Personal Finance

Tangerine Savings 2% interest until March 31, 2015 (unadvertised)

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  • Jan 6th, 2015 2:04 pm
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Deal Addict
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Jan 6, 2009
2290 posts
770 upvotes
Toronto
DoorCrasher wrote: Well, it's off topic, and, again, none of my business, but why wouldn't you have a god interest rate fornthat 40k$ and borrow for your car? That's what I've done last February, put the car on the HELOC at a fixed rate of 2,5% for 5 years, and put my extra money in a mutual fund in a TFSA and from now on I have made 10%... Could have been better with more agressive account, but also could have been worse... And if you buy a brand new car manufacturers often have 0% interest rate... But if you have 0% interest rate on a new car ask for the car's price if you pay cash...
This is why so many Canadians are in debt. Why would I borrow money if I have the cash on hand? LOL. This makes no sense to me. Please enlighten me with why you would recommend I borrow money? Perhaps I'm missing out on something?

Edit: fyi not all car manufacturer offers a 0% interest rate.
Deal Fanatic
Nov 21, 2013
8130 posts
9317 upvotes
Montréal
EdLeafs wrote: This is why so many Canadians are in debt. Why would I borrow money if I have the cash on hand? LOL. This makes no sense to me. Please enlighten me with why you would recommend I borrow money? Perhaps I'm missing out on something?

Edit: fyi not all car manufacturer offers a 0% interest rate.
I am not in debt, I can pay off 100% of the loan today if I want to, but I make more interest with my money than I pay on that loan, that is the only and simple reason why I have contracted a loan. I pay 2.5% interest on the loan, but I earn +- 10% interest, so there is about 7 - 8% interestbleftbin my pockets, and tax free because itbis in a TFSA
Deal Addict
User avatar
Jan 6, 2009
2290 posts
770 upvotes
Toronto
DoorCrasher wrote: I am not in debt, I can pay off 100% of the loan today if I want to, but I make more interest with my money than I pay on that loan, that is the only and simple reason why I have contracted a loan. I pay 2.5% interest on the loan, but I earn +- 10% interest, so there is about 7 - 8% interestbleftbin my pockets, and tax free because itbis in a TFSA
Well...good luck to you. I'm guessing you're investing in equity since there's no way any low risk investments would yield that sort of return. I hate to break the news but not everybody has the same risk taste as you. If the opposite were to happen and your investment goes sour, would you still be saying the samething? I didn't think so either.
Deal Fanatic
Nov 21, 2013
8130 posts
9317 upvotes
Montréal
EdLeafs wrote: Well...good luck to you. I'm guessing you're investing in equity since there's no way any low risk investments would yield that sort of return. I hate to break the news but not everybody has the same risk taste as you. If the opposite were to happen and your investment goes sour, would you still be saying the samething? I didn't think so either.
I have bought Mutual Funds, not too risky ones (IMHO) but if it tend to go lower than what I can tolerate I still can sell and clear the loan. But this is how I see the things, notveverybodybwould likt to work things that way
Deal Addict
User avatar
Feb 4, 2003
1162 posts
196 upvotes
Today I try to move $$ from my TFSA account there is message after says-
You're moving $XX,XXX.00 out of your Tax-Free Savings Account. How about moving that money to a 1 Year Tangerine GIC at 2% instead?

LOL...
Member
Oct 6, 2014
313 posts
83 upvotes
London
skywalker wrote: Today I try to move $$ from my TFSA account there is message after says-
You're moving $XX,XXX.00 out of your Tax-Free Savings Account. How about moving that money to a 1 Year Tangerine GIC at 2% instead?

LOL...
They have had this retention offer for a while now. It gets triggered normally if you try to transfer out $10,000 or more.
Member
Apr 22, 2007
342 posts
117 upvotes
jackie999 wrote: Yes, the rate in the account info has changed to 2% now. It might take a week...
Thanks! I checked today and the rate has changed to 2%.
Deal Addict
Feb 11, 2009
1026 posts
294 upvotes
Thanks to the RFD community for this tip!
I phoned today and they offered the 2% from today (date I called) to March 31.

Also (and don't quote me on this as it was on the phone), I was offered $75 if I do a monthly savings plan of $100/month for 3 months.

Also, any new deposits (balance above balance on Dec 31) will get 2.5% interest until March 31! Had I known this 2 weeks ago I would have moved money around to take advantage!
Deal Fanatic
User avatar
Jun 19, 2009
6135 posts
1981 upvotes
Scarborough
4seasonscentre wrote: Thanks to the RFD community for this tip!
I phoned today and they offered the 2% from today (date I called) to March 31.

Also (and don't quote me on this as it was on the phone), I was offered $75 if I do a monthly savings plan of $100/month for 3 months.

Also, any new deposits (balance above balance on Dec 31) will get 2.5% interest until March 31! Had I known this 2 weeks ago I would have moved money around to take advantage!
Really? Is that a new promotion? Sucks that we're stuck with 2%!

Setting up the monthly savings plan seems like easy money, unless it is into a registered account like an RRSP
Deal Addict
Feb 11, 2009
1026 posts
294 upvotes
SkimGuy wrote: Really? Is that a new promotion? Sucks that we're stuck with 2%!

Setting up the monthly savings plan seems like easy money, unless it is into a registered account like an RRSP
Yeah. All banks do now is offer promotions to entice new customers and not very much is done for existing customers.

My monthly savings plan just went into my non-registered saving account.
Deal Addict
Mar 8, 2013
2950 posts
1611 upvotes
regarding 'new deposits will get 2.5%', is this also only for those who call and request it? I don't see anything on the website.
Sr. Member
User avatar
Jun 6, 2009
981 posts
607 upvotes
akaManny wrote: regarding 'new deposits will get 2.5%', is this also only for those who call and request it? I don't see anything on the website.
Their website doesn't seem to be updated to reflect any promotions they might have in store for the new year yet. The TF kick start account is still listed.
Deal Addict
Aug 18, 2006
3420 posts
1356 upvotes
Should I call in now or just wait....
Sr. Member
User avatar
Jun 6, 2009
981 posts
607 upvotes
Daf wrote: Should I call in now or just wait....
It's on the website now: 2.5% on new deposits for all (registered and unregistered) savings account between Jan. 1st and March 31st.
Deal Fanatic
Jan 21, 2014
8511 posts
6255 upvotes
freebies53 wrote: PCF matched the offer. Not advertised that I could see. But I was enrolled in the 2.5% this morning.
PCF offer is for new deposit or the entire balance? I plan to move PCF money over Tangerine
Deal Addict
Oct 4, 2009
3590 posts
2953 upvotes
Montreal
mkl38s wrote: PCF offer is for new deposit or the entire balance? I plan to move PCF money over Tangerine
New.
DoorCrasher wrote: I wish we have PCF in Qc. ...
Just drive to Cornwall, Ottawa or any other pavillion and open an account, no restriction on the province where you reside.
Newbie
Oct 17, 2013
32 posts
1 upvote
Edmonton
Does the promotion work if you transfer money from Tangerine's regular saving accounts to their TFSA?

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