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Just offered 3% (!!!) at Tangerine for 180 days
June 23, 2015
6:24 pm
Loonie
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(I have amalgamated my two posts, below.)

June 23, 2015
6:35 pm
Loonie
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Brian said
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%.
.

Perhaps I am missing something but I don't see where, in the T&C, the words "new" or "above current balance" appear at all. A deposit is simply money that has been deposited, whether last month or next month. T&Cs for previous offers have always specified "new" where applicable.

I asked this question specifically, when I called Tang early this morning, and was told, specifically, that it would apply to both "old" and "new" money.

We'll have clear verification by July 1 anyway, as interest will be credited for June by then. If it's not there, we can complain and/or move on.

June 23, 2015
6:37 pm
rhvic
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Brian said

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%.

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.

Brian, how do you come to this conclusion? I asked the agent specifically if the 3% applied to all of my existing balance, and she said yes. So I am expecting 3% on everything, not just new deposits.

June 24, 2015
5:21 am
xxxx
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The agent I spoke to yesterday was not very clear when she explained the offer - (actually she had never heard of either Oaken or Hubert, when I mentioned sources of higher interest than 1.05%) so I concluded the "additional interest" she talked about and as set out above in the T&C was a similar promo as previous ones were done. So, I called Tang this am and spoke to another agent who explained the promo much more clearly. The promo is a new approach and is on the total balance and not just the additional deposits. Sorry for my misinterpretation - so we are all clear now and getting either the 3% or 2.5%.
Wonder if PCF will come up with something competitive in July.

It would appear that the new approach by Tang was likely an effort to stem the constant movement in and out by depositors who chase interest rates - so they gave the higher rate on the existing balance and not just the new deposits coming in to discourage pulling out money and moving elsewhere before the current 2.1% promo ends this month.

June 24, 2015
8:47 am
Loonie
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I wonder if they were ever planning on contacting the rest of us.
Perhaps it's a case of the squeaky wheel.
Since the offer requires the client to speak to someone on the phone, they may not have enough staff to cover it if they contacted everyone.
I'm sure they've read in some marketing manual somewhere that the more (positive) personal contacts you have with a client, the more likely they are to stick with you.
.
I had thought of moving some money out of cashable GIC at Oaken (2.25) for this, but then I decided against it as the T&C for Tang's offer includes the following potentially ominous statement: "Additional Interest and/or Posted Rates may change at any time without prior notice." I expect they won't do this unless the Bank of Canada lowers its rate, as the outcry from clients would be huge. However, the rate remains fragile and we should all keep an eye on our account profile.
I think I'll stick with the bird in the hand at Oaken but also keep money with Tang.

June 24, 2015
10:03 am
Nav66
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I called Tangerine this am. I first transferred a large amount into my empty savings account and then asked for and received the bonus rate...1.95% + the posted rate (currently 1.05%) = 3% for 180 days. The total rate will change up or down in sync with the posted rate. Interest is calculated based on daily closing balance and deposited on the last day of the month (bonus interest is deposited on first day of next month)so new money also earns the bonus interest. I believe you need 10K in your account to qualify for the offer. Max is 500k. I believe the offer ends July 1.

June 24, 2015
2:35 pm
linux4ever
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I called them yesterday and asked for the 3% rate. I told them that I want to bring over 100k from PC Financial and they declined. It is very disappointing from Tangerine to do this.sf-cry

June 24, 2015
7:24 pm
Bill
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linux4ever, I'd try again until I got a cooperative agent. 3 other members of my family have called saying their dad/husband (me) got the deal and they all got it too. None of them, I don't think, had as much as you as an initial transfer amount or balance. Though they set my wife up on first request they first told her I got the offer but not her because our transaction patterns were different - in fact, I didn't get the offer, I called and asked, plus our transaction patterns are pretty much identical. So there might be an element of making-it-up-as-they-go-along here, but it also might be worth another try or two.

June 24, 2015
7:43 pm
Loonie
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For all we know, criteria might change minute by minute, as they monitor the response, how much money they have committed to the deal, their outstanding loans and other obligations, etc etc. They may have a complex computer programme in effect which analyzes requests according to ever-changing criteria. The criteria are, after all, secret.

The frequency with which you have, in the past, moved money in and out in response to various offers, may also be a criterion. I would bet that moving it too frequently could get you turned down, but letting them know that you are watching the rates and considering moving the money would help.
Seems to me this offer is clearly aimed at retention, and they (or their computers) make a judgement call about whether you are likely to stick with them).

No harm in asking again, and again, although they are probably recording your requests. If your intention is to transfer money into Tang, then why not do it, and then ask again. This shows good faith. If they still say no, you can move it out again. Logically, it would seem that it should be harder to refuse money that is already there.

Interesting that someone reported July 1 as a deadline. This may well be true, as it is when people who got the last offer would otherwise perhaps be pulling out their money. They aren't interested in people taking it out on the 30th and putting it back on the 1st or similar, as that makes it harder to run their business and they might have to take overnight debt.
But, then, who knows what offer may come in July?

June 24, 2015
8:33 pm
howiemandel
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I was presented the 3% offer earlier this week. I think Tangerine has taken a pre-emptive approach rather than a reactive approach. Lets look at the facts.

1.) the 2.1% promo was due to end June 30th. Knowing that many rate hunters pick up on this, there would have been an exodus of funds prior to month end in preparation for the next possible promotion which would talk about "new" money or balance as of X date onwards qualifying for the next promo.

2.) In order to mitigate the draw down effect, selected accounts were targeted - probably through a algorithmic criteria selecting accounts which historically have engaged in such patterns of withdrawal and re-deposit. I'm sure notional amounts play a factor too. Let's not speculate and say they did targeted pre-emptive retention

3.) they are doing this to:
- reduce the volatility in month end balance sheet figures
- reduce the cost of hedging their funding needs on committed credit facilities
- reduce transaction costs of EFTs between all the various FIs

I'm happy with 3% on all balances for 180 days, the money is still accessible and regardless of balance fluctuation you will get the 3%. I don't think the big 5 are going to beat this on a like for like term.

June 24, 2015
9:57 pm
gibor
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linux4ever said

I called them yesterday and asked for the 3% rate. I told them that I want to bring over 100k from PC Financial and they declined. It is very disappointing from Tangerine to do this.sf-cry

linux4ever, I;m exactly in your situation....have now balance $0.09 in Tangerine and transferring 100K+ from PCF.... without any problem, in 1 minute, Tangerine rep set up for me (and my mom) 3% promo with any contribution until Dec 20. The only thing they asked ...where did I hear about this promo....
P.S. I spoke with girl Natasha

June 24, 2015
11:47 pm
Loonie
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howiemandel said

I was presented the 3% offer earlier this week. I think Tangerine has taken a pre-emptive approach rather than a reactive approach. Lets look at the facts.

1.) the 2.1% promo was due to end June 30th. Knowing that many rate hunters pick up on this, there would have been an exodus of funds prior to month end in preparation for the next possible promotion which would talk about "new" money or balance as of X date onwards qualifying for the next promo.

2.) In order to mitigate the draw down effect, selected accounts were targeted - probably through a algorithmic criteria selecting accounts which historically have engaged in such patterns of withdrawal and re-deposit. I'm sure notional amounts play a factor too. Let's not speculate and say they did targeted pre-emptive retention

3.) they are doing this to:
- reduce the volatility in month end balance sheet figures
- reduce the cost of hedging their funding needs on committed credit facilities
- reduce transaction costs of EFTs between all the various FIs

I'm happy with 3% on all balances for 180 days, the money is still accessible and regardless of balance fluctuation you will get the 3%. I don't think the big 5 are going to beat this on a like for like term.

I agree in general, but no.2, as highlighted, is speculative, not fact, and doesn't match my experience. Also, several people have reported that even the promise of a significant transfer-in has not resulted in the desired offer. (I am not sure if these people are re-depositing or if it is new money to Tang.) Tang may very well, however, have included in-and-out accounts in the current offer, but it is not targeted specifically to them.

Their criteria are and will remain secret and subject to change. Several people have been told that there is a minimum of $10,000 required, so that seems fairly solid, but it is the only criterion we really know.

June 25, 2015
1:45 am
Nav66
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linux4ever - The same thing happened to me when I asked for the 3% rate when my account was empty. Then I transferred a large amount from PC Bank to my Tangerine savings account and asked for the 3% rate again and got it. So, make your deposit first and then ask for the bonus.

June 25, 2015
4:13 am
mr P. Pincer
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Loonie said

Their criteria are and will remain secret and subject to change. Several people have been told that there is a minimum of $10,000 required, so that seems fairly solid, but it is the only criterion we really know.

I was given the offer after phoning in, and I only had $20 in my account.

The rep I spoke to (maybe the same one as Gibor did) did not ask whether I was planning to move any money in, but she did mention that I wouldn't make much interest on $20 after she had signed me up for the 3% (I was already on the 2.1% offer but she upgraded it).

I did mention I would move in 70K, but this was after she confirmed that I was getting the 3%.

The only thing she asked was how I knew about the offer (she wanted to know which forum to give credit to), and what the rate was that I had heard about.

June 25, 2015
8:37 am
implode
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Just called in and initially I was told I didn't qualify for the offer, but when I told them I had initiated a transfer in already, he talked to a supervisor and was able to put me on the 3% promo. Tangerine didn't give me the 2.5% promo earlier, and so I had moved the bulk of my money out to PCFinancial at 2.6% leaving only a few hundred. As not all my funds that was moved into PCFinancial was before May 15th, not all of it will get the 2.6%, and as such, I initially just moved the amounts I deposited there post May 15th. I intend to move the bulk back to Tangerine for the 3%, but maybe after the end of the 2.6% promo.

June 25, 2015
10:54 am
rhvic
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Thee is one other source of potential confusion re this offer. Although I was told three times now when I have called Tangerine that I am getting the 3% rate, my "Account info" button still shows this:
-------
Your current interest rate: 1.05%

Special offer: Earn 3% interest on your Account until Dec 19, 2015. Learn more
-------
This suggests that the rate is not applied. The Tangerine agents do confirm to me that I am getting the 3% rate, but I will be sure to check their calculations once interest is paid! I suggested that it would be very useful for them to send out a confirming email to clients (such as other banks sometimes do) just to allay any concerns.

Do others who are getting the 3% see a different notation on their 'account info'?

June 25, 2015
11:51 am
2of3aintbad
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rhvic, I don't see any reason to be concerned. Where it used to say Earn 2.1%, mine now shows the Earn 3.0% message you quote (after my second phone call).

June 25, 2015
4:19 pm
Bill
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No worries, rhvic, when I phoned and the agent put me on the promo he had me log off and back on again and that Special Offer line then showed up which the agent said is the indication the 3% rate was now in effect on the account.

June 25, 2015
7:26 pm
rhvic
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Bill said

No worries, rhvic, when I phoned and the agent put me on the promo he had me log off and back on again and that Special Offer line then showed up which the agent said is the indication the 3% rate was now in effect on the account.

It is good to hear that. But the semantics of their line remains confusing, especially the 'learn more' link which suggests that one still has to do more to get the 3% rate. They need to hire a good writer who can make clear statements!

June 26, 2015
1:55 am
Nav66
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Bill - I agree with you. That line in account info can be interpreted as just an offer. However, rhvic is correct....if you see that offer, that is the rate you are getting.

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