Data Point: Sept 16 retention offer | Page 4 | Tangerine Bank | Discussion forum

Wow makes you wonder given the market how can they pay you 3% as most 5 year mortgages are 2.4%
Good to know, that is possible. Wonder if there is a capital quota and once they hit it they can play hardball. Implode you've done well.

moneyman said

Wow makes you wonder given the market how can they pay you 3% as most 5 year mortgages are 2.4%
Good to know, that is possible. Wonder if there is a capital quota and once they hit it they can play hardball. Implode you've done well.

Banks invest in lots more things than mortgages. Consider, for example, car loans, lines of credit, commercial lending, and the usurious rates on credit cards. And that's only the tip of the iceberg.
Also, when they average out the interest they are paying to all their clients, it undoubtedly comes in way lower than 3%.

Called today and got 3% with no real hassle.

Called last week and got 2.5%. Just called minutes ago to get 3%. Did not get it.

Just called in after getting the 2.5% on October 28th. Asked for 3% and was told NO we can't change the offer from 2.5%. Got really upset after they said that no one was able to change their offers ( basically saying people on this forum are making this up ). Asked for someone else to get the 3%, was told NO again, asked for a supervisor and was told I was talking to a supervisor and had to write in to go above her. What a joke. Will be moving my $390,000.

It really makes no sense Joebart. I was initially really nice until I spoke to the 2nd service representative and was told NO One can get their rate changed after they have accepted a recent % rate. Very bad customer service. Oh well, chalk it up as "I don't like Mondays" moment.

mr Pincer: Maybe the chequing account thing was a clue for you. in other words, if you have more business with them, they may give you better rate.

Karen103: This is just an idea, but I wonder what would happen if you moved your money into Tang (or at least a significant amount of it), waited a few days, and then called again and said you would like the good rate and will move the money out if you don't get it or will move more in if you do - and then act accordingly. If you don't get what you need, call again next week, and so on, if you have the stomach for it. Rates change often.

I'm gonna put in my 2¢ worth for anyone interested.

In my opinion, Tang's MO is to keep everyone guessing...they're playing poker with their clientele. The bottom line is they make targeted offers to control the inflow of funds and when they're desperate for money, they'll readily give you 3% or whatever. When they got what they needed, they'll slam the door in your face.

At the end of it all, they're likely counting on clients being disoriented by their shenanigans, lose track of where they're at and leave their money unattended, so to speak, so that they only pay a paltry .8%.

TD appears to be playing a similar game now with the 2.2% promo. I've been with TD in various guises for 30yrs and continue to use a broad range of services, but was excluded despite escalating the matter, supposedly on a technicality, namely that I requested to be on their "no solicitation" list. They did ask me though, how much and what I was planning when the promo ended. I played it straight up and told them the acc't would be closed with the money outbound...they probably didn't like that part. Like Tang, they refused to divulge their inclusion criteria.

What that tells me is "if you don't play our way, you don't play at all", i.e. if we don't get to coerce you on the crap, you don't get the good stuff.

Needless to say, I spoke my mind and told them that I'm happy to keep my money out of their coffers. The good part though is that they're very polite and respectful and hyper-apologetic, as opposed to Tang. TD is upper-crust while Tang is trailer-trash, but they're both playing the same game.

As I mentioned earlier, Tang will have to beg for my money and despite their apologies, so will TD, but unfortunately, as long as people are willing to play along, they never will. Ask me if I care...NOT!!

I don't think chequing account has anything to do with it. I have chequing, savings, TFSA, RRSP & MC with them. They still turned me down. I had 3.25% with them till the 30th.