“Additional Interest” is 2.20%. During the Offer Period, the Bank will calculate Additional Interest to Applicable Accounts each time the sum of the daily balances in each new or existing Applicable Account exceeds the sum of the balances as at April 4, 2016 in all Applicable Accounts combined, up to a maximum of $500,000 in all Applicable Accounts combined, subject to the limitations in section 10 below (“Eligible Deposits”).
Additional Interest is added to the Posted Rate to calculate the total amount of interest payable under this Offer (Example: Posted Rate of 0.80% + Additional Interest of 2.20% = Offer of 3.00%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate.
Example 1: Eligible Client has $10,000 in his/her existing RSP Savings Account on January 5, 2016. On January 10, 2016, he/she transfers $5,000 to a new RSP Savings Account from their Tangerine Savings Account. They also transfer $5,000 from his/her existing RSP Savings Account to an RSP GIC. The total of the balances in the RSP Savings Accounts remains $10,000 after completing the transfers. Therefore Additional Interest doesn’t apply to the RSP Savings Accounts for January 10.
Example 2: Eligible Client has $10,000 in his/her existing RSP Savings Account on January 5, 2016. On January 10, 2016, he/she deposits $10,000 to their existing RSP Savings Account from their Tangerine Savings Account. They also transfer $5,000 from his/her existing RSP Savings Account to an RSP GIC. His/her balance in the RSP Savings Account is $15,000 after completing the transfer. Additional Interest will apply to $5,000 of the new deposit to the existing RSP Savings Account.
Example 3: Eligible Client has $10,000 in his/her existing RSP Savings Account on January 5, 2016. On January 10, 2016, he/she opens an additional RSP Savings Account and transfers $5,000 from his/her existing RSP Savings Account. His/her Applicable Account Type balance remains $10,000 in total between both RSP Savings Accounts. The transfer to the new RSP Savings is not eligible for the Additional Interest because it does not qualify as a net new Eligible Deposit.
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