[Tangerine] 5.00% Interest rate for 5 months, up to $400 cashback for new customers

Dec 11th, 2022 10:52 am

#1

machino4 [OP]: Member; Sep 30, 2014; 235 posts; 311 upvotes; Montreal

Dec 11th, 2022 10:52 am

[Tangerine] 5.00% Interest rate for 5 months, up to $400 cashback for new customers

Deal Link:: https://www.tangerine.ca/en/landing-page/earnmore
Expiry:: March 30, 2023
Retailer:: Tangerine

Seems like a different offer from this one which is targeted to existing customers.

This new offer is on the homepage for new customers. I registered and I got the 5% promo rate right away.

Current offer:

Earn 5.00% interest in your Savings Account for 5 months.
20% cash back when you shop online or in-app for 60 days (up to a maximum cash back Bonus of $400).

With public promo code EARNMORE .

For client Number created between December 7, 2022 and March 30, 2023.

Please read full details and instructions on Tangerine website.

Last edited by machino4 on Dec 14th, 2022 8:37 pm, edited 2 times in total.

Dec 11th, 2022 10:54 am

#2

jerryhung: Deal Expert; Sep 19, 2004; 26120 posts; 8251 upvotes; where I belong

Dec 11th, 2022 10:54 am

NVM

targeted 5% thread
ymmv-5-00-interest-rate-new-savings-dec ... 3-2585946/

Which Credit Cards to sign up? >> Jerry's Mega Thread of Credit Cards Q&A

+1

Dec 11th, 2022 10:55 am

#3

machino4 [OP]: Member; Sep 30, 2014; 235 posts; 311 upvotes; Montreal

Dec 11th, 2022 10:55 am

jerryhung wrote: ↑NVM

Did you read my message ? It is not the same offer.

Dec 11th, 2022 11:46 am

#4

amadis: Jr. Member; Nov 24, 2010; 187 posts; 303 upvotes; Toronto

Dec 11th, 2022 11:46 am

machino4 wrote: ↑ Seems like a different offer from this one which is targeted to existing customers.

This new offer is on the homepage for new customers. I registered and I got the 5% promo rate right away.

I noticed that the offer requires the opening of both a Chequing and Savings account within 30 days of becoming a client.

Any idea as to why I would have to open both if I just want to put money into the Savings account?

+1

Dec 11th, 2022 12:05 pm

#5

machino4 [OP]: Member; Sep 30, 2014; 235 posts; 311 upvotes; Montreal

Dec 11th, 2022 12:05 pm

amadis wrote: ↑ I noticed that the offer requires the opening of both a Chequing and Savings account within 30 days of becoming a client.

Any idea as to why I would have to open both if I just want to put money into the Savings account?

It's part of the promotion for the $400 cashback. You probably need a chequing account to use the debit card.
I also have no plan to use it, but there is no fee associated to the chequing account.

+2

Dec 11th, 2022 12:17 pm

#6

ssjlancer: Deal Addict; Dec 26, 2010; 2291 posts; 1411 upvotes; Kamloops, BC

Dec 11th, 2022 12:17 pm

Only online purchases(and bills) are allowed via Visa debit to get the cash back.
Can you just buy a $2000 Costco gift card?

Dec 11th, 2022 2:04 pm

#7

GTAobserver: Jr. Member; Jun 25, 2022; 124 posts; 276 upvotes

Dec 11th, 2022 2:04 pm

Will 5% intrest be deposited in bulk at end of promotion period? Or will it be deposited monthly?
Thanks

Dec 11th, 2022 2:17 pm

#8

THEAVS: Sr. Member; Nov 21, 2007; 518 posts; 624 upvotes; Peterborough

Dec 11th, 2022 2:17 pm

GTAobserver wrote: ↑ Will 5% intrest be deposited in bulk at end of promotion period? Or will it be deposited monthly?
Thanks

Monthly.

Dec 11th, 2022 3:54 pm

#9

holygrace: Jr. Member; Sep 30, 2022; 101 posts; 234 upvotes

Dec 11th, 2022 3:54 pm

Will a TFSA still give me 5% interest? It shows 1% for me…

+1

Dec 11th, 2022 4:10 pm

#10

VincentM44684: Jr. Member; Nov 14, 2020; 148 posts; 160 upvotes; H3c0w8

Dec 11th, 2022 4:10 pm

ssjlancer wrote: ↑ Only online purchases(and bills) are allowed via Visa debit to get the cash back.
Can you just buy a $2000 Costco gift card?

Yes, you can. Costco and Amazon gift cards work.

+1

Dec 11th, 2022 4:40 pm

#11

dubstarr: Member; Jun 6, 2006; 321 posts; 217 upvotes; Acton

Dec 11th, 2022 4:40 pm

So, if I deposit $100,000 and hold it there for 5 months I get $5,000/month in interest?

I feel like I’m missing something on how it actually works.

Dec 11th, 2022 4:45 pm

#12

Richfields: Deal Addict; Aug 19, 2011; 3631 posts; 2295 upvotes; West Coast

Dec 11th, 2022 4:45 pm

dubstarr wrote: ↑ So, if I deposit $100,000 and hold it there for 5 months I get $5,000/month in interest?

I feel like I’m missing something on how it actually works.

5% is the annual interest rate, so for your example you're making $416.67 monthly. That'd be 2,083.35 over 5 months.

Please don't ask or beg for "thanks". Don't act like this is Facebook. If someone found your post helpful, let them decide if they want to make that click. The more you beg, the less you'll get. Cheers

+12

Dec 11th, 2022 4:46 pm

#13

VincentM44684: Jr. Member; Nov 14, 2020; 148 posts; 160 upvotes; H3c0w8

Dec 11th, 2022 4:46 pm

dubstarr wrote: ↑ So, if I deposit $100,000 and hold it there for 5 months I get $5,000/month in interest?

I feel like I’m missing something on how it actually works.

Haha, 5% is annually, so you need to divide by 12. But don't put too much money. There is a limit how much your deposit is insured

I think it's 100k, correct me if I am wrong.

+1

Dec 11th, 2022 4:47 pm

#14

mike20002019: Jr. Member; Nov 26, 2019; 164 posts; 116 upvotes

Dec 11th, 2022 4:47 pm

VincentM44684 wrote: ↑ Yes, you can. Costco and Amazon gift cards work.

You mean Costco shop card in the costco.ca website?

Dec 11th, 2022 4:54 pm

#15

batcave: Deal Fanatic; Nov 14, 2003; 5873 posts; 4420 upvotes; LaLaLand

Dec 11th, 2022 4:54 pm

dubstarr wrote: ↑ So, if I deposit $100,000 and hold it there for 5 months I get $5,000/month in interest?

I feel like I’m missing something on how it actually works.

The 5% interest rate is annual. You would get approximately $2060 for a $100k deposit for five months.

The calculation is $100000 x .05/365 x number of days. Plus the following month you get the 5% on the interest paid out for the previous month - this is around $2 per month.

+2

Dec 11th, 2022 5:05 pm

#16

dealgetter91: Jr. Member; Aug 13, 2016; 135 posts; 127 upvotes

Dec 11th, 2022 5:05 pm

Does anyone know the approx. cost to transfer large sum of cash to tangerine from rbc?

Dec 11th, 2022 5:12 pm

#17

VincentM44684: Jr. Member; Nov 14, 2020; 148 posts; 160 upvotes; H3c0w8

Dec 11th, 2022 5:12 pm

dealgetter91 wrote: ↑ Does anyone know the approx. cost to transfer large sum of cash to tangerine from rbc?

Most checking account is free to transfer to another checking. Just don't do it from saving to Tangerine directly.

+1

Dec 11th, 2022 5:14 pm

#18

VincentM44684: Jr. Member; Nov 14, 2020; 148 posts; 160 upvotes; H3c0w8

Dec 11th, 2022 5:14 pm

mike20002019 wrote: ↑ You mean Costco shop card in the costco.ca website?

Yeah, most online charging would work. I used it to pay my Désjardin home insurance on the phone and it worked as well. Just don't use it with the machine/interac/ tapping.

Dec 11th, 2022 8:35 pm

#19

sylvestor2002: Deal Addict; Nov 6, 2003; 2366 posts; 624 upvotes

Dec 11th, 2022 8:35 pm

VincentM44684 wrote: ↑ Most checking account is free to transfer to another checking. Just don't do it from saving to Tangerine directly.

Why "don't do it from saving to Tangerine directly." ? Is there a fee or other draw back ?

If Tangerine pulls money from my TD or RBC savings account, is there a fee ?

Dec 11th, 2022 8:53 pm

#20

awais: Deal Addict; Jan 29, 2006; 1868 posts; 1525 upvotes; Center of the univer…

Dec 11th, 2022 8:53 pm

VincentM44684 wrote: ↑ Haha, 5% is annually, so you need to divide by 12. But don't put too much money. There is a limit how much your deposit is insured
I think it's 100k, correct me if I am wrong.

100k per account

Some good examples here:

https://www.tangerine.ca/en/about-us/cdic/