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Tangerine

YMMV - Earn 2.00% interest* on deposits to your Savings Account(s) until February 28, 2021.

  • Last Updated:
  • Mar 5th, 2021 2:27 pm
[OP]
Newbie
Feb 24, 2016
95 posts
782 upvotes
Winnipeg

[Tangerine] YMMV - Earn 2.00% interest* on deposits to your Savings Account(s) until February 28, 2021.

Retailer:
Tangerine
More offers from Tangerine
I get this 2% offer in my online banking, not the best but more than the current 0.15% rate.
Earn more interest with your special savings rate until February 28, 2021

You’re earning 2.00% * interest on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and US$ Savings Account(s) until February 28, 2021. Why not move money to your Account(s), or open a new Account, to make the most of your special rate?

Here’s how it works:

We totalled up the balances of your eligible Savings, TFSA, RSP Savings, and US$ Savings Account(s) as they were on October 6, 2020 to get your total balances per Account Type
From October 7, 2020 to February 28, 2021, you’ll earn your special interest rate on new deposits over your total balances calculated on October 6, 2020 (up to $1,000,000† per Account Type)
The rest of your Account balance will earn the current posted rate
PM: J5N308
235 replies
Deal Addict
Aug 15, 2009
1809 posts
1454 upvotes
Montreal
weihui wrote: I get this 2% offer in my online banking, not the best but more than the current 0.15% rate.
Got it to !
Jr. Member
Jan 21, 2019
111 posts
203 upvotes
Decent considering most of the interest rates at the moment. Nothing for me this time!
Deal Addict
Dec 25, 2017
2463 posts
1844 upvotes
Guess Tangerine panicked when Simplii started that promotion. Keep in mind that Simplii has 2.3% as the targeted rate, virtually everyone is eligible for the 2%. Guess who didn’t get the 2% from Tangerine after moving all their money to Simplii’s 2%...

Not that I would move my money back to Tangerine. They have to beat it before I’d move...
Sr. Member
Sep 29, 2010
510 posts
747 upvotes
Got the offer - online only... logged into Tang and it was there...
beats EQ bank's 1.5% interest downgrade that starts tomorrow.
Member
User avatar
Apr 20, 2017
265 posts
376 upvotes
Montreal
IEpicDestroyer wrote: Guess Tangerine panicked when Simplii started that promotion. Keep in mind that Simplii has 2.3% as the targeted rate, virtually everyone is eligible for the 2%. Guess who didn’t get the 2% from Tangerine after moving all their money to Simplii’s 2%...

Not that I would move my money back to Tangerine. They have to beat it before I’d move...
And 2.15% at ManulifeBank not targeted.
most things haven't worked out
Deal Addict
Dec 5, 2010
3537 posts
1307 upvotes
Montreal
For those in QC this is better option right now compared to Alterna standard rate time to move once!
Deal Addict
Jun 29, 2003
1873 posts
1448 upvotes
tarushin wrote: For those in QC this is better option right now compared to Alterna standard rate time to move once!
Manulife is good for QC.
Moderator
User avatar
Mar 23, 2004
45824 posts
11672 upvotes
Markham
Yip got it too!
You’re eligible for a special interest rate on your savings.

A great savings rate could be just the thing you need to help you reach your savings goals faster. And now with this online-only offer, here’s how you can start earning 2.00% interest* on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and now, US$ Savings Account(s):

Click the ‘Activate Now’ button below by October 31, 2020
Eligible new deposits to these Accounts from October 7, 2020 to February 28, 2021 (up to a maximum of $1,000,000 † per Applicable Account Type*) will earn your special rate of 2.00% .
Jr. Member
Nov 11, 2015
185 posts
85 upvotes
Ottawa, ON
Where would it be? under the message centre, if so nothing for me.

Edit: whoops, right in front of me. found it. Looks like it's only eligible for $1000 per account type.
Deal Expert
Jan 7, 2002
23862 posts
19671 upvotes
Waterloo, ON
weihui wrote: I get this 2% offer in my online banking, not the best but more than the current 0.15% rate.
Note the "on new deposits." That makes no sense. People who were getting 1.6% at TING under the current promo for "old" money will move it to Simplii in order to get 2% or MLF to get 2.15%. So now they have to make up for that loss before they can attract any net new money. Seems like a gigantic waste of time as they process all the "dead" money movement.
veni, vidi, Visa
Deal Fanatic
User avatar
Feb 5, 2006
7354 posts
1333 upvotes
Toronto
Isn't this better than Simplii's 2% because Simplii doesn't give proper compounding, but witholds the bonus interest until the end of the period?
Deal Expert
Jan 7, 2002
23862 posts
19671 upvotes
Waterloo, ON
Inno wrote: Isn't this better than Simplii's 2% because Simplii doesn't give proper compounding, but witholds the bonus interest until the end of the period?
Not necessarily. The lack of compounding is trivial. OTOH tax on the accrued interest for Oct, Nov, Dec doesn't get paid until 2021 so you can defer tax on it until 2022. With TING's monthly payments you'd have to pay tax on that interest in 2021.
veni, vidi, Visa
Jr. Member
User avatar
Jan 11, 2020
157 posts
140 upvotes
Fredericton
EQ is very sad, I didn't want to invest that savings allocation in stocks but here I come lol - guess that's why this bull keeps marching up
Deal Fanatic
User avatar
Apr 9, 2006
9585 posts
13543 upvotes
GT-EH
bylo wrote: Note the "on new deposits." That makes no sense. People who were getting 1.6% at TING under the current promo for "old" money will move it to Simplii in order to get 2% or MLF to get 2.15%. So now they have to make up for that loss before they can attract any net new money. Seems like a gigantic waste of time as they process all the "dead" money movement.
Yep, just moved a chunk out today - no point earning the measly 0.15% - it might as well be a big fat zero.
IMO - the rate should apply to the ENTIRE balance and not just NEW money moved in.
What's the best credit card for...
Behold, true glory. #PCMasterRace!
Deal Addict
User avatar
Apr 2, 2010
2258 posts
1832 upvotes
GTA
Inno wrote: Isn't this better than Simplii's 2% because Simplii doesn't give proper compounding, but witholds the bonus interest until the end of the period?
bylo wrote: Not necessarily. The lack of compounding is trivial. OTOH tax on the accrued interest for Oct, Nov, Dec doesn't get paid until 2021 so you can defer tax on it until 2022. With TING's monthly payments you'd have to pay tax on that interest in 2021.
  • I believe Simplii's offer lasts a month more? at least mine does (March 31st).
  • But yes, I do like to see the promo credits appear month after month to make me less nervous that nothing will show up after 6 months :D lol
  • And its true, the tax deferral is something to consider as a substitute for compounding which is a little.
  • Tangerine's promo covers US$ accounts which is something some people are looking for.
Last edited by martydxb on Oct 7th, 2020 8:28 am, edited 2 times in total.
Deal Addict
User avatar
May 20, 2009
1422 posts
1003 upvotes
Mississauga
Not in my accounts this time...
PM $13/30 days, 250MB with unlimited incoming/30d
Deal Addict
Sep 28, 2005
3837 posts
1718 upvotes
Pointe-Claire
Happened to check my account a couple of hours ago... did not notice any offers. Just logged in again and there was an offer for 2% .

Thanks OP!
I can't afford to save that much!
Jr. Member
Sep 13, 2018
171 posts
313 upvotes
Question:

I just moved money out of my account yesterday so my balance as of yesterday night in the account was 0. Does that mean it qualifies as a new deposit if I bring it back? Do I have a case if I bring it back and it doesn't count as new deposit?

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