3% until November 30, 2015 on new Tangerine Savings Account deposits made between July 2 and September 30 | Page 5 | 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 14, 2015
5:29 pm
Saver-Mom
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Let's not give them any bright ideas Loonie!
They (Tang) refused a family member's request to increase from the 0.8% posted rate, and had major problems yesterday, claimed due to a new voice recognition system, kept me on hold for half an hour! I wondered if it was a new way to discourage clients! Gave my spouse the "leave your number and we will call you back" message. He will be moving all his accounts elsewhere. They have truly lost their client-centered approach they had as ING.

December 14, 2015
5:43 pm
Bill
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Saver-Mom, that's interesting. I've had nothing but cordial conversations and good experiences with them and I only have my money there during promo times, it's out of there the second I can get more elsewhere. Any ideas why they're giving you a hard time?

December 14, 2015
9:03 pm
Loonie
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I've certainly had the "leave your number and we'll call you back" message, numerous times. I want to call at my convenience, so I just hang up. Usually I've gotten through fairly quickly by calling back soon after.

However, I don't think they are keeping up with call volume.

Of course, they wouldn't get so many phone calls if their policies were consistent, transparent, and completely accessible online. They set it up so that they will get a lot of calls, so they should be prepared to deal with them - quickly. The competition is online, not onthephone!

December 16, 2015
7:40 pm
Joe
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I was getting 3% at Tang until Dec 19th.....called them up this morning and they offered me 2% for the next 6 months absolutely no restrictions whatsoever....and I must add they were very courteous, but I was on hold for 5/6 minutes........very impressed with this bank over the last year.

Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.

December 17, 2015
4:32 pm
Bill
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Joe, same situation as you, so I called today and she said too bad, it's .8% going forward. I said I've heard in a forum I frequent that you are giving some folks 2% for 6 months, she said what's my plan, I said if I don't get at least that I'll move my money where I can get more, she said where is that, I gave her a few examples, she said she'll have to check (was gone for a while, about 5 minutes), came back and said ok, 2% for 6 month deal on whatever the balance is. I said thanks, and confirmed by signing in and seeing (the still convoluted) wording when I accessed my account. As I've said before, my record with them clearly shows I'm only there if they've got pretty much the best deal going and I do no other business (registered accounts, mortgage, etc) with them.

December 18, 2015
7:06 am
Keith1
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December 13, 2015
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My 3% deal ends on Dec 22. Moved out funds early in week to take Meridian up on there offer of 2.2%. Called today and after a little persistence received the offer of 2% until June 14/16 on existing balance as well as any new money up to 500,000.00.

December 18, 2015
11:40 am
Saver-Mom
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So annoying. Got the 2% for 6 months for me and my kids, but they refused when I called with my mom. She was offered 1.6% for 3 months despite saying we would move elsewhere. No can do says the rep, so we told him to transfer 27,000$ out immediately and the rest in GIC will follow shortly when it matures. I cannot stand this inequality. I will be pulling out a very large sum as it matures. Good job, Tangerine. Buh-bye

December 18, 2015
11:48 am
RicksBank
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I think I'm one of the few who got no offer at all by phoning to ask and threatening to move my money. My $250k balance with them is now down to 5 bucks.

I don't have (much) bad feeling towards them though, since I made $900 more interest from the now-expired 3% deal. I'll be back if there's another good promo down the road.

Perhaps I should have mentioned my balance when I asked? I assumed they could see it on their screen since they asked for my account number. However, the account number I gave them wasn't the one with the large balance. It was in another of the 5 savings accounts. I assumed they could see it all.

December 18, 2015
2:02 pm
Loonie
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I wonder what would happen, RicksBank, if you called back in a week or two and offered to move money in if they promised you a good rate? They are such wheeler-dealers, so no harm in trying to renegotiate - it you can be bothered.

I must say, I am dreading calling them, and have been putting it off. I don't like being treated like a beggar or a lottery participant. I want to be respected as a depositor who has been doing business with them for a long time. Eventually, the lottery attitude wears people down and they don't want to play any more. I always get my spouse, who doesn't mind it as much as I do, to make the initial call and confirm a deal, and then pass the phone over to me

December 18, 2015
3:15 pm
RicksBank
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Loonie - Ha! That would be interesting! I probably won't try though, because the bulk of the funds is already committed elsewhere.

December 18, 2015
6:37 pm
Bill
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RicksBank, I'd definitely (next time) let them know how much money you're talking about. The person I dealt with didn't seem too knowledgeable, she had to go check a couple of times, so I definitely think it depends who you're talking to and what they know. Maybe even ask for a supervisor, due to your large sum involved. (Saver-Mom, I can understand your frustration with their "inequality" approach.)
I've no problem calling every few months for a little chat, I enjoy the wheeling and dealing (it's my wife who can't do it), particularly as if I don't get what I want it's really no big deal, it's not like we're talking life-changing amounts of money. When I was done, I just said "I imagine you can do the same for my wife, she has her own account, I'll put her on" and the agent just said, sure, no problem, and gave her the same deal.

December 19, 2015
1:09 pm
One-up
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I tried to bargain with them at 2.4% for 6 months which is the same offer for new clients only. They claimed that offer expired even though their website says otherwise. I mentioned this to no avail. They offered 2% for today's deal like above. I just renewed for another 6 months at 2% for existing balance and new deposits (I mentioned this to the rep to ensure we got the same deal). I had them renew my wife's at the same time while I had the same representative on the phone so we don't have anyone denied the same rate like seen in other previous posts. Thanks for your great posts everyone!

December 19, 2015
1:59 pm
Loonie
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Just to clarify, are people now being told that they must maintain current balance in order to continue to get 2%? Or are withdrawals permitted?

December 19, 2015
2:17 pm
Bill
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My understanding, and fine print seems to confirm, is that whatever daily balance earns their regular .8% interest will get an additional 1.2%, paid on the first day of the following month. So no restrictions of any kind re balances, withdrawals, etc, though they give the usual provisos re they can change it anytime they want, etc. Also, after my wife and I each got the 180-day 2% deal, we opened a third savings account online, a joint one, and I notice the same deal, as the fine print also indicates it would, has been automatically applied to it as well.

December 19, 2015
11:35 pm
Loonie
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thanks, Bill. sounds good.

FYI, in the past they have told me that any and all savings accounts where the primary account holder is the person who has been given the offer will count for promos. The promo is for the individual, in other words.
So, with your new account, for future promos, the offer will apply to whoever is the primary name on the account. Thus, if you were to phone up and be granted such-and-such promo, but the joint account was under your wife's primary name and she did was not granted the promo, then the promo would not apply to that joint account. And vice versa.
So, you could open up even more accounts and they would all qualify as long as they are savings accounts.
And, thus, a couple can qualify for 300K CDIC coverage altogether. However, no matter if both partners each have joint accounts with each of them as primary, joint accounts in total only qualify for 100K CDIC coverage. It's a bit confusing, as CDIC allows only 100K for joint, no matter how configured in terms of ownership, whereas Tang appears to suggest there might be 2 set-ups that would each count for 100K, each with different primary account holder.

December 20, 2015
9:58 am
Bill
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True, Loonie. Folks have to remember that a bank's promotion or account holder rules are not the same as CDIC coverage rules.

December 21, 2015
5:06 pm
howiemandel
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I called in yesterday (my 3% expired on the 19th)...the rep wanted to know the details of a competitor product which I was planning on moving to...I quickly suggested CIBCs eSavings paying 1.75% until Feb 29th...I could have suggested something even better but I wanted to be a credible threat knowing that they could see regular in n outs with CIBC linked to my Tang...long story short, 2% PA offered until Jun 17th 2016 on all balances up to 500k...increase or decrease in funding does not impact earning rate. Much easier when Tang offers something, moving out results in a couple of days lost interest...

December 22, 2015
7:40 am
JW
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My 3% deal expired today. Got 2% to June 18, 2016. Same routine experienced as howiemandel. Tried for 2.4% or even 2.3% but a firm no go. Happy for 2% but will move or renegotiate if something better comes along in 2016.

December 22, 2015
9:26 am
implode
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My 3% offering also ended recently on the 21st. I just called in to inquire and they checked my account and didn't see any offerings, but the CSR did some probing and asked if I was going to move money out. I mentioned it was a possibility as CIBC was offering 1.75% for balances over $5000 and I was over that balance (I do have a linked account to CIBC too even though it is PC Financial). The CSR put me on hold and talked to treasury on the backline and was able to get me the 2% for 180days until June 18 2016 now.

December 22, 2015
9:30 am
xxxx
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I think 2% will be "as good as it gets" for bank account savers, for a long time to come - 2016 is appearing to look like minimal or no economic growth - Canada will stumble along with nothing remarkable - even with all the sunny ways from our PM.

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