Personal Finance

Tangerine 2.15% interest savings account

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  • Nov 5th, 2020 12:23 am
[OP]
Deal Addict
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Jun 28, 2007
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Tangerine 2.15% interest savings account

I am looking at a promotional offer by Tangerine for a 2.15% interest rate for the first five months. I actually only need this kind of interest rate for a large purchase I am making at the end of next year when I plan to pull the deposit out. Does anybody know if there is a penalty by Tangerine if you withdraw and close the Tangerine account? I looked at their terms and didn't see anything about that but 2.15% is way better than any short term GIC I've seen out there??
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Deal Fanatic
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Jan 31, 2006
7226 posts
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Toronto
gomyone wrote: I am looking at a promotional offer by Tangerine for a 2.15% interest rate for the first five months. I actually only need this kind of interest rate for a large purchase I am making at the end of next year when I plan to pull the deposit out. Does anybody know if there is a penalty by Tangerine if you withdraw and close the Tangerine account? I looked at their terms and didn't see anything about that but 2.15% is way better than any short term GIC I've seen out there??
You can renew the short term GIC after the term is up. It might have a better interest rate by then.
Deal Addict
Sep 14, 2012
1602 posts
1129 upvotes
Montreal, QC
There is no penalty to closing your Tangerine account that I'm aware of. If there is a penalty, it would be if you closed your account too early after opening it (like perhaps less than 90 days after opening it). Based on when you will be removing the money and closing the account, I don't see them charging you a penalty.

There is no penalty to withdraw the money.
Deal Addict
Sep 14, 2012
1602 posts
1129 upvotes
Montreal, QC
cgtlky wrote: You can renew the short term GIC after the term is up. It might have a better interest rate by then.
The original poster is putting it into a savings account and not a short term GIC where with the savings account, he is getting a promotional interest rate for the first 5 months. After the 5 months, the interest rate will drop back down to ~0.15% (at which point if I were the original poster, I would transfer it to another online bank).
Sr. Member
Nov 6, 2015
958 posts
560 upvotes
Guelph, ON
cgtlky wrote: You can renew the short term GIC after the term is up. It might have a better interest rate by then.
Why wouldn't you just take the higher HISA rate for now? No advantage to locking it into a GIC, and if GIC's go up you can take advantage at that point.

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