Tangerine HISA 1.75% Offer - Targeted

I just received this in an Email.

Tangerine RRSP - Earn 1.75% this Lunar New Year

Here’s to good fortune. Earn 1.75%*.

Lunar New Year is a time to wish our friends and family happiness and good fortune. And we’re joining the celebration by sharing a great interest rate to help you reach all your savings goals, including your retirement goals.

So with the March 1st RSP deadline fast approaching, you can take advantage of this online-only offer and earn a 1.75%* interest rate until June 30, 2021 on new deposits to a Tangerine RSP Savings Account.

Plus, Tax-Free Savings Accounts and non-registered Tangerine Savings Accounts (including US$) also qualify for this rate, up to $1,000,000 per Applicable Account Type.

Best wishes for the year ahead!


* The Tangerine Savings Interest Offer of 1.75% (the “Offer”) is available to existing Tangerine Clients who have received this communication directly from Tangerine and who activate the Offer online by February 28, 2021. The Offer is available on Eligible Deposits made between February 9, 2021 and June 30, 2021 of up to $1,000,000 per Applicable Account Type (in the currency of the Applicable Account). However, deposits made into registered Applicable Accounts through a T2033 form will not begin to earn the Promotional Interest Rate until the funds are actually received by Tangerine, and will earn interest at the applicable Posted Rate before then. The Promotional Interest Rate is an annualized rate, calculated daily and paid monthly. This Offer, including interest rates, may change or be cancelled without notice. Full offer Terms and Conditions, including definitions of any capitalized terms, are available here.

Sorry, but to anyone who has a spare hour, just read up a little on mutual funds and index funds. Do a bit of browsing on safe indexes and managed ETFs, set up a self-directed investment RRSP (and / or TFSA), and put your money in those instead. A nice easy and very safe and secure set of mutual funds to look into starting with are the TD e-series indexes. Low management cost mutual funds with $0 commission trades. It doesn't take long to set up and learn the basics about, and it'll make you a hell of a lot more than 1.75%. 1.75% is rubbish for a retirement account, it's good for an emergency / rainy day cash fund at best. Don't let the banks make more money off of your money than they already do, because you can bet they're using your RRSP amount in their calculation of total holdings, and they're making way more than 1.75% on it.

RFD has a great investment subforum under Personal Finance as well. By even just looking into it you're already halfway there.

sleepyhound wrote: ↑ Sorry, but to anyone who has a spare hour, just read up a little on mutual funds and index funds. Do a bit of browsing on safe indexes and managed ETFs, set up a self-directed investment RRSP (and / or TFSA), and put your money in those instead. A nice easy and very safe and secure set of mutual funds to look into starting with are the TD e-series indexes. Low management cost mutual funds with $0 commission trades. It doesn't take long to set up and learn the basics about, and it'll make you a hell of a lot more than 1.75%. 1.75% is rubbish for a retirement account, it's good for an emergency / rainy day cash fund at best. Don't let the banks make more money off of your money than they already do, because you can bet they're using your RRSP amount in their calculation of total holdings, and they're making way more than 1.75% on it.

RFD has a great investment subforum under Personal Finance as well. By even just looking into it you're already halfway there.

What are you yammering on about?

This promo is 1.75% interest on any new deposits which INCLUDES deposits into TFSAs and RRSPs (not just savings), which you definitely are able to invest in ETFs if you so desire ...so long as you are still under the limit. So you will be earning the 1.75% interest plus whatever earnings or losses investing in ETFs brings you. I'm still enjoying my 2% promo rate till June, but this is still a good deal.

thelasthunter wrote: ↑ What are you yammering on about?

This promo is 1.75% interest on any new deposits which INCLUDES deposits into TFSAs and RRSPs (not just savings), which you definitely are able to invest in ETFs if you so desire ...so long as you are still under the limit. So you will be earning the 1.75% interest plus whatever earnings or losses investing in ETFs brings you. I'm still enjoying my 2% promo rate till June, but this is still a good deal.

My understanding is that promotions such as these only work for specific account types as outlined in the promotion deals, which generally do not include investment accounts, but only regular RSP / TFSA savings accounts that have not been configured as investment accounts. What leads me to believe this is the case is the text from the OPs email which explicitly states RRSP, TFSA, and non-registered savings accounts, not investment accounts.

If anyone can provide me documentation regarding this specific deal that contradicts this, I will amend my original post (while leaving the initial content) to note as such. Until then, I stand by it.

DRC wrote: ↑Received an email:

Lunar New Year is a time to wish our friends and family happiness and good fortune. And we’re joining the celebration by sharing a great interest rate to help you reach all your savings goals, including your retirement goals.
So with the March 1st RSP deadline fast approaching, you can take advantage of this online-only offer and earn a 1.75%* interest rate until June 30, 2021 on new deposits to a Tangerine RSP Savings Account.
Plus, Tax-Free Savings Accounts and non-registered Tangerine Savings Accounts (including US$) also qualify for this rate, up to $1,000,000 per Applicable Account Type.
Best wishes for the year ahead!

It’s easy to earn your special rate:

1. Click the ‘Activate Now’ button by February 28, 2021

2. Deposit money until June 30, 2021

3. Sit back and watch your savings grow

stcv3 wrote: ↑ I thought the offer was for RSP only. Good thing I read through again!

Ditto, I got the email and thought (with quick glance) it is for RSP only and moved on. Thanks OP for making the thread which prompts me to check again.

sleepyhound wrote: ↑ My understanding is that promotions such as these only work for specific account types as outlined in the promotion deals, which generally do not include investment accounts, but only regular RSP / TFSA savings accounts that have not been configured as investment accounts. What leads me to believe this is the case is the text from the OPs email which explicitly states RRSP, TFSA, and non-registered savings accounts, not investment accounts.

If anyone can provide me documentation regarding this specific deal that contradicts this, I will amend my original post (while leaving the initial content) to note as such. Until then, I stand by it.

This is correct. As far as Im aware it's for savings account RRSP, TFSA, or unregistered accounts. It's not for investment accounts.

But, it's still valuable as a vehicle for an emergency fund or for short term savings, which is what we use it for. You don't want to be using index funds as short term investments. We hold our emergency fund in a HISA within a TFSA, because we don't yet have enough liquid assets to max our TFSA contribution room in investments and still have an emergency fund.

thelasthunter wrote: ↑
What are you yammering on about?

This promo is 1.75% interest on any new deposits which INCLUDES deposits into TFSAs and RRSPs (not just savings), which you definitely are able to invest in ETFs if you so desire ...so long as you are still under the limit. So you will be earning the 1.75% interest plus whatever earnings or losses investing in ETFs brings you. I'm still enjoying my 2% promo rate till June, but this is still a good deal.

This is wrong. They aren't going to pay you 1.75% to invest in their mutual funds. They will pay you on cash balance only.

I got this offer but only for money put into an RSP savings account. I was on maternity leave last year so not going to do that. I've had about $50 in my savings account for ages and ages

elpaso wrote: ↑ I get 1 or 2 times a year offers and my balance is always 1k and over.

Makes no sense your assumption.

Updated my Post #7. From my Experience.
Everyone has different results with TING.

I called in to move funds out and was offered on the spot 1.40% for 150 days.

"deposits to a Tangerine RSP Savings Account."

I thought this means regular saving accounts (non registered) won't qualify?

That's how I started

thelasthunter wrote: ↑ What are you yammering on about?

This promo is 1.75% interest on any new deposits which INCLUDES deposits into TFSAs and RRSPs (not just savings), which you definitely are able to invest in ETFs if you so desire ...so long as you are still under the limit. So you will be earning the 1.75% interest plus whatever earnings or losses investing in ETFs brings you. I'm still enjoying my 2% promo rate till June, but this is still a good deal.

Hilarious that you’re saying this so confidently and yet are so wrong...

Repost...merged.

sleepyhound wrote: ↑ Sorry, but to anyone who has a spare hour, just read up a little on mutual funds and index funds. Do a bit of browsing on safe indexes and managed ETFs, set up a self-directed investment RRSP (and / or TFSA), and put your money in those instead. A nice easy and very safe and secure set of mutual funds to look into starting with are the TD e-series indexes. Low management cost mutual funds with $0 commission trades. It doesn't take long to set up and learn the basics about, and it'll make you a hell of a lot more than 1.75%. 1.75% is rubbish for a retirement account, it's good for an emergency / rainy day cash fund at best. Don't let the banks make more money off of your money than they already do, because you can bet they're using your RRSP amount in their calculation of total holdings, and they're making way more than 1.75% on it.

RFD has a great investment subforum under Personal Finance as well. By even just looking into it you're already halfway there.

A savings account may be a good option if you have a short time horizon - say like you’re saving for a down payment in 1-2 years.

For the long term though, you’re 100% right that ETFs are likely to be a way better option

bigjzus wrote: ↑ Hilarious that you’re saying this so confidently and yet are so wrong...

That's because Tangerine has been crediting me with the 2% promo to my TFSA ETF as well. Reading over the fine print now, I can see that this account wasn't supposed to be part of the promo, and yet I keep getting the promo interest in that account too, for the last 3 months and 3 months more presumably. No complaints from me. I will chalk it up to an admin error and move on

thelasthunter wrote: ↑ That's because Tangerine has been crediting me with the 2% promo to my TFSA ETF as well. Reading over the fine print now, I can see that this account wasn't supposed to be part of the promo, and yet I keep getting the promo interest in that account too, for the last 3 months and 3 months more presumably. No complaints from me. I will chalk it up to an admin error and move on

Hah! That’s awesome. Double win!

skyrink wrote: ↑ When you guys are transferring large amounts of money in and out of Tangerine....is there a maximum amount using the Transfer feature to an external account?

I think moving money OUT of TING, the maximum is 50K/transaction.

Webhead wrote: ↑ I think moving money OUT of TING, the maximum is 50K/transaction.

If you call in, the $50k per transaction limit can be overridden.

Plus you can pull over $50k from it.