hundreds more than mine. We only have saving accounts and both have individual MC with them also. I think it's truly random and nothing else with these offers
Jr. Member
May 5, 2012
150 posts
24 upvotes
CALGARY
So, I did something stupid and transferred money from PC to EQ on April 7 (lets say 5k), then scheduled a transfer from EQ to Tang for April 13 for the full amount (balance + 5k). However the 5k is on hold until April 17 (Tuesday). Apparently EQ doesn't charge NSF, and Tangerine would just reverse the amount, but I get to keep the interest earned.

From there I had a stupid thought, that would probably raise some flags and so I will NOT do it...

But, I just want to talk about it and see what you all thought of this crazy mind of mine.
Say you just schedule a pull of 500k (or however much the system allows you) from EQ to Tang on a Friday. You would earn interest on that amount for 3 days and then the funds would be reversed on Monday. Assuming a rate of 2.81%, you would earn a bonus of 115$ every weekend doing this.

Please don't flame, I just wanted to see what the great minds at RFD thought. I KNOW it would be frowned upon, and is probably illegal... so please don't do it.

Edit: So I was right on the illegal part. Haha. Well I wasn't planning on doing it (not intentionally anyways).
Thank you to the poster below me :)
Last edited by starbelow on Apr 14th, 2017 7:22 pm, edited 2 times in total.
Deal Expert
User avatar
Aug 18, 2005
16648 posts
1674 upvotes
GTA West
starbelow wrote:
Apr 14th, 2017 7:22 pm
So, I did something stupid and transferred money from PC to EQ on April 7 (lets say 5k), then scheduled a transfer from EQ to Tang for April 13 for the full amount (balance + 5k). However the 5k is on hold until April 17 (Tuesday). Apparently EQ doesn't charge NSF, and Tangerine would just reverse the amount, but I get to keep the interest earned.

From there I had a stupid thought, that would probably raise some flags and so I will NOT do it...

But, I just want to talk about it and see what you all thought of this crazy mind of mine.
Say you just schedule a pull of 500k (or however much the system allows you) from EQ to Tang on a Friday. You would earn interest on that amount for 3 days and then the funds would be reversed on Monday. Assuming a rate of 2.81%, you would earn a bonus of 115$ every weekend doing this.

Please don't flame, I just wanted to see what the great minds at RFD thought. I KNOW it would be frowned upon, and is probably illegal... so please don't do it.
What you have described is called kiting, and the banks will close your accounts for doing it.
- Not Collecting AIR MILES Since 2016/07 -
- Casual Gastronomist -
Deal Addict
Sep 7, 2004
1118 posts
166 upvotes
starbelow wrote:
Apr 14th, 2017 7:22 pm
So, I did something stupid and transferred money from PC to EQ on April 7 (lets say 5k), then scheduled a transfer from EQ to Tang for April 13 for the full amount (balance + 5k). However the 5k is on hold until April 17 (Tuesday). Apparently EQ doesn't charge NSF, and Tangerine would just reverse the amount, but I get to keep the interest earned.

From there I had a stupid thought, that would probably raise some flags and so I will NOT do it...

But, I just want to talk about it and see what you all thought of this crazy mind of mine.
Say you just schedule a pull of 500k (or however much the system allows you) from EQ to Tang on a Friday. You would earn interest on that amount for 3 days and then the funds would be reversed on Monday. Assuming a rate of 2.81%, you would earn a bonus of 115$ every weekend doing this.

Please don't flame, I just wanted to see what the great minds at RFD thought. I KNOW it would be frowned upon, and is probably illegal... so please don't do it.

Edit: So I was right on the illegal part. Haha. Well I wasn't planning on doing it (not intentionally anyways).
Thank you to the poster below me :)
If it makes you feel any better you are definitely not the first person in history to figure this out nor will you ever be the last. Kiting as mentioned above by Jucius Maximus was discovered decades ago by people who tried to take advantage of the delay between writing a cheque and having the funds cleared between different institution.

Banks have figured this out long ago and have implemented measures to stop this from happening and eventually the people trying to game the system will have their accounts closed or worse. Once or twice probably wont raise any flags but when a pattern emerges, the banks have people who specifically look into this stuff so I'd say whoever is planning on doing this won't be doing it for long. :)
Jr. Member
Jan 19, 2017
171 posts
47 upvotes
starbelow wrote:
Apr 14th, 2017 7:22 pm
So, I did something stupid and transferred money from PC to EQ on April 7 (lets say 5k), then scheduled a transfer from EQ to Tang for April 13 for the full amount (balance + 5k). However the 5k is on hold until April 17 (Tuesday). Apparently EQ doesn't charge NSF, and Tangerine would just reverse the amount, but I get to keep the interest earned.

From there I had a stupid thought, that would probably raise some flags and so I will NOT do it...

But, I just want to talk about it and see what you all thought of this crazy mind of mine.
Say you just schedule a pull of 500k (or however much the system allows you) from EQ to Tang on a Friday. You would earn interest on that amount for 3 days and then the funds would be reversed on Monday. Assuming a rate of 2.81%, you would earn a bonus of 115$ every weekend doing this.

Please don't flame, I just wanted to see what the great minds at RFD thought. I KNOW it would be frowned upon, and is probably illegal... so please don't do it.

Edit: So I was right on the illegal part. Haha. Well I wasn't planning on doing it (not intentionally anyways).
Thank you to the poster below me :)
When Tangerine reverses the transfer, it reverse back to the day of the initial transfer. So you won't get any interest.
Jr. Member
May 5, 2012
150 posts
24 upvotes
CALGARY
ml88888888 wrote:
Apr 15th, 2017 7:20 am
When Tangerine reverses the transfer, it reverse back to the day of the initial transfer. So you won't get any interest.
Really? I had asked them and they said I get to keep the interest.
I guess I will calculate at the end of the month to figure out which is true.

I was going to schedule a transfer of the full amount for Monday ... But I don't want to risk it just in case the transfer goes through on Tuesday.
Does anyone think there's a chance that the money will be transferred out of EQ on Day 3 rather than Day 2?
Jr. Member
Jan 19, 2017
171 posts
47 upvotes
starbelow wrote:
Apr 15th, 2017 4:15 pm
Really? I had asked them and they said I get to keep the interest.
I guess I will calculate at the end of the month to figure out which is true.

I was going to schedule a transfer of the full amount for Monday ... But I don't want to risk it just in case the transfer goes through on Tuesday.
Does anyone think there's a chance that the money will be transferred out of EQ on Day 3 rather than Day 2?
I had first hand experience and I got no interest. You can' t really trust everything the CSR told you.
Jr. Member
May 5, 2012
150 posts
24 upvotes
CALGARY
ml88888888 wrote:
Apr 15th, 2017 4:18 pm
I had first hand experience and I got no interest. You can' t really trust everything the CSR told you.
Good news (for me at least) is that the transfer went through today (April 17) even though my 5k was supposed to be on hold till after midnight on Tuesday April 18 (?)

Maybe EQ got tired of hearing from me on chat and decided to just release my money one day earlier.
Deal Addict
User avatar
Dec 26, 2010
1603 posts
643 upvotes
Can someone help me understand the little intricacies of moving money around from promo to promo? I understand the mechanics, but what is considered "new" money that counts towards these promos. Like if I transfer out $10k from Tangerine, how long does it need to be gone before it can come back as new? I realize many go from a Tangerine promo to a PCF promo - and this all works because the money is gone for months at a time.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
Deal Fanatic
Jan 7, 2002
9776 posts
2874 upvotes
Waterloo, ON
wm009 wrote:
Apr 20th, 2017 9:39 pm
if I transfer out $10k from Tangerine, how long does it need to be gone before it can come back as new?
As little as a day, if your timing is good. That day was Apr 05, 2017 for the current promo. If you'd drained your money out of TING before that date, even the day before, then all new money transferred in after that date gets the promo rate. The next such date will be around Jun 05, 2017.
veni, vidi, Visa

Help me boost my Downvote count. Please click 👎 below. Thank you.
Deal Addict
User avatar
Dec 26, 2010
1603 posts
643 upvotes
bylo wrote:
Apr 20th, 2017 9:48 pm
As little as a day, if your timing is good. That day was Apr 05, 2017 for the current promo. If you'd drained your money out of TING before that date, even the day before, then all new money transferred in after that date gets the promo rate. The next such date will be around Jun 05, 2017.
Just so I understand correctly. If my balance at the start of a promo is $10k, than that is the baseline? So taking out $5k to return to the account a month later wouldn't count?
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
× < >
Rotate image Save Cancel

Top