Tangerine 2.15% interest savings account

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Nov 5th, 2020 12:23 am

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Nov 4th, 2020 1:31 pm

gomyone [OP]: Deal Addict; Jun 28, 2007; 3863 posts; 1026 upvotes

Nov 4th, 2020 1:31 pm

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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Nov 4th, 2020 6:18 pm

cgtlky: Deal Fanatic; Jan 31, 2006; 7226 posts; 1836 upvotes; Toronto

Nov 4th, 2020 6:18 pm

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.

Nov 4th, 2020 6:19 pm

lmcjipo: Deal Addict; Sep 14, 2012; 1602 posts; 1129 upvotes; Montreal, QC

Nov 4th, 2020 6:19 pm

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.

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Nov 4th, 2020 6:21 pm

lmcjipo: Deal Addict; Sep 14, 2012; 1602 posts; 1129 upvotes; Montreal, QC

Nov 4th, 2020 6:21 pm

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).

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Nov 5th, 2020 12:23 am

JoeBlack23: Sr. Member; Nov 6, 2015; 958 posts; 560 upvotes; Guelph, ON

Nov 5th, 2020 12:23 am

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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