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Danger alert on tangerine offers on new promotions
March 16, 2017
5:53 pm
moneyman
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Just to let everyone know I was in at tangerine current promo of 3.25% I called in and said do you have any new offers. They said yes how about 2% for 6 months. I said okay as I knew current funds promos are less than new funds promos. What he didn't tell me was it was effective that day not when my current promo ended. I said you didn't tell me that, he agreed to credit me the difference after putting me on hold for 20mins. Just beware when you accept the NEW offer it ends your current one IMMEDIATELY.

March 16, 2017
6:11 pm
Loonie
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Thanks for the warning!
Tang is getting sleazier by the day, more and more like PC.

And I think this is a change in unwritten policy. I remember, a couple of years ago, getting one offer for part of a month and a new offer for the second part. i ended up with 3 or 4 different postings of interest, but they didn't rescind the old offer just because they'd made the new one.It was, however, next to impossible to do the math to make it all work out.

March 16, 2017
7:30 pm
Doug
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I can't stress this enough: don't call in to Tangerine and ask for an "extended" promo offer - these are retention offers and, while it's sad that it supercedes your current promo offer, if you think you're trying to "beat the rush," you're not. 😉

Just wait...I expect a new promo offer of some kind, probably limited to non-registered deposits in their Spring Savings Sale, on April 3rd, 2017 and my "guess" would be that their "total deposit balance capture date" would then be April 1st or 2nd, possibly March 31st as that's a preceding business day.

What the rate will be will be anyone's guess...it'll be interesting to see if there's a change in "promo" rate setting strategy under new CEO Brenda Rideout.

What I recommend people do is maintain another savings account that pays at least 1.50% (preferrably 1.70%) or higher with one (1) other FI to keep your funds there in case Tangerine doesn't do a promo. 🙂

Cheers,
Doug

March 17, 2017
11:33 am
Saver-Mom
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I've never been issued a promo offer -- why might that be?
I have called in for retention offers, but at times have let months go by with no offer forthcoming.

March 17, 2017
5:59 pm
moneyman
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Doug the back and forth shell game didn't work for me last year. I think they have some algorithm screener where money shifters get offered infrequent promos to discourage in/out transfers. Actually the rep told me call in before to see what we can do. I am suspicious they have a funds target and they get less generous as they hit it and stingy when they surpass it. This happens with me from PC they always would send me their promo offer halfway through the time period as I suspect I was the second round choice b/c they had a below target first round recruitment of funds.

Money mom keep at it. Their is no good reason. Sometimes the tangerine reps are really nice and try and work with you and I compliment them as I know the calls are recorded. Others are well the opposite but I stay polite and just call after a period. Good luck!

March 18, 2017
7:51 am
spring
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Just to be clear:

Doug, you are saying that it is better not to call. Wait and hope they offer better than retention rates. Right? In that case, do we move funds from saving to chequing within tangerine - or from savings to a chequing account in another bank? Should the transfer complete before March 31 - assuming the new offer, if any, would occur on April 3rd?

Moneyman, you are saying the opposite. That we should call before our promotional rate expires to hopefully get a new one. Right?

My 2% rate expires March 19 and am trying to figure out whether to call them before that, to move money from saving to chequing within tangerine, or move funds from savings to another bank in hopes of a new promo from tangerine.

Thoughts on this would be appreciated, thanks!

March 18, 2017
9:09 pm
monju00
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I have been transferring out all my funds to EQ! I had received all the top rates so far (3% Jun206, 3% Apr 2016, 3.25% July 2016, 3% Oct 2016, 3.25% Jan 2017). However, Last time they locked my account for using pull method to transfer out all my money (3 different transfer approximately 280k. I think you can only transfer out 30k or 25k Daily from Tangerine (push method). I waited 30 minutes on the phone to get it unlocked. The rap told me they blocked it because of pull transfer and I should call ahead next time (guessing for retention offer). Long story short, Jan 5th I have received a 3.25% offer! I am not planning to call them and I am gonna transfer it out again!

March 19, 2017
9:45 am
Norman1
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Saver-Mom said
I've never been issued a promo offer -- why might that be?
I have called in for retention offers, but at times have let months go by with no offer forthcoming.

Same here. No promo offer yet. Just retention offers I called in for and received.

moneyman said
…. I am suspicious they have a funds target and they get less generous as they hit it and stingy when they surpass it.… 

I suspect that as well.

There is likely a quota on how much in savings account deposits Tangerine will give the 3%+ promos on. Bank of Nova Scotia, Tangerine's owner, can easily raise money through three-month bankers acceptances for about 0.88%, with no CDIC insurance premiums.

March 19, 2017
3:23 pm
NorthernRaven
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Norman1 said
There is likely a quota on how much in savings account deposits Tangerine will give the 3%+ promos on. Bank of Nova Scotia, Tangerine's owner, can easily raise money through three-month bankers acceptances for about 0.88%, with no CDIC insurance premiums.  

I'm no expert, but I believe a banker's acceptance is actually a draft or loan from a third party that the bank has "accepted". So the bank will make money in fees and/or interest, but is committing its own capital against the acceptance, with a view to repayment from the originator of course. If it sells the acceptance on into the market it does gain that sum until the acceptance comes due, but it is dependent on existing arrangements with its commercial customers, and isn't quite the same as issuing its own commercial paper for deposit funding requirements.

March 19, 2017
5:33 pm
Norman1
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NorthernRaven said

I'm no expert, but I believe a banker's acceptance is actually a draft or loan from a third party that the bank has "accepted". So the bank will make money in fees and/or interest, but is committing its own capital against the acceptance, with a view to repayment from the originator of course. If it sells the acceptance on into the market …

That's close to my understanding. A banker's acceptance is a short-term IOU usually from a third party. The bank "accepts" or guarantees the IOU by stamping it with a guarantee stamp. Bank charges the third party an acceptance/stamping fee. That's like an insurance premium.

Third party then sells the accepted IOU to investors for money and pays the IOU on maturity. Payment on maturity is guaranteed by the bank. So, investors don't need to worry about the creditworthiness of the third party.

The bank can also write an IOU, stamp it with its own guarantee stamp, and sell the accepted IOU to the same investors.

March 19, 2017
6:09 pm
Doug
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moneyman said
Doug the back and forth shell game didn't work for me last year. I think they have some algorithm screener where money shifters get offered infrequent promos to discourage in/out transfers. Actually the rep told me call in before to see what we can do. I am suspicious they have a funds target and they get less generous as they hit it and stingy when they surpass it. This happens with me from PC they always would send me their promo offer halfway through the time period as I suspect I was the second round choice b/c they had a below target first round recruitment of funds.

Money mom keep at it. Their is no good reason. Sometimes the tangerine reps are really nice and try and work with you and I compliment them as I know the calls are recorded. Others are well the opposite but I stay polite and just call after a period. Good luck!  

Do you have a joint account? It appears you have to be the "primary account holder" to receive promo offers.

I've received a "net new money" promo in every quarter since inception, all but a few of which I've participated and my rates have ranged from 2.25% to 3.5%. 🙂

Cheers,
Doug

March 19, 2017
6:14 pm
Doug
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spring said
Just to be clear:

Doug, you are saying that it is better not to call. Wait and hope they offer better than retention rates. Right? In that case, do we move funds from saving to chequing within tangerine - or from savings to a chequing account in another bank? Should the transfer complete before March 31 - assuming the new offer, if any, would occur on April 3rd?

Moneyman, you are saying the opposite. That we should call before our promotional rate expires to hopefully get a new one. Right?

My 2% rate expires March 19 and am trying to figure out whether to call them before that, to move money from saving to chequing within tangerine, or move funds from savings to another bank in hopes of a new promo from tangerine.

Thoughts on this would be appreciated, thanks!  

Yes, that's been my experience. I've never called in to Tangerine for a "retention offer" prior to the expiry of my existing "net new money" promo. 🙂

If you have an alternate HISA "linked" to Tangerine, I'd initiate the transfer on March 31st (to be "safe," in case April 1st is deemed the "deposit balance capture date") from your Tangerine Chequing account (in case the funds don't leave your Tangerine Savings account on that date) and then move your funds from Tangerine Savings to Tangerine Chequing immediately. This assumes you "pull" funds from your external bank account. If you are "push"ing funds from Tangerine, initiate the external transfer on March 30th so Tangerine processes it on March 31st. If you don't have an external bank account, I'd just transfer from Tangerine Savings to Chequing then and accept the 0.15% interest rate for a few days to a week. 🙂

Cheers,
Doug

March 19, 2017
6:16 pm
Doug
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spring said
Just to be clear:

Doug, you are saying that it is better not to call. Wait and hope they offer better than retention rates. Right? In that case, do we move funds from saving to chequing within tangerine - or from savings to a chequing account in another bank? Should the transfer complete before March 31 - assuming the new offer, if any, would occur on April 3rd?

Moneyman, you are saying the opposite. That we should call before our promotional rate expires to hopefully get a new one. Right?

My 2% rate expires March 19 and am trying to figure out whether to call them before that, to move money from saving to chequing within tangerine, or move funds from savings to another bank in hopes of a new promo from tangerine.

Thoughts on this would be appreciated, thanks!  

Misread the last part of your message - sounds like you're in a "retention offer". In your case, don't call them and move your money out to your external HISA after March 19th and see if you get a promo offer. I'm betting, and hoping, that you do, assuming you're not part of a joint account and, if you are, are the "primary" account holder of course. 😉

Cheers,
Doug

March 19, 2017
6:21 pm
Doug
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monju00 said
I have been transferring out all my funds to EQ! I had received all the top rates so far (3% Jun206, 3% Apr 2016, 3.25% July 2016, 3% Oct 2016, 3.25% Jan 2017). However, Last time they locked my account for using pull method to transfer out all my money (3 different transfer approximately 280k. I think you can only transfer out 30k or 25k Daily from Tangerine (push method). I waited 30 minutes on the phone to get it unlocked. The rap told me they blocked it because of pull transfer and I should call ahead next time (guessing for retention offer). Long story short, Jan 5th I have received a 3.25% offer! I am not planning to call them and I am gonna transfer it out again!  

Huh!? Can you clarify this ... were you "pulling" funds away from EQ Bank from your external bank account or "pulling" funds to EQ Bank from the external bank account?

If the latter, that's probably due to their "transfer limits," yes. If the former, this is a grave concern as they have no right to "legislate" or "regulate" externally-sourced pre-authorized payments from your external bank account that may not even be "linked" on the EQ Bank side. This would be akin to denying someone from writing a cheque payable to themselves on cleared funds because, "they didn't want to see the money leave." This would be a form of "capital controls," typically reserved for the Bank of Canada and/or CDIC to impose to prevent a "bank run." If this is indeed the case, I will never open an EQ Bank account until that policy is changed and will be recommending their deletion from the "comparison chart" to Peter forthwith as it'd be a fundamental violation of the chart's unwritten criteria. 🙁

Cheers,
Doug

March 19, 2017
7:42 pm
moneyman
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Spring your right I'm saying the exact opposite of Doug.

Doug had had really great luck in getting every offer. I used to do the back and forth with using PC and EQ.

Maybe you should call in a week ahead and if they don't satisfy you shift it out. I do know if you call to shift out they will ask you how much your getting and usually do better but not match.

Doug to answer your question I'm the sole account holder.

Spring do remember that they treat new funds at a more attractive rate than existing funds. So if your wanting the highest promo rate Doug is right you Have to shift out. Then the dating game begins.

Good luck

March 19, 2017
10:44 pm
Loonie
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A new problem emerged for me during the last round. Spouse and I each have a joint savings account with the other as secondary. We were both dinged for all funds in either joint account. In other words, funds in either counted against both of us in terms of "net new deposits". This is double jeopardy in my opinion, as only one of us could have contributed any given dollar.
If you are in a similar situation, be sure to ask specifically about this before you give them your money. I was lucky in that I somehow discovered this in time to avoid a problem.

March 20, 2017
4:54 am
spring
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Thanks Doug, Moneyman, and everyone else for additional thoughts and clarification. I very much appreciate it.

March 20, 2017
5:36 am
2of3aintbad
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Loonie said
A new problem emerged for me during the last round. Spouse and I each have a joint savings account with the other as secondary. We were both dinged for all funds in either joint account. In other words, funds in either counted against both of us in terms of "net new deposits". This is double jeopardy in my opinion, as only one of us could have contributed any given dollar.
If you are in a similar situation, be sure to ask specifically about this before you give them your money. I was lucky in that I somehow discovered this in time to avoid a problem.  

That is really nasty. When we opened accounts with Tangerine, we had only one savings account and we made it joint. Then when we separately got the credit card, each of us opened a non-joint savings account (because of getting a 3rd category if you deposit the cash back there). So do you think that if we have $0 in the joint account, $1000 in one account and $1 in the other non-joint account, the $1000 will count against the $1 account?

March 20, 2017
10:42 am
Bill
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Called today, wife and I each got 2% for another 3 months, old 2% deal expired yesterday.

March 20, 2017
12:18 pm
Slybanking
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Thanks for info. My deal is maturing the 22 but for the first time I won't call and will try the other way. I will be transferring all my balance of my saving account to the checking and wait for a special offer. Hopefully I will get one and hopefully better than 2%.

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