- SCORE+53
- BeAnBeAn22
- Jr. Member
- Oct 6, 2010
- 101 posts
- 73 upvotes
- RightOnEh
- Member
- Jul 25, 2015
- 210 posts
- 120 upvotes
- Edmonton, AB
Got it!
- BeAnBeAn22
- Jr. Member
- Oct 6, 2010
- 101 posts
- 73 upvotes
2% for existing customers until Feb.redskins80 wrote: ↑ Simplii is 2.2%. Payout is not per month though. They pay lumpsum at the end of the promotion.
2.2% for new customers until Apr.
- BeAnBeAn22
- Jr. Member
- Oct 6, 2010
- 101 posts
- 73 upvotes
It's better than 0.1% everywhere else so 20x more. Better than nothing with 6-7% inflation rate.
- BeAnBeAn22
- Jr. Member
- Oct 6, 2010
- 101 posts
- 73 upvotes
What is the big thing? House downpayment? When do you plan on spending?
You already know CDIC is 100K, so if you have 140K, would losing 40K be the end of the world? Very big cry, but if it doesn't kill you and you'd rather get $2,800 or more then go. If not, put 100K and keep the rest in another account.
- BeAnBeAn22
- Jr. Member
- Oct 6, 2010
- 101 posts
- 73 upvotes
That may not have worked...imoo2u wrote: ↑ Tangerine is pretty much gaming the bonus interest promo.
The promo used to start from 4th of the mth. Because of this, I move $$ out from savings between 1st and 3rd of the mth to 'outsmart' Tangerine algorithms.
This new 2% promo starts from 2nd December... wooo... thank goodness!! I moved the funds from savings on the 1st as I got a feeling that there is one ready in the making.
1. We totalled up the balances of your eligible Savings, TFSA, RSP Savings, and US$ Savings Account(s) as they were on December 1, 2021 to get your total balances per Account Type
2. From December 2, 2021 to April 30, 2022, you’ll earn your special interest rate on new deposits over your total balances calculated on December 1, 2021 (up to $1,000,000† per Account Type)
3. The rest of your Account balance will earn the current posted rate
- ivorii
- Jr. Member
- Dec 16, 2019
- 165 posts
- 105 upvotes
House related yup. Probably around may/June.BeAnBeAn22 wrote: ↑ What is the big thing? House downpayment? When do you plan on spending?
You already know CDIC is 100K, so if you have 140K, would losing 40K be the end of the world? Very big cry, but if it doesn't kill you and you'd rather get $2,800 or more then go. If not, put 100K and keep the rest in another account.
I think it's always annoying to lose money. But how realistic is this with a bank like tangerine in the given timeframe especially
- imoo2u
- Deal Addict
-
- Dec 20, 2006
- 2031 posts
- 1855 upvotes
Guess it is a "wait and see" until the first day of NY 2022 for the bonus interest to be deposited or not.BeAnBeAn22 wrote: ↑ That may not have worked...
1. We totalled up the balances of your eligible Savings, TFSA, RSP Savings, and US$ Savings Account(s) as they were on December 1, 2021 to get your total balances per Account Type
2. From December 2, 2021 to April 30, 2022, you’ll earn your special interest rate on new deposits over your total balances calculated on December 1, 2021 (up to $1,000,000† per Account Type)
3. The rest of your Account balance will earn the current posted rate
If not, I transfer the whole amount elsewhere. Tangerine loses, another FI gains to earn more to pay more taxes (and bank fees, too)
True or False
Ninety-nine percent of all lawyers give the rest a bad name.
Ninety-nine percent of all lawyers give the rest a bad name.
- daking555
- Newbie
- Mar 12, 2008
- 70 posts
- 26 upvotes
- Toronto/Markham
Chances of tangerine going belly up is very slim. It's backed by Scotia Bank.
Also noting, if a bank being backed by the big 5 were to fail, there are other troubles in the economy and market at this point...
I personally don't have any issue keeping $100k+ with them.... However on the other hand I would not keep over $100k with EQ as they are a high risk lender
- jon604
- Deal Addict
- Oct 29, 2004
- 1932 posts
- 662 upvotes
I forgot to move my money out of tangerine before Dec and got the offer. Too bad tangerine, I'm moving my money out to other institutions investments.
One thing I do like about tangerine is they are the easiest bank to link accounts to other institutions
One thing I do like about tangerine is they are the easiest bank to link accounts to other institutions
Last edited by jon604 on Dec 4th, 2021 10:26 pm, edited 1 time in total.
- georvu
- Deal Fanatic
- Feb 4, 2015
- 7882 posts
- 4006 upvotes
- Canada, Eh!!
Got it on spouse account. I had like 1.7% so just gonna transfer over.
2022: BOC raised 2 times and MCAP raised its prime next day.
2017 to 2018: BOC raised rates 5 times and MCAP raised its prime next day each time.
2020: BOC dropped rates 3 times and MCAP waited to drop its prime to include all 3 drops.
2017 to 2018: BOC raised rates 5 times and MCAP raised its prime next day each time.
2020: BOC dropped rates 3 times and MCAP waited to drop its prime to include all 3 drops.
- jadoogar
- Sr. Member
- Oct 13, 2008
- 983 posts
- 668 upvotes
- Mississauga
- RFDFin
- Newbie
- Dec 25, 2017
- 66 posts
- 81 upvotes
What counts as new money? I just deposited some money into my Tangerine account about a week ago, but haven't activated this offer (didn't realize I got it until I saw this thread).
- cream4389
- Member
- Mar 11, 2020
- 364 posts
- 148 upvotes
anything else guaranteed to be better?
- Shadow Rider
- Deal Addict
- Sep 11, 2006
- 2050 posts
- 734 upvotes
Tangerine sees inflation.
- sports1
- Deal Addict
- Dec 4, 2008
- 2002 posts
- 1664 upvotes
I'm well aware.BeAnBeAn22 wrote: ↑ If you churn other bank accounts and withdraw everything to use their promos, you can dump it all back in Tangerine and it will count as new deposit. This is how banks fight over customers and their assets to lend out to other people.
Tangerine is my daily driver, so my Savings account isn't typically zero'd out.
- Proo
- Newbie
- May 8, 2008
- 79 posts
- 29 upvotes
- Toronto
What rate were you getting before? For 0.1% it doesn't make any sense to leave in there at all. Even TDB8150 is paying 0.25% now.
Also, they are easy to link but they only allow 3 (including USD accounts), which is quite limiting.
- BeAnBeAn22
- Jr. Member
- Oct 6, 2010
- 101 posts
- 73 upvotes
- kimmelite
- Deal Addict
- Jul 24, 2019
- 1041 posts
- 1704 upvotes
- Canada
Thanks OP. We finally won the 'Tangerine lottery'. We did not the last two offers that other RFDs bragged about. So we started taking money out, and using our Simplii savings rate offer. So I guess we took enough out that they gave us this offer in early December. Really, really miss ING Direct: they did not play these games like Tangerine Bank.
- MCBlackSwan
- Jr. Member
- Aug 6, 2005
- 159 posts
- 81 upvotes
- Etobicoke, ON
Coincidentally I got the 2% offer in my Insights this morning when I logged in. I regularly move funds in an out of Tangerine and usually get these promos (I think they skipped me once in the past 20 years and I complained so they manually added it anyway.)
Interestingly, my mother who has had significant holdings with them for about as long as I have, did not receive this offer...
Interestingly, my mother who has had significant holdings with them for about as long as I have, did not receive this offer...