I was skimming RedFlagDeals financial chat forum recently and discovered that Tangerine had a promotion for “select” customers. They were offering a 3% rate on savings for 180 days to customers with significant savings. The “significant” level seemed to be a minimum of $10 000.
Did You Receive this Special 3% Rate Offer from Tangerine?
I checked our Tangerine email for any sign of this special offer but nothing was listed. Nor did I see it when I signed in.
I don’t give up that easily so I phoned Tangerine to discuss it.
What Did I Need to Do to Get the 3% Rate?
The Tangerine representative asked where I had heard about this “targeted” promotion and made a note on her computer. She said that she could give me the rate only if I had $10 000 or more in my account immediately.
I offered to make a deposit immediately using the Cheque-In feature since the money was in an account not electronically linked to Tangerine. Unfortunately, that was not one of the acceptable routine ways to get the promotion started. I had close to the minimum $10 000, though, so my representative wanted to help me get this to work. She went off to discuss it with her team leader.
While she was busy, I realized that I actually did have enough in an electronically-linked account to transfer into Tangerine to bring my balance immediately up to the $10 000 requirement. So I went ahead and transferred it in, using a Pull request from Tangerine sent to my Big Bank.
So when she came back, with authorization to grant me the promotion provided I completed the Cheque-In deposit while still speaking with her on the phone, I was able to meet the requirement without that extra step.
How Do I Know the 3% Bonus Interest Rate Has Been Applied to my Tangerine Savings Account?
After she made the change on her computer, the Tangerine representative asked me to sign out of my Tangerine account and to sign back in. When I did, I could see the 3% rate had been applied to my Savings account by choosing my Savings Account and then clicking on the Account Info downward arrow.
How Long Is This 3% Rate Available at Tangerine?
The offer is only expected to be made until about July 1 2015.
Once applied, the interest rate is for 180 days. This is pretty respectable compared to most PC Financial and Tangerine promotions which tend to be for 60-90 days.
Why Am I Holding Onto a Pile of Cash at any Rate?
Well because we have some home renovations to pay for in the next 6 months, and a new car to purchase in the next year or two, and a big vacation (hopefully) in the next year.
None of the money for those things belongs in the stock market since we might need it exactly when the markets tumble on some unexpected news.
And yes, we save for all of those types of purchases before we make them. We could get a HELOC or run up our credit cards but we don’t. We have the cash ready before we buy these discretionary items.
So I’m pleased that while the money is parked waiting to be used it will earn more than the 1.75% offered right now at Oaken Financial and more than the 1.05% that PC Financial will be paying after their current promotion expires on June 30 2015. Thanks Tangerine and thank you to RedFlagDeals for pointing this out!
- How to Deposit Money in your Tangerine Account Using Cheque-In
- How to Deposit a Cheque Using a Photo to your PC Financial Account
Do you bounce your cash around to take advantage of the highest possible daily interest savings account rate? Do you save in advance for vacations and renos? Please share your strategies with a comment.
Yes, we bank with Tangerine.ca among other places. If you open your first account ever with Tangerine (or ING Direct) using our Orange Key below, and deposit $100 before August 31 2015, you and we will both get a cash bonus of $50 each. All you have to do is enter this Orange Key 26778217S1 when you are opening your Account, and you’re set to go.
Just copy our Orange Key, then click on this Tangerine link to see the details and apply for an account. (Note: it only applies to people with no existing or previous accounts with Tangerine or ING Direct.)
Note: this $50 bonus is only available until August 31 2015 for a customer opening their first ever new account with a deposit of $100. (Yes, they did extend the promotion for another few months!)