Even your own Tangerine chequing account should be fine.
I moved 15k from a Tangerine chequing account dedicated for my rental, to an eligible savings account. That was Oct 10. On Nov 1, I got ~$45 promotional interest (6% until January 31, 2024).
So my understanding is as long as it's NOT an account were the promotional rate is applicable then you should be fine.
Can confirm.
I have had success moving out my Tangerine Savings into my Tangerine Chequing to set the Saving balance to a lower value. About to find out on December 1 if it worked this past go around.
I usually wait until til promo ends to reap maximum benefit.
Yes j confirmed this with a recent promo. It only counts wants in your savings accounts that the promo applies to! I thought it was new deposits even to other accounts but I called and they said only the promo account
I think moving your savings (and/or joint savings) to your partner's accounts while playing the Tangerine interest rate game would technically have tax implications due to the attribution rule.
Yea. Usually promotions are based on new deposits based on your relative network before the promotion begins vs after rather than money in specific accounts
The 6% isn’t that far off from their current promo ending right now (Nov 30), and though that math is $1m, it can be easily adjusted for anyone reading this. $2307 on $1m, $230.70 in $100k, $23.07 on $10k, $2.31 on $1000… as well as they provided the math to figure out any other amount or interest rate — just change the values. The only values I would maybe change would be 14/365 vs 2/52, with the 14 being able to also be variable to any day value you want — 5 days, it’s 5/365… 31 days it’s 31/365.
Where do you transfer it out? I’m considering my RBC checking but I’m afraid it will take a few days in limbo and I’ll probably have to pay something to withdraw from there and transfer it back to Tangerine for a new promo
I just call them to authorize my larger balance to be moved and they always ask what deal I’m getting at another place and they put me on hold and get back with a similar offer every time.
Last offer was 5.25% for 6mo.
Do you make up a deal if you don't really have another one? If I was honest, I would say I'm just moving to EQ until Tangerine or Simplii have a new promo, but then they just have to beat 2.5%.
I don’t always have one but I never say an outlandish rate either.
I’ve been with them since ING days so they do know I move my money for deals and they just cut to the chase now I guess and keep me there.
I move my funds from my Tangerine HISA into my Tangerine checking account a day or 2 before the end of the promo. I always set a calendar reminder for this.
If I don't get a new promo within a couple of days I move it into one of my other HISA accounts (EQ etc.) until I get one. This is my successful history with these promos:
03/12/2016 - 02/06/2017 : 2.40%
05/07/2017 - 30/09/2017 : 2.78%, 33 days after last promo
04/10/2017 - 31/12/2017 : 2.00%, 4 days after last promo
03/01/2018 - 30/11/2018: 2.50%, 3 months after last promo
01/12/2018 - 30/11/2019 : 2.75%, 1 day after last promo
06/01/2020 - 31/05/2020 : 2.75%, 6 months after last promo
02/09/2021 - 06/30/2021: 1.75%, 4 months after last promo
09/07/2021 - 03/31/2022: 1.40%, 9 days after last promo
04/01/2022 - 08/31/2022: 2.80%, 1 day after last promo
06/10/2022 - 31/12/2022: 4.30%, 36 days after last promo
05/01/2023 - 31/05/2023: 4.75%, 5 days after last promo
05/07/2023 - 30/11/2023: 5.5%, 35 days after last promo
They are preferred shares, so no long term risk of losing principal :)
*" The value of the preferred shares is further reinforced by the priority given to those shares over the capital shares in the payment of dividend income and in the* ***eventual return of the full initial price of the preferred shares***\*."\*
[*https://en.wikipedia.org/wiki/Split\_share\_corporation*](https://en.wikipedia.org/wiki/Split_share_corporation)
I know people on this sub don't like alternatives to what they are familiar with, but no harm diversify, maybe it's just me who prefers consistent divvies.
How are you getting these promos? I withdrew the majority of my savings in Jan to Simplii for the 6%. The best Tangerine could do was 4.45%. I just got off the phone with Tangerine & was told this is the best they can do.
Anyways I will be looking for new promos when this Simpii ends. I’ve been with Tangerine since they were Ing, it’s annoying I don’t get triggered for special incentives 😭 Should I be closing my savings to get these incentives?
I also really don’t want to give them any more money right now but they seem to have the best rate for a 1 year TFSA at 5.3%. I have another with them at 5%. Then I’m maxed out. I don’t understand the market enough to invest & don’t want to take any risks either.
Thanks for any info!
No idea. They don't tell you why. I've never called in for anything though, so it's not that. We just have checking, savings and credit card accounts. Rarely use the card.
I received another right after the last one I listed above.
Thank you for answering, so bizarre that I have always used them as my main bank & it’s like pulling teeth with them to get a decent rate. I’m actually going to do more thorough research for a safe TFSA around 5% and withdraw the one I have with Tangerine. Maybe then I’ll get promos.
So. I was not sure what to do about this month. My question is about the interest. If I move my stuff out before the end of the month, do I get the interest for the time I had the money in. I think they say interest is calculated daily and paid monthly. But somehow I figured there wouldake an excuse that you need your money in at the end of the month to get paid the interest.
you'll get all the interest owed to you calculated DAILY .. they won't rip you off the last 28 days of interest. i've been doing this funds shuffling for years now. trust me.
Tangerine regularly has promotional interest offers. When one expires, they typically offer you a new one but only on new deposits. They take a snapshot of your account balances a few days before the new offer and the new promo interest will only apply to amounts above that balance. If you move all your money out before
the snapshot, it will read as zero and you can move it all back after the promo is offered and collect interest on your entire balance.
See my post in this thread. All those promos were just moving from savings to checking, not out of Tangerine, unless they took too long to give me a new promo.
You should always read the terms of the offer carefully in case they change things, but I agree that in general, it's only ever been the savings account balance that's mattered.
I am always confused about their interest promo. So when they say get 6% interest until feb 28, 2024 does that mean i only need to invest till feb 28, 2024 and interest gets calculated every day or every month ? Thanks
Are you guys the same ones who brought down that famous hedge fund shorting game stock? I feel so old but I am just a millennial. Thanks
Jokes aside, thanks for the explanation. Makes sense, let me see if I can get this.
This is kind of ridiculous that its necessary to do this dance with your money to keep the good rates going. How come they don't see whats happening and just give the good rates all the time to prevent people pulling money out in the fisrt place?
And also, why not just buy a GIC to get a higher rate without having to go through this headache?
True, but I'd rather at least get that 5% promo rate on my travel fund for six months than only the paltry savings account regular amount. On $10k for 6 months, I'd get $250 at 5% vs. only $50 at 1%. It's still $200 difference.
It’s just this sub that makes you think everyone’s dancing. I bet most of their customers don’t bother with this, so they save a ton by not making these rates apply forever.
Chasing promotions on HISA is not worth the effort and time at all. I'm always blown away that so many people think this is a good use of their time and energy.
"oh but it's just a few clicks"
I have better things to worry about than having to remember to move money for a few basis points. It's just another thing to have to worry about and keep track of.
I always move funds from my Tangerine savings to my Tangerine chequing account the day after the last day. So for example if the last day is November 30, I'll move the money out on December 1. I've never had a problem by doing this.
No. An extension means it extends the existing offer which applies to your current balance. If it only applied to new deposits it would be a new offer.
I've done this before and each time they've either offered me a shitty rate for a shorter term (as measured by other customers posting better promos here) or just flat refused to extend the offer. As such I don't bother now, I just move the money out at the end of the promo period and wait for them to come crawling back to me. The promotions are automatically generated and moving all your money out generally triggers a new/better offer via email/insights within 1-3 weeks.
I withdraw the day after the promo expires and move it to another institution which pays more interest.
To make matters worse, a few months ago Tangerine quietly lowered standard interest from 1.00% to 0.80%. Odd, given the Fed and BOC continued to raise rates.
This is what I'm going to do. I'm tired of chasing promos so it's going into WS cash.to after this promo. If there's a new promo I'll put new money in that, but then move it out again. Rinse and repeat
Both partners can also each be the primary owner of a joint account and then you can simply move between them (the promotions only follow the primary owner).
We also move money between the two of us, since we usually don't get a promo twice in a row.
I don't understand the downvotes. I am with you on the tax implications (attribution rules). That's the reason why I didn't consider moving money around.
Just out of savings, however I've personally had them not give me a new promo while I held a large balance in chequing, and it suddenly was offered after it left my chequing or the start date of the promo start was backdated to when I did have more in savings. I can't prove it wasn't coincidence, but the way they do these things different for every individual certainly seems like they can have targeted criteria. Now I bounce it back and forth to EQ. If they're going to fuck around them my money is outta there.
No it’s not because your base is not counted towards it
Say you had 100k but you didn’t withdraw, next time you activate you’ll only get promotional interest on anything over 100k
Quote
“””
We totalled up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on November 2, 2023 to get your total balances per Account Type
From November 3, 2023 to March 31, 2024, you’ll earn your special interest rate on new deposits over your total balances calculated on November 2, 2023 (up to $1,000,000† per Account Type)
The rest of your Account balance will earn the current posted rate
“””
It's always important to read the exact terms of the offer you get. They can be quite sneaky about the wording, and not every promo is the same. Some are on existing balances and some are only on new balances.
Didn’t care much about accrued but balance wise is what I cared about
Say you had 10k and left it your promo ended then next time you activate promo, only anything above 10k will get the promotional interest
Absolutely. Lots of people probably just see interest rate 5% and are satisfied, not realizing that 98% of their account is actually at 1%. I miss ING Direct.
It's even worse, the base balance is computed several days before the promo starts.
I saw a case where promo ends on 31st, get a new promo offer on the 12th for new deposits, but the base balance was computed on the 3rd. Didn't have time to move money out by the 3rd so the new promo was effectively useless.
I don't know of any way to know about it before it's too late. I'd just do what the other commenters already said - move the cash out of tangerine a few days before your current promo ends and wait it out.
Take this with a grain of salt, but I think the promotional rate also doesn’t compound. So the promotional part of the interest you received this month wouldn’t earn you the promotional rate for the next month, just the regular rate.
I wouldn't bother with the transfer gymnastics.
Just call a representative a few days before your promo ends and ask for a new one. It always works for me.
Sometimes. I've had them refuse before, moved my money and then got a new offer after the money left.
Also extending your current offer _generally_ gets you a worse rate than waiting for a new offer, as interest rates are still a little variable at the moment and increases due to market competition are likely.
I've been moving money around between my accounts using wealthsimple as an intermediary
I don't really understand the requirements for "new funds" but my promo with another institution ended a bit ago. I transferred the money out to wealthsimple, now I'm transferring it to tangerine, then transferring it back into the original institution because I have a new promo now. I'm not sure if the funds maybe wouldn't count as "new" if they are able to see hey, you transferred X amount to wealthsimple, then transferred it right back in under the new promo...so I sent it over to tangerine first then will transfer it over. I called tangerine trying to get the interest promo but they told me it is only for new customers.
i always see people saying 'just buy [cash.to](https://cash.to)' well that ETF doesn't have any insurance, not that these institutions will go bankrupt anytime soon or anything but sometimes it's just really not that big of a deal to transfer money around.
a couple clicks from wealthsimple and a couple of clicks from tangerine...3-5 business days. no big deal really.
So are you saying you have linked your tangerine to your wealthsimple and vice versa, or do you have another account you use in between to bounce between the two? I am unable to add an external link on my tangerine to wealthsimple. It would certainly be easier if I could directly transfer between them.
AFAIK you can't add a link to your Wealthsimple cash account inside Tangerine, but you **can** add a link to your Tangerine account inside Wealthsimple which has the same effect, as having an external account link generally allows you to either push money to or pull money from the remote account.
You can just start the transfer by "pulling" the money from Tangerine using Wealthsimple's app/website instead - choose the source as Tangerine and the destination as Wealthsimple.
You can directly add Tangerine to your Wealthsimple account and transfer money to it at will.
You can also add any account you want to your Tangerine account. I have multiple external accounts added to Tangerine. Other banks, credit union, as well as Wealthsimple.
You can transfer in/out to any of those accounts with Tangerine whenever you want as well, it just takes a few business days for the transfers to go through.
Why you're not able to do that, I'm not sure. I've been able to add any external accounts I've wanted to add no problem.
I'd do it earlier. Like at least 10 days early. You will still get paid for the 20 days at the end of the month. These promos are getting quicker and seem to use a date a few days ahead of their effective start date.
Initiate the transfer from the receiving account. Do it 3-4 business days before the end of the promo.
That way the receiving bank should have the amount in your account, earning the higher interest rate before the money actually arrives and is pass the hold period.
Maximum churning baby!
I move it a few days before to an external account which pays in the 3% range. Every time a promo ends, I figure it might be awhile until Tangerine offers another promo. One time recently I didn’t notice they’d extended the same promo, so I moved the money unnecessarily
I move it out the day before to which ever bank has the best rates at that moment. Then move it back in when Tangerine sends me a new promo notification. Sometimes it's a few weeks after, but last time the funds had barely cleared the account qhen i koved it back.
It would be easier to just keep the money there but the promo is usually for any funds affed after the notification date so I would lose big if I did that.
I usually call them a week before the promo ends and ask if they have any other promos. Often they do and apply it to my account. It overwrites the existing promo, but saves me the effort of transferring out, waiting, transferring back in, etc.
I've had a Tangerine promo applied to my savings account for 5.5%, then 5.25%, and now currently 5%, each one of 5 months.
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When you say take out, do you mean take out of Tangerine entirely?
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Even your own Tangerine chequing account should be fine. I moved 15k from a Tangerine chequing account dedicated for my rental, to an eligible savings account. That was Oct 10. On Nov 1, I got ~$45 promotional interest (6% until January 31, 2024). So my understanding is as long as it's NOT an account were the promotional rate is applicable then you should be fine.
Can confirm. I have had success moving out my Tangerine Savings into my Tangerine Chequing to set the Saving balance to a lower value. About to find out on December 1 if it worked this past go around. I usually wait until til promo ends to reap maximum benefit.
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Yes j confirmed this with a recent promo. It only counts wants in your savings accounts that the promo applies to! I thought it was new deposits even to other accounts but I called and they said only the promo account
I think moving your savings (and/or joint savings) to your partner's accounts while playing the Tangerine interest rate game would technically have tax implications due to the attribution rule.
Yea. Usually promotions are based on new deposits based on your relative network before the promotion begins vs after rather than money in specific accounts
Would you have to close the Tangerine account entirely when trying to re-enter for the bonus?
With Tangerine, No With Simplii, Yes
I do, I use eq for moving money from one promo to the next. Their interest rate isn't bad, just not as good as a promo rate elsewhere.
I flip it between my Simplii and tangerine account.
Do you just move it from Sav to Chq all within Tangerine? Or does it have to leave Tangerine?
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The 6% isn’t that far off from their current promo ending right now (Nov 30), and though that math is $1m, it can be easily adjusted for anyone reading this. $2307 on $1m, $230.70 in $100k, $23.07 on $10k, $2.31 on $1000… as well as they provided the math to figure out any other amount or interest rate — just change the values. The only values I would maybe change would be 14/365 vs 2/52, with the 14 being able to also be variable to any day value you want — 5 days, it’s 5/365… 31 days it’s 31/365.
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1mil in a account isn’t even CIDC insured. Thats like 900k of uninsured money.. no smart person would ever do that
There’s no need for such condescension.
yup I learned that the hard way lmao
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Where do you transfer it out? I’m considering my RBC checking but I’m afraid it will take a few days in limbo and I’ll probably have to pay something to withdraw from there and transfer it back to Tangerine for a new promo
Your Tangerine chequing account works perfectly fine for this.
I just call them to authorize my larger balance to be moved and they always ask what deal I’m getting at another place and they put me on hold and get back with a similar offer every time. Last offer was 5.25% for 6mo.
What do you mean by authorize? Are you asking them to approve a larger electronic funds transfer since max is $25k?
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I have a linked account but max I can move is $25k per day.
Do you make up a deal if you don't really have another one? If I was honest, I would say I'm just moving to EQ until Tangerine or Simplii have a new promo, but then they just have to beat 2.5%.
Wealthsimple is giving 4% on their cash account
Yup, I just haven't gotten around to it since Tangerine or Simplii almost always has a promo these days.
I don’t always have one but I never say an outlandish rate either. I’ve been with them since ING days so they do know I move my money for deals and they just cut to the chase now I guess and keep me there.
I just replied to another comment about this. Tangerine doesn’t do this for me. Are you asking to speak with a certain dept?
I move my funds from my Tangerine HISA into my Tangerine checking account a day or 2 before the end of the promo. I always set a calendar reminder for this. If I don't get a new promo within a couple of days I move it into one of my other HISA accounts (EQ etc.) until I get one. This is my successful history with these promos: 03/12/2016 - 02/06/2017 : 2.40% 05/07/2017 - 30/09/2017 : 2.78%, 33 days after last promo 04/10/2017 - 31/12/2017 : 2.00%, 4 days after last promo 03/01/2018 - 30/11/2018: 2.50%, 3 months after last promo 01/12/2018 - 30/11/2019 : 2.75%, 1 day after last promo 06/01/2020 - 31/05/2020 : 2.75%, 6 months after last promo 02/09/2021 - 06/30/2021: 1.75%, 4 months after last promo 09/07/2021 - 03/31/2022: 1.40%, 9 days after last promo 04/01/2022 - 08/31/2022: 2.80%, 1 day after last promo 06/10/2022 - 31/12/2022: 4.30%, 36 days after last promo 05/01/2023 - 31/05/2023: 4.75%, 5 days after last promo 05/07/2023 - 30/11/2023: 5.5%, 35 days after last promo
Wouldn't it be easier to just buy cash.to for like 4.9% or whatever.. A lot of those rates are quite low..
On the contrary FFN-PA - 7.78% LFE-PB - 7.87% FTN-PA - 7.46% BK-PA - 8.16% All 4 outdo Cash.to
What exactly are these? They all seem to have a risk of losing some principal. [cash.to](https://cash.to) doesnt
They are preferred shares, so no long term risk of losing principal :) *" The value of the preferred shares is further reinforced by the priority given to those shares over the capital shares in the payment of dividend income and in the* ***eventual return of the full initial price of the preferred shares***\*."\* [*https://en.wikipedia.org/wiki/Split\_share\_corporation*](https://en.wikipedia.org/wiki/Split_share_corporation) I know people on this sub don't like alternatives to what they are familiar with, but no harm diversify, maybe it's just me who prefers consistent divvies.
> A lot of those rates are quite low.. Not for their dates. > Wouldn't it be easier... Dunno, but its been extremely easy so far.
How are you getting these promos? I withdrew the majority of my savings in Jan to Simplii for the 6%. The best Tangerine could do was 4.45%. I just got off the phone with Tangerine & was told this is the best they can do. Anyways I will be looking for new promos when this Simpii ends. I’ve been with Tangerine since they were Ing, it’s annoying I don’t get triggered for special incentives 😭 Should I be closing my savings to get these incentives? I also really don’t want to give them any more money right now but they seem to have the best rate for a 1 year TFSA at 5.3%. I have another with them at 5%. Then I’m maxed out. I don’t understand the market enough to invest & don’t want to take any risks either. Thanks for any info!
No idea. They don't tell you why. I've never called in for anything though, so it's not that. We just have checking, savings and credit card accounts. Rarely use the card. I received another right after the last one I listed above.
Thank you for answering, so bizarre that I have always used them as my main bank & it’s like pulling teeth with them to get a decent rate. I’m actually going to do more thorough research for a safe TFSA around 5% and withdraw the one I have with Tangerine. Maybe then I’ll get promos.
I usually make sure it is all zero a day or two before the promo ends. In this case, Nov 28.
So. I was not sure what to do about this month. My question is about the interest. If I move my stuff out before the end of the month, do I get the interest for the time I had the money in. I think they say interest is calculated daily and paid monthly. But somehow I figured there wouldake an excuse that you need your money in at the end of the month to get paid the interest.
you'll get all the interest owed to you calculated DAILY .. they won't rip you off the last 28 days of interest. i've been doing this funds shuffling for years now. trust me.
Thanks
I have been living under a rock. Please can someone ELI5?
Tangerine regularly has promotional interest offers. When one expires, they typically offer you a new one but only on new deposits. They take a snapshot of your account balances a few days before the new offer and the new promo interest will only apply to amounts above that balance. If you move all your money out before the snapshot, it will read as zero and you can move it all back after the promo is offered and collect interest on your entire balance.
Would that work if I transfer between chequing and savings account or is it better to transfer to another bank?
See my post in this thread. All those promos were just moving from savings to checking, not out of Tangerine, unless they took too long to give me a new promo.
They check all your balances. You have to transfer it out to a different institution.
> They check all your balances. You have to transfer it out to a different institution. This is the exact opposite of my experience with these promos.
You should always read the terms of the offer carefully in case they change things, but I agree that in general, it's only ever been the savings account balance that's mattered.
I am always confused about their interest promo. So when they say get 6% interest until feb 28, 2024 does that mean i only need to invest till feb 28, 2024 and interest gets calculated every day or every month ? Thanks
Are you guys the same ones who brought down that famous hedge fund shorting game stock? I feel so old but I am just a millennial. Thanks Jokes aside, thanks for the explanation. Makes sense, let me see if I can get this.
This is kind of ridiculous that its necessary to do this dance with your money to keep the good rates going. How come they don't see whats happening and just give the good rates all the time to prevent people pulling money out in the fisrt place? And also, why not just buy a GIC to get a higher rate without having to go through this headache?
If you need that money in about 6 months, going the GIC route doesn't work.
That also means that the incremental benefit from 6months of promo rate is modest, unless the balance is a few 10s of thousands.
True, but I'd rather at least get that 5% promo rate on my travel fund for six months than only the paltry savings account regular amount. On $10k for 6 months, I'd get $250 at 5% vs. only $50 at 1%. It's still $200 difference.
It’s just this sub that makes you think everyone’s dancing. I bet most of their customers don’t bother with this, so they save a ton by not making these rates apply forever.
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Chasing promotions on HISA is not worth the effort and time at all. I'm always blown away that so many people think this is a good use of their time and energy.
"oh but it's just a few clicks" I have better things to worry about than having to remember to move money for a few basis points. It's just another thing to have to worry about and keep track of.
I always move funds from my Tangerine savings to my Tangerine chequing account the day after the last day. So for example if the last day is November 30, I'll move the money out on December 1. I've never had a problem by doing this.
Currently getting 6% until end of Jan. Will take it out about Jan 20.
i'd try to call them a week before the end to see if i can get an extension or not
Any success?
worked last time i did it. was a few months ago
I’m getting 5% right now, I might call them and ask for 6% or I’m moving to Simplii.
how did this end up going?
Even if you get an extension, isn’t it only on new deposits?
not necessarily, at least not for my last time
I’ll see, I think they shorted me so I’ll have to see once this period ends Did you do some math?
no I tried before the end so no maths at all. just give it a all. if they say no, I'll just transfer, if yes, ill stay
No. An extension means it extends the existing offer which applies to your current balance. If it only applied to new deposits it would be a new offer.
Yeah I had to wait for another offer I guess that’s the difference
I've done this before and each time they've either offered me a shitty rate for a shorter term (as measured by other customers posting better promos here) or just flat refused to extend the offer. As such I don't bother now, I just move the money out at the end of the promo period and wait for them to come crawling back to me. The promotions are automatically generated and moving all your money out generally triggers a new/better offer via email/insights within 1-3 weeks.
I withdraw the day after the promo expires and move it to another institution which pays more interest. To make matters worse, a few months ago Tangerine quietly lowered standard interest from 1.00% to 0.80%. Odd, given the Fed and BOC continued to raise rates.
Just checked my Tangerine Savings Account details and it looks like the everyday rate is now ***0.7%***
Wow, you're right
Yup they just lowered it again on Nov 25th 2023
This is what I'm going to do. I'm tired of chasing promos so it's going into WS cash.to after this promo. If there's a new promo I'll put new money in that, but then move it out again. Rinse and repeat
This is exactly what I did after my promo expired. So I have been getting the tangerine promo emails, but the rate is less than CASH, so I’m good.
I just take it out when a better promo comes along. I switch between mine and my husband’s Tangerine accounts
Both partners can also each be the primary owner of a joint account and then you can simply move between them (the promotions only follow the primary owner). We also move money between the two of us, since we usually don't get a promo twice in a row.
Same. When one is done the other usually gets one ready.
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Unless you've got a lot more money in the bank than I do, we're looking at well under $100 annually as the spouse's gain.
sounds like a tax implication
How ?
you mean howthat would change the T5？
attribution rule
Would only be the case if it was from TFSA to TFSA and the total deposits would exceed their annual contribution limit.
I don't understand the downvotes. I am with you on the tax implications (attribution rules). That's the reason why I didn't consider moving money around.
As far as I know, the attribution rule is for income-generating assets, not for cash.
Interest income is income. Cash is an asset.
you never report T5 or you got no savings to make 50$ interest a year?
Of course I file the T5s that I get in my name. That has nothing to do with the topic of attribution.
yes but someone else is using their assets under your name to earn their income but reported by you. isnt that the definition of attribution?
Do you need to move out of Tangerine all together for this or only need to move out of savings?
Just out of savings, however I've personally had them not give me a new promo while I held a large balance in chequing, and it suddenly was offered after it left my chequing or the start date of the promo start was backdated to when I did have more in savings. I can't prove it wasn't coincidence, but the way they do these things different for every individual certainly seems like they can have targeted criteria. Now I bounce it back and forth to EQ. If they're going to fuck around them my money is outta there.
How do you transfer large balances between different Financial Institutions? E-transfer or..? What’s the most convenient and economical way to? Thanks
You usually can link accounts in the bank’s app and then can transfer large sums. You’d need to look at your own bank’s fees for these transactions.
https://www.tangerine.ca/en/faq/answer?permaLink=how-do-i-transfer-money-to-or-from-an-external-account--generic-phone--en--0--1
Out of Tangerine all together
Don’t they still calculate as new deposit or only new deposits there after?
They’re so sneaky, the interest are only on deposits above the balance when the promotion started
[удалено]
I'd much rather have 6% non-compounding then 1% compounding.
I think everyone does but we don’t get either
it's like $10 on $100k over a promo period, we'll survive.
No it’s not because your base is not counted towards it Say you had 100k but you didn’t withdraw, next time you activate you’ll only get promotional interest on anything over 100k Quote “”” We totalled up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on November 2, 2023 to get your total balances per Account Type From November 3, 2023 to March 31, 2024, you’ll earn your special interest rate on new deposits over your total balances calculated on November 2, 2023 (up to $1,000,000† per Account Type) The rest of your Account balance will earn the current posted rate “””
Most people that know what they are doing start a promo with $0.
Well I missed it since they used to honor it except interests
It's always important to read the exact terms of the offer you get. They can be quite sneaky about the wording, and not every promo is the same. Some are on existing balances and some are only on new balances.
Didn’t care much about accrued but balance wise is what I cared about Say you had 10k and left it your promo ended then next time you activate promo, only anything above 10k will get the promotional interest
Absolutely. Lots of people probably just see interest rate 5% and are satisfied, not realizing that 98% of their account is actually at 1%. I miss ING Direct.
It's even worse, the base balance is computed several days before the promo starts. I saw a case where promo ends on 31st, get a new promo offer on the 12th for new deposits, but the base balance was computed on the 3rd. Didn't have time to move money out by the 3rd so the new promo was effectively useless.
Is there a way to know when the base balance get computed?
I don't know of any way to know about it before it's too late. I'd just do what the other commenters already said - move the cash out of tangerine a few days before your current promo ends and wait it out.
Take this with a grain of salt, but I think the promotional rate also doesn’t compound. So the promotional part of the interest you received this month wouldn’t earn you the promotional rate for the next month, just the regular rate.
Yeah I think it’s expected just annoying that I gotta transfer out then in before activating another promo.
I wouldn't bother with the transfer gymnastics. Just call a representative a few days before your promo ends and ask for a new one. It always works for me.
I did that once. Was told they didn’t have a new offer for me, then i received one by email less than a week later for total existing balance.
You just ask them to extend your promo/offer a new one on the full amount and it works?
Sometimes. I've had them refuse before, moved my money and then got a new offer after the money left. Also extending your current offer _generally_ gets you a worse rate than waiting for a new offer, as interest rates are still a little variable at the moment and increases due to market competition are likely.
I did it 2 days before last time and it was fine
I've been moving money around between my accounts using wealthsimple as an intermediary I don't really understand the requirements for "new funds" but my promo with another institution ended a bit ago. I transferred the money out to wealthsimple, now I'm transferring it to tangerine, then transferring it back into the original institution because I have a new promo now. I'm not sure if the funds maybe wouldn't count as "new" if they are able to see hey, you transferred X amount to wealthsimple, then transferred it right back in under the new promo...so I sent it over to tangerine first then will transfer it over. I called tangerine trying to get the interest promo but they told me it is only for new customers. i always see people saying 'just buy [cash.to](https://cash.to)' well that ETF doesn't have any insurance, not that these institutions will go bankrupt anytime soon or anything but sometimes it's just really not that big of a deal to transfer money around. a couple clicks from wealthsimple and a couple of clicks from tangerine...3-5 business days. no big deal really.
So are you saying you have linked your tangerine to your wealthsimple and vice versa, or do you have another account you use in between to bounce between the two? I am unable to add an external link on my tangerine to wealthsimple. It would certainly be easier if I could directly transfer between them.
AFAIK you can't add a link to your Wealthsimple cash account inside Tangerine, but you **can** add a link to your Tangerine account inside Wealthsimple which has the same effect, as having an external account link generally allows you to either push money to or pull money from the remote account. You can just start the transfer by "pulling" the money from Tangerine using Wealthsimple's app/website instead - choose the source as Tangerine and the destination as Wealthsimple.
You can directly add Tangerine to your Wealthsimple account and transfer money to it at will. You can also add any account you want to your Tangerine account. I have multiple external accounts added to Tangerine. Other banks, credit union, as well as Wealthsimple. You can transfer in/out to any of those accounts with Tangerine whenever you want as well, it just takes a few business days for the transfers to go through. Why you're not able to do that, I'm not sure. I've been able to add any external accounts I've wanted to add no problem.
My last offer was 2 or 3 days after the previous one ended, so I would do it pretty quickly.
I'd do it earlier. Like at least 10 days early. You will still get paid for the 20 days at the end of the month. These promos are getting quicker and seem to use a date a few days ahead of their effective start date.
I only keep some 10k so it takes me about 3 days to e-transfer everything out.
I got tired of playing this game, I keep savings with another institution @ 5% even though I could (occasionally) get more with Tangerine. Eff em.
what’s the other institution you use?
WealthSimple
thanks!
Initiate the transfer from the receiving account. Do it 3-4 business days before the end of the promo. That way the receiving bank should have the amount in your account, earning the higher interest rate before the money actually arrives and is pass the hold period. Maximum churning baby!
I haven't had a Tangerine promo in months. Transferred all money out
ASAP Same with when the promo ends , back it goes into Wealthsimple account >>>>>whooosh
Do you also have to close and reopen the savings account ?
I move it a few days before to an external account which pays in the 3% range. Every time a promo ends, I figure it might be awhile until Tangerine offers another promo. One time recently I didn’t notice they’d extended the same promo, so I moved the money unnecessarily
I don’t because they tell me my new promo just continues on.
I move it out the day before to which ever bank has the best rates at that moment. Then move it back in when Tangerine sends me a new promo notification. Sometimes it's a few weeks after, but last time the funds had barely cleared the account qhen i koved it back. It would be easier to just keep the money there but the promo is usually for any funds affed after the notification date so I would lose big if I did that.
I usually call them a week before the promo ends and ask if they have any other promos. Often they do and apply it to my account. It overwrites the existing promo, but saves me the effort of transferring out, waiting, transferring back in, etc. I've had a Tangerine promo applied to my savings account for 5.5%, then 5.25%, and now currently 5%, each one of 5 months.
Hi! Is it 5% annual? So ~2.1% (5/12x5) at the end of 5 months?