August 2019 targeted new-money offer, 2.75% until January 31st, 2020 | Tangerine Bank | Discussion forum

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August 2019 targeted new-money offer, 2.75% until January 31st, 2020
August 7, 2019
5:27 am
hwyc
GTA
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August wave from Tangerine this morning.

General:

The Tangerine Bank (the “Bank”) Savings Interest Offer of 2.75% (the “Offer”) is available to existing Tangerine Clients who: (1) receive a communication about the Offer directly from the Bank (“Eligible Clients”) (2) “Activate” (as defined in Section 4 below) the Offer by August 31, 2019 and (3) receive a Confirmation in their online Inbox that the Offer has been successfully activated.

The Offer is only available to Eligible Clients between August 7, 2019 and January 31, 2020 (the “Offer Period”). If the Offer is not Activated between August 7, 2019 and August 31, 2019, Tangerine Clients will not be eligible for the Offer and will not receive Promotional Interest.

The Offer is only applicable to Tangerine Savings Accounts (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”), Tangerine RSP Savings Accounts (“RSP Savings”), Tangerine US$ Savings Accounts (“US$ Savings) (referred to collectively as “Applicable Accounts”) where the Eligible Client is the Primary Account Holder as described in Section 13 below. Multiple Applicable Accounts of the same type (for example, 3 separate TFSA Savings Accounts) are collectively defined as an “Applicable Account Type”. The Offer is not applicable to any other Accounts, including (but not limited to) Tangerine RIF Savings Accounts (“RIF Savings”) Tangerine Business Savings Accounts, Tangerine US$ Business Savings Accounts, or Tangerine Children’s Savings Accounts (“CSA”).

Also the 2.75% offer is shielded from up & down of the regular rate sf-smile

The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the additional interest rate so that the Promotional Interest rate remains unchanged.

PS - baseline for this wave is total eligible account(s) balances on August 6, 2019

August 7, 2019
7:52 am
Doug
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Thanks, but not really a new promo. This is just a rolling extension of the existing targeted promo, which seems to be the new mantra of Tangerine. My promo is good through December 31, 2019, and I've had it for a couple months now (not that I've taken advantage of it as I only have $5-10,000 in uncommitted cash, and the difference is not significant on the 2.25% Hubert is offering me).

Perhaps we should have a new sub-category of promo on the "Promos" page for promos like those of Tangerine and Simplii Financial that are no longer time-limited promos but merely deadline extending, rolling, perpetual promos? They're kind of like the floating rate bonds of bond world. 😉

Call them "Perpetually-rolling Targeted Promotions" or something like that.

Cheers,
Doug

August 7, 2019
9:20 am
hwyc
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Agreed. Tangerine decide the pace (i.e. how frequent), set terms on each wave - rate & period, and lastly choose who gets the time-limited offer.

To that end, it gives the impression of a higher interest rate, one which is only offered to selected few. As a matter of fact, I was on the regular rate for months before this.

August 7, 2019
9:58 am
Rick
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I don't think it's "targeted". Shows up in Insights and is not listed under Bonuses and Contests in my Profile. Curious if everyone is eligible or it actually is targeted. Notice my US Dollar account is included in the rate. Still... why move from Motive and take a .05% rate cut?

August 7, 2019
10:17 am
Doug
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Rick said
I don't think it's "targeted". Shows up in Insights and is not listed under Bonuses and Contests in my Profile. Curious if everyone is eligible or it actually is targeted. Notice my US Dollar account is included in the rate. Still... why move from Motive and take a .05% rate cut?  

It's definitely a targeted offer, but perhaps they've expanded their circle of targeted customers significantly. Nevertheless, not only are rates targeted, but so to are the offer expiry dates and they're even now extending existing offer dates. Thus, we have one, large, perpetually rolling targeted HISA promo offer. sf-cool

Quite different from the original ING DIRECT Canada and even Tangerine quarterly promo offers. 😉

As for Bonuses/Contests, Tangerine may be demising that feature in a future release, which would explain why it doesn't show up. Wouldn't surprise me in the least they don't want people to quickly see their past offers.

Cheers,
Doug

August 7, 2019
2:53 pm
Dean
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G'day Folks,

I just received that same offer from Tangerine about 20min ago ... this is the second time they've sent me that offer in the last two months.

Other than their 2% back Credit Card, I don't do much of anything with Tangerine anymore, so my response to them will be the same as last time ... 'Nyet' ! sf-cool

August 7, 2019
3:00 pm
Doug
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Interesting, Dean, because since Tangerine lowered the reward for non-selected spending category purchases to 0.5% from 1%, I've kept the Tangerine credit card open only to keep my credit utilization ratio extremely low. When I'm working again, I'll probably close everything except the Tangerine chequing, which I'll keep open with a $50-100 balance for posterity in the event they eventually implement my suggested improvements and bug fixes that have been outstanding for going on 8 years. 😉

In short, that credit card product change, Tangerine was effectively dead to me. I would use Simplii Financial, if they eventually get their act together and implement electronic, paperless linking of external bank accounts or, at the very least, not require account statements/VOID cheque forms to be branch domicile stamped. 😉

Next year, I'm going to go on a major purge of my bank accounts and close the following:
- Implicity Financial HISA and membership;
- Scotiabank Money Master Savings Account; and,
- Following December 1, 2020, 4% Coast Capital Savings GIC maturity, my Coast Capital Savings membership, chequing, and savings accounts.

In its place, I will open either of the following:
- North Peace Savings and Credit Union no-fee chequing and savings accounts; or,
- Innovation Federal Credit Union no-fee chequing and savings accounts; or,
- Alterna Bank no-fee chequing and savings accounts; or,
- Motive Financial no-fee chequing and savings accounts.

Cheers,
Doug

August 7, 2019
3:27 pm
Dean
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I hear ya Doug, about the Tangerine CC.

For myself & wife, we only use our Tangerine CC's for our three selected categories (food, gas, and pre-authorized payments). So everything we buy with our Tangerine CC, gets us 2% cashback. All our other purchases get us 1% cashback through a different CC.

I think a lot of people do it that way. And it can be handy to have two different credit cards from two different companies. At first I thought it would be a pain, but we're used to it now, and it works just fine for us. And as always, we pay the total balances off each month, so we never get charged any interest. sf-cool

August 7, 2019
4:16 pm
Yatti420
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Finally I get an offer via Tangerine.. I do have some cash laying about might as well roll up that change.. I use Tangerine 3 Categories.. and American Expeess 1.25 SimplyCash NoFee Card!

August 7, 2019
4:16 pm
Bill
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Seems to me most people who will move money out are on some kind of offer from Tangerine. Those who already have an ongoing offer don't get the new offers, while those who aren't on an offer end up getting a new offer at some point. My own experience is when my offer period ends I just move the money out (usually about a week earlier) and within a couple of months or so I get another offer and depending on how good it is some or all money comes back. The better the offer, the more comes back. In my case they know I have other options because they've asked me where would I otherwise put my money, and I've listed my options, and maybe they've logged that because I now usually get a new offer very soon after my money leaves.

August 7, 2019
7:15 pm
Slybanking
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My last offer ended on April 15 2019. It was at 3%. I called at the time to get a new offer and the answer was 2%. At that point I pretty much empty my account (sizeable amount) and cancel my credit card ( I now use the Rogers world elite).

Since then I haven't receive anything from Tangerine. I guess they don't need the money at the moment or they just don't need mine anyway.

August 7, 2019
7:18 pm
suburbs4life
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Has anyone already on an existing promo tried calling in to get them to update to the current one(2.75%)? I currently have the April 2.5%promo on all accounts. This seems to be better and on larger balances may be worth the hassle to call in.

August 8, 2019
1:13 am
Rick
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Doug said

Next year, I'm going to go on a major purge of my bank accounts and close the following:
- Implicity Financial HISA and membership;
- Scotiabank Money Master Savings Account; and,
- Following December 1, 2020, 4% Coast Capital Savings GIC maturity, my Coast Capital Savings membership, chequing, and savings accounts.

Doug  

I like to keep a toe in the Coast Capital pool. They do have some outstanding offers once in a blue moon (my 4% GIC is due Nov 2020). And I need a brick and mortar for certified cheques and such. Also keep it linked to PayPal and our Benefits plans for moving money around. Can't debit an empty account....and it doesn't cost anything to keep it open (they just sent me 50 free cheques with my new address on them). I use them at my convenience, not theirs. By no means a loyal customer.

Interesting to see how long Motive maintains their Savvy Savings rate for. Their GIC rates just suck right now.

August 8, 2019
5:33 am
Bill
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Slybanking, I used to call them but not anymore, just withdraw my money. Also, maybe it's my imagination but it seems easier to get offers now that I've got their credit card (just use it a few times a month) and a chequing account (use infrequently). Plus I also have 3 joint accounts with two other people, so 4 savings accounts in total, which I keep up to CDIC limits when the offer's good. I've also got a few $K in a TFSA. So lots of their products. Plus I've got a long history with them, their computer knows what I'm going to do before I do.

August 8, 2019
10:05 am
Canadianbull
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I'm already getting same rate until Jan 15 2019 from their previous promotion. They should bump up the interest rate to 3% for this promotion.

CB

August 8, 2019
12:31 pm
krwilson
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Canadianbull said
I'm already getting same rate until Jan 15 2019 from their previous promotion. They should bump up the interest rate to 3% for this promotion.

CB  

Must make a stupid comment and say....Jan 15 2019? You mean 2020 I assume.

August 9, 2019
9:12 am
Canadianbull
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Sorry typo. Stupid comment?
sf-cool

August 9, 2019
12:23 pm
krwilson
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By stupid I meant I was being nit-picky for we know what you meant.

August 10, 2019
10:48 pm
Canadianbull
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August 11, 2019
7:01 pm
deepcman
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suburbs4life said
Has anyone already on an existing promo tried calling in to get them to update to the current one(2.75%)? I currently have the April 2.5%promo on all accounts. This seems to be better and on larger balances may be worth the hassle to call in.  

I got the 2.75% offer after I emptied my account about 2 months ago. DW is on the standard 2.25% promotion till November so she called in explaining that husband got 2.75% offer and could she also get it. Rep said the 2.75% was only for selective customers only and besides, she's already on a promotional offer. You'd think the Rep would realize we're just going to move the money to my account, draining hers until something better comes along.

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