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

  • Last Updated:
  • Nov 11th, 2017 7:34 am
Sr. Member
Mar 10, 2008
910 posts
59 upvotes
L4cky wrote:
Oct 21st, 2017 5:58 pm
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.
That's not true at all. Under 50$, banks are not required to send you a T5 but you absolutely are required to declare it. Even if its 1$.

Reference: https://helpcentre.hrblockonline.ca/hc/ ... ent-Income

Note: Even if you did not receive a T5 or an RL-3 slip, or if you earned less than $50 of investment interest during the tax year, you must still report all your investment income, including interest shown on your notice of assessment or reassessment from the CRA (interest paid or owed on a refund to you).
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Mar 2, 2008
1962 posts
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Toronto
How long does the money have to stay in the account to get the Interest? Could I deposit the money today and remove it on Nov 1st?
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Jun 3, 2009
3732 posts
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Montreal
wwedx wrote:
Oct 21st, 2017 10:48 pm
How long does the money have to stay in the account to get the Interest? Could I deposit the money today and remove it on Nov 1st?
Of course. You get paid interest based on the number of days where you hold the funds.
Sr. Member
Mar 25, 2006
909 posts
133 upvotes
Toronto
Is there a limit on withdrawal using EFT (pull from EQ)?
EQ allows multiple EFT pull (up to $30K per transaction) on the same day. Would Tangerine limits that?

Lets say I am going to pull $90K from EQ on Dec 29 ( 3 transactions of $30K). Is this possible? Or I have to do in a different way?
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Jan 21, 2014
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bingo_jake wrote:
Oct 21st, 2017 10:56 pm
Is there a limit on withdrawal using EFT (pull from EQ)?
EQ allows multiple EFT pull (up to $30K per transaction) on the same day. Would Tangerine limits that?

Lets say I am going to pull $90K from EQ on Dec 29 ( 3 transactions of $30K). Is this possible? Or I have to do in a different way?
EQ's limit is $100K when you pull. Tangerine's limit is $2M (someone mentioned this before)
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Apr 9, 2006
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bingo_jake wrote:
Oct 21st, 2017 10:56 pm
Is there a limit on withdrawal using EFT (pull from EQ)?
EQ allows multiple EFT pull (up to $30K per transaction) on the same day. Would Tangerine limits that?

Lets say I am going to pull $90K from EQ on Dec 29 ( 3 transactions of $30K). Is this possible? Or I have to do in a different way?
When you do a pull, the limits will be set on the bank you initiate the pull from.

For example, EQ ensures you cannot pull more than 100k by doing a balance check.
There's no need to pull 3x30k when you can pull the entire 90k once.
I just like to collect things! ¯\_(ツ)_/¯
Behold, true glory. #PCMasterRace!
Sr. Member
Mar 25, 2006
909 posts
133 upvotes
Toronto
mkl38s wrote:
Oct 21st, 2017 11:26 pm
EQ's limit is $100K when you pull. Tangerine's limit is $2M (someone mentioned this before)
GiOBoY wrote:
Oct 21st, 2017 11:53 pm
When you do a pull, the limits will be set on the bank you initiate the pull from.

For example, EQ ensures you cannot pull more than 100k by doing a balance check.
There's no need to pull 3x30k when you can pull the entire 90k once.
Thank you, my offer at Tangerine is until Dec 31,
I am planning on setting up a pull from EQ on Dec 29 to take advantage of last days of interests at Tangerine and at the same time earning interests at both banks for the new year long weekend, while to be eligible for the next Tangerine promo in Jan if they announce a better promotional rate than EQ.

would setting up the pull from EQ on Dec 29 be OK and serve the purpose?
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Apr 9, 2006
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bingo_jake wrote:
Oct 22nd, 2017 8:57 am
Thank you, my offer at Tangerine is until Dec 31,
I am planning on setting up a pull from EQ on Dec 29 to take advantage of last days of interests at Tangerine and at the same time earning interests at both banks for the new year long weekend, while to be eligible for the next Tangerine promo in Jan if they announce a better promotional rate than EQ.

would setting up the pull from EQ on Dec 29 be OK and serve the purpose?
I think a pull on Dec 28 would be more safe?
I just like to collect things! ¯\_(ツ)_/¯
Behold, true glory. #PCMasterRace!
Deal Addict
Jan 21, 2014
2139 posts
492 upvotes
^ +1. Do it on 28th, you get one more extra day from EQ and the money won't be out of Tangerine till 2nd and you should be again qualified for new promotion which should be on 3rd or 4th
Sr. Member
Mar 25, 2006
909 posts
133 upvotes
Toronto
GiOBoY wrote:
Oct 22nd, 2017 9:53 am
I think a pull on Dec 28 would be more safe?
mkl38s wrote:
Oct 22nd, 2017 3:40 pm
^ +1. Do it on 28th, you get one more extra day from EQ and the money won't be out of Tangerine till 2nd and you should be again qualified for new promotion which should be on 3rd or 4th
Thanks, I will do that on 28th.
Sr. Member
Apr 18, 2008
926 posts
133 upvotes
Toronto
Is it safe to put over 100k (i.e. above CDIC insurance limit) in Tangerine savings account? Does Scotiabank fully back Tangerine liability, or is it totally separate legal entity (so Scotiabank can sacrifice Tangerine and just let it fail if needed)? Thanks.
Amerifriend threads need to include instructions on how to acquire an amerifriend. :confused:
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Apr 5, 2016
214 posts
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BC
ssiu wrote:
Oct 24th, 2017 3:16 pm
Is it safe to put over 100k (i.e. above CDIC insurance limit) in Tangerine savings account? Does Scotiabank fully back Tangerine liability, or is it totally separate legal entity (so Scotiabank can sacrifice Tangerine and just let it fail if needed)? Thanks.
My thoughts:
Tangerine is its own entity (if you search CDIC.ca you will see Tangerine listed separately to Scotia Bank)
That said, if Tangerine goes down, there will likely be a broader based financial catastrophe at the same time.
Scotia Bank would likely take over Tangerine instead of letting another bank steal its clients.

The bonus with this promo, is the funds are liquid, they aren't tied up like in a GIC, so you should be able to move the money quickly if you ever anticipated a run on the bank or financial disaster coming.
Zoomer Wireless = 2+ years
Tangerine = 10+ years
Deal Guru
Jan 7, 2002
10521 posts
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Waterloo, ON
ssiu wrote:
Oct 24th, 2017 3:16 pm
Is it safe to put over 100k (i.e. above CDIC insurance limit) in Tangerine savings account? Does Scotiabank fully back Tangerine liability, or is it totally separate legal entity (so Scotiabank can sacrifice Tangerine and just let it fail if needed)? Thanks.
As you say amounts over $100k aren't insured by CDIC.

It's very unlikely that a bank like TING would fail suddenly. Long before it came anywhere close to failure, both federal bank regulators (OSFI) as well as Scotia management, would be aware of the situation. There would be a lot of pressure from Ottawa on TING as well as on Scotia to "fix" whatever was the matter. In addition the failure of TING would seriously damage Scotia's reputation and credibility as a big-5 Canadian bank. I doubt they'd let TING fail and then just walk away.

As unlikely as it would be, the sudden failure of TING would likely be the result of some serious, endemic crisis in Canada's financial system, e.g. a major unprecedented collapse in the real estate market. In that sort of situation TING would be only one of many bank failures. CDIC alone wouldn't be able to bail out all of the victims--including those whose deposits are within the CDIC limits. This sort of doomsday scenario is always possible even if it's highly improbable, just like the risk of destruction of the planet from nuclear annihilation or a wayward asteroid (or alien spaceship, etc.)
veni, vidi, Visa
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May 6, 2007
1267 posts
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Ottawa, On
So I got the promo rates every quarter in 2016, but only 1 of 4 quarters in 2017. What's the trick to get this more regularly?
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Apr 5, 2016
214 posts
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BC
da_guy2 wrote:
Oct 24th, 2017 4:14 pm
So I got the promo rates every quarter in 2016, but only 1 of 4 quarters in 2017. What's the trick to get this more regularly?
No one here knows the algorithm, it's best guess. I've tried so many different things too (like Automatic Deposits, Larger Balance, Zero Balance, Small Balance, No Transactions, Frequent Transactions...) to no avail. I used to get it 3x a year, and this year I only got it 2x.
Zoomer Wireless = 2+ years
Tangerine = 10+ years

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