2.75 % for 270 days on ENTIRE BALANCE - NEW Targeted Offer from Tangerine Marketing Department | Page 2 | Tangerine Bank (formerly ING Direct) | Discussion forum

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2.75 % for 270 days on ENTIRE BALANCE - NEW Targeted Offer from Tangerine Marketing Department
April 6, 2018
1:21 pm
GoldenLion
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Tangerine rep phoned me and offered 270 day @2.75% on new and existing savings account balance up to $500,000. Most of the money I had at Tangerine had already been moved to Duca savings account @ 3.15% until the end of May. The one year Oaken GIC @2.75% got my attention but I do not want to exceed the CIDC limit at Home Trust and Home Bank.

April 11, 2018
7:13 pm
tcharger67
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Just an FYI. I got the 2.75% for 270 days. I wrote an email to tangerine ombudsman saying; I was felt it unfair why some clients ie a family member in this case, whom was a newer member with a smaller balance, was granted this rate and not myself.
I just received a call from a supervisor whom was unable to tell me how the clients are chosen by the marketing team. I than asked for marketing to call. Supervisor put me on hold, and came back with the 270 days at 2.75% starting today.

When in doubt don't take no for an answer

April 16, 2018
2:03 pm
Peter
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Neither my wife nor I have received a call; however she just noticed this in her account today:

Activate Your Special Savings Rate Offer Today
You’re Eligible for a Special Interest Rate on Your Savings

A great savings rate could be just the thing you need to help you reach your savings goals faster. Here’s how you can start earning 2.75% interest* on new deposits made to your Tangerine Savings Account(s), Tax-Free Savings Account(s) and RSP Savings Account(s):

Click the ‘Activate Now’ button below by April 30th
New deposits made to your Applicable Accounts from April 4 to August 31, 2018 will earn your special rate of 2.75%

Once You’ve Activated, Here’s How It Will Work:

We’ll total up the balances of your eligible Savings, TFSA and RSP Savings Account(s) as they were on April 3, 2018 to get your total balances per Account type
From April 4 to August 31, 2018, you’ll earn your special interest rate on new deposits over your total balances calculated on April 3, 2018 (up to $500,000 per Account Type)
The rest of your Account balance will earn the current posted rate

It's a different offer than the reported phone offer since it's shorter and only on new deposits.

April 16, 2018
2:52 pm
2of3aintbad
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Yes, a new twist in this old game. I am still waiting for the phone call / account offer, as I have moved out all my funds. So it doesn't matter to me whether it is all funds or new funds.

April 16, 2018
3:20 pm
rhvic
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Peter said
Neither my wife nor I have received a call; however she just noticed this in her account today:

Activate Your Special Savings Rate Offer Today
You’re Eligible for a Special Interest Rate on Your Savings

A great savings rate could be just the thing you need to help you reach your savings goals faster. Here’s how you can start earning 2.75% interest* on new deposits made to your Tangerine Savings Account(s), Tax-Free Savings Account(s) and RSP Savings Account(s):

Click the ‘Activate Now’ button below by April 30th
New deposits made to your Applicable Accounts from April 4 to August 31, 2018 will earn your special rate of 2.75%

Once You’ve Activated, Here’s How It Will Work:

We’ll total up the balances of your eligible Savings, TFSA and RSP Savings Account(s) as they were on April 3, 2018 to get your total balances per Account type
From April 4 to August 31, 2018, you’ll earn your special interest rate on new deposits over your total balances calculated on April 3, 2018 (up to $500,000 per Account Type)
The rest of your Account balance will earn the current posted rate

It's a different offer than the reported phone offer since it's shorter and only on new deposits.  

Wow, this looks like a ploy by Tangerine to hoodwink unsuspecting clients.

Let's say as of April 3 you have $100K (CDIC limit) in a savings account with them making 2.5% till the end of May. If you sign up for this offer, your $100K suddenly drops to 1.1% (the offer is for new money only!) to the end of August. Only new deposits will get the 2.75% rate.

No thanks!

May 21, 2018
4:32 pm
billybob
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I got the call and I asked if it applies to the whole balance and not just new money. I was told it was on the whole balance and it was not simply an extra .25% on top of the 2.5% promo rate which would expire soon for me. So I should be getting 2.75% on the whole balance for 270 days. If they play any games then I move my money out and of course you never have more than the 100k CDIC limit

May 28, 2018
7:12 am
bhuc
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billybob said
I got the call and I asked if it applies to the whole balance and not just new money. I was told it was on the whole balance and it was not simply an extra .25% on top of the 2.5% promo rate which would expire soon for me. So I should be getting 2.75% on the whole balance for 270 days. If they play any games then I move my money out and of course you never have more than the 100k CDIC limit  

Never say never but when was the last time a Canadian bank went under !
They are watched very closely by OFSI .
Even Home Capital didn't close shop when they had money issues.
I would say that money over 100K is pretty safe with Tang they are backed by Bank of Nova sf-smileScotia.

May 28, 2018
8:08 am
Norman1
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bhuc said

…Even Home Capital didn't close shop when they had money issues.

Home Trust was actually hours away from not being able to open for business one morning!

I would say that money over 100K is pretty safe with Tang they are backed by Bank of Nova sf-smileScotia.

Careful with that! Tangerine Bank is owned by Bank of Nova Scotia. But, I've never found any statement by Bank of Nova Scotia that they back all the obligations of Tangerine Bank.

May 28, 2018
8:20 am
Bill
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True, but at the end of the day Home DID stay open and it's probably safe to assume BNS, to protect its own business and reputation if nothing else, would not allow a subsidiary to fail. I think the real problem will be (when the next crisis comes) that these online banks can use the tactic of being "unavailable", online or by phone.

Previously I never considered exceeding CDIC limits but after reading here about folks who do it regularly now I find I'm more comfortable with the notion, even though I don't do it except occasionally for a short-term. Are we being groomed?

May 28, 2018
11:29 am
Loonie
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Let's not forget that part of CDIC's mandate is to ensure that, if at all possible, one way or another, FIs do stay open. CDIC arranges deals to make this possible. Closing is a last resort, which would cost CDIC a lot of money.

That said, I too would not assume that BNS would back Tang, although they might sell it off. What would you who hold bank stocks expect them to do? - whatever it is, that's probably what they'd do.
I do sometimes hold more than CDIC limits there and in some other FIs. never more than 10K, and usually temporarily (a few months). I don't think it's a good practice, but I do it. Other Forum members have reporting maxing out at 500K for promos. At a certain point, if you have a few million dollars and aren't interested in other kinds of investments, you can't find enough FIs to cover all the money under CDIC except for miserable interest rates at various incarnations of large banks.

Even if you are less well endowed, having your money parked in a number of FIs makes a certain amount of sense. But, for other reasons, such as ease of management, consideration of cognitive decline, POAs and estates etc., it makes sense to pare down the number of FIs. A dilemma!

Online banks are already limiting our access to our money using withdrawal limits - notwithstanding that some of this may indeed be for our own protection. Expect more of that in future.
And it's already difficult to get through to some of them on the phone - e.g. Tangerine.
However, bricks and mortar can also limit access if necessary. We just haven't seen that, probably since the Great Depression, in this country. They too can close their doors, just as the stock market occasionally closes down.

There's always a new way to separate us from our money!

May 28, 2018
5:03 pm
Bill
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The HISA chart shows 9 FI's paying 2% or more so a couple using individual and joint accounts, particularly using too the 6 credit unions (higher coverage limits), could have several millions insured with still a decent relative return for money they want to keep liquid.

May 28, 2018
5:42 pm
Loonie
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Bill said
The HISA chart shows 9 FI's paying 2% or more so a couple using individual and joint accounts, particularly using too the 6 credit unions (higher coverage limits), could have several millions insured with still a decent relative return for money they want to keep liquid.  

As I read that chart, there are only 3 CDIC-insured banks offering 2.0+ on HISAs: EQ, AlternaBank, and WealthOne. That would give you a maximum of 800K coverage for a couple, since EQ doesn't offer joint accounts - less than a million.

I would prefer to use FIs that are resident in my own province, which are subject to local laws and easier to approach for myself and POA/heirs. That is difficult to do precisely because there aren't enough of them offering good enough rates.

It's high time the CDIC coverage was increased.

May 28, 2018
7:33 pm
Bill
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True, Loonie, but for those who have no preferences or restrictions like yours the 6 Manitoba credit unions listed have unlimited deposit insurance so that gives another 18 potential accounts for a couple to stash as much as they like without worrying about exceeding insurance limits. That can easily be several million!

In my view CDIC coverage is fine as it is, no need to increase.

June 30, 2018
7:59 am
murph
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With my Simplii promotion ending today, I called Tangerine and they gave me 2.5% for 180 days or until end of the year.

June 30, 2018
8:20 am
Kidd
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Thanks Murph,

As long as we are aware of the secret rates Tangerine are offering, we stand a chance. That's why this forum works.

A wink is as good as a nod, to a blind man.

June 30, 2018
12:05 pm
toto
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I asked and got 2.5 for 6 months also.

July 1, 2018
5:15 pm
Joe
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murph said
With my Simplii promotion ending today, I called Tangerine and they gave me 2.5% for 180 days or until end of the year.  

Good one....best bank in the world.

July 1, 2018
5:19 pm
Joe
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toto said
I asked and got 2.5 for 6 months also.  

....that's the way to play the game.....winning!!!

July 3, 2018
7:17 am
davidgeorge
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Just called this morning, and was offered 2%, so I stay with EQ at 2.3%.

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