Personal Finance

Meaning of "new deposits" in Tangerine promos

  • Last Updated:
  • Jul 25th, 2020 3:47 pm
[OP]
Deal Addict
Sep 19, 2009
2153 posts
921 upvotes
Toronto

Meaning of "new deposits" in Tangerine promos

Your activated special offer:

Earn x.xx% interest until August 31, 2020 on up to $1,000,000† in new deposits to your Tangerine Savings Account(s), RSP Savings Account(s), Tax-Free Savings Account(s), and US$ Savings Account(s) made between April 3, 2020 and August 31, 2020.
Anyone knows what "new deposits" means? I can see 8 accounts when I log in my Tangerine account. Is "new deposits" across all Tangerine accounts or only refers to the specific account with the promo?

Is there any Tangerine document clarifying this?

TIA.

Edit: Full Offer Terms and Conditions
Earn more interest with your special savings rate until August 31, 2020

You’re earning 2.80% * interest on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and US$ Savings Account(s) until August 31, 2020. Why not move money to your Account(s), or open a new Account, to make the most of your special rate?

Here’s how it works:

We totalled up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on April 2, 2020 to get your total balances per Account Type
From April 3, 2020 to August 31, 2020, you’ll earn your special interest rate on new deposits over your total balances calculated on April 2, 2020 (up to $1,000,000† per Account Type)
The rest of your Account balance will earn the current posted rate
Disclaimer

*The Tangerine Savings Interest Offer of 2.80% (the “Offer”) is available to existing Tangerine Clients who have received this communication about the Offer directly from Tangerine and who receive a Confirmation that the Offer has been successfully activated. To receive the Promotional Interest rate, Clients must Activate the Offer by April 30, 2020. The Offer applies only to Tangerine Savings Accounts, RSP Savings Accounts, Tax-Free Savings Accounts and US$ Savings Accounts† (each an “Applicable Account”, and multiple Accounts of the same types are referred to as an “Applicable Account Type”). The Offer is available on Eligible Deposits made between April 3, 2020 and August 31, 2020 of up to $1,000,000 † per Applicable Account Type. For deposits to registered Applicable Accounts, deposits made by transferring registered funds through a T2033 form will earn interest at the applicable Posted Rate (i.e. during transit of funds) until such time as the funds are actually received by Tangerine, after which such deposits will begin to earn the Promotional Interest rate only for the remainder of the Promotion Period, if any. The Promotional Interest rate is an annualized rate, calculated daily and paid monthly. The Offer is only applicable to Applicable Accounts where the Eligible Client is the Primary Account Holder. The Offer doesn’t apply to certain deposits and Account Types. The Client is responsible to ensure Eligible Deposits to TFSA Savings and RSP Savings Accounts are within their contribution limits imposed by the Canada Revenue Agency. Any Applicable Account closed prior to the payment of Additional Interest will forfeit any Additional Interest calculated during the month in which the Applicable Account is closed. This Offer including interest rates may change or be cancelled without notice.

† For US$ Savings Accounts, the maximum Eligible Deposit amount is $1,000,000 USD.

Full Offer Terms and Conditions

General:

The Tangerine Bank (the “Bank”) Savings Interest Offer of 2.80% (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank (“Eligible Clients”) (2) “Activate” (as defined in Section 4 below) the Offer by April 30, 2020 and (3) receive a Confirmation in their online Inbox that the Offer has been successfully activated.

The Offer is only available to Eligible Clients between April 3, 2020 and August 31, 2020 (the “Offer Period”). If the Offer is not Activated between April 3, 2020 and April 30, 2020, Tangerine Clients will not be eligible for the Offer and will not receive Promotional Interest.

The Offer is only applicable to Tangerine Savings Accounts (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”), Tangerine RSP Savings Accounts (“RSP Savings”), Tangerine US$ Savings Accounts (“US$ Savings) (referred to collectively as “Applicable Accounts”) where the Eligible Client is the Primary Account Holder as described in Section 13 below. Multiple Applicable Accounts of the same type (for example, 3 separate TFSA Savings Accounts) are collectively defined as an “Applicable Account Type”. The Offer is not applicable to any other Accounts, including (but not limited to) Tangerine RIF Savings Accounts (“RIF Savings”) Tangerine Business Savings Accounts, Tangerine US$ Business Savings Accounts, or Tangerine Children’s Savings Accounts (“CSA”).

To “Activate” the Offer, the Client needs to perform one of the following actions by April 30, 2020:

Click the ‘Activate Now’ button in the Offer email that the Client has received directly from the Bank; or
Click the ‘Activate Now’ button on Tangerine’s website once the Client has logged in; or
Open an Applicable Account; or
Verbally accept the Offer during a conversation with a Tangerine Contact Centre Associate; or
Accept the Offer through the Tangerine Interactive Voice Response System.
“Promotional Interest” is the interest earned on Eligible Deposits made to Applicable Accounts each day during the Offer Period. “Eligible Deposits” for any day during the Offer Period is the excess of (i) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type (excluding Promotional Interest) over (ii) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type as at April 2, 2020, to a maximum of $1,000,000†, subject to the exclusions in Section 10 below.

All balances in Applicable Accounts that don’t qualify as Eligible Deposits will earn the Bank’s applicable posted rate of interest listed on the Bank’s website (the “Posted Rate”).

In the case of deposits made to Applicable Accounts by means of a T2033 form, those deposits will earn interest at the Posted Rate payable on the Applicable Account from the time the transfer request is submitted to Tangerine and while the funds are in transit. Upon receipt of the transferred funds by Tangerine, those funds will be included in the calculation of Eligible Deposits as explained above, provided that the Offer Period hasn’t already ended when the funds are received.

Promotional Interest:

A Promotional Interest rate of 2.80% will apply to Eligible Deposits under this Offer. Eligible Clients will receive Promotional Interest in two separate interest payments - (1) interest calculated at the Posted Rate, (2) an additional interest payment that represents the excess of Promotional Interest over Posted Rate interest (“additional interest”). For clarity, Promotional Interest equals the sum of Posted Rate interest and additional interest. Payment of additional interest will be made to the Applicable Account at the start of the month following the month in which it was calculated. The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the additional interest rate so that the Promotional Interest rate remains unchanged. Notwithstanding the above, the Bank may change the Promotional Interest rate at any time without prior notice.

Subject to the limits and qualifications outlined in these Terms and Conditions, Promotional Interest will be calculated daily and paid monthly. Although all balances for a particular Applicable Account Type are consolidated for purposes of calculating Eligible Deposit, Promotional Interest is paid to an individual Account based on the Eligible Deposits applicable to such Account. The following transactions are examples of what will qualify as Eligible Deposits for which Promotional Interest will apply:

Money transferred from a Tangerine Chequing Account to an Applicable Account.
Money transferred from another financial institution, including the Eligible Client’s linked account, Tangerine email Money Transfer, or Interact e-Transfer, to an Applicable Account.
Money transferred from a Savings Account into a TFSA Savings or RSP Savings Account.
Money transferred from a US$ Savings Account into a TFSA Savings or RSP Savings Account.
Money transferred from a TFSA account, or RSP account at another financial institution to a TFSA Savings or RSP Savings Account.
Example 1: Eligible Client has $10,000 in their existing TFSA Savings on April 2, 2020. Five days later, they transfer $5,000 to a new TFSA Savings from their Tangerine Savings Account. They also transfer $5,000 from their existing TFSA Savings to a TFSA GIC. The total of the balances in the TFSA Savings remains $10,000 after completing the transfers. Therefore the transfers to the TFSA Savings do not qualify as Eligible Deposits.

Example 2: Eligible Client has $10,000 in their existing TFSA Savings on April 2, 2020. Five days later, they transfer $10,000 to their existing TFSA Savings from their Tangerine Savings Account. They also transfer $5,000 from their existing TFSA Savings to a TFSA GIC. Their balance in the TFSA Savings is $15,000 after completing the transfers. Additional Interest will apply to $5,000 of the new deposit to the existing TFSA Savings.

Example 3: Eligible Client has $10,000 in their existing Tangerine Savings Account on April 2, 2020. Five days later, they open an additional Tangerine Savings Account and transfer in $5,000 from their existing Tangerine Savings Account. Their Applicable Account Type balance remains $10,000 in total between both Tangerine Savings Accounts. The transfer to the new Tangerine Savings is not eligible for the Additional Interest because it does not qualify as an Eligible Deposit.

Exclusions

Notwithstanding the above, the following are examples of the types of transactions that won’t qualify as Eligible Deposits and won’t earn Promotional Interest:

Transfers or money deposited into RIF Savings, CSA, Business Savings Account, or US$ Business Savings Account.
Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.
Transfers made to any new RSP Savings Account from an existing RSP Savings Account or RSP GIC resulting in no change to the total Applicable Account balances in RSP Savings from April 2, 2020.
Money deposited into an RSP Savings Account and then transferred into a RSP GIC resulting in no change to the total Applicable Account balances in RSP Savings from April 2, 2020.
Transfers made to any new TFSA Savings Account from an existing TFSA Savings Account or TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from April 2, 2020.
Money deposited into a TFSA Savings Account and then transferred into a TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from April 2, 2020.
Money transferred from an RSP, TFSA or RIF Account to any Applicable Account.
Money transferred from a CSA to an Applicable Account.
Direct or indirect transfers from Tangerine Business Savings Accounts and Tangerine US$ Business Savings Accounts to Applicable Accounts.
After the Offer Period ends, all balances will earn interest at the Posted Rate payable on the Applicable Account.

Eligibility:

This Offer is non-transferable and is only available to Eligible Clients who have received the Offer communication from the Bank.

The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the “Primary Account Holder”). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Account. Where money is transferred from an Account where the Eligible Client is listed second on the statement to an Applicable Account where the Eligible Client is the Primary Account Holder, that transfer will be eligible for Promotional Interest.

This Offer can’t be combined with other promotional rate offers.

Limitations:

Eligible Deposits to TFSA Savings and RSP Savings Accounts are subject to the limits imposed by the Canada Revenue Agency (the “CRA”). The Eligible Client is fully responsible for monitoring their individual contribution limits and ensuring any and all deposits fall within these set CRA limits. Individual TFSA contribution limits can be found on the CRA website at cra-arc.gc.ca. The RSP contribution limit is as noted on the Eligible Client’s Notice of Assessment issued by the CRA. The Eligible Client further agrees to at all times indemnify and hold the Bank harmless in respect of any such penalties or charges imposed upon the Eligible Client as a result of these imposed limits.

Subject to the imposed CRA limits on Tax-Free Savings Accounts and Registered Retirement Savings Plans, Promotional Interest will be paid on the first $1,000,000† of Eligible Deposits made to each Applicable Account Type. No Eligible Deposits or daily balances to which Promotional Interest would otherwise qualify will be greater than $1,000,000† for any Applicable Account Type (i.e. $1,000,000 CAD across all Tangerine Savings Accounts, $1,000,000 USD across all Tangerine US$ Savings Accounts, $1,000,000 CAD across all Tangerine Tax-Free Savings Accounts and $1,000,000 CAD across all Tangerine RSP Savings Accounts). Any balances greater than $1,000,000† for an Applicable Account Type will earn interest at the applicable Posted Rate of interest.

The Bank reserves the right at its absolute discretion to vary, delete or add to any of these Terms and Conditions from time to time without prior notice. In the event of conflict, these Terms and Conditions will prevail over any of the contents of any brochure, promotional materials or statements, or any other communication regarding this Offer, whether written or oral from the Bank, except where otherwise stated.

The Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend, the Offer, in whole or in part, or modify it in any way, including if the Offer can't run as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of the Bank which corrupt or affect the administration, security or proper conduct of this Offer.

The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer for any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer or otherwise becomes ineligible.

By accepting this Offer, you agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice regarding this Offer is deemed to be provided on the day it is posted on the Bank’s website.


† For US$ Savings Accounts, the maximum Eligible Deposit amount is $1,000,000 USD.
Last edited by andrew4321 on Jul 25th, 2020 10:02 am, edited 1 time in total.
9 replies
Sr. Member
Oct 27, 2012
559 posts
433 upvotes
The accounts with the promo are listed in your quote. Those are the ones with the promo (and only ones). "New Deposits" means new money coming into Tangerine from an external deposit (i.e. you can't just move money around your Tangerine accounts to make it look like a deposit). Tangerine will tally up all the money in all your accounts at the start of the promo and only money that's deposited on top of that will be eligible.
[OP]
Deal Addict
Sep 19, 2009
2153 posts
921 upvotes
Toronto
Supertrash17 wrote: The accounts with the promo are listed in your quote. Those are the ones with the promo (and only ones). "New Deposits" means new money coming into Tangerine from an external deposit (i.e. you can't just move money around your Tangerine accounts to make it look like a deposit). Tangerine will tally up all the money in all your accounts at the start of the promo and only money that's deposited on top of that will be eligible.
I have 8 accounts and the promo we are talking about only apply to 3 of them. Two other accounts are covered by another promo and the last three, no promo.
Sr. Member
Oct 27, 2012
559 posts
433 upvotes
andrew4321 wrote: I have 8 accounts and the promo we are talking about only apply to 3 of them. Two other accounts are covered by another promo and the last three, no promo.
Then Tangerine will tally up all 8 accounts at the start of the promo. This prevents you from moving money from an account with no promo into one with a promo. It also prevents you from sending money out of Tangerine and back in for the promo. To take advantage of these, you need to move money out of Tangerine before the promo starts, or simply bring new money in from somewhere else.
Deal Addict
Jun 8, 2004
2020 posts
1088 upvotes
Oakville
You will have to read the t&c.

Some offers may include the balance in chequing account while some offers do not. If you read the tangerine lottery thread, many move the money out of tangerine savings a few days before the of their promo to other banks (eg. EQ or Simplii) while others just move it from savings to chequing.
Deal Addict
Mar 8, 2013
2808 posts
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Jon Lai wrote: They have to be net new to Tangerine. Read the fine print.
I think, net new to Tangerine Savings. In my experience, based on the bonus interest paid, the following also have been counted as 'new deposits':
1. Maturing GICs
2. Investment Fund redemptions
3. Tangerine Credit Card Rewards redemptions (cash back deposited to Savings)
4. Transfers from Chequing
[OP]
Deal Addict
Sep 19, 2009
2153 posts
921 upvotes
Toronto
akaManny wrote: I think, net new to Tangerine Savings. In my experience, based on the bonus interest paid, the following also have been counted as 'new deposits':
1. Maturing GICs
2. Investment Fund redemptions
3. Tangerine Credit Card Rewards redemptions (cash back deposited to Savings)
4. Transfers from Chequing
Based on my previous experience with Tangerine, I believe that this is the correct answer, but as I said in the opening post, I am looking for Tangerine document clarifying this topic.

Also, a transfer from the secondary account holder to the “Primary Account Holder” will be eligible for Promotional Interest.
The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the “Primary Account Holder”). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Account. Where money is transferred from an Account where the Eligible Client is listed second on the statement to an Applicable Account where the Eligible Client is the Primary Account Holder, that transfer will be eligible for Promotional Interest.
Deal Fanatic
User avatar
Jan 31, 2006
8003 posts
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Toronto
"New deposits" simple means the money have to come from an external source, "pull or push from another financial institutions does not matter" . That is the reason most of us, pull out most if not all the money in Tangerine 2 or 3 business days before the promo ends. Then if we got a new offer we bring it back then it is consider "new deposits".
Deal Addict
Mar 8, 2013
2808 posts
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cgtlky wrote: "New deposits" simple means the money have to come from an external source, "pull or push from another financial institutions does not matter" . That is the reason most of us, pull out most if not all the money in Tangerine 2 or 3 business days before the promo ends. Then if we got a new offer we bring it back then it is consider "new deposits".
As pointed out in the immediately previous posts, 'external source' is sufficient but not necessary.

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