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[Tangerine] New Promo 2.5% for FIVE months *Targeted*

  • Last Updated:
  • Jan 17th, 2018 9:58 am
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Deal Addict
Oct 7, 2007
3285 posts
821 upvotes
karnige wrote:
Jan 4th, 2018 12:13 am
did it in desktop mode on my phone. says winter 2018. it did work. definitely a glitch. awesome. I know it's 3% at simplii but you have to keep the cash there till the end or you get zip. tangerine does it daily and less headache.
I don't believe you have to keep your cash there at Simplii until the end to get the 3%. I believe you get the 3% for the days that your money is there which would be the case with any bank. In other words, no bank will give you interest for the days the money is not there. However, Simplii will not pay the 2% difference until after the promo whereas Tangerine typically pays this monthly.
Sr. Member
Nov 26, 2014
500 posts
125 upvotes
Toronto, ON
3.25–>3.0–>2.75 and now 2.5%
Newbie
May 11, 2006
79 posts
32 upvotes
Tangerine likes to play games like this.. its too bad that the scotiabank influence has resorted to these carrot dangles instead of just offering better rates to everyone.
Still disappointed in their silent change of their promo cashback rates on their credit card shortly after launch.
Newbie
Dec 11, 2017
15 posts
17 upvotes
Did not get any offer for the first time in 3 years. Since 2015, every quarter my wife & I have been getting 'offers' from tangerine.
For the first time, both of us didn't get it this time. :(
I signed up for a simplii & eq bank accounts today. Bye bye tangerine.
Although this was expected anytime since they were bought by a big bank few years ago.
Newbie
Nov 28, 2016
35 posts
10 upvotes
Alberta
karnige wrote:
Jan 4th, 2018 12:13 am

did it in desktop mode on my phone. says winter 2018. it did work. definitely a glitch. awesome. I know it's 3% at simplii but you have to keep the cash there till the end or you get zip. tangerine does it daily and less headache.
choclover wrote:
Jan 4th, 2018 11:05 am
I don't believe you have to keep your cash there at Simplii until the end to get the 3%. I believe you get the 3% for the days that your money is there which would be the case with any bank. In other words, no bank will give you interest for the days the money is not there. However, Simplii will not pay the 2% difference until after the promo whereas Tangerine typically pays this monthly.

Kinda sorta....I can't recall which thread it was that I was reading but if I remember correctly there were some wording in Simplii's fine print with that 3% promo to suggest that in order to get the actual 3% calculation you have to leave the funds in the account for the full duration. Something about 1% daily....and the extra 2% was only based on the average of the balance in the account for the full duration. So say you only park your funds with Simplii for 1 month you won't actually get 3% I think....it grinds my gears it's like that. But Simplii's paying more than Tang so I'll keep my funds until the expiration of Simplii's promo.
Sr. Member
Jan 29, 2017
630 posts
540 upvotes
MikeyCanada wrote:
Jan 4th, 2018 11:36 am
Kinda sorta....I can't recall which thread it was that I was reading but if I remember correctly there were some wording in Simplii's fine print with that 3% promo to suggest that in order to get the actual 3% calculation you have to leave the funds in the account for the full duration. Something about 1% daily....and the extra 2% was only based on the average of the balance in the account for the full duration. So say you only park your funds with Simplii for 1 month you won't actually get 3% I think....it grinds my gears it's like that. But Simplii's paying more than Tang so I'll keep my funds until the expiration of Simplii's promo.
You get Promotional Interest on amount exceeding closing balance on Oct 31. You don't need to keep the same amount throughout the promotion to be eligible but if you have money for only 1 month then expect that promotion to apply for that month only.
A. Savings Offer

“Eligible Savings Account” means a Simplii Financial High Interest Savings Account and/or Simplii Financial Savings Account. Only primary account holders are eligible for the Offer.

The Promotional Interest is calculated on the portion of the Eligible Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2017 (the “Additional Balance”) to a maximum of $500,000 in Additional Balances across all of an account holder’s Eligible Savings Accounts. If an Eligible Savings Account is overdrawn as at October 31, 2017, the closing balance is deemed to be $0.00. Promotional Interest will not be paid on existing funds that were in a Simplii Financial account as at October 31, 2017 and are transferred to an Eligible Savings Account.
https://www.simplii.com/en/special-offe ... erest.html
Sr. Member
Dec 7, 2009
780 posts
320 upvotes
Toronto and points e…
Nothing for me in Insights or Documents.
Sr. Member
User avatar
Aug 9, 2007
835 posts
228 upvotes
The catch for the Simplii promotion seems to be "calculated on the portion of the Eligible Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2017"

Example:
Oct 31, you had $15K in your account (not subject to bonus interest)
Nov 1, you had nothing to deposit
Dec 1, you deposit $10K (will get promotion interest on this)
Jan 1, you withdraw $20K, putting you below the initial closing balance by $10K

first month you hold 0K over the initial amount
2nd month you hold +10K over the initial amount
3rd month you hold -10K over the initial amount

End result... at end of 3rd month, you have made $0 promotional interest.
((30 days*0K) + (31 days*10K) + (31 days*-10K) ) / 92 days = $0 average daily balance over your closing balance
Your average over these 3 months was exactly the same as your initial balance. 2% on $0 = ... sad face.

The reason is because you had less than your initial closing balance for a time. If you started with $0, or never go below the $15K in this example, yes, you will still get interest.
Deal Addict
Aug 5, 2006
2258 posts
630 upvotes
Global Village
Drizzt wrote:
Jan 4th, 2018 1:53 pm
The catch for the Simplii promotion seems to be "calculated on the portion of the Eligible Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2017"

Example:
Oct 31, you had $15K in your account (not subject to bonus interest)
Nov 1, you had nothing to deposit
Dec 1, you deposit $10K (will get promotion interest on this)
Jan 1, you withdraw $20K, putting you below the initial closing balance by $10K

first month you hold 0K over the initial amount
2nd month you hold +10K over the initial amount
3rd month you hold -10K over the initial amount

End result... at end of 3rd month, you have made $0 promotional interest.
((30 days*0K) + (31 days*10K) + (31 days*-10K) ) / 92 days = $0 average daily balance over your closing balance
Your average over these 3 months was exactly the same as your initial balance. 2% on $0 = ... sad face.

The reason is because you had less than your initial closing balance for a time. If you started with $0, or never go below the $15K in this example, yes, you will still get interest.
I don't think that's correct, in the example you use you will still get Simplii bonus interest (in March) for the $10K which was eligible in December only.
Deal Addict
User avatar
May 22, 2006
1551 posts
218 upvotes
Toronto
scoper wrote:
Jan 4th, 2018 2:14 pm
I don't think that's correct, in the example you use you will still get Simplii bonus interest (in March) for the $10K which was eligible in December only.
This is correct.
Jr. Member
User avatar
Feb 26, 2006
111 posts
Toronto
tarushin wrote:
Jan 3rd, 2018 11:23 pm
no
Thank you.
What about Savings >> Checking >> TFSA? Or it has to be from other bank?
Deal Addict
Dec 5, 2010
2144 posts
350 upvotes
Montreal
kawa2 wrote:
Jan 4th, 2018 2:21 pm
Thank you.
What about Savings >> Checking >> TFSA? Or it has to be from other bank?
They took a snapshot of your current balance on the night of Jan 2nd, as long you are above that balance (from Jan 2nd), only new deposit after that will be counted towards the promotion. looping the funds around and back into Saving/TFSA will not work unless its above the balance from Jan 2nd.
Penalty Box
Jan 15, 2006
8502 posts
2578 upvotes
Richmond Hill
Just received the offer today in my email. Current balance is $16. Months ago I had xxx, xxx. xx but it's all in investments now. 2.5% is great if you need something secure but paying taxes on the interest is killer.
Jr. Member
User avatar
Feb 26, 2006
111 posts
Toronto
tarushin wrote:
Jan 4th, 2018 3:21 pm
They took a snapshot of your current balance on the night of Jan 2nd, as long you are above that balance (from Jan 2nd), only new deposit after that will be counted towards the promotion. looping the funds around and back into Saving/TFSA will not work unless its above the balance from Jan 2nd.
Got you, thanks again.
Deal Addict
Jun 3, 2009
3892 posts
480 upvotes
Montreal
If my buddy only has the Tangerine MasterCard with no other Tangerine bank account, is he already considered as a client? Thanks.

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