Tangerine, the online bank owned by Bank of Nova Scotia, currently pays 1.2 per cent on its savings account. But in a recent promotion, it offered 2.75-per-cent interest for six months to new clients opening a savings account, tax-free savings account or registered retirement savings plan. Note: If you get 2.75 per cent for part of the year and 1.2 per cent for the other part, your overall rate is a blend of the two rates.
Customer passivity makes it all possible. “Most people don’t proactively manage their rates that closely because, frankly, it’s an effort to call in to complain and it’s an even bigger effort to switch your balance to another institution,” Mr. McVay said.
And then there’s the middle ground of online banks such as Tangerine and Simplii Financial , which have regular rates marginally better than the big banks and offer bonuses selectively.
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