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Just offered 3% (!!!) at Tangerine for 180 days
June 22, 2015
1:01 pm
MeeMaa
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Tangerine called with what sounds like an amazing offer in today's low interest marketplace - 3% for up $500,000 for 180 days. I'm in. sf-smile

June 22, 2015
3:47 pm
Loonie
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There is no mention of this on their website.
I would not trust the source in an offer that came only by telephone. I would phone Tangerine back, if I received such a call, which I have not, and ask them for verification, using the phone number on record, which is 1-888-826-4374

Anyone else receive this? There are 2 clients in this household, and neither has received it.

However, if I received a legit offer from an insured FI for 3%, I'd take it too, and would put as much as I could into it!

I note that this is a first post for OP. That means there has been a delay before it was made public. That should have given time for others to have received the call if it is legit.

June 22, 2015
4:46 pm
MeeMaa
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I had my suspicions also, hence after the call, I did call them back right away - they confirmed the offer.

June 22, 2015
7:06 pm
deepcman
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Four of us in this household with with significant funds in Tangerine accounts and no sign of a call. Sounds too good to be true.

June 22, 2015
8:48 pm
Loonie
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Anyone else?

I would like to hear from forum members who have been involved in the site for a while. If none of us are getting this message, the question arises as to why not.

Also wondering why MeeMaa was singled out. Can you tell us what is your previous relationship with Tangerine? When you called to verify, did you identify yourself or did you just ask a general question?

The current posted 180 day rate is 0.75%. It's hard to imagine why they would quadruple that for some clients.

June 22, 2015
10:23 pm
Norman1
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Sightings of the offer have been reported on RedFlagDeals.com in the discussion [Tangerine] Targeted offer: 3% for 6 months on Saving Account.

Looks like a targeted offer for those with at least $10,000 in their Tangerine savings account.

One person reported a phone call asking them to input PIN over the phone! Someone else received a voice mail. Another received an e-mail.

The person who received the voice mail checked online and saw the offer as well under the "Account Info" of their Tangerine saving account.

Maybe if we give it a few days, Tangerine will get around to calling or sending an e-mail to each of us?

June 22, 2015
11:24 pm
Loonie
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Thanks, Norman.

We phoned them, and both of us got the 3% offer. Paid monthly, no strings. New and old money are all treated the same. No penalties for withdrawals.

Thanks, MeeMaa. Great Newbie post!

They do ask for PIN, which is OK if you are calling them, but I would not do it if it were the other way around.

June 23, 2015
2:14 am
Joe
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Thanks for that MeeMaa....I took the initiative and called them up, and they changed me over to 3% immediately......sf-cool

June 23, 2015
5:09 am
MeeMaa
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This is most definitely a targeted offer. When I called to confirm, I spoke to a rep and provided my personal information and PIN; I did not just make a general inquiry. My assumption is that this offer is being made to clients with significant funds on deposit.

June 23, 2015
5:54 am
2of3aintbad
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The question I have for OP or anyone who got the offer is, are you getting the other promotion of 2.1% until June 30? I called in & asked for the 3% promotion in exactly the same way I called in for the 2.1% from Jan 1. I was put on hold for a few minutes. The rep said that he noticed I was getting a promotion already. He didn't mention any minimum balance (I have more than $25,000 in the non-registered savings). He also said it was a time limited offer and I don't qualify. He could not or would not provide any more details.

June 23, 2015
8:07 am
semi-retired
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I have been following this site for a while & just love it.Thanks to everyone for their very informative posts on financial subjects.I used to deal with ING for their great rates till BNS bought them.Now I deal with PT & HUBERT for their savings rates.I have almost nothing in Tangerine since their rates became non-competitive.After reading this topic I contacted Tangerine this morning about this 3% promo rate.At first I was told I wasn't targeted for this promo(probably due to VERY low account balances)but after telling the fellow I would transfer an upcoming GIC on July 3 (six figures)he put me on hold,talked to a supervisor,then told me I would get the 3% rate for 180 days if I post dated a transfer for the funds to my Tangerine savings account.I did,and received an email with the transfer details.Will update when everything hopefully occurs.

June 23, 2015
9:19 am
Bill
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Called Tangerine as I couldn't see how to close my accounts (total balance $7.81) online and he asked how they could retain my business. I said we're not a good fit anymore because I don't find their regular rates competitive so I never have money with them except for promotions but their recent promotions have not been offered to me because I'm disloyal, I get it. He said what if they gave me 2.5% until Dec 19, I said I'd move it out again then so they likely don't want guys like me. He asked me where my money was now, when it could come to them, and how much it was so I told him and he said the amount qualifies for 3% if he could get a significant amount transferred by tomorrow (to give me the deal he said he needed to initiate a transfer for tomorrow). I said I had $50K available today, the rest as it comes over from other accounts over the next few days. So we agreed, it's calculated daily on the daily balance, paid at month end, and my wife can get the same deal if she calls them. Don't know what the magic minimum amount thresholds are for the 3% rate, my wife and I will each have significantly more than the CDIC limit. Also I think he said it was capped at $500K per account (client?). So we parted as friends again (it's always about the money, isn't it!?), at least for the next 6 months. Not sure what they're doing - maybe with the TFSA limit at $10K per person or with banks looking more to "wealth management" services they're doing this as a way to suss out who's got liquid assets they can set their sights on going forward. Doesn't much matter to me, 3% for the next 6 months looks pretty good today.

June 23, 2015
10:07 am
jgclghrn
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2of3aintbad said

The question I have for OP or anyone who got the offer is, are you getting the other promotion of 2.1% until June 30? I called in & asked for the 3% promotion in exactly the same way I called in for the 2.1% from Jan 1. I was put on hold for a few minutes. The rep said that he noticed I was getting a promotion already. He didn't mention any minimum balance (I have more than $25,000 in the non-registered savings). He also said it was a time limited offer and I don't qualify. He could not or would not provide any more details.

I called and was refused the offer even after I said I could transfer funds into my account after the end of the month sf-frown. I have very little in my savings account as I'm currently taking advantage of the BMO 2.5% rate offer. I am subscribed to the Tangerine 2.1% offer but I didn't take advantage of it for obvious reasons.

The representative wouldn't or couldn't tell me how long the deal was being offered. She did say that targeted clients needed at least 10k$ in their savings accounts and not be subscribed to another offer in order to get the 3% offer. She also said once I transferred at least 10k$ to my account I could call back and see what offers were available but she gave no guarantees.

June 23, 2015
11:11 am
rhvic
Victoria, BC
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I have $99K in my Tangerine savings account, but I did not receive a phone call about the 3% offer, nor was it under 'account info'. So I did call Tangerine and asked them about this 3% offer - the agent said she knew nothing about it! After speaking to someone else, she said they were prepared to offer me the 3% rate for 180 days, up to $500K deposited any time during that period. First she asked if I was being offered better rates elsewhere - I told them many credit unions offer close to 2% normally (far above Tangerine's usual 1.05%)! Anyway, I am now on their 3% offer.

So, ask and you may receive! (and thanks to this forum, otherwise I would not have heard of this offer!)

June 23, 2015
12:42 pm
2of3aintbad
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jgclghrn said
I called and was refused the offer even after I said I could transfer funds into my account after the end of the month sf-frown. I have very little in my savings account as I'm currently taking advantage of the BMO 2.5% rate offer. I am subscribed to the Tangerine 2.1% offer but I didn't take advantage of it for obvious reasons.

The representative wouldn't or couldn't tell me how long the deal was being offered. She did say that targeted clients needed at least 10k$ in their savings accounts and not be subscribed to another offer in order to get the 3% offer. She also said once I transferred at least 10k$ to my account I could call back and see what offers were available but she gave no guarantees.

Thanks, jgclghrn. One person on another forum just reported that s/he 'had 2.1 and still got the 3' but only one. Otherwise, it appears that they are rewarding clients that have a large balance earning 1.05% and might move it out. Maybe if we do nothing, we will be offered 4%.
I understand the restriction with the BMO promotion. If you move out enough to reduce your balance (rather than increase it by $200 minimum), you lose the bonus for the entire month.

June 23, 2015
12:54 pm
Loonie
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I don't think that getting the 2.1 offer is an exclusion, as the fact that we are getting it was never mentioned, and they gave us the 3%. Accounts in the 5 figures. The offer now shows up on our profiles, which have been printed out for future reference in case they should mysteriously change.

I think jclghrn was likely refused because of low balance and no prospect of getting it before July. Try again later. Suggest you ask about setting up a post-dated transfer only if they guarantee you the 3% when it goes through. They may need to check with a supervisor.

It IS time-lmited offer in the sense that they clearly say they can pull the plug at any time, but no date is specified, so it's at their discretion. This means they can change their criteria for giving it at any time, as they are secret criteria. This is why I wanted to get in early.

They are definitely programmed to ask what's the best rate you've been offered. I cited Hubert's one year at 2.2 because it's cashable and they can see that I don't take money out very often. However, it didn't seem to make a difference to their conclusion. It was more like a survey question.

June 23, 2015
1:06 pm
2of3aintbad
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Loonie said

I don't think that getting the 2.1 offer is an exclusion, as the fact that we are getting it was never mentioned, and they gave us the 3%. Accounts in the 5 figures.

They are definitely programmed to ask what's the beset rate you've been offered. I cited Hubert's one year at 2.2 because it's cashable and they can see that I don't take money out very often. However, it didn't seem to make a difference to their conclusion. It was more like a survey question...

Interesting ... a. the 2.1% was not mentioned to you, but to me, and
b. that you were asked about the best rate, and I was not.

June 23, 2015
1:11 pm
Loonie
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This is a new offer,so I think some of the reps are still learning about how to respond to it. The guy we talked to seemed to think we were asking him to match another FI's rate when I first called.

NOTE: I was told that the offer would apply to both individual and joint savings accounts. HOWEVER, with regards to the joint accounts, I was told that in order to qualify for the promo, new deposits had to be made by the primary account holder.

A couple could get up to 300,000 CDIC coverage using 2 individual and 1or2 joint accounts. May require some fancy footwork with the joint account(s)..

June 23, 2015
3:21 pm
rhvic
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Here are the full terms of the offer on the Tangerine web site, for those who can access it! (I got to it through the 'account info' button on my savings account, but only after I had phoned in!)
------------

Tangerine Limited Time Interest Offer Terms & Conditions

General:

The Tangerine Bank (the "Bank") Limited Time Interest Offer of 3.00% (the "Offer") has been calculated based on interest rates current as of June 23, 2015 and is available to existing Tangerine Clients who receive notification that they are eligible for the Offer from a Tangerine Contact Centre Associate and who verbally accept the Offer ("Eligible Clients"). The Offer is available to Eligible Clients on all eligible deposits for a period of 180 days from the date they accept the Offer (the "Promotion Period") to a maximum of $500,000 in deposits to all Tangerine Savings Accounts combined (CDN dollar, non-registered Accounts only; herein referred to as "Applicable Accounts"). It is not applicable on any other Account types, including (but not limited to) the Tangerine RSP Savings Account ("RSP Savings"), Tangerine Tax-Free Savings Account ("TFSA Savings"), Tangerine RIF Savings Account ("RIF Savings"), Tangerine US$ Savings Account, Tangerine Business Savings Account, Tangerine US$ Business Savings Account, or Tangerine Children's Savings Account ("CSA").

Additional Interest:

"Additional Interest" is 1.95%. Additional Interest is added to the applicable posted rate of interest listed on the Bank's website (the "Posted Rate") to calculate the total amount of interest payable under this Offer. (For example, if the Posted Rate were 1.05% and the Additional Interest were 0.45% then: Posted Rate of 1.05% + Additional Interest of 0.45% = Offer of 1.50%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate.

Subject to the limits and qualifications outlined in these Terms and Conditions, Additional Interest will be calculated daily and paid monthly during the Promotion Period in Applicable Accounts.

After the 180 day Promotion Period ends, all balances will earn interest at the Posted Rate payable on the Applicable Account(s).

The Offer will be automatically applied to all existing Applicable Accounts that the Eligible Client has when the Promotion Period begins, and any subsequent Applicable Accounts opened by the Eligible Client during the Promotion Period will also earn Additional Interest. The Offer will end on the same date for all Applicable Accounts.

Additional Interest will be paid on the first $500,000 of deposits in Applicable Accounts. This is a combined total across all of the Client's Applicable Accounts. Any balances greater than $500,000 will earn interest at the applicable Posted Rate of interest payable.

Interest is calculated daily and paid monthly for both the Posted Rate interest payments and the Additional Interest payments. Additional Interest will not be paid and will not be payable until the start of the month following the month in which it was calculated, and the calculation for that month will not include interest on top of Posted Rate interest for the previous day (Example: If the month ends on July 31, 2015, the Bank's applicable Posted Rate of interest will be paid to that Applicable Account on July 31, 2015 and any Additional Interest will be paid to that Account on August 1, 2015. Both Additional Interest and Posted Rate interest payments will be calculated based on the same balance for the month of July, despite the fact that the Posted Rate interest is paid on July 31, 2015, one day before the Additional Interest is paid.). Any Applicable Account closed prior to the payment of Additional Interest will forfeit any Additional Interest calculated during the month in which the Applicable Account is closed.

Eligibility:

This Offer is non-transferable and only for Eligible Clients. Clients who receive the Offer and/or these Terms and Conditions from any source other than the Bank, and who are not Eligible Clients as described in Section 1 above, will not be eligible for this Offer.

The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the "Primary Account Holder"). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (Example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Applicable Account. Where money is transferred by a Client who is listed second on the statement to an Applicable Account where the Eligible Client is the Primary Account Holder, that Account will be eligible for Additional Interest.

Limitations:

This Offer cannot be combined with other promotional rate offers. Where an Eligible Client qualifies for more than one promotional rate offer from the Bank, and the Eligible Client accepts this Offer, this Offer will be applied to the Eligible Client's Applicable Account(s) to the exclusion of any other promotional rate offer unless otherwise arranged.

The Bank reserves the right at its absolute discretion to vary, delete or add to any of these Terms and Conditions from time to time without prior notice.

If the Bank is unable to run the Offer as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of the Bank which corrupt or affect the administration, security or proper conduct of this Offer, the Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

The Bank reserves the right to withdraw the Offer in whole or in part, or to vary any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion. The Bank reserves the right to end the Offer earlier or to extend the Promotion Period further at its absolute discretion.

The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

This Offer may be suspended, modified or withdrawn at any time without notice.

To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, promotional material or statement, whether written or oral, (collectively a "Message") from the Bank, these Terms and Conditions will supersede all other Messages.

You agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice offered by us with respect to this Offer is deemed to be provided on the day it is posted on our website.

June 23, 2015
4:20 pm
xxxx
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per the full terms submitted above by rhvic the 3% rate is applied on NEW deposits up to a 500K limit ABOVE the current balance i.e. starting today. The current balance as of June 23 basically will earn the "posted" rate i.e. 1.05%.
I just phoned Tang and it is ok if you were part of the 2.1% promo, it just switches to the 3% offered to some or the 2.5% offered to others, for any new deposits as of now. (so basically your base balance is higher as a starting point, on which additional deposits get the 3% (or 2.5% to others not offered 3%)
The agent said the 500K is across all your accounts so if you have an individual and a joint acct, the agent said the limit is 500K. (and not 500K for the indiv plus 500K for the joint acct)

For those who already had a large balance and did not get it reduced as some above have done, it is not that attractive since your large "starting" balance as of today will only earn 1.05% for 180 days.

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