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Negotiating a rate
February 27, 2019
9:54 pm
commonboy
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I have $100,000+ from Simplii that I wish to move to Tang after the Simplii promo ends this month, and I want to try to get a negotiated rate with Tang. Do I need to make an initial deposit of those funds first to my Tang chequing to act as enticement before calling them to have the best chance of getting a good rate? What's your experience with this?

February 27, 2019
10:21 pm
Loonie
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Nobody knows the answer, unfortunately.
Your strategy is as good as any, but your previous history with Tang, if you have any, will likely also be a factor.
Be prepared for the possibility that they will tell you that your rate will be dependent on keeping $X there for Y months. That is what some people have reported recently - 80K is likely.

February 28, 2019
4:41 am
Alexandre
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From my personal experience with Tang.

I keep money in my account with Tang before calling them. In my opinion, it helps an agent to assess my wealth.

I also only call for a promo I already see on this web site. It helps me to justify my position to an agent, by telling that I know the promo does exist and that I could qualify.

If I don't get the rate I am asking for, I move money from my Tang savings account somewhere else right away and wait till next Tang promo for "new money deposited."

I have found that I can usually play that game with just Simplii and Tang, by moving money back and forth, but recently got savings account at Motive that is still at 2.8% interest as of today, February 28, 2019.
I doubt I could get more than 3% from either Simplii or Tang nowadays even if I ask, and .2% difference even on 100K is just $17 a month - not enough for me to bother calling these banks.

I've decided to park my money with Motive till that interest stays.

February 28, 2019
4:43 am
Kidd
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My opinion...

Tangerine was flooded with cash a few months ago from their savings account offers, 3% for 6 months or 3.25% for 4 months.

At that time, tangerine either raised enough money to alleviate their bad debt fears, or they met their hidden agenda goal. Strangely enough, to ease mortgage woes, the bank of canada offered to buy mortgage backed bonds at the same time Tangerine stopped their promos, November 2018... hmm?

To free up liquidity in the mortgage market, the bank of canada offered "for the first time ever" to buy mortgage bonds, in a non competitive bid process. To me this means... the bank of canada just bought paper that no one it their right mind would touch.

The timing. Those 4 and 6 month offers expire in March and April of 2019. To retain this money, Tangerine will have to offer something appealing, that being similar to their last offer. The boc interest rate policy is on HOLD, so the over night lending rate has neither gone up or down. So, i would expect nothing less than a HOLD from tangerine.

March 5, 2019
4:46 pm
dougjp
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I can't even phone them and talk to a person! "0 to talk to a person" no longer exists, hit 0 and you get 'not a valid option, back to main menu'. Is this new, I never experienced the full court block before? When I finally contacted someone either by picking a bogus phone option # or 'chat', I don't recall, the best advice I got was phone 2 days before my special rate runs out!

And then I got on chat and asked a simple question, what menu options do I choose to talk to a real person about rate offers? Well now.....20 minutes later without a straight answer, I quit.

How do these 'people' they hire go home at night and think they earned whatever pay they got??? sf-yell

March 5, 2019
5:04 pm
Bill
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0 just worked for me as it always has. You have to go into the first level of menu options, then wait until they've said all the next options, then hit 0.

March 5, 2019
5:42 pm
dougjp
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Bill said
0 just worked for me as it always has. You have to go into the first level of menu options, then wait until they've said all the next options, then hit 0.  

Thanks, I'll try again later this month, maybe I didn't wait. Are people getting 3% extended if like me they have an existing rate of 3% to the end of March? Assuming decent balances, ie; over $ 100k.

March 15, 2019
9:51 am
Cents11111
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My wife and I Both have 6 figures in our current Tang accounts and had their 3.15% deal that expired on March 14. I called the marketing number on Mar 13. They said they would call back in a couple of days. Told them that I need the call on March 14 or I would move money. A lady called back yesterday. She didn't ask where else I might go so I mentioned simplii 3.15 deal ending in June and the RBC 3.00 deal ending April 30. Although I don't have the offer from simplii nor do I have an account at RBC. They said that interest rates are on their way down and the best they could offer was 2.75% for 180 days. I asked if they would match the Motive rate of 2.8%. She said that she could not as 2.75 was what they were offering all their customers based on the total six figure amount we had with them. I figure why not take it as I know I can a least get this for six months and if rates are falling best to have a confirmed rate. She also said that by staying with them we would more likely get the next deal in six months time.
As I am not locked in I am trying to decide if it is worth the effort of moving money to Motive for the tiny difference in rate. Also wondering about her statement that by staying with Tang we will more likely get a promo next time. Any thoughts?

March 15, 2019
9:59 am
dougjp
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Cents11111 said
My wife and I Both have 6 figures in our current Tang accounts and had their 3.15% deal that expired on March 14. I called the marketing number on Mar 13. They said they would call back in a couple of days. Told them that I need the call on March 14 or I would move money. A lady called back yesterday. She didn't ask where else I might go so I mentioned simplii 3.15 deal ending in June and the RBC 3.00 deal ending April 30. Although I don't have the offer from simplii nor do I have an account at RBC. They said that interest rates are on their way down and the best they could offer was 2.75% for 180 days. I asked if they would match the Motive rate of 2.8%. She said that she could not as 2.75 was what they were offering all their customers based on the total six figure amount we had with them. I figure why not take it as I know I can a least get this for six months and if rates are falling best to have a confirmed rate. She also said that by staying with them we would more likely get the next deal in six months time.
As I am not locked in I am trying to decide if it is worth the effort of moving money to Motive for the tiny difference in rate. Also wondering about her statement that by staying with Tang we will more likely get a promo next time. Any thoughts?  

Thanks for that, I was about to call today. Personally I don't think its worth transferring more to Motive as their rate is at their daily discretion, ie; they could drop any time. I had been shifting a minor amount into 1/2/3 year GICs elsewhere although now rates aren't as good there. Tang's comment about being more likely to get a promo next time? Who knows, but I call pure BS (as new customers are being given 3% according to their ads).....

March 15, 2019
10:53 am
Doug
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For clarity, Tangerine's promotional interest rate is no different than Motive Financial's regular interest rate. sf-cool

Tangerine's promo T&C allow them an "out" in that the promo may be ended at any time, for any reason. While they've not availed themselves of that provision to date, to my knowledge, they have adjusted their promo rate downward when BoC rate increases such that when the BoC increases the the overnight interest rate and Tangerine adjusts its posted rate upward, you don't end up getting the "bump" up in your effective combined interest rate. sf-cool

The only true guarantee of a deposit rate is a GIC/term deposit.

Cheers,
Doug

March 15, 2019
1:18 pm
Cents11111
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I won't bother moving money for the paltry difference between Tang and Motive but if anything else shows up I would move it elsewhere.
I had the earlier promo offer from simplii but as they never sent me an email confirmation as promised I stayed away. The same will apply going forward. No email no money (and no they did not offer me the latest promo). Better rates appear hard to come by going forward.

March 16, 2019
11:46 pm
GoHabs
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Fwiw, the last time I called to see what rate I could get a frontline rep revealed to me that they do have a script (this was a while ago but I’m pretty sure that’s the word she use) and are told how much they should offer. The offer she made was lower than the one I told her I got from RBC so I asked to speak with retention. She clearly didn’t want to pass me on to retention and became arrogant, imo. She said there was no retention department (which a supervisor later said was incorrect). After I said, ok, let me speak with a supervisor, she said I didn’t give her a chance to do better... said she had a script to go by but she could do better and did I want to hear it? Annoyed by her arrogance, I said no, just pass me on to the supervisor. What do you know – while I was on hold I got disconnected. Called back and explained everything to the second frontline rep who quickly chimed in with a better offer than the first rep. Like I said, fwiw. And it's first time I experienced a frontline rep being able to negotiate. Anyone else?

March 17, 2019
7:00 am
theodor
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To Go-Habs,

would you share with us what the better rate is?

Thanks,

Theodor

March 17, 2019
1:08 pm
toto
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I just got 2.75 for 6 months, but only with a supervisor calling me back.

March 17, 2019
1:25 pm
Loonie
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Me too, toto That's the highest I've heard of for this round.

March 18, 2019
5:08 am
Sammy
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2.75% is better than what I was able to get. I got 2.5% for 6 months, down from a 3.15% (90 days if I recall correctly).

March 18, 2019
8:57 pm
GoHabs
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theodor said
To Go-Habs,

would you share with us what the better rate is?

Thanks,

Theodor  

Hi Theodor,
As mentioned, this was a while ago - for the last round, not the current one (I posted about it previously). First rep offered me 2.5% - that was after I told her I had a 3% offer from RBC. Second rep offered me 3% for 6 months. Asked for and got 3.15% from a supervisor, but for 4 months.
My current promo expires next week- I haven't contacted Tangerine or heard from them yet or checked my account to see if there's a new offer.

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