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How To beat Tang at own game?
April 11, 2022
2:55 pm
ExtraSauce
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Frankly, I'm fed up with Tang and am loathe to play their weazelly games. New money offer of 2%, then one month or so later a targeted offer of those who didn't bite, 2.8%, then another targeted offer to catch some more holdouts @ 2.4%. Etc. Etc. Decency be dammed.

So much for their"public relations"! It appears Algo Trading/AI is running their operation with little to no respect for their "clientelle". All that's missing is carnival music, spinning hypnotic wheels, hucksters with toothy grins and flashing bow ties!

I'm hoping others will chime in with any tips and tricks for beating the Tang at their own bait and switch games. I will either refuse to play their game in future, or learn to beat them from those who have been paying more attention than I.

April 11, 2022
3:41 pm
Bill
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I agree, but if you read all the Tangerine threads on here you'll find that no-one's figured out their tactics, likely because they're random and ever-changing, for some time now. And I kind of get it, i.e. if I ran a bank would I really want to attract the professional rate chasers?

I just ignore them until I get an offer that I want to partake in and then take my money out when I'm back in their penalty box and ignore them again until the next offer comes along. Seems that any "fed up"ness, etc I'd have would be sourced in my own envy of others getting sweet offers I'm not, it's a powerful emotion, but one I'm pretty good at getting a handle on, i.e. sometimes I win, sometimes others do, good for them, that's normal in life. Other options for my money, Tangerine's far from the only game in town.

April 11, 2022
4:39 pm
ExtraSauce
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Thanks for the feedback ... Happy to see others win, but it's a miserable way to run a company and doesn't reflect much integrity. The majority of small businesses out there would be out of business if they relied on such shenanagins. I tend to forget that pretty much anything goes in these days of alternate facts and win at all cost 😉

April 11, 2022
5:08 pm
Jonnylikescash
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April 11, 2022
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Also agree with this weirdness going on with Tangerines rates.
So much so that I saw this post and needed to let you guys know.

My partner and I have had separate Tangerine accounts for around 3 years or so...not sure exactly how long ...but she keeps getting offered higher rates than me every time. Frustrating!

My credit rating is better. My bank balance is better. I am a loyal customer.
It miffs me how this all works. It must be algorithmic. They also want "NEW" cash in their coffers so I think that plays a part to.

They gave me 1.4% and she got 2.8%.

Soooo

I called them up and basically said the above.....I said if they don't do something about my rate I am just going to move my funds to my partners account.... simples.

They put me on hold for 10 mins and then came back and gave me 2.25%

Moral of the story, it might worth giving them a buzz and letting them know you know their games...but dont tell them you know....just quote some competative rates from elsewhere etc.

Maybe you can squeeze a better rate out of them. They make enough money out of all of us its the least they can do.

Good luck! JLC.

April 11, 2022
5:40 pm
savemoresaveoften
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I am contemplating ignoring the May 2.2% offer. Reason being if I accept that, I will lock myself again into their "third/shit round" of funding promotion again the next cycle. Their ever lowering rates per round of promotion makes sense from their perspective, and also for the lucky few who gets the VIP invite. By not accepting the lower rate round and wait for the next cycle, it may vault me into the VIP round next time.
Assuming more places will be offering a 1y rate of at least 3% (hopefully) after wed rate hike, that will help me make my decision. 1y at 3% is way better than a Tang 2.2% for 6 months. It will need a 3.8% 6 months rate in 6 months time and I am 100% certain you wont see 6months that high by November.
I also think they look at the cumulative offers one account may have received over time and then "assign" their promotion accordingly. I also noticed accounts that usually does not have money in it will likely NOT receive promotion.

April 11, 2022
5:43 pm
ExtraSauce
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Thanks JLC and hurrayyy for squeeky wheel to get some grease! Seems amazing they needed your squeeze call to make such an obvious change, but even then they didn't do the decent thing and give you par with significant other. Their AI/Algo targeting doesn't seem all that intelligent.

But ... perhaps they know something about the majority that we don't. Maybe their model relies on laziness of people to move their money or .... some other human trait they have nailed down, versus doing right by customers, generating trust and confidence!?

SaveMoreSaveOften ... good thinking, you might be onto something with the revolving offers. In my recent teaser rate I had not used Tang in years, so I guess they threw me some bait to see if I'd bite as back in Feb they jumped ahead of EQ and Hubert for short term rates.

April 11, 2022
7:17 pm
COIN
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It is beyond human comprehension but I think you have to leave the money in for the full duration to get the 2.80%.

April 12, 2022
8:02 am
BlueSky
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No need to get miffed with Tang. Beating Tang in its own game is rather simple, play it when it's advantageous to you, and call it when it's not. Simply move your money elsewhere. Now, more than before, rate offerings by FIs are springing up like mushrooms after the rain, especially when it's expected that BoC will raise its overnight key lending rate by 25 to 50bps. Rates will be much more "diversified" between FIs. It's an investor market.

April 12, 2022
8:59 am
Norman1
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I agree. There is randomness in how Tangerine assigns the targeted offers. Someone had filed a complaint a while back with their ombudsman and that was one of the findings.

The most one can do is get included in the pool of clients that could be assigned an offer and wait until a good offer comes along.

These offers are marketing exercises. It is not like Tangerine Bank really needs the money and needs to pay 2.8% for short-term funds.

Tangerine Bank is owned by Bank of Nova Scotia. Tangerine can ask its parent for short term funds. Bank of Nova Scotia can issue 90-day banker's acceptances for around 1%, with no deposit insurance premiums and no servicing costs.

April 12, 2022
2:59 pm
Gogie
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COIN said
It is beyond human comprehension but I think you have to leave the money in for the full duration to get the 2.80%.  

The short answer is "No you don't".

There are no restrictions on the 2.8% offer (I got it). You can deposit/withdraw whenever you like - you receive the full 2.8% interest on your daily balances until the end of the promotion (August 31) - interest is calculated daily and deposited monthly.

April 12, 2022
3:57 pm
cgouimet
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COIN said
It is beyond human comprehension but I think you have to leave the money in for the full duration to get the 2.80%.  

No

CGO
April 12, 2022
4:47 pm
COIN
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I'm going to wait until someone actually pulls some funds out of the 2.80% and see whether they still get the full 2.80% on the funds during the time it was in the account.

April 12, 2022
6:02 pm
cgouimet
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COIN said
I'm going to wait until someone actually pulls some funds out of the 2.80% and see whether they still get the full 2.80% on the funds during the time it was in the account.  

You should see the full 2.8% Ann rate in your account by 1st if every month.

CGO

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