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Tangerine New Client 2.75% Interest Rate Offer Terms & Conditions

General:

  1. The Tangerine Bank (the "Bank") New Client Interest Rate Offer of 2.75% (the "Offer") is available to new Tangerine Clients:


    1. whose “Client Number” (as defined below) with the Bank was created between May 1, 2019 and October 31, 2019; and

    2. who open an Applicable Account (as defined below) within 90 days of the date their Client Number was created ("Eligible Clients").


    A Client’s Client Number is created when he/she submits his/her personal information (including, but not limited to, name, mailing address and email address) to the Bank as part of the Account opening process.


  1. The Offer is available to Eligible Clients on deposits made within 182 days* from the date the first Applicable Account was opened (the "Promotion Period") to a maximum of $1,000,000 per Applicable Account Type as defined below.

  2. The Offer is only applicable to deposits made during the Promotion Period to Tangerine Savings Accounts ("Savings"), Tangerine Tax-Free Savings Accounts ("TFSA Savings"), Tangerine RSP Savings Accounts ("RSP Savings"), Tangerine RIF Savings Accounts (“RIF Savings”) and Tangerine US$ Savings Accounts (collectively referred to as "Applicable Accounts") where the Eligible Client is the Primary Account Holder as described in Section 12 below. Multiple Applicable Accounts of the same type (for example, 3 separate TFSA Savings) is defined as an "Applicable Account Type". The Offer is not applicable to any other Account types, including Tangerine Business Savings Accounts, Tangerine US$ Business Savings Accounts, Tangerine TFSA Kick Start Accounts, Tangerine Children’s Savings Accounts or Tangerine Chequing Accounts.

  3. In addition to these Offer Terms and Conditions, all Terms and Conditions associated with the Applicable Accounts will continue to apply.


Promotional Interest:

  1. A Promotional Interest rate of 2.75% will apply to eligible deposits under this Offer. Subject to the limits and qualifications outlined in these Terms and Conditions, Promotional Interest will be calculated daily and paid monthly on eligible deposits made during the Promotion Period to Applicable Accounts. Eligible Clients will receive Promotional Interest in two separate interest payments – (1) interest calculated at the posted rate of interest listed on the Bank’s website (the “Posted Rate”) is paid at the end of the month in which it was accrued, (2) an additional interest payment that represents the excess of Promotional Interest over Posted Rate interest (“Additional Interest”) is paid at the start of the month following the month in which it was calculated. For clarity, Promotional Interest equals the sum of Posted Rate interest and Additional Interest. The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the additional interest rate so that the Promotional Interest rate remains unchanged. Notwithstanding the above, the Bank may change the Promotional Interest rate at any time without prior notice.

  2. After the Promotion Period ends, all balances in the Applicable Accounts will earn interest at the Posted Rate payable on the Applicable Account (see Section 7 for more details). In the event that the combined balances of any given Applicable Account Type is greater than $1,000,000, any balances in those Applicable Accounts that are above this maximum will earn interest at the Posted Rate payable on the Applicable Account.

  3. Once the Eligible Client's first Applicable Account has qualified for the Promotional Interest rate, subsequent Applicable Accounts opened by the Eligible Client during the Promotion Period, up to a combined maximum of $1,000,000 per Applicable Account Type, will also earn Promotional Interest for the duration of the Promotion Period (i.e. 182 days from the date of first Applicable Account opening).

    Example 1: If a Client opens their first RSP Applicable Account on May 1, 2019 and a subsequent RSP Applicable Account 60 days after opening the first Account, the Promotional Interest will be paid on both Applicable Accounts only until October 29, 2019 or until the combined balances in both RSP Applicable Accounts reaches $1,000,000, whichever comes first.

    Example 2: If a Client opens their first RSP Applicable Account on May 1, 2019 and a subsequent Savings Applicable Account 60 days after opening the first Account, the Promotional Interest will be paid only until October 29, 2019 on both Applicable Accounts.

  4. In the case of Applicable Accounts where deposits are made by transferring registered funds through a T2033 form, those deposits will earn interest at the Posted Rate payable on the Applicable Account from the time the transfer request is submitted to Tangerine and while the funds are in transit. Upon receipt of the transferred funds by Tangerine, the Promotional Interest rate will begin to apply to those funds only for the remainder of the Promotion Period, and provided that the Promotion Period hasn’t already ended when the funds are received.

  5. All deposits to TFSA Savings and RSP Savings Accounts are subject to the limits imposed by the Canada Revenue Agency (CRA). The RSP contribution limit is as noted on the Eligible Client's Notice of Assessment issued by the CRA. The Eligible Client is fully responsible for monitoring their individual contribution limits and ensuring any and all deposits fall within these set CRA limits. The Eligible Client further agrees to at all times indemnify and hold the Bank harmless in respect of any such penalties or charges imposed upon the Eligible Client as a result of these imposed limits.

  6. Subject to the imposed CRA limits on TFSA and RSP Accounts, Additional Interest will be paid on the first $1,000,000, of deposits made to each of the Applicable Account Types during the Promotion Period. No deposits or eligible daily balances to which Promotional Interest would otherwise qualify will be greater than $1,000,000, across each of the Applicable Account Types (i.e. $1,000,000 CAD, across all Savings, $1,000,000 CAD, across all TFSA Savings, $1,000,000 CAD, across all RSP Savings, $1,000,000 CAD, across all RIF Savings and $1,000,000 USD, across all US$ Savings). Any balances greater than $1,000,000, will earn interest at the applicable Posted Rate of interest payable.

  7. Interest is calculated daily and paid monthly for both the Posted Rate interest payments and the Additional Interest payments. Any Applicable Account closed prior to the payment of Additional Interest will forfeit any additional interest calculated during the month in which the Applicable Account is closed.


Eligibility:

  1. The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the "Primary Account Holder"). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (Example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Applicable Account.


Limitations:

  1. This Offer cannot be combined with other promotional rate offers. Where an Eligible Client qualifies for more than one promotional rate offer from the Bank, this Offer will be applied to the Eligible Client’s Applicable Account(s) first, to the exclusion of any other promotional rate offer.

  2. If the Bank is unable to run the Offer as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of the Bank which corrupt or affect the administration, security or proper conduct of this Offer, the Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

  3. The Bank reserves the right at its absolute discretion to vary, delete or add to any of these Terms and Conditions from time to time without prior notice.

  4. The Bank reserves the right to withdraw the Offer in whole or in part, or to vary any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion. The Bank reserves the right to end the Offer earlier or to extend the Promotion Period further at its absolute discretion.

  5. The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

  6. This Offer may be suspended, modified or withdrawn at any time without notice for any reason including, but not limited to, an error or mistake on behalf of the Bank.

  7. To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, or statement (a "Message") from the Bank, these Terms and Conditions will supersede all other Messages.

  8. By accepting this Offer, you agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice offered by us with respect to this Offer is deemed to be provided on the day it is posted on our website.


*182 days is 6 months.

For US$ Savings Accounts, the combined maximum deposit amount for this Account Type is $1,000,000 USD.

Last updated on May 1, 2019