Expired Hot Deals

Tangerine

2% saving offer (maybe targeted)

  • Last Updated:
  • Jan 1st, 2022 12:41 pm
Jr. Member
Oct 6, 2010
101 posts
73 upvotes
goat wrote: Got it as well
Now i can't remember what the rate is for Simplii to compare lol
2% also until Feb
Jr. Member
Oct 6, 2010
101 posts
73 upvotes
redskins80 wrote: Simplii is 2.2%. Payout is not per month though. They pay lumpsum at the end of the promotion.
2% for existing customers until Feb.

2.2% for new customers until Apr.
Jr. Member
Oct 6, 2010
101 posts
73 upvotes
rockxxxlee wrote: just wondering, how do people taking advantage of this?
isn't 2% very tiny?
It's better than 0.1% everywhere else so 20x more. Better than nothing with 6-7% inflation rate.
Jr. Member
Oct 6, 2010
101 posts
73 upvotes
ivorii wrote: Finally got the 2% as well, and thinking of moving more than 100k there for a big thing coming next year.

Will be above the cdic limit, but since it's for expenses coming next year, the risks are pretty limited I guess... Thought?
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.
Jr. Member
Oct 6, 2010
101 posts
73 upvotes
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.
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
Jr. Member
Dec 16, 2019
165 posts
105 upvotes
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.
House related yup. Probably around may/June.
I think it's always annoying to lose money. But how realistic is this with a bank like tangerine in the given timeframe especially Smiling Face With Open Mouth And Cold Sweat
Deal Addict
User avatar
Dec 20, 2006
2031 posts
1855 upvotes
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
Guess it is a "wait and see" until the first day of NY 2022 for the bonus interest to be deposited or not.
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.
Newbie
Mar 12, 2008
70 posts
26 upvotes
Toronto/Markham
ivorii wrote: House related yup. Probably around may/June.
I think it's always annoying to lose money. But how realistic is this with a bank like tangerine in the given timeframe especially Smiling Face With Open Mouth And Cold Sweat
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
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
Last edited by jon604 on Dec 4th, 2021 10:26 pm, edited 1 time in total.
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.
Sr. Member
Oct 13, 2008
983 posts
668 upvotes
Mississauga
gotglint wrote: may i ask how long have you had 1.6% ?
About a month now.
Telus $30/25gb x 3 lines, 200 LD Can/US minutes, 2000 LD minutes to India, Unlimited CAN-Int'l Text ($0), $10/Talk& Text line - 24 mths
Rogers $46.99 - Legacy Gigabit internet
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).
Member
Mar 11, 2020
364 posts
148 upvotes
rockxxxlee wrote: just wondering, how do people taking advantage of this?
isn't 2% very tiny?
anything else guaranteed to be better?
Deal Addict
Dec 4, 2008
2002 posts
1664 upvotes
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.
I'm well aware.

Tangerine is my daily driver, so my Savings account isn't typically zero'd out.
Newbie
May 8, 2008
79 posts
29 upvotes
Toronto
jon604 wrote: 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
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.
Jr. Member
Oct 6, 2010
101 posts
73 upvotes
ivorii wrote: House related yup. Probably around may/June.
I think it's always annoying to lose money. But how realistic is this with a bank like tangerine in the given timeframe especially Smiling Face With Open Mouth And Cold Sweat
I don't man, pre-COVID, basically not at all, but the markets looking really shaky right now.
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.
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...

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