3% until November 30, 2015 on new Tangerine Savings Account deposits made between July 2 and September 30 | Page 3 | Tangerine Bank | Discussion forum

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3% until November 30, 2015 on new Tangerine Savings Account deposits made between July 2 and September 30
December 1, 2015
10:01 pm
MG
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Hi there!
I had the Tangerine offer that expired on November 30th and was going to call them tomorrow based on Calibre's comment above. When I logged in today, I had a message from Tangerine stating that my accounts (single and joint) would qualify for 2.4% until February 29, 2016 (for balances up to $500K) as long as my balance in my accounts remain at the balance of November 30. Basically they are offering 0.8% basic rate plus a bonus of double the regular rate (1.6%) for a total of 2.4%.

Wish I had moved some funds out before November 30th since I am obligated to keep over $500K in the accounts in order to receive 2.4% on only $500K. The balance over $500K gets only the regular 0.8% balance. As I don't have too much over $500K in the accounts, I will take the good with the bad.sf-wink

December 2, 2015
3:19 am
Loonie
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If they keep having offers like this, you'll never be able to get that money over 500K out of that account! You may need to give it a rest for a few months at some point and put it somewhere else for a while.

Can you move money out of one account without jeopardizing the rate in another? or is it all-or-nothing?

I do think it's a bit ridiculous to offer a rate that only applies if you never take out any money. If you'd wanted a GIC, you would have bought one. It's a savings account, not a GIC. This is especially bad as some people might be using this account to save for their next TFSA contribution in January. This must have been the method in their madness in offering 3% - to get us to put every last cent in there, and then hold us hostage to never take it out.

I'm glad I didn't put all my savings in Tang if this is how they are going to behave. I don't know what my "deal" will be yet as the current offer hasn't expired yet.

December 2, 2015
7:35 am
HIS285
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I also got that 2.4% (guess everyone's getting it). If I understand correctly, whenever the balance is below the balance as of November 30th, the rate goes back to 0.8%. It goes back up again to 2.4% when the balance goes up to the Nov 30 minimum.

I'm kinda stuck because I need some of my savings to pay income tax and HST in December. I'm thinking it might be worth taking money out of my Peoples TFSA and transfer it to ING in order to maintain the required minimum balance. I think the income tax I would pay on that money would be minimal compared to the difference in interest I would get.

December 2, 2015
9:30 am
RicksBank
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I logged into Tangerine last night and this offer didn't pop up anywhere, and it's not in any message or email to me. I have over $200K in the savings account. What's up with that?

December 2, 2015
9:44 am
Calibre
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Coincidentally, I received an email from Tang today with the 2.4% offer:

You've been saving diligently, so why not keep your money in your Tangerine Savings Account(s), where it will continue to grow? To help keep your savings growing, we've got a new special offer for you.

Enjoy 2.40% interest on your savings up to $500,000 until February 29, 2016.

Just keep your total savings balance equal to or greater than what you had on November 30, 2015, and you'll earn 2.40% interest until February 29, 2016. That's triple our current posted rate of 0.80%! Plus, you'll earn this great rate on new and existing deposits in your Tangerine Savings Account(s), up to $500,000.

Simply log in at tangerine.ca to view your November 30th savings balance under your Account summary and make sure to keep that amount or more in your Savings Account(s). You can also learn more at tangerine.ca/keepsaving.

Thanks for taking charge of your money with us.

Personally, I am happy with 2.0% for 6 months and complete liquidity.

Calibre

December 2, 2015
11:08 am
RicksBank
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Hopefully I might still receive an email!

I agree that it's annoying to have to keep the entire Nov 30 balance to get the 2.4%.

On the other hand, the 2.4% is on the entire balance whereas the expired 3% deal was only on new deposits during the offer period.

In my case, the account was empty until the offer was made and I moved $200K there. So if I get the new offer, my 3% drops to 2.4% on the $200K. That's still better than where it was before (1.8%).

For a person who had say, $100K in the account and added another $100K, they only got 3% on the new $100K and 0.8% on the old money. Going forward, they get 2.4% on the full $200K and are making more interest than during the previous offer ($83/month if my math is right).

Calibre's option of calling them and getting 2% for 6 months is interesting too!

December 2, 2015
11:59 am
Bill
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I'm on the other offer, the 180-day deal, until Dec 19 - no word from Tangerine on that yet.

December 4, 2015
2:46 pm
dentgal
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I pulled my $500K out about a month ago as they usually only offer high rates on NEW funds.....i did not get the 2.4% offer and just called them and they are not offering my 2.4--only 1.6:(
what's up with that????
getting 2.6 at PC
thinking of ZAG 2.5

December 4, 2015
3:10 pm
RicksBank
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dentgal - Interesting.

I actually had $250K in, but pulled out $40K before the end of November. Maybe that's why I haven't heard from them?

December 4, 2015
3:53 pm
2of3aintbad
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Bill said

I'm on the other offer, the 180-day deal, until Dec 19 - no word from Tangerine on that yet.

I understand 'chasing yield' when you've max'ed out your tfsa and you have cash in July. But on January 1, we should be looking at investing that cash in growth vehicles, so it really doesn't matter to me what Tangerine offers in non-registered savings accounts.

December 5, 2015
1:02 am
Loonie
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I think I know what you're saying, 2of3aintbad, but a number of people have more than the TFSA contribution limit (to be lowered for 2016) which they have to find a rewarding home for. Their financial plan may dictate that a significant amount of non-registered money needs to be held on the Cash side, to match their personal circumstances.

Someone on the forum posted recently that he/she had over 500K (sic!) in Tangerine savings account. I don't know why anyone would need that much cash available, but I guess somebody does, or wants to. Perhaps an inheritance or lottery win, yet to be invested! Personally, if I had that much cash, I wouldn't want it all in one basket.

December 5, 2015
12:44 pm
xxxx
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Tangerine's promo rates are really quite good in the investment environment these days - I well understand why one would put the max spare cash to earn say 3% until the promo ends or something better comes along. Not a lot better out there - GICs pay less than the Tang promo - there is a lot of cash on the sidelines these days - people who do not want to invest in stock market at present or perhaps who have done year end selling and have cash with no better place to invest it.

December 5, 2015
1:49 pm
dentgal
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as to having $500K in tanga---don't worry---i have money invested too....but i don't believe in investing ALL of my money (just in case--i have a bit of depression mentality as my dad lived through the depression).....
and i'm happy to get 3% (or 2.6) and not have to worry about what the markets are doing.....and i'm not worried about being over the 100K CDIC limit--i feel safe with tanga and PC....
can't find any other banks with rates even close; am thinking of trying ZAG....anyone else have money there?

December 5, 2015
2:10 pm
2of3aintbad
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I have some money with ZAG. If you have 500K and a Depression mentality (that's capital D, hopefully not 'depression'), you should split it among 5 banks and credit unions and maybe gold bullion, regardless of the yield. Banks fail during a Depression.

December 5, 2015
3:46 pm
xxxx
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The situation in 1929 was very different than now. Canadian banks are heavily regulated (which they were not at that time) - they make huge profits through thick and thin - None of the big Canadian banks went under during the 2008 downturn which was a crisis nor needed propping up by central banks as in many other countries. While I am not familiar with or know anything about ZAG, - I agree with dentgal - I have no problem exceeding CDIC insurance limit with BNS/Tang or CIBC/PCF - I would definitely not exceed the limits with ZAG, Canadian Direct Financial, Peoples, Oaken etc. and certainly would be very cautious with putting funds in many of these CUs.

December 5, 2015
9:59 pm
Norman1
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I would not exceed CDIC limits lightly with Tangerine. The relationship between Tangerine products and the Bank of Nova Scotia is not the same as the relationship between President's Choice Financial products and CIBC.

PC Financial deposits are actual deposits with CIBC. Consequently, they are direct obligations of CIBC.

In contrast, Tangerine deposits are deposits with Tangerine Bank and not deposits with Tangerine Bank's only shareholder, the Bank of Nova Scotia. I haven't found any undertaking from the Bank of Nova Scotia that it fully guarantees all the deposits of Tangerine Bank. Without such a guarantee, Tangerine deposits are only backed by Tangerine Bank's assets and CDIC deposit insurance.

December 6, 2015
3:20 am
Loonie
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Looks to me like Tang is choosing to reward those who don't remove money from their savings accounts. Having large swings in deposits no doubt gives them financial hypoglycemia.

However, we know it is they who set up this situation in the first place, by the previous "new money" policy. Did they not expect we would learn from that? Even the lowly rat learns to push the lever to get the food pellets.

If you're not getting the rate you want and can do better elsewhere, then move the money out and keep it out until there is an offer you can't refuse. I don't think there's any reliable way to second-guess what they're going to do next, but they will eventually notice if deposits fall.

The rat was a captive; we are not. If he could have gotten juicier pellets elsewhere, I think he would have.

Don't get stuck in the rat race.sf-wink

.

December 6, 2015
4:54 am
dentgal
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very funny, Loonie!
I called tanga 2 times and asked to speak to a supervisor. They held firm and wouldn't offer me the rate even though they know (and i reminded them) that i am a high cash person. Oh well.
I did get the 2.6 at PC (which is where i moved my money about a month ago, as you correctly pointed out, trying to be that rat that would now have "new money" to take back to tanga). Well, the big cat outsmarted me.
Sadly, all i can find besides PC is 1.75 CIBC, 1.5 scotia.
Still thinking of ZAG (which by the way, is a subsidiary of Desjardins Credit--who bought out Province of Ontario Savings many years ago and was my bank for about 30 years--until Desjardins screwed it up with low interest rates. Prov of Ontario acted like the PC and Tanga's of today--one account for savings and chequing, so no worry of overdrawing, no fees for cheques, and higher interest than any of the 5 big banks. Alas, they're gone:(
Norman, interesting what you are saying about PC--you feel that it is "safer" than tanga. As far as I know, they are both considered separate "companies" of the bank.
If we set up additional accounts with another family members name, that might help with the CDIC protection. But they still limit all accounts to the $500K.

December 6, 2015
8:45 am
Norman1
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dentgal said
...
Norman, interesting what you are saying about PC--you feel that it is "safer" than tanga. As far as I know, they are both considered separate "companies" of the bank.
If we set up additional accounts with another family members name, that might help with the CDIC protection. But they still limit all accounts to the $500K.

The companies that operate the storefronts (web sites, in-store pavilions, and caf├ęs) may be separate from the Big 5 bank involved. That's not that important. What is important is whom the deposit product (chequing account, savings account, or GIC) is issued by.

Tangerine savings accounts are issued by CDIC member Tangerine Bank (not its parent, the Bank of Nova Scotia).

Similarly, Zag savings accounts are issued by CDIC member Zag Bank and not by Desjardins Group, its parent.

PC Financial chequing and PC Financial savings accounts are issued by CDIC member CIBC and not by President's Choice Bank, who markets the PC Financial branded products.

Deposit risk is determined by the company that issues the deposit and not the one who markets or sells it.

December 6, 2015
12:13 pm
xxxx
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The bottom line is that CDIC coverage is $100K - so for deposits up to that amount, there is really no difference in safety for depositors between Tang and PCF no matter who issues the accounts.
Norman - I find it hard to conclude that Tang is not as secure as PCF simply because PCF deposits are handled by CIBC. Tang is a 100% owned subsidiary of Scotia and all these "banks" are monitored by OSFI which should help to protect depositors.

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