YMMV 4.30% Interest rate on New Savings from October 4 until December 31, 2022

Thanks OP - I was about do to a 180-day GIC at 3.7% or open a Manulife HISA for 4.25%. Your thread saved me some time and inconvenience.

Yeah never had success calling in to get a better offer. I m on 3% until nov maybe time to get wife to get new account

Still sitting on my 3.5% no 4.3%

I found the offer on my insights. Thanks!

will888 wrote: ↑ So you want Tangerine to be charitable and offer 5.25%? Mortgages are backed by term deposits not savings accounts where the money can go in and out anytime?

I'd like them to match the prime rate. BoC offers them margin.

Your own statement is contradictory. More incentive for me to keep money in by offering me attractive incentive. In addition, savings capital is leveraged for generate revenue and profit for banks.

weedb0y wrote: ↑ I'd like them to match the prime rate. BoC offers them margin.

Your own statement is contradictory. More incentive for me to keep money in by offering me attractive incentive. In addition, savings capital is leveraged for generate revenue and profit for banks.

Lol no bank in the world would Offer you prime rate on savings but it’s a nice thought.

weedb0y wrote: ↑ I'd like them to match the prime rate. BoC offers them margin.

Your own statement is contradictory. More incentive for me to keep money in by offering me attractive incentive. In addition, savings capital is leveraged for generate revenue and profit for banks.

TING is a for-profit corporation. In simple terms, they borrow money from depositors at one rate, then lend it out at a (presumably) higher rate. They make their profit from the difference.

They only need to borrow money from us to offset the money they loan to borrowers. If they raise more cash than they need from us, then they lose money by paying us interest on funds that they can't loan out at higher rates. As a result they set the interest rates they pay us based on how much money (deposits) they need.

If BoC rate rises succeed in slowing the economy, perhaps by creating a recession, then demand for loans will drop. In order to reduce the flow of new deposits that they can't loan out, they'll have to reduce their deposit (HISA and GIC) rates accordingly.

This is also why their GIC rates have been fluctuating so much in recent months. They adjust those rates and term length to meet their demand for loans (mortgages, credit cards, etc.)

For example earlier this year they were offering 5% on 5-year GICs. Presumably they use deposits in 5-yr GICs to advance mortgages with 5-yr terms. As the housing market has cooled, so has the demand for 5-yr money, in part because mortgages are smaller (lower sale prices) and there are fewer of them (reduced number of home sales.)

squeeks786 wrote: ↑ Lol no bank in the world would Offer you prime rate on savings but it’s a nice thought.

Reminds me of this

TheGoodDealer wrote: ↑ Fyi for new clients you will be better off going for 4.25% for 5 months. Plus you can get $400 cash back if you spend 2k on eligible purchases in your first 2 months when signing up for a chequings account too.

https://www.tangerine.ca/en/landing-pag ... orCarousel

I guess if I was a Tangerine client before, I won't get the 4.25% promo? I got a $50 bonus back in 2018

Wow, thanks so much for this. Didn't receive any emails from Tangerine but logged in and sure enough the offer was sitting in my account!

Surprise surprise, moved all my money out on Oct 1..logged in today and saw this offer. I called them 3x before my offer in August expired to see if they could give me a new one and they had nothing lol

Kinda glad now that I didn't receive September 3.5% offer. But 3 months (minus a few days) is a short promo.

Thanks OP.

Moving from Simplii's 3.85% ending Oct-31 to Tangerine's 4.30% ending Dec-31, sweet!

Nothing in my account offering this. I have an offer for a 180 day GIC at 4%

I just received an email from Tangerine with 4.3% offer on new money to all Cdn and US Saving accounts. My offer cycle seems to be different than others. My last offer ended Aug 31.

Activate this online-only offer to earn a special 4.30% interest rate* until December 31, 2022 on new deposits to your Tangerine Savings Account(s), including TFSA, RSP, and US$, up to $1,000,000 per Applicable Account Type.

Zaptor99 wrote: ↑ I just received an email from Tangerine with 4.3% offer on new money to all Cdn and US Saving accounts. My offer cycle seems to be different than others. My last offer ended Aug 31.

Activate this online-only offer to earn a special 4.30% interest rate* until December 31, 2022 on new deposits to your Tangerine Savings Account(s), including TFSA, RSP, and US$, up to $1,000,000 per Applicable Account Type.

Mine is exactly like you.
Got the email today for the same offer, and last offer ended Aug 31.

gardener28 wrote: ↑ Mine is exactly like you.
Got the email today for the same offer, and last offer ended Aug 31.

Same. I called them a few times before August 31 to see if they could offer me anything and they said no. I moved my money out October 1 and got this in my insights today. Moved my money back this morning after activating it. Guess that might be the trick, move the money out and wait...

Full terms if anyone's interested. as always, 4.3% on NEW deposits only from OCT 4 to DEC 31.
I should have moved my money to another one with low interest and see if they would give another good offer but i was hoping Simplii would give a good offer but nope. Now I regret not doing it. fml

Full terms:
https://i.imgur.com/lcyj85D.png

I just opened an account today @ 4.25% should I call them and ask them to change it to 4.3% will it work? Never had a Tangerine account before. I don't have any email of this interest change.

Cheers!