A special 4.75% Savings rate* is coming soon

WHO wrote: ↑ I also did not receive the email, but found it when manually going to the Insights in the app. Confirmed it doesn't apply to USD so, for now, not activating it and leaving all my savings spread across DYN6004 and DYN6005.

Maybe next month they offer 5% or more on everything. Might be enough to convince me.

That's unlikely going to happen. If you have an active offer, they will not give you another one unless it's about to expire

Was hoping this was going to show up for me today, but nothing. No email, nothing in insights. I guess back to EQ I go.

I am using Simplii's instead because it works for TFSA, with Tangerine you're going to pay tax on your interest

While yes, tax on interest is one of the higher taxes, I prefer to use my TFSA for something other an a "savings account" despite it's name. But if your TFSA isn't full, and you're hesitant to put more in equities, then yeah.. why not.

I received the email a while ago, but no followup email. I can confirm that 4.75 was offered after logging in though.

Got the email and activated. I had previous mails in my Tangerine inbox that said I should keep my money, and it did happen.

4.75% interest rate is a go!

mkl38s wrote: ↑ That's unlikely going to happen. If you have an active offer, they will not give you another one unless it's about to expire

Notice I said I did not activate it.

Regardless, I'm happy to leave it in ISA and stop playing their stupid lottery if they fail to attract my business by making a better offer.

smartie wrote: ↑ Only way is becomes wealthy so they can't ignore you

Everyone's definition of wealthy is different. What is this magical account that gives you a better rate at the banking/checkings level for the wealthy?

shaibal wrote: ↑ Just finished talking to a customer rep, if I keep my money there for at least 90 days without making any withdrawals, the total return can be 4.25%. 4.6% requires more time, 360 days plus an unlimited account.

Either your post isn't clear or you didn't understand what they said.

smartie wrote: ↑ Only way is becomes wealthy so they can't ignore you

dude you dont become wealthy with savings accounts. Right now inflation beats any of these savings accounts. So actually you're losing money here.

Are there penalty (fee) for closing this Savings account after the promo is over?

TIA

evilYoda wrote: ↑ dude you dont become wealthy with savings accounts. Right now inflation beats any of these savings accounts. So actually you're losing money here.

Banks don't make decisions by only looking at your chequing.

superxxxstud wrote: ↑ Ideally i just want to move from checkings to savings at "market rate". Not the best rate if i shopped around constantly. But right now, most banks "savings account" pay 1-1.50% which is substantially below market rate. That's what I am looking to solve. In other words, what I want is the HISA available at the investment dealer level but straight from my bank's checkings account.

If you have a brokerage account, you could see what kind of savings rate you can get there. For example, at TDDI, I can put money into their investment savings account TDB8150, which is currently paying 3.8%. Maybe not as high as some promotional rates, but higher than most bank savings accounts.

Okay, Just got off the phone with them, and no 4.75% for me. I asked why not, and he said it was for random clients that either got an email, or a notification in their insight folder.
I asked how many were in this "random" group, and he said it went out to twenty five thousand customers...
I had left my money in the account not taking the 3.25 % they offered at the end of December when my previous offer expired, hoping to get the 4.75% notification.
So it looks like it doesn't matter if you have a lot of money. or zero in your account. It just a lottery. Sometimes you win, and sometimes not.

quick72toy wrote: ↑ So it looks like it doesn't matter if you have a lot of money. or zero in your account. It just a lottery. Sometimes you win, and sometimes not.

Same story for me: no email, nothing in my insights, and the csr told me that the offer wasn’t available on my account. Lottery sounds right, I haven’t received a promotional savings rate in almost a year, I have to be overdue for a “win” at this point, right? Savings are sitting in EQ for now, which isn’t the worst thing I suppose.

jay-em wrote: ↑ Are there penalty (fee) for closing this Savings account after the promo is over?

TIA

it damages your credit rating.

Somebody explain to me why this is better than putting cash in CASH.TO at 4.78% with no mucking around with promo rates. And no, CDIC doesn't matter.

JUnit wrote: ↑ If you have a brokerage account, you could see what kind of savings rate you can get there. For example, at TDDI, I can put money into their investment savings account TDB8150, which is currently paying 3.8%. Maybe not as high as some promotional rates, but higher than most bank savings accounts.

That's exactly what i said i don't want. I want it to remain at the banking/savings account level (where a lot of these teaser rates are).

evilYoda wrote: ↑ it damages your credit rating.

Are you sure? Saving account does not require credit.

My old 3% promo expired and they didn’t want to give my anything above 3% despite asking the retention department so I asked them to transfer the money elsewhere. Hopefully they give me a new promo soon.

Also thinking of simply using CASH.TO as well instead of all this lottery game

jay-em wrote: ↑ Are there penalty (fee) for closing this Savings account after the promo is over?

No, Tangerine is mostly fee-free except that they introduced a $50 fee for transferring a registered account