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Data Point: Sept 16 retention offer
October 3, 2016
8:40 pm
howiemandel
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Ok i'm back, experiment failed. No new offers on my online platform. I've checked daily since Oct 1st was a Saturday. Monday has elapsed. I will now take that cash position and pay down my mortgage prior to completion of my sale on my condo to soften the interest penalty amount. Once the proceeds come through I will call into Tang and take my stacks of cash and slap their reps and their manager's over the phone (virtual stacks) and see what they are willing to do for me to move my money in. I gambled and lost but happy i took the chance. Tang management really needs to understand how to manage its deposits better. They need to offer consistent, no games, solid rates. This will stabilize deposit volatility, lower overhead from all the admin that's required to manage rates all over the board, and in general, provide a consistent client experience. Sorry I didn't bring the forum here better news with a solid data point to go back to them with. I tried.

October 3, 2016
9:56 pm
Joe
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Howie....wait until the 5th, something might be coming.....go back and read the first post, under the heading "special rate" (Tangerine Bank)sf-cool

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

October 3, 2016
10:21 pm
Loonie
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Thanks for reporting back, Howie. It was worth a shot.
It's good that you had a back-up plan as to what to do with your money.

I think there's a method in their madness. We just don't know what it is. Somehow, this is paying off for them. If it weren't, they would have ended it by now. Maybe, in these endless phone conversations that they put us through, they manage to talk enough people up and into bigger investments or credit that they make more money in the end than if they didn't do it.

It's now Oct 4 where I live. No offers yet on their website.sf-frown

October 4, 2016
6:31 am
bpwest
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Loonie said

Thanks for reporting back, Howie. It was worth a shot.
It's good that you had a back-up plan as to what to do with your money.

I think there's a method in their madness. We just don't know what it is. Somehow, this is paying off for them. If it weren't, they would have ended it by now. Maybe, in these endless phone conversations that they put us through, they manage to talk enough people up and into bigger investments or credit that they make more money in the end than if they didn't do it.

It's now Oct 4 where I live. No offers yet on their website.sf-frown

In the Tangerine - Special Rate thread started by Atlas, the Tangerine link Atlas posted is once again 'clickable', and refers to Oct 4 'snap shot', and special rate Oct 5- Dec 31...
I'll let those more computer savvy to post link here, (the rare $3 bill has been replaced!) or one can go to 'special rate' thread...Cheers

October 4, 2016
8:59 am
Bill
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Ok, howiemandel, I'll bite: what's a "data point"?

October 4, 2016
1:56 pm
Peter
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I just used the online chat as my previous retention offer had expired. I asked if they could offer me another promotional rate. They said no. Then I said "It doesn't matter if I am going to then move my money to PC Financial, which is offering a 2.25% rate?" and they replied with "Thanks again for your patience. I'm happy to let you know that we'll be able to offer you 3% on the funds in your Canadian Tangerine Savings Accounts for the next 3 months, for up to $500k in total. If you'd like to accept this offer, it will be effective immediately."

October 4, 2016
5:02 pm
moneyman
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Called today and asked if there was any promos like 3%. Her tone was well if we wanted to give you a promo we would have. Didn't get argumentative knew right way I got a loser agent. Will try again tomorrow. Maybe the 5th will be special.

October 4, 2016
5:20 pm
moneyman
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October 4, 2016
7:13 pm
howiemandel
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Bill said

Ok, howiemandel, I'll bite: what's a "data point"?

Hey Bill, a data point is another reference example. Consider it evidence. With enough "data points" one could draw reasonable conclusions.

October 5, 2016
6:34 am
fabafter50
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Well for the third time I got the crap promo. 2%. I tried calling but there is a 15 minute hold.
I'm done with Tangerine.

October 5, 2016
6:58 am
auca
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moneyman said

https://www.tangerine.ca/en/landing-page/specialinterestrate/index.html

I tried get the link attached

That doesn't seem a good deal, only for new balance unless your balance is low.

October 5, 2016
7:05 am
auca
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Peter said

I just used the online chat as my previous retention offer had expired. I asked if they could offer me another promotional rate. They said no. Then I said "It doesn't matter if I am going to then move my money to PC Financial, which is offering a 2.25% rate?" and they replied with "Thanks again for your patience. I'm happy to let you know that we'll be able to offer you 3% on the funds in your Canadian Tangerine Savings Accounts for the next 3 months, for up to $500k in total. If you'd like to accept this offer, it will be effective immediately."

We got same rate on the phone at near end of September , said the account linked with PC and it is just a click away to 2.25%. But it is just for saving account 3% for 90 days, not including any other accounts.

October 5, 2016
8:03 am
bpwest
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fabafter50 said

Well for the third time I got the crap promo. 2%. I tried calling but there is a 15 minute hold.
I'm done with Tangerine.

FWIW, I use the Tangerine 'callback' option...which works very well for me...Tangerine will call back, more or less in the period of time they say, and I can 'putter', while I wait...
(I will use the system again in the next day or two, to spin the old Tangerine roulette wheel, and see if I can 'bump' up my 2.5% 90 day rate; why not??)

October 5, 2016
10:13 am
howiemandel
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"You're earning a special rate! From Oct 05, 2016 to Dec 31, 2016, your interest rate on up to $500,000 in your Tangerine Savings Account(s), RSP Savings Account(s) and Tax-Free Savings Account(s) is 2%. (This Offer applies only where you're the primary Account holder)."

This just popped up on my login
bloody hell, 2%, i lost as i was offered 2.5 to retain.

October 5, 2016
12:26 pm
Loonie
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I think the news here is that Tang is offering a bonus rate in registered accounts. I don't think they've done that before.
Looks like they are ramping up for "RSP season". When they average out their special rates between regular accounts and registered ones, it will probably cost them about the same as a higher rate with only the non-registered.

October 5, 2016
5:28 pm
moneyman
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I logged in today and got a 2.23% offer on new money. How they came up with that percentage is beyond me. Maybe they run their rention promos to get a deposit base then use a sliding scale to pull in more capital to hit their target.

For TFSA account they all ways run a double your interest till the new year. So I doubt that one will be back.

October 5, 2016
6:59 pm
Doug
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Loonie said

I think the news here is that Tang is offering a bonus rate in registered accounts. I don't think they've done that before.
Looks like they are ramping up for "RSP season". When they average out their special rates between regular accounts and registered ones, it will probably cost them about the same as a higher rate with only the non-registered.

True, they usually have an RSP and TFSA Savings "sale," as they call it in winter months, though the past two years, they've extended that to non-registered Savings. It seems that this fall, they're extending non-registered Savings to RSP/TFSA Savings. One other benefit, mainly to Tangerine, is that for those who have existing RSPs/TFSAs, those balances are now under the Applicable Account Type under which one's overall deposit balance as at Oct 4th was looked at so there's a "higher hurdle" one must achieve to have "net new money". :)

I don't use RSPs/TFSAs for deposits/GICs. Mine are held with Scotia iTRADE and, of my investments held in cash, I use a myriad of non-registered savings accounts available through FundSERV in nominee format (currently using Hollis Canadian Bank's Investment Savings Account and The Bank of Nova Scotia's Investment Savings Account) that, currently, pay 0.75% net of the 0.25% trailer fee Scotia iTRADE takes. Irks me but at least there's no trading fee and it's easily accessible and higher than Scotia iTRADE's Cash Optimizer Account.

Cheers,
Doug

October 6, 2016
5:26 pm
moneyman
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Got an email 2.25% offer from PC till December 31. I must be in the second tier group as they initially refused to give that to me a month ago.

October 14, 2016
11:04 am
Albawank
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October 14, 2016
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I read this and phoned in since I'm getting 0.8 and something like 2.23 on new deposits. Well I'm at 98k and change there so I'm not putting in any new deposits and I wanted a better rate. I asked the guy if I could have a better rate, he said I already had a promo on new deposits. I told him I would like 2.5 on all deposits like other people are getting. He acted like he didn't know what I was talking about and said he couldn't do anything. I said ok, move 98k to my TD account then. He asked if I was moving the money because of the interest rate, and I said yes. He asked if they gave me a better rate if I'd stay and I said TD was offering 2.2 so if they could match that then yes. I was on hold a bit and he came back and offered 2%. I told him to move the money and he did. I'll put the money into PC on monday. I realize the PCF offer is about the same as 2% compounded monthly but I was betting on them seeing that I'm willing to play game and maybe they will offer a better rate next time.

October 14, 2016
12:43 pm
Doug
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Albawank said

I read this and phoned in since I'm getting 0.8 and something like 2.23 on new deposits. Well I'm at 98k and change there so I'm not putting in any new deposits and I wanted a better rate. I asked the guy if I could have a better rate, he said I already had a promo on new deposits. I told him I would like 2.5 on all deposits like other people are getting. He acted like he didn't know what I was talking about and said he couldn't do anything. I said ok, move 98k to my TD account then. He asked if I was moving the money because of the interest rate, and I said yes. He asked if they gave me a better rate if I'd stay and I said TD was offering 2.2 so if they could match that then yes. I was on hold a bit and he came back and offered 2%. I told him to move the money and he did. I'll put the money into PC on monday. I realize the PCF offer is about the same as 2% compounded monthly but I was betting on them seeing that I'm willing to play game and maybe they will offer a better rate next time.

Ah, sounds like the typical "Big 5" bank. Basically, it's like mortgage rate offers, they don't offer you the "best" promo rate unless you threaten to take your business elsewhere. And, he's probably monitored on his calls so he can't offer something better without you first asking for the transfer out. :(

Glad you got it. So basically, Tangerine and PC Financial are doing slightly different but basically similar "targeted" offers.

Cheers,
Doug

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