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Tangerine Savings

2.75% Tangerine new deposits - until June 30, 2020 - Targeted YMMV

  • Last Updated:
  • Jul 8th, 2020 11:30 am
Sr. Member
Jul 7, 2016
605 posts
1232 upvotes

[Tangerine Savings] 2.75% Tangerine new deposits - until June 30, 2020 - Targeted YMMV

Date as of February 6, but only received the notification today. Searched and only saw the last promotion in Winter 2019 and the min. savings over $50K promo for May 2020, so thought I would share the generic one.

While this isn't the highest rate, it may be useful for people who do not plan to open a new account or use some of the "less known" financial institutions (B2B Bank / LBC Digital - 3.30% to become 2.80% on March 1; Motive Financial - 2.80%).

Personally, I will move cash from Simplii 2.80% (ends April 30, 2020) since Tangerine pays out monthly vs. Simplii paying out at end of promotion period. After June 30, 2020, I will evaluate whether the other banks are worth signing up for, or if they will be doing a bait and switch strategy (as B2B Bank already announced their rate drop effective March 1).

Offer:
You’re eligible for a special interest rate on your savings

A great savings rate could be just the thing you need to help you reach your savings goals faster. Here’s how you can start earning 2.75% interest* on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and now, US$ Savings Account(s):

Click the ‘Activate Now’ button below by February 29, 2020
Eligible new deposits to these Accounts from February 6, 2020 to June 30, 2020 (up to a maximum of 1,000,000† per Applicable Account Type*) will earn your special rate of 2.75%.

Once you’ve activated, here’s how it will work:

We’ll total up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on February 5, 2020 to get your total balances per Account Type
From February 6, 2020 to June 30, 2020, you’ll earn your special interest rate on new deposits over your total balances calculated on February 5, 2020 (up to $1,000,000† per Account Type)
The rest of your Account balance will earn the current posted rate
Last edited by Presents on Feb 12th, 2020 12:02 pm, edited 3 times in total.
63 replies
Sr. Member
Aug 29, 2010
555 posts
624 upvotes
FYI,
They calculate GIC balance as part of your previous balance.
I had GIC expiring mid January and got this offer on early January. I left the balance in savings to see what they do and didn't give any promotional interest on those balance
Sr. Member
Jul 3, 2008
549 posts
24 upvotes
Toronto
Been with tangerine over 10 years and didn’t get this promo even tho I called to ask. This bank is getting worse the HISA cannot beat eq bank. Transferred my $
Deal Addict
User avatar
Sep 22, 2016
3273 posts
5843 upvotes
Toronto
firefly767 wrote: Been with tangerine over 10 years and didn’t get this promo even tho I called to ask. This bank is getting worse the HISA cannot beat eq bank. Transferred my $
The important thing is that you have to deposit all your money to eqBank in order to get promotional offer from tangerine. If you just put all your money in Tangerine, they won't give you anything. So banking with tangerine over 10 years is not what you want to do.. :)
Deal Expert
User avatar
Nov 2, 2003
17117 posts
3872 upvotes
GTA
mine is only 2.65%

and they won't let me move the cash into their mutual funds without counting against my threshold for new deposits. :(

first time I've seen this offer. wish I moved the money last month. so all my new deposits would count.

had to move the money to gic instead so new deposits still count.
Sr. Member
Jul 3, 2008
549 posts
24 upvotes
Toronto
LarryT778370 wrote: The important thing is that you have to deposit all your money to eqBank in order to get promotional offer from tangerine. If you just put all your money in Tangerine, they won't give you anything. So banking with tangerine over 10 years is not what you want to do.. :)
its so counter intuitive. I literally told them i want to make large new deposits from another bank if they can match rates, they said no. good for nothing UGHHH
Newbie
Jan 19, 2014
90 posts
354 upvotes
Getting pretty sick of yanking my money over to EQ Bank at the end of Tangerine's promos and then crossing my fingers I have an offer to move it back.

There doesn't seem to be a perfect option for someone looking for an all-in-one. Simplii/Tangerine don't have competitive enough interest rates, EQ doesn't have debit for taking out cash, Motusbank is pretty competitive for chequing/savings (2.1% interest) but doesn't have credit cards. So it still seems like Tangerine combined with EQ is the way to go. We'll see what Wealthsimple Cash looks like once that's all rolled out. Some people are keeping their funds at big 5 banks, enough in the chequing account to waive the monthly fee, and feel that the fee waiver on credit cards from that account offsets the opportunity cost of keeping $4k in chequing. Still not perfect. As with most things in personal finance, the more work you're willing to put in, the better it is for you financially - but your time has some value. I spend too much time thinking about this as-is
Banned
User avatar
May 7, 2007
13912 posts
5710 upvotes
B2B Bank / LBC DIgital - 3.30% ( on March 1 to become 2.80% ).

Motive Financial - 2.80%


While Tangerine doesn't even give their loyal customers this 2.75% promo rate ... - You actually have to move all your money out of Tangerine ... and then you'll get a chance for a promo rate, as they want you to bring your money back :)
Sr. Member
Jul 7, 2016
605 posts
1232 upvotes
Darkman wrote: B2B Bank / LBC DIgital - 3.30% ( on March 1 to become 2.80% ).

Motive Financial - 2.80%


While Tangerine doesn't even give their loyal customers this 2.75% promo rate ... - You actually have to move all your money out of Tangerine ... and then you'll get a chance for a promo rate, as they want you to bring your money back :)
I'm worried about B2B and Motive doing the bait and switch (as EQ and Tangerine did when they came out with attractive offers), so I will use this offer to park cash and see where B2B and Motive land in a few months.

We shall see. Gut feel is the 2.80% rates aren't sustainable. B2B's 3.30% did not last long and B2B requires a code from an advisor to open an account.

As you stated, move the money out of Tangerine after the promotion period to get offers. Counter-intuitive, but seems to work.
Deal Fanatic
User avatar
Sep 7, 2004
9135 posts
7087 upvotes
West GTEH!
Tangerine's Promo Lottery wheel spins again.................where it stops nobody knows.............. Smiling Face With Open Mouth And Smiling Eyes
😎
Newbie
Jul 31, 2019
6 posts
6 upvotes
Wealthsimple Cash. 2.4% every day, no promo rate. For everyone complaining about moving money around, I’d suggest looking into this. I’ve been with WS for years and the addition of “Cash” and upcoming card/chequing features is going to be huge.
Deal Fanatic
User avatar
Sep 7, 2004
9135 posts
7087 upvotes
West GTEH!
Hyundai92 wrote: Wealthsimple Cash. 2.4% every day, no promo rate. For everyone complaining about moving money around, I’d suggest looking into this. I’ve been with WS for years and the addition of “Cash” and upcoming card/chequing features is going to be huge.
EQ Bank Savings Account current rate is 2.45%
😎
Banned
User avatar
May 7, 2007
13912 posts
5710 upvotes
Presents wrote: I'm worried about B2B and Motive doing the bait and switch (as EQ and Tangerine did when they came out with attractive offers), so I will use this offer to park cash and see where B2B and Motive land in a few months.

We shall see. Gut feel is the 2.80% rates aren't sustainable. B2B's 3.30% did not last long and B2B requires a code from an advisor to open an account.

As you stated, move the money out of Tangerine after the promotion period to get offers. Counter-intuitive, but seems to work.
LBC Digital doesn't require a code from an advisor to open an account ... it's the same product with B2B.

B2B's 3.30% rate lasted since last August however ... making it around 6 months basically.
Deal Addict
Mar 14, 2014
1354 posts
2023 upvotes
realg123 wrote: Thank you. Is this only for new deposits?
You will receive 2.8% for any funds you have in the Savvy Savings account with no strings attached. The account works best when combined with the Cha Ching Chequing account.
Deal Addict
User avatar
Mar 23, 2011
2207 posts
1398 upvotes
Etobicoke
I have my previous offer expiring Feb 22, called them yesterday and the best they offered was 2%. Started transferring money right after the call back to simplii.
-----------------------------------------------------

"It's better to be dead and cool...than alive and uncool!"
Newbie
Nov 11, 2017
44 posts
20 upvotes
Hyundai92 wrote: Wealthsimple Cash. 2.4% every day, no promo rate. For everyone complaining about moving money around, I’d suggest looking into this. I’ve been with WS for years and the addition of “Cash” and upcoming card/chequing features is going to be huge.
Just went through the FAQs on their website and it seems the funds in Wealthsimple Cash are not insured by CDIC - https://www.wealthsimple.com/en-ca/product/cash/

How do you keep my money safe?
Balances in your Wealthsimple Cash account are held in an account with Wealthsimple’s affiliated custodial broker, Canadian ShareOwner Investments Inc. (ShareOwner). ShareOwner is a member of the Investment Industry Regulatory Organization of Canada. As a result, your accounts are protected by the Canadian Investor Protection Fund within specified limits in the event that ShareOwner becomes insolvent. A brochure describing the nature and limits of coverage is available upon request or at CIPF's website.

ShareOwner deposits the cash you add to your Wealthsimple Cash account in trust at an account with one or more federally regulated, Schedule I banks. We carefully select these banks using a set of criteria that evaluates the institutions’ stability and security. The accounts at these banks are not covered by Canadian Deposit Insurance Corporation.

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