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Data Point: Sept 16 retention offer
September 14, 2016
11:46 pm
howiemandel
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Hi everyone,

Just thought I would share a data point on the boards, i called in to withdraw 100k as my promotional rate of 2% is ending mid Sept. I was offered 2.5% for the next 3 mos up to 500k balance. I decided to gamble and proceed withdrawing out...ill take a minor hit on a lower interest earning account for 2 weeks in hopes of seeing Tang dish out a targeted offer by the end of this month. This is the game Tang forces us to play. I was also warned by the CSR that calling back in may not get me the same 2.5% offer as the money is already out. Seems like they are resorting to punishment tactics!

September 15, 2016
1:44 am
Loonie
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howiemandel said

This is the game Tang forces us to play. I was also warned by the CSR that calling back in may not get me the same 2.5% offer as the money is already out. Seems like they are resorting to punishment tactics!

It strikes me that this would have been the perfect opportunity to ask what exactly the rules are, since CSR has told you, in effect, that there are some. (Not that I'd expect a clear answer, but it would force them, ultimately, to say they don't know and have no basis for making such a threat.) In reality, you "may not" get that rate regardless of where the money is.

It may indeed be a punishment tactic, but at least with mommy and daddy you usually knew what the rules were.

This is particularly comical because they seem to forget that this is a savings account, not a GIC. No matter what the rate, no matter if you accept it or not, you might just take all your money out next week anyway, for any number of reasons.

If they want the rate to be a reward for "good behaviour", then they'd better tell us clearly and contractually what that behaviour is!

Keep us posted!

September 15, 2016
12:08 pm
speedwagen
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I made-up my mind months ago that I wouldn't be depositing 1¢ @ Tangerine unless they begged for my money. After what HowieM posted, it made me consider that there might be a bonus rate lurking for the asking, since he wasn't offered anything initially, but was offered 2.5% when he called.

I decided to keep it professional and simply call & ask if any bonus rates were on offer. After verification, I was told not at this time. I'm reverting back to my original decision and they're never going to hear back from me unless they beg for it (figuratively speaking, of course).

What I'm left wondering about though, is why HowieM would turn down 2.5% to keep his funds on deposit after having gotten 2%?? I would gladly have accepted that offer, unless of course HowieM left out the part about it only covering NEW deposits over & above his original $100K, to which I would have followed HowieM out the door.

September 15, 2016
1:38 pm
MarkFog
Toronto
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Yes I would have to agree with Speedwagen. 2.5% will keep me there for 3 months. My 2.4% promo offer is ending next week and I will give a call probably tomorrow. I'm not sure what will happen. Probably nothing. I always go into these expecting nothing. I am prepared to move my 100K to PC (2.25% registered) if no promo keeps me with Tang. Maybe a promo pops up again in October.

September 15, 2016
1:52 pm
Loonie
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speedwagen said

What I'm left wondering about though, is why HowieM would turn down 2.5% to keep his funds on deposit after having gotten 2%?? I would gladly have accepted that offer, unless of course HowieM left out the part about it only covering NEW deposits over & above his original $100K, to which I would have followed HowieM out the door.

He said he was willing to take the "minor hit". On 100K, 0.5% for 3 months is about $125. He hopes it will only be for 2 weeks if he gets a better offer later; and he would likely recoup it if so. It's an experiment.

September 15, 2016
2:06 pm
Doug
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howiemandel said

Hi everyone,

Just thought I would share a data point on the boards, i called in to withdraw 100k as my promotional rate of 2% is ending mid Sept. I was offered 2.5% for the next 3 mos up to 500k balance. I decided to gamble and proceed withdrawing out...ill take a minor hit on a lower interest earning account for 2 weeks in hopes of seeing Tang dish out a targeted offer by the end of this month. This is the game Tang forces us to play. I was also warned by the CSR that calling back in may not get me the same 2.5% offer as the money is already out. Seems like they are resorting to punishment tactics!

Wow...that is some tricky game they are employing! It'll be interesting to see if the top secret fall offer ends up being 2.5% (or higher). No reason to think it wouldn't be higher, considering their "fall offer" is usually their best offer of the year, based on the last three years. Moreover, there's been no change to the BoC's prime rate in nearly two years (though I think they should just bring it down to 0% to provide some stimulus to the moribund economy...it's not like 0.5% is doing much!). :)

If you take their offer, you're committed to the 2.5% offer as your funds would be on deposit as of the date they take the "snapshot" of the "eligibile account" balance(s). They'll say they may not have an offer or that it'll be as high or higher than the targeted, preemptive one they offered you or that you may not receive any offer and the more people they get, the reduced interest expense in the form of a 60 basis point spread.

Interestingly, Tangerine used to have like $25 billion in mortgages, $20 billion of which BNS put into "run-off" in 2012 meaning that they weren't eligible to be refinanced with higher borrowing. BNS' most recent report shows that's already down to $7.5 billion, so they've succeeded in getting that "run-off" portfolio down by $12.5 billion. There's roughly another $5 billion in prime Tangerine mortgages that they've retained and Tangerine has actually slightly grown their deposit book to between $30 and $35 billion so it's proving that Scotia really did just want them both as a "future bet" but, more importantly, as a capital buffer. :)

Cheers,
Doug

September 15, 2016
3:12 pm
bernija
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After renewing twice at 2% for 3months Tangerine finally renewed me on Sept 12th at 2.5% very happy!

September 16, 2016
12:02 am
speedwagen
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Revisiting my earlier post, I was baffled by HowieM's rejection of Tangerine's 2.5% offer, while giving him the benefit of the doubt that perhaps it only applied to new deposits. Loonie weighed-in on the matter by implying that HowieM simply decided to hold out for a better deal in a couple of weeks.

Now, bernija appears to have revealed that the offer wasn't for new deposits by posting that it was a renewal offer. Time will tell if HowieM's gamble paid off???

September 16, 2016
12:44 am
Loonie
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I think Howie's tactic implies that he is expecting an upcoming offer valid on new deposits only.
Looks like benija's recent offers were probably on existing deposits.

Whatever offer Howie gets could be either type, but if it's new money and a good rate, he'll do well. If old money is included, then he just has a little inconvenience moving it back and forth. He's trying to cover his bases that way, but impossible to predict the result. Some people have been punished for moving money out, or so it seems, at least in the relatively short term.

September 16, 2016
7:56 am
Doug
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Loonie said

I think Howie's tactic implies that he is expecting an upcoming offer valid on new deposits only.
Looks like benija's recent offers were probably on existing deposits.

Whatever offer Howie gets could be either type, but if it's new money and a good rate, he'll do well. If old money is included, then he just has a little inconvenience moving it back and forth. He's trying to cover his bases that way, but impossible to predict the result. Some people have been punished for moving money out, or so it seems, at least in the relatively short term.

I think it'll still be a "net new money" offer - you just won't have to receive an e-mail or online banking "interruption"-targeted offer this time, possibly, which is how it used to be. :)

If you want "existing money" included in the offer, you'll still have to phone Tangerine and threaten to "move your money" to get that included in the offer, most definitely. :)

Cheers,
Doug

September 16, 2016
10:21 am
JW
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My 2% expiry is tomorrow. Renewed effective Today at 2.5% for 90 days on existing $$$ up to $500K. Phoned in and did both mine and my wife's. Had to tell CSR would move $$$ to PC at 2.25% or just give me 2.5% mentioned on this Forum. CSR had to get supervisor approval for mine and then again for my wife (all done on the same phone call). Just play the Game! I'm happy!

September 16, 2016
12:55 pm
HIS285
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I got the 2% I've been getting for a while renewed last week after I called, which I hate to do.

It seems most people around are getting much more, and I find that quite unfair (not that they're getting more, but that I'm getting less).

I've been a client since just about the beginning.

September 16, 2016
1:55 pm
MarkFog
Toronto
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HIS285 said

I got the 2% I've been getting for a while renewed last week after I called, which I hate to do.

It seems most people around are getting much more, and I find that quite unfair (not that they're getting more, but that I'm getting less).

I've been a client since just about the beginning.

Yes that seems unfair. But, you mentioned that you called last week to renew and it seems that the 2.5% promotion people having been getting is during this week. I called today even though my promo offer expires Monday and I was offered 2.5% until December 14. There was a brief put on hold and the CSR came back and said it would be to Dec. 14 not the 19th. Which I was fine with. I didn't want to chance it that the offer would not be there on Monday if I called again on the day the previous offer ended.

September 17, 2016
6:42 am
HIS285
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I just called them again to ask for the 2.5% rate, telling the CSR I should get the same rate as everybody else. She didn't argue or ask any question, and gave it to me - 2.5% until December15, increased from current 2%.

Without this great forum I would never have even known about this rate - thank you guys! - though I really resent having to call Tangerine.

Edit: corrected date.

September 17, 2016
7:22 am
MarkFog
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This is great to hear HIS285. I understand it's difficult to call in and have to make the pitch, but it's a necessary evil when it comes to money. It looks like they are trying to align us to the 14th or 15th. I called yesterday and they started the 90 day at the 14th and you on the 15th. It kind of bugs me that they wouldn't start it on Sept. 19th the day my other promo ended. But, I will cross that bridge in December, 5 days early or later.

I had a great introductory rate at a new Meridian it was 3%, but when I had to walk into the branch to see what they could offer me and it was only long term GICs at uncompetitive rates or their 1.65% savings account. So I moved my money to a new promo at TD for 2.20% until January.

September 17, 2016
7:50 am
rqs
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re. "So I moved my money to a new promo at TD for 2.20% until January." What new TD promo?

September 17, 2016
8:07 am
MarkFog
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rqs said

re. "So I moved my money to a new promo at TD for 2.20% until January." What new TD promo?

I received an e-mail from TD a few days into September about opening a High Interest savings account. To receive 4X the posted rate on all new deposits of $5,000 or more until October 31st. Posted rate 0.55% + Bonus Rate 1.65% = 2.20%. Promo ends January 31st. This rate is paid monthly as opposed to the PCF which pays the bonus lump sum in January.

I believe I received this rate because I practically moved out all my funds with them back in the spring. I left about $8K there. Also, I didn't realize that I never had opened a high interest savings account with them before.

September 17, 2016
4:33 pm
Loonie
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Meridian's current going rate is down to 1.5%.

@MarkFog: re: TD offer. Do you mean that money deposited by Oct 31 will get the rate until Jan 31? That's almost 5 months, better than the other deals going around. It's often hard to get promos on non-registered money in Jan as the banks are content to just chase RSP, TFSA deposits.

September 17, 2016
6:39 pm
MarkFog
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Loonie, I re-read the e-mail and I can confirm that it says interest rate from September 1 until Jan. 31, 2017. Have to open a TD High Interest Savings Account by Oct 31, 2016. This does not include in any month in which an account was closed. The e-mail stated that the interest rates will commence on the fifth business day after the account opening for balances from $5,000 up to $5,000,000. The posted rate and the bonus rate to be paid monthly.

I opened the account online and deposited a cheque at the bank branch.

September 17, 2016
9:09 pm
Loonie
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Thanks, MarkF. I don't see any reference to it on their website, so must have just ben targeted, as you suggest. However, that shouldn't prevent anyone from going into a branch and asking for a match.sf-smile

Being a much larger bank, it has bigger deposit limits than we are used to seeing. If only we had $5 million..., we could "earn" almost $46K!sf-surprised

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