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Be careful with Tangerine's new tactics
February 3, 2018
7:48 pm
User230
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It might just be unfortunate timing.

It might seem like their pulling a fast one.

They might just be mixing up how they do things.

Which is sort of inline with them changing how they apply promos. I think they gave 2.5% to almost everyone last round. As a tactic to just undercut (overcut?) EQ which has the highest non promo rate. It wasn't really targeting Simpii base at 3.0%. Simpii going to have to come down sometime. Tangerine is just trying to survive until than. Tangerine might switch back at that point.

February 4, 2018
10:44 am
tcharger67
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User230,
I am fairly new to simplii, i suppose everyone here is.
But i am trying to make heads or tails of your comment "simplii going to have to come down sometime"
my question to you is, have you heard any other information regarding simplii's incoming rates post their 3.00% promo, or are you just refering to their continued extension of their promo rate?

thanks Ken

February 4, 2018
12:55 pm
User230
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tcharger67 said
User230,
I am fairly new to simplii, i suppose everyone here is.
But i am trying to make heads or tails of your comment "simplii going to have to come down sometime"
my question to you is, have you heard any other information regarding simplii's incoming rates post their 3.00% promo, or are you just refering to their continued extension of their promo rate?

thanks Ken  

There current offer from Nov 1, 2017 - February 28, 2018:

http://forums.redflagdeals.com.....8-2138605/

I'm thinking they have to come down from that after February.

Tangerine isn't competing with that at 2.5%. Tangerine is trying to take business away from EQ instead to survive. Tangerine wouldn't try something so drastic like changing the way they do promos if they weren't struggling to compete with simplii tactics.

They likely have had a lower base of deposits and customer activity since November. Tangerine has also tried to push their GIC lately with offers (it's one of their intro slides, 2% interest on 1 year, which isn't that great). They cant afford to be without their regular deposit level for much longer.

I have no inside knowledge of what move simplii is going to do post February.

February 4, 2018
1:20 pm
Rick
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User230 said
Tangerine isn't competing with that at 2.5%. Tangerine is trying to take business away from EQ instead to survive. Tangerine wouldn't try something so drastic like changing the way they do promos if they weren't struggling to compete with simplii tactics.

And yet Tang lost all my liquid savings to EQ when they changed the snapshot day to the 2nd instead of the 3rd, as it was in previous promos. I'm sure they did that with the full knowledge that they would "catch" some rate chasers trying to maximize their interest and lose their deposits, or maybe catch them sleeping and only have to pay base rate. With EQ's cap, I don't think a .2% difference in rates will lure many from EQ that hadn't already been taking advantage of Tang rates, and Simplii pretty much should have all the deposits they were going to attract with the current promo, even with their onerous signup process. Looks to me like Tang just wanted to maintain status quo. I've been saying since they took over from ING.... wish they would quit with the stupid games and just go back to offering above average rates. If they had done that from the beginning, I wouldn't even have an EQ account, and they'd still have my RSP/TFSA and GIC deposits.

February 4, 2018
1:34 pm
User230
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Rick,

I agree. Tangerine isn't doing enough to keep my business. They are not as innovative as they once were. Their promos aren't a good way to keep my business with them. I was thinking of closing my account. Only thing that stopped me was the auto pay of their CC has to come from their savings or chequing accounts and the possibility I might one day use their Mutual funds.

EQ is also struggling. If I recall when simplii first made this promo. EQ worried about a run on their bank and shut down their website for days if I recall. A week later I think they put in a request to start offering GICs to the organization that handles such requests.

EQs no nonsense rate of 2.3% is very appealing to me. Their payee option for a savings account is also rare and good. Their innovation is going at a high clip with the addition of the up to 10, micro transaction, linked accounts.

I want to see how EQ is going to implement GICs and possibly TFSAs.

EQ needs to be more aware of the competing banks. Their tactics and implications on their deposit base.

What EQ is offering and going to be offering is really the long term game changer in HISA space to me.

February 4, 2018
4:32 pm
Loonie
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EQ needs to smarten up and offer joint accounts if they want to be a serious player.

February 5, 2018
8:52 am
tcharger67
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thanks for the clarity on push pull guys. I do appreciate the info.

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