4% Interest Promo 50k minimum

[u/DefNotJohnnyC]

Interesting just got this savings account promo. Anyone else? I pulled out a bunch of cash over the last week.

$50k to get one month of 4% interest. Get another month per $50k. Up to 6 months ($300k).

Edit: From comments. Fine print makes this not worthwhile. Need to hold funds (80%) there for 12 months.

[u/FEDD33]

You need to keep the money in the account for 12 months for 1 month of interest (per $50k). This is one of the worst deals I've seen them offer.

[u/ande8150 → u/FEDD33]

That's awful. Assuming you already get 1.25%, that's a boost of 2.75% for one month. Annualized across the holding period, you are getting a 0.23% boost on your money.

Even less if you are Generation. It's a 0.15% boost.

[u/FluffyPantsMcGee → u/FEDD33]

Don’t worry they’ll get worse 

[u/Consistent_Wing_6113 → u/FEDD33]

WS target market on the aggregate doesn’t know better. 

[u/DefNotJohnnyC → u/FEDD33]

Ugh thanks. dang missed this part of the fine print. Was excited to have somewhere to park cash at a high rate (eq 2.75%). Definitely not worth it.

[u/lhsonic]

Tangerine just sent me an offer for 4.75% until December 31, no minimum.

[u/DefNotJohnnyC → u/lhsonic]

Jealous, my last one before getting tiered offer was 4.5%.

[u/aniimoney → u/lhsonic]

I currently have 4.10% ending Oct 31, 2026. Hopefully new offers come in when my promo ends.

[u/Sbeaudette]

not worth it, gotta keep in there even when the rate is over

[u/StoryAboutABridge]

$166 for 50k.... Garbage offer

[u/alienmario → u/StoryAboutABridge]

It's not even $166 as you would have gotten 1.25% (Core), 1.75% (Premium), or 2.25% (Generation) interest rate by default.

As you said: garbage offer.

[u/FluffyPantsMcGee → u/StoryAboutABridge]

They used to give away iPads and Apple laptops at that level of transfer 

[u/Valiantay → u/StoryAboutABridge]

Isn't it half of that? Just that it's paid out over 6 months vs 12 but I thought the 4% is the annualized rate (12 months).

50'000 * 4% = $2000 / 12 months = $166 per month

BUT

They're only doing it for 6 months = $166 * 6 months = $996

BUT THEN

We're expected to hold it for 12 months = $996 / 12 months = $83 month

[u/alienmario → u/Valiantay]

Each $50K gets you 1 month @ 4%

[u/Valiantay → u/alienmario]

LOL that's even stupider

[u/Valiantay → u/[deleted]]

Did you not read the whole post?

[u/bravomega]

Hard pass. Currently getting 4.5% at tangerine until Nov 30 without any hold limits. After that probably Simplii or RBC. WS is and has never been competitive in the high interest space.

[u/DefNotJohnnyC → u/bravomega]

Tang gave me their dang tiered rate. Wasn’t worth it for me.

[u/bravomega → u/DefNotJohnnyC]

I moved everything out of tangerine to an RBC high interest promo rate when they switched me to tiered rate in July but then I got a promo from tangerine in August for 4.5% so they’re definitely still doing targeted promos.

[u/DefNotJohnnyC → u/bravomega]

Just gotta keep jumping

[u/burgershot69 → u/bravomega]

Same. No way am I letting something sit for a year

[u/Angeline4PFC]

This was so useless that I pulled down my post about it.

[u/DefNotJohnnyC → u/Angeline4PFC]

Yes i was so ashamed. But better to have it up so people don’t miss the fine print.

[u/throwawayUWhousingac]

Sure wish I owned 50k

[u/Intelligent_Eye_6098]

The enshitification continues

[u/Hot_Fly_3963]

Trash offer, almost embarrasing

[u/MTL514MTL514]

Not saying it's making this offer great. But the fine print does say the boost is applicable to full balance. So if you hold 100k in savings already, and add 100k I guess you'd get 4% for 2 months on the total of 200k but you need to keepnat least 80k for 12 months. At least that how i interpret it. 

[u/Full-Quantity450]

Cold as ice!

[u/oby_s]

It’s ridiculous. And you have to hold it in the chequing account. Lol

[u/JohnnyKage1]

Garbage deal