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[Tangerine Savings] Tangerine 2.75% Interest Rate 0ct 4 - December 31 [TARGETED]

  • Last Updated:
  • Nov 22nd, 2017 12:43 pm
Newbie
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Jun 1, 2016
32 posts
1 upvote
Ok thank you so much! So am I right to say the correct move now is to transfer my 7k to EQ not to lose out?
Sr. Member
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Oct 8, 2006
552 posts
2 upvotes
Toronto
Nina64 wrote:
Oct 18th, 2017 3:37 pm
Hey guys,
Waking up a little late here, kind of lost track with the busy summer and didn't think of removing my money on Sept 29.
As of Oct 3, I had 7k in my savings account. When I got the offer for 2.75%, I pulled my 22k from PCF to Tangerine.
But now I realise...the 7k are down to 1% and the 22k are at 2.75%...correct?
If I move 7k to EQ, does the remainder (22k) continue to earn 2.75% or it will still be anything above 7k?
If so, what a trap!
You can earn 2.75% interest on your Account until December 26, 2017. You check with savings account details.
Newbie
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Jun 1, 2016
32 posts
1 upvote
majekhoho wrote:
Oct 18th, 2017 3:52 pm
You can earn 2.75% interest on your Account until December 26, 2017. You check with savings account details.
Thanks Majekhoho, why Dec 26th? Is it not Dec 31st? Although the right move then may indeed to transfer out our balance prior, I've learned that now.
Sr. Member
User avatar
Oct 8, 2006
552 posts
2 upvotes
Toronto
Nina64 wrote:
Oct 18th, 2017 3:51 pm
Ok thank you so much! So am I right to say the correct move now is to transfer my 7k to EQ not to lose out?
If you didn't see the special offer of 2.75% on the savings account details. You need to call Tangerine.
Sr. Member
User avatar
Oct 8, 2006
552 posts
2 upvotes
Toronto
Nina64 wrote:
Oct 18th, 2017 3:58 pm
Thanks Majekhoho, why Dec 26th? Is it not Dec 31st? Although the right move then may indeed to transfer out our balance prior, I've learned that now.
This is Limited Time Offer from 9/28/2017 to end 12/26/2017
Newbie
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Jun 1, 2016
32 posts
1 upvote
majekhoho wrote:
Oct 18th, 2017 4:00 pm
If you didn't see the special offer of 2.75% on the savings account details. You need to call Tangerine.
My offer is from October 4th to December 31st as mentioned by OP.
Sr. Member
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Oct 8, 2006
552 posts
2 upvotes
Toronto
Nina64 wrote:
Oct 18th, 2017 4:11 pm
My offer is from October 4th to December 31st as mentioned by OP.
The offer is mentioned by OP right. The official offer start Sept 28 and end Dec 26 2017
Deal Addict
Jan 21, 2014
2145 posts
493 upvotes
Nina64 wrote:
Oct 18th, 2017 3:37 pm
Hey guys,
Waking up a little late here, kind of lost track with the busy summer and didn't think of removing my money on Sept 29.
As of Oct 3, I had 7k in my savings account. When I got the offer for 2.75%, I pulled my 22k from PCF to Tangerine.
But now I realise...the 7k are down to 1% and the 22k are at 2.75%...correct?
If I move 7k to EQ, does the remainder (22k) continue to earn 2.75% or it will still be anything above 7k?
If so, what a trap!
I believe they took a snapshot of your balance on Oct 4. So you had 7K, anything above 7K will earn 2.75%. So if you move $7K out to EQ, then only $15K of your $22K will earn 2.75%
Newbie
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Jun 1, 2016
32 posts
1 upvote
mkl38s wrote:
Oct 18th, 2017 4:31 pm
I believe they took a snapshot of your balance on Oct 4. So you had 7K, anything above 7K will earn 2.75%. So if you move $7K out to EQ, then only $15K of your $22K will earn 2.75%
Thank you mkl38s, that's exactly what I was asking...
Which leaves me 2 options:
- leave it this way, since the ratio 1/4 at 1% and 3/4 at 2.75% isn't so bad...
- move everything to EQ at 2.30%...
Need to do some math if it's worth the (mild) trouble.
Member
User avatar
Jun 23, 2017
243 posts
61 upvotes
Toronto, ON
Nina64 wrote:
Oct 18th, 2017 4:54 pm
Thank you mkl38s, that's exactly what I was asking...
Which leaves me 2 options:
- leave it this way, since the ratio 1/4 at 1% and 3/4 at 2.75% isn't so bad...
- move everything to EQ at 2.30%...
Need to do some math if it's worth the (mild) trouble.
I did the math ... leaving it alone gives you an effective rate of 2.31% which is slightly more than EQ Bank's 2.3%. Recommendation: " leave it this way, since the ratio 1/4 at 1% and 3/4 at 2.75%"
Sr. Member
Apr 23, 2008
539 posts
28 upvotes
I moved some of the money from our joint saving account to wife's chequing and realized she also got 2.75% promo (same as me) which she has not had any for many quarters. So perhaps moving money out of the saving account to chequing account triggered the offered promo.

My question is should I leave all the money in one saving account or break it up into different accounts if interest amount is important?
Thanks
Jr. Member
Dec 31, 2008
109 posts
56 upvotes
Mississauga, ON
phht wrote:
Oct 19th, 2017 10:48 pm
I moved some of the money from our joint saving account to wife's chequing and realized she also got 2.75% promo (same as me) which she has not had any for many quarters. So perhaps moving money out of the saving account to chequing account triggered the offered promo.

My question is should I leave all the money in one saving account or break it up into different accounts if interest amount is important?
Thanks
I believe if you make more than $250 in interest in a year, you need to declare it on your income taxes, but not if you make less. So you may want to split the money up across accounts so you each stay under $250. If you make more than that, you could put all the money in the account of the lower-earning spouse to lower your tax bill. It's hard to say without knowing the amounts and the actual tax rules, but there are definitely tax implications.
Deal Fanatic
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Nov 18, 2008
5252 posts
747 upvotes
Mont-Royal
svattom wrote:
Oct 21st, 2017 5:47 pm
I believe if you make more than $250 in interest in a year, you need to declare it on your income taxes, but not if you make less. So you may want to split the money up across accounts so you each stay under $250. If you make more than that, you could put all the money in the account of the lower-earning spouse to lower your tax bill. It's hard to say without knowing the amounts and the actual tax rules, but there are definitely tax implications.
less than 50$ of interest per year per bank, no tax receipt no need to declare. Yes you can open like 10 acounts in different banks. it's free money, but a hell of a mastermind control and lot of paper works and scheduling money transferts.
"Every marathon you run, your heart scars and you will die faster. If you think running a marathon is fitness, then you know NOTHING ABOUT HEALTH & FITNESS."
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Jan 19, 2009
46 posts
8 upvotes
Montreal
SignedA wrote:
Oct 13th, 2017 6:10 pm
Awhh... guess I'll open a savings account then... will there be any negative impacts (i.e. credit score) if I close a chequeing account I've had forever?
Sorry never saw this reply. No, there should be no impact to your credit score.

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