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Just offered 3% (!!!) at Tangerine for 180 days
June 26, 2015
7:38 am
JW
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Thanks to MeeMaa and this website ... I just got the 3% to Dec 22, 2015. I was on the 2.1% program and no problem, you just have to ask. I did about $250K on 3 accounts. I suspect you will lose your opportunity if you try to apply after the 2.1% promo expires. Your best leverage is to do it now. My Account Information drop down menu was updated to 3% and the terms and conditions are there when you click on the Learn More line. I called early 6:00 am and no wait. I tried yesterday and told 15 minute wait, at 15 minutes an apology to wait longer. I hung up. I also tired Chat and got 5 chatters ahead, it went to 3 about 15 minutes later, I closed out. Best to phone very late or very early to get reasonable service.

June 26, 2015
7:56 am
JustMe
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Holy smoke! I do not visit this site for a 2-3 days and BOOM - 3% offer!
No, I did not receive this offer as you have to have balance of 10K to be considered to receive it.
Nevertheless, I called Tang and as I was shy few 100s of 10K, rep offered to top up my Tang acct to 10K from external acct, make an exception and give me 3% until Dec 22. Any additional funds are eligible for same - 3% interest.
So I am set up with 3%.

THANK YOU GUYS and GALS for info!!!

June 26, 2015
8:50 am
George
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MeeMaa said

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

I called in about the offer. Was informed that it was only for targeted clients. They asked where I heard about it - I told them from an online forum. After being put on hold the rep came back to tell me that the offer was approved as a "special exception".
FWIW I already had over $10K in my savings account and have had a pattern of moving money in and out to take advantage of the limited offers.

Thanks MeeMaa! sf-smile

June 26, 2015
9:31 am
Loonie
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Thanks for the info about your investment history with Tang, George. It helps us to understand their thinking.

June 26, 2015
1:57 pm
Vancancollections
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I received a phone call from them, and just got this offer confirmed last night after calling them back via the Tangerine hot-line.
It's for any balance in the saving account, not eligible for registered account like TFSA, RRSP. 3% for 180 days staring from July 1.
Anyone interested may want to call them to see if you are eligible for this bonus rate.

Thanks.

P.S. I am a newbie on this site just because of searching this 3% interest rate today/ sf-laugh

June 26, 2015
5:14 pm
JustMe
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Will anybody gamble and deposit more than 100K?
If you deposit 1/2 mill, after 6 months you get 7.5K. Sounds nice...

June 26, 2015
6:43 pm
Bill
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I wouldn't worry about the $100K limit, I doubt Tangerine is going under by 2016 plus I'm pretty sure it's big enough it would be absorbed by BNS or other big banks to maintain confidence in the banking system. (Though I must admit I wonder what they're up to, offering a promo that is A LOT more generous over the next 180 days than anyone else is currently offering and, in addition, so far it's a "stealth" promo, not even mentioned on their website, that seems targeted yet disloyal folks like me and my wife who keep zero money in our Tangerine accounts except during promos like this one still qualify - ??) By the way, CDIC site lists no failed financial institutions since 1996, though there were 43 failures over the 26 years prior to that - not sure what stopped the failures since 1996 - ?

June 26, 2015
8:17 pm
Marker
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I just called Tangerine and asked about the 3% promotion. They asked where I heard about it , and I mentioned an online forum.no problem, changed my accounts over to the new rate. Easy as that. I do have over 100k on deposit. Thanks for the tip!

June 26, 2015
11:02 pm
Yatti420
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Sad to see my account at 1.05%..

Oh well Zag Bank takes care of a decent savings rate for the time being.. For non high net worth..

June 27, 2015
1:44 am
Loonie
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Before we get too excited about this offer, let's bear in mind that they actually don't promise anything for 180 days. They reserve the right to change both the base rate and the promo top-up at any time, and they can stop accepting new clients for the offer at any time. It's good for as long as it lasts, and let's hope it does last the whole 180, but also keep an eye on the rate.

This may be an experiment in creating a "buzz" in word of mouth. It has brought them in quite a bit of extra money so far, and they didn't have to advertise or lock into the rate for 180 days. They just made a few phone calls to get it going. Interesting strategy.

June 27, 2015
8:36 am
Peter
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I just called in and got the promotion applied. It took almost exactly 10 minutes on hold before I spoke to someone. I told them that I read about the promo on a forum and they said "let me check if your account applies... yes it does, I will apply it right away".

I then said I run this forum and am interested in any information about why I qualified and when the promotion ends. He said he did not know. He said that in my account info it simply said that I qualified, that maybe I was on a list to be e-mailed or called and just hadn't been called yet. He also doesn't know when it will expire.

I just e-mailed the Tangerine PR address to ask about the promotion qualifications and expiry. I'll update this post if I get a response.

June 27, 2015
11:53 am
Loonie
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Good idea, Peter.
I'll be pleasantly shocked if you get an informative response.

June 28, 2015
7:23 am
ValueTime
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Just logged into TANG personal and got nothing as I've been slowly removing funds as each GIC matures. Then logged into my business account with TANG and got a "pop-up" indicating 1.50% on new deposits. I won't be biting at this offer as I can get 1.9% with Hubert.

The only product(s) I see at TANG which are worth it are their US$ GIC rates. I haven't been able to find US$ GIC rates at another virtual bank to match or better.

From my perspective dealing with ING > TANG for 10+ years the ScotiaBank takeover sucked the most of the joy out.

June 28, 2015
8:28 am
Brimleychen
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Congrat to all of you getting 3%. I am moving some money from tang to Zagbank instead.

In fact, there are two firms i hate playing the game with. Tang and PC.

Sometimes i felt that we are begging them.

Why cant they just simply apply the rate to all, and send the email to all?

Obviously they are bossy and let you call to enroll.
No offense. Go ahead to enjoy the extra interests!

June 28, 2015
9:28 am
2of3aintbad
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Brimleychen:

3% is higher than the best 5 year GIC rate available, and for 6 months, and not just for new deposits. There are people making a living deciding on these promotions, or answering phone calls, or supervising / approving. Otherwise, they might be on welfare or unemployment insurance which we pay for with our taxes. Tangerine obviously is learning from client behaviour and trying to maximize their profits. In the same way that there are bonus offers for airmiles, etc, why not for deposit rates? I don't think a private business is obligated to treat every customer the same.

June 28, 2015
9:51 am
kanaka
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2of3aintbad said

Brimleychen:

3% is higher than the best 5 year GIC rate available, and for 6 months, and not just for new deposits. There are people making a living deciding on these promotions, or answering phone calls, or supervising / approving. Otherwise, they might be on welfare or unemployment insurance which we pay for with our taxes. Tangerine obviously is learning from client behaviour and trying to maximize their profits. In the same way that there are bonus offers for airmiles, etc, why not for deposit rates? I don't think a private business is obligated to treat every customer the same.

I would like to say I feel it is bad business to NOT offer same to EVERY customer. Or are they are going to take on a "selective" customer strategy for long term? If a customer know he/she is being burned...Tangerine should expect some type of reaction.

I am not a Tangerine customer, nor was I with Ing and from what I see here I would not want to be there customer. This is only compounded by emailing them for information a year or so ago and the reply took over two weeks and was inconclusive.

June 28, 2015
12:54 pm
Brimleychen
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2of3aintbad said

Brimleychen:

3% is higher than the best 5 year GIC rate available, and for 6 months, and not just for new deposits. There are people making a living deciding on these promotions, or answering phone calls, or supervising / approving. Otherwise, they might be on welfare or unemployment insurance which we pay for with our taxes. Tangerine obviously is learning from client behaviour and trying to maximize their profits. In the same way that there are bonus offers for airmiles, etc, why not for deposit rates? I don't think a private business is obligated to treat every customer the same.

I got your point. But not sure to provide employment part. I just felt that it is completely waste of time to call in, and i am certianly understanding that this marketing straitegy is working at least by judging the response from this forum.
I personally like to deal with the reliable organization like Hubert or CDF or PT, they may not be the highest, but they dont inherit the tricks from big 5 banks with a lot of fine prints, like any new money etc.
In this market, there are not reward for customer royalty, judging from the bank new accounts ad, new credit cards ad. i agree that constantly close and open accounts are creating a lot of work. But i am not sure whether it is a good or efficient biz model.

June 28, 2015
1:05 pm
Loonie
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Inequitable treatment is always infuriating - if people are aware of it.

However, it is not unusual in the banking industry. If, for example, you have 7 figures to invest, you will get a better rate from full service brokers than if you have 6 figures , and you will be treated better in other ways the more money you have.

It's the same in most businesses, really. You bring me more business, I will give you a better price.

Oddly, one place where this does not apply is with some credit unions (and perhaps some banks) which actually pay a lower rate of interest if you have a lot of money with them, perhaps because it would be more difficult for them to accommodate someone suddenly removing a lot of money. Interestingly, Tangerine is, in this sense, behaving more like a BigBank, which can more easily accommodate. They may also be using this as an opportunity to find out who, amongst their customers, has a lot of cash sitting around, as the ceiling is 500,000 per individual. People with over 100,000 who are willing to bank it with them even though it will not be insured may be of special interest and may receive other special offers in future. Perhaps they will use this as a way to test the market for possible interest in other kinds of investment products which they don't yet offer. As such, it could be a marketing expense, and well worth it to them.

We all draw our own lines at the degree of nonsense we are willing to put up with. So far, I, for instance, have resisted dealing with PC.

2of3aintbad: Note that with Tang's current offer, neither the base rate nor the promo add-on is guaranteed. They can change it at any time if conditions warrant. Their 6-month GIC rate is only 0.75%.

June 28, 2015
1:22 pm
SlowPoke
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Well called in and asked about it, 1st played coy then said targeted, and that we did not apply due to low balance and RRSP etc do not apply. After I point out we transferred out substantial amounts to a better rate. They said if I transferred $10000 in they would give me the promo, or if transfer completed before the end of the Month and called back they would give it to me.

Most cash is in the PCF 2.6% Promo right now.

Tang said the promo would no longer be available July 2nd

So In my case they would not give us the rate.

Though perhaps they are considering how much we took out for a better rate. An may be thinking PCF will Beat it again? Not sure that will happen as this is not an advertised promo, so does not seem very smart of them.

June 28, 2015
2:07 pm
taxed
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Brimleychen said

In fact, there are two firms i hate playing the game with. Tang and PC.

Brimleychen, you could not have said it better! Both could offer improved and consistent rates. I have basically left PC because of the "game", and moved over to Accelerate and Oaken, had a horrible experience with Canadian Direct, didn't envision a financial institute stooping to such lows, but they make the "game" at Tang and PC look like child's play in comparison.

Speaking of PC, my brother received an email the other day offering 1.5%, anyone else receive same?

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