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Data Point: Sept 16 retention offer
October 1, 2016
8:37 pm
moneyman
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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.

October 2, 2016
6:39 am
Percentage
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My summer 3.25% was ending so I called on September 28th and was offered 2.5%. Congrats Implode on the 3%. Really wish Tangerine would stop offering different rates and treat their customers with more respect. Tangerine must know that most of us will find out.

%=$

October 2, 2016
4:26 pm
Loonie
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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%.

October 2, 2016
5:30 pm
3oakwest
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A couple of weeks ago I took the 2.5%, for three months. When I saw posts that 3% is out there I called and got 3% to Dec. 31.

October 2, 2016
11:08 pm
Joe
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hey threeOW.....I did the same thing last week....I was getting 2.75 until the end of Sept, and called to get extended at 2.5 for 3 months...took less time than clipping a couponsf-wink....Anyways called back and said I wanted 3% or I will move SOME money out, and they gave it to me, .....again, took maybe 5 minutes. I know many don't like this bank....but its my favourite , I don't consider calling them every 3 months to get the latest promotion a hassle.

Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.

October 3, 2016
4:30 am
3oakwest
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I agree Joe. I think we must do what is best for us, it only took me two minutes to get this new rate. It appeared instantly on my Bank page so I could confirm it before i ended the phone call. I feel more comfortable with Tangerine investing more that the $100k since they are owned by BNS.

October 3, 2016
6:17 am
Joebart
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Called today and got 3% with no real hassle. :-)

October 3, 2016
7:47 am
monju00
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Called them today and got nothing! I told them, I am going to move all my money out to PC. I guess they don't need my 206K!

October 3, 2016
9:05 am
Slybanking
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Called last week and got 2.5%. Just called minutes ago to get 3%. Did not get it.

October 3, 2016
9:16 am
mr P. Pincer
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Phoned in just now, mentioned I have $100K looking for a home and asked for the 3%, & the guy said there were no promotions on my file.

He suggested that I move some funds in and then try again, to which I mentioned it wouldn't work for me, as I have a fairly decent rate right now with PCF, & last time Tang's offer was only 1.6%, which was less than what Hubert was paying.

I asked if the back office could help, and that I was willing to transfer 100K while on the phone if I could get the 3%, he said no, that I'd get the same answer from his supervisor.

So I told him I'd wait for the next new money offer, to which he responded by trying to sell me on a new chequing account :| While I appreciate the work ethic, thanks but no-thanks, I didn't call about their flippin' chequing accout.

Oh well, maybe next time.

October 3, 2016
9:46 am
Percentage
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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.

%=$

October 3, 2016
10:08 am
Joebart
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It is very strange. I have upgraded my 2.5% to 3% without any problem today but I had bad experience before with Tangerine when they refused to give me promotion and I have moved all my money out renaming my "High interest saving account" to " Low interest saving account" and leaving only one dollar there.
This time no problem and I have no explanation why some people get it and some do not.

October 3, 2016
10:24 am
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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.

%=$

October 3, 2016
12:22 pm
Karen103
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October 3, 2016
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I recently received a large gift and am deciding whether or not to put it in PCF at their 2.25% promo rate, but then I found this discussion. I called Tangerine and they said "no, because this a retention offer only", and since I don't currently have any funds in my Tang savings account, they will not offer this promo to me. I asked them about there current new client promo rate of 2.4% and they also said flat out no. Any ideas? It's a fairly large sum of money, and I'd like to park it with a decent interest rate before I decide what to do. Thanks!

October 3, 2016
1:28 pm
Loonie
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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.

October 3, 2016
1:46 pm
Karen103
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Thanks, Loonie, I'll consider it. I just wish they would post their rates online.

October 3, 2016
2:00 pm
speedwagen
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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!!

October 3, 2016
2:43 pm
mr P. Pincer
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Loonie said

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.

Possibly, but since signing up for the savings account, I've already also signed up for their credit card, & use that a fair bit.
Before getting the Tangerine mastercard I rarely used a CC for anything; now I use it for most things (except small local businesses etc that I don't want to see dinged).

I'll get a chequing account if they provide an incentive, even though it's unlikely I'd use it much, but currently the promo they have running has to do with paycheck direct deposit, and I'm self employed, so I'll wait & see.

October 3, 2016
3:09 pm
monju00
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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.

October 3, 2016
5:17 pm
moneyman
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i agree the variation is looking like it depends on deposit levels that tangerine needs to hit. I know I got offered a PC promo 30 days into the promo and they wouldn't give me the 90 days only 60. I suspect they targeted me late because they missed their target.

Earlier people were getting 2.5 then upto 3 now no offers. Likely they hit their target. I am wondering if the more money you have the less likely they are to entice you. As if you have 5x 50k deposits (customers) and 40% forget to move the money at the end of the promo. Your return is better, than if you have 1 x 250k customer at that size or better is unlikely to forget to move their money.
I appreciate peoples right to keep their deposits private. Too bad the site couldn't do a private poll based on sending the moderator a PM who could then tabulate a frequency distribution table by amount and rate and date. This my dear Watson would solve the mystery.

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