3% until November 30, 2015 on new Tangerine Savings Account deposits made between July 2 and September 30 | Page 6 | 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 22, 2015
1:20 pm
Loonie
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It takes more than smiles and glad-handing for sure. I wish I thought there was a viable political alternative. The previous admin brought us to this unhappy point, all the while asserting the economy was doing great, but I find it hard to be optimistic going forward either. Mega-trends are against us, be it oil, TPP, China, demographics, whatever. If we can make it on technology and innovation as the way of the future, and the current admin can help make that happen, great, but it is by no means certain.

Meanwhile, back at the ranch, spouse got the 2% after the usual dickering. I have to make my own call yet, which I hate doing.sf-cry

December 23, 2015
6:06 am
amidat
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Got my 2% today. Wasn't too much hassle.

Better deal at Zag Bank (2.5%) but don't want to go over the CDIC limit as the are a small new bank.

December 23, 2015
10:00 am
Calan
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Just called in, waited on hold for 25 mins or so to talk to someone. I mentioned my 3% had expired recently and I was seeing other banks had better rates than the 0.8% at Tangerine. CSR didn't skip a beat, put me on hold for a moment and came back with a 1.6% for 3 months offer...

I said "PC Financial is offering 2.6%, CIBC is offering 1.75%, you guys are offering new customers 2.4%, and I see that other people have called in to you guys even today and been offered 2% for 6 months - can I get that rate?"

I was told based on the number of products and length of time as a customer (been a customer for years, but closed my TFSA there within the past few weeks - oops - and haven't made it into the Tangerine credit card program yet) the best I could be offered was 1.6% for 3 months. Asked her to check with her supervisor as there are other banks offering better than that. She checked, came back and said she couldn't do better than 1.6% for 3 months.

"Okay, give me that, but I'll be moving my money to another bank since that's still lower than other places"

I'm not surprised - have a small amount at Tangerine currently and only the chequing & savings there. Just want folks to know your mileage may vary. It was a fairly easy conversation, and the offer was given right away. Looks like you just need to meet the right criteria to get the 2% 6 month rate.

December 23, 2015
9:13 pm
Loonie
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I got the 2% when I finally called yesterday. Took only 10 minutes from dialing to hanging up, which included my asking an unrelated question. No hassles.

I will be moving some other money out of Tang before this deal expires, so it will be interesting to see if I qualify for the next offer. It's up to them if they want to lose the rest of my business. I'm considering getting the credit card.

December 24, 2015
1:18 pm
mattchoo
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Such bullshit... I had a lump sum of money ready to move into Tangerine, and they only offered me a 1.6% rate, citing that there were no offers on the system for me. I told them that many others are getting 2%, and told them I was going to be moving in a few hundred thousand (true), and even escalated to a supervisor, who was equally useless and sounded like a frekkin' parrot... kept saying "it is based on your history and transactions and accounts and activity". I was like... "if you LOOK at my account, you'll see I have brought in substantial sums and used this account a lot". F'ing idiots. I'm moving my money elsewhere. I have stupid CSR reps... and in this case, their useless bosses too. I know how these systems work at these call centres, and if he wasn't so goddamn lazy, he could offer me a promotional rate if he would just lift his damn finger.

I'm going to move it elsewhere now. Bye Tangerine and your idiot employees.

December 24, 2015
2:19 pm
Loonie
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If "it is based on your history and transactions and accounts and activity," then why keep it a mystery? Let us know what the criteria are and then we can decide if we want to meet them. That would be called "transparency", and is highly valued by customers everywhere.

Speech by Aceto currently on Tang website video promises "transparent products" but not transparent policies. Retaining the J D Power Customer Service award for another year may depend on transparent policies.

And it's not very hard to do better than 1.6%!

December 25, 2015
6:13 am
Saver-Mom
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Mattchoo I had the same experience and share your frustration and plan to move away from Tangerine. Loonie, I agree, to have hidden criteria and different offers just peeves off the customer. If they want to give better rates to people with large accounts, that is fine, but clearly not the criteria as Mattchoo shows. I suspect the bonuses that Tangerine offered this year were in response to losing a lot of their cash base due to dropping rates since the Scotia take over. The problem with locking in to GICs during this period of almost flat and lousy rates is that you lose the flexibility to move your money around in response to better offers. And this, ultimately, is what is forcing them to offer these bonus rates.

January 1, 2016
7:26 pm
Norman1
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I doubt that Tangerine Bank will disclose the exact criteria for their undisclosed 2%-for-180 days offer. Annoying as it is to us clients, companies are not transparent about their marketing strategies.

I called Tangerine Bank after my 3% offer ended. I asked if there were any offers for me. The associate said that based on how long I've been a client and my account balances, there would likely be something for me. Mid-conversation the call switched to a busy signal and the call dropped. Looks like some technical issues at their call center.

When I called back, I was connected with another associate who confirmed that they were having some technical issues. When the associate brought up my file, it showed I was now signed up for the 2%-for-180-days offer. The original associate must have signed me up after the first call dropped.

My impression is that the offer's criteria looks at history (how long a customer) and current account balances. I don't think how much money a client used to have on deposit or how much money client claims he or she will be depositing in response to the offer matter.

I suspect they've grown skeptical of clients who say they will deposit another, for example, $80,000, if they get an offer. From past experience, they signed the client up to the offer and probably found the client transferred in only $5,000 instead of $80,000.

January 2, 2016
4:13 am
Loonie
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Perhaps I'm mis-remembering, but I don't remember anyone here saying they had promised to send money to Tang and then being given the bonus on faith.
I do remember situations where people did in fact transfer the money and then called back and got the bonus. And it strikes me that this is what matters - more cash. I doubt they are interested in promises as they don't fit the algorithms.

The business about how long you've been a customer is, in my view, probably just flattery, intended to make you feel warm and fuzzy about them so that you will do more business with them. I mean, it's a bank. What they care about is the money, not how long you've had your $5 account. But the warm and fuzzy approach complements their insistence that we phone them every six months to get the deal we want. They think that personal contact induces loyalty and also that lots of people won't call or won't call every time or will just forget about it. Otherwise, they would just send you an email saying 'thanks for your business; in view of your loyalty, here's you bonus for the next 6 months'.
I hate having to make the phone calls, personally. Once, I postponed it so long it wasn't worth doing.sf-embarassed They don't have my loyalty, only some of my money, for now. I will always be on the lookout ofr a deal which doesn't require me to make these ccursed phone calls!

I think that using a higher number of products would count for something because they offer potential for more profit and suggest that if Tang offered even more products, that you would probably use them as well and bring in more business that way.

I don't think they are necessarily going to become more transparent about the basis for their offers, but it's important to state what customers want and what annoys them.
On the other hand, they certainly could become more transparent. It's a matter of deciding on a strategy of transparency instead of a strategy of secrets. It could turn out that they'd get more business if they actually told us what they are looking for.
Right now, a lot of people migrate to where they know they will get a certain advertised deal. Tang's strategy is to try to keep you and your money where you are. They think, for now at least, that this will bring them more money. And it probably will, as long as they keep giving us the bonuses. But as soon as they fail to keep up, the money will go to the transparent offer elsewhere. And then they may change strategies.

January 2, 2016
1:49 pm
Norman1
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Loonie said

Perhaps I'm mis-remembering, but I don't remember anyone here saying they had promised to send money to Tang and then being given the bonus on faith.
I do remember situations where people did in fact transfer the money and then called back and got the bonus. And it strikes me that this is what matters - more cash. I doubt they are interested in promises as they don't fit the algorithms.

...

Memory is correct.

The closest to being given a bonus offer on faith is what Bill reported in June 2015 when he was given an earlier offer of 3% for six months. The incoming transfer for $50,000 had to be initiated during the call for the next day.

For the same offer, SlowPoke reported an initial decline from Tangerine Bank. Transferred in more money. Called back and was given the offer.

January 2, 2016
2:40 pm
Norman1
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Loonie said
...

The business about how long you've been a customer is, in my view, probably just flattery, intended to make you feel warm and fuzzy about them so that you will do more business with them. I mean, it's a bank. What they care about is the money, not how long you've had your $5 account. But the warm and fuzzy approach complements their insistence that we phone them every six months to get the deal we want. They think that personal contact induces loyalty and also that lots of people won't call or won't call every time or will just forget about it.

...

That could well be the case. Yes, I probably still would be accepted for the 2%-for-180-days offer had I called with $400,000 in my savings account, but was only a customer for six months.

...
On the other hand, they certainly could become more transparent. It's a matter of deciding on a strategy of transparency instead of a strategy of secrets. It could turn out that they'd get more business if they actually told us what they are looking for.
Right now, a lot of people migrate to where they know they will get a certain advertised deal. Tang's strategy is to try to keep you and your money where you are. They think, for now at least, that this will bring them more money. And it probably will, as long as they keep giving us the bonuses. But as soon as they fail to keep up, the money will go to the transparent offer elsewhere. And then they may change strategies.

I think they believe their current strategy will bring them enough money in contrast to more money. The non-public bonus offer allows them control how much short-term money they would have to pay 2% for.

I don't think they want to do what Zag Bank did in November. Zag Bank increased their savings account rate from 0.8% to 2½% only to bring it back to 0.8% in a week.sf-confused

January 5, 2016
9:44 am
musicalmaestro
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Heads up!!! A little birdy told me today on the phone that a new "promo" starts tomorrow at Tangerine. He couldn't give me details, but suffice it to say that I'd hedge my bets and get your money out so "new" money can go in...

January 5, 2016
11:07 am
momoneh
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FYI

I called in today to match zag's fall promo (2.5% till end of march which I have) and was offered 2% for 180days on up to 500k existing balance.

Not sure if this is today's promo, or a lesser version of it :P

January 5, 2016
7:36 pm
Norman1
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The 2%-for-180-days offer has been selectively offered for a while.

Another person reported being given it December 10.

January 28, 2016
2:52 pm
RicksBank
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I just received this email from Tangerine. Too late though, my money is enroute to EQ at 3% for some unknown length of time.

The Subject on the email says "Reminder...". I may have missed an earlier email when I was on vacation in Cuba.

Because more savings means more opportunity to reach your goals, we just wanted to remind you that you can still earn 2.34% interest on new deposits into your Savings Account(s).
Keep your savings growing

Having a great interest rate on a full range of savings options means you can earn more and get even closer to your goals – no matter what they may be. Remember, you’ll earn 2.34% interest on up to $500,000 of new deposits into Savings Accounts, RSP Savings Accounts and Tax-Free Savings Accounts until March 31, 2016*. The sooner you deposit money into your Savings Account(s), the faster it can grow with this special interest rate.

Simply log in at tangerine.ca today to move more money into your Savings Account(s), or to open a new one.

January 28, 2016
2:53 pm
RicksBank
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OK, yes, I found an email with this promo. It arrived the day I left for vacation. I haven't quite caught up yet...

February 1, 2016
6:01 am
HIS285
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Today in my account I can see the regular 0,8% interests have been paid, but not the promotional interests for the 2,4% offer (which runs till the end of February).

I wonder if the interests will be paid later today... or if this is a problem with the system/Tangerine.

February 1, 2016
6:48 am
Loonie
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response:

HIS285 said

Today in my account I can see the regular 0,8% interests have been paid, but not the promotional interests for the 2,4% offer (which runs till the end of February).

I wonder if the interests will be paid later today... or if this is a problem with the system/Tangerine.

response:
Tangerine always posts the regular interest on the last day of the month and the promo interest on the first day of the subsequent month. So it should appear today.

February 1, 2016
11:48 am
HIS285
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Thanks for your reply. And you're right, the interest is now showing.

March 4, 2016
8:42 am
HIS285
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I was on the 2.4% offer until Feb 29, only applicable if I kept a certain amount in my account, which was a bother.

I just called Tangerine to see what they could offer me at this point. Without too much hassle, the CSR gave me 2% for three months (until June 1st), no conditions, which is not bad given the current rates at other places.

I don't thing I want to open an account with EQ, seems like they have many issues and that the rate may go down sooner than later.

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