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Negotiating a rate
March 21, 2019
10:29 am
tbone
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I forgot to mention that I also called Tang, 2 days before my negotiated 3.15% was up, and asked what they could do.
The best was 2.75%.
This was with the same person in marketing that initially gave me then 3.15%.
I agreed, but also set up an account with Duca and Hubert.
I'm patiently waiting for Motus Bank and offers for new monies.

April 4, 2019
12:26 am
implode
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My 3.15% expired, so 2 days after that, I called in and was offered 2.0%. I declined, and the person asked if I wanted to be put on a call back by (marketing?) which would take about 2 business days. I got the call back yesterday and was offered 2.3%. I politely declined this offer, and the Tangerine agent asked if he could help me transfer out as the online limit was only 50k. I declined that as well. I initiated a pull this morning from Hubert which has a no hassels 2.5%. I see the balance now on Hubert and also Tangerine. I guess I am getting double interest now as the funds aren't exactly out of Tangerine yet?!?

April 12, 2019
8:39 am
Slybanking
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My special 3% offer is maturing April 15th. I called today and was offer 1.6%. They did not offer to call me back or anything so I will be transferring my money out ( well over the CDIC limit)and will be cancelling my credit card as well. Guess they really don't need money at this point.

April 12, 2019
12:20 pm
savemoresaveoften
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My experience this round is they wont negotiate a rate, at least not for my account.
It used to be they will at least offer 2% etc. This time it is a simply no promotion for your account... Asked for supervisor to call me and same thing...

There are other destinations my money can go to and earn more than 1.2%....

April 20, 2019
5:42 pm
suburbs4life
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Just an FYI to everyone, I called into tangerine today to renew my 3.0% promo which expires this week. I was offered 2.5% interest for 182 days on all savings accounts(registered and non registered) but dependent on my non registered savings account having a $50000 minimum (if below drops to 1.2%). Had the usual runaround from the CSR. Eventually I was transferred to the marketing department.

I was not happy to get that rate when new customers get 2.75%. Are there currently any better savings account rates at main stream institutions in Ontario?

April 20, 2019
7:46 pm
semi-retired
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Open an account at Duca.3% on special savings account until next Jan/20.

April 21, 2019
7:37 am
suburbs4life
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Thanks Semi-retired. I was likely going to keep 50k in the savings account to keep the bonus interest in my registered accounts. Rest to DUCA.

April 21, 2019
10:49 am
Bill
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Always had a pleasant experience with Tangerine, I got the 2.5% 6 months offer recently so I took some money out and left less there. My wife was also offered the same but inexplicably (we talked to the same dude at the same time) it never appeared on her account so over the last 2 weeks she's called back 3 times, each time they say sorry, you'll see it in a few days, but it never appears. The only difference I can see is I'm a charmer on the phone whereas my wife (being a beautiful woman who never had to develop "techniques" like charm) increasingly preferred a more combative phone style as the issue dragged on. So, as far as I know, they've officially broken up after their years long relationship, is my understanding. But it's the first time we've had issues like this with Tangerine, seems like maybe "always plays well with other children" might now be a component in receiving a better offer. I'm staying out of it, trying not to smirk too much.

April 21, 2019
11:48 am
Kidd
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Bill, what's yours is hers and what's hers is hers.  So she kinda did get 2.5%.

April 21, 2019
12:07 pm
toto
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My man asked for 3 percent back in mid January and got it, that must have been when rates steadily went down, he's good until mid July.

April 21, 2019
1:19 pm
Bill
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True words, Kidd.

April 23, 2019
2:57 am
GoHabs
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suburbs4life said

I was not happy to get that rate when new customers get 2.75%.   

I got the same offer (2.5% - till September 30 I think) and felt the same as you did and told that to the marketing person. He asked if I would wait to pull out my money until the last day of my promotion and he would call to see if he could give a better offer. I agreed and we set up a phone appointment. He never called so I just pulled my money out. This was end of March and have not heard from Tangerine since.

April 23, 2019
8:55 am
Ed
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My 3% rate ended yesterday. Phoned today and their best offer was 2% for 180 days.

April 23, 2019
9:09 am
dougjp
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For whatever reason, after being aggressive last fall and through the winter, in early/mid March they started to exit the competitive rate market. In late March to now, they got worse gradually.

I was also told in the first half of March, when people were getting 2.75% and new depositors were getting 3%, to phone back in late March. I didn't wait that long and got 2.5% for 120 days, and had to fight for that. Now its 2%, a 3/4% drop without any change to BofC. Pulled a majority of my money.

I think some of these banks operate on the principle of exiting the market by reducing rates, to see how many people are not paying attention.

April 23, 2019
9:21 am
Top It Up
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dougjp said

I think some of these banks operate on the principle of exiting the market by reducing rates, to see how many people are not paying attention.  

I wonder if that is what's happening at Ideal Savings right now. Their HISA rate was sitting @ 2.76% for the longest time THEN they offered a 150-day 3.25% GIC. NOW investors are just starting to come out of the 150-day investment period and low-and-behold Ideal has lowered their HISA rate to 2.40%.

April 23, 2019
9:23 am
MG
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My 3% rate expired on April 19th. I tried calling in on the 20th but could not get a live agent regardless of how many times I pressed "0" on the phone. Ended up doing a chat and received an offer of 2.3% for 180 days with no minimum balance requirments. I asked to be called back by the retention department and was called yesterday (April 22nd). They offered 2.5% for 180 days with the requirement to keep at least $50K in my accounts. I accepted just to lock in the rate. Will keep some with Tangerine and move some to Motive Financial and look into DUCA also. No surprises based on everyone's comments.

April 23, 2019
1:03 pm
Kidd
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At the beginning of april, i was offered 2.5% if i kept a minimum of 50k in my savings account.  Otherwise the rate would drop to 1.2%.

The 2.5% offer and the 50k conditional balance was enough for me to say,  NO.  Tangerine spend millions of dollars on advertising which boasts... 2.75% for new clients, no minimum deposit balance required.

 I want to type a rant... but #@&% i won't.

Added edit.

The 2.75% T&C link below

https://www.tangerine.ca/en/landing-page/save-money/termsandconditions2

May 27, 2019
5:09 pm
gicjunkie
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Tried a different strategy with Tang today. I phoned and asked them to move a significant amount of money out (over $50,000). My 3% special rate has just expired. The agent said okay. When the transaction was completed he asked me if Tang could offer me something better than the current deposit rate to keep the funds there, like a GIC. I said"No. I want it in a savings account". He asked me what rate I was getting at another bank and I said "2.8%". He went away to talk to his "imaginary friend" and came back to offer me 2.35%. I said, "no thanks" and ended the call. I'm tired of the Tangerine "dance".

May 27, 2019
7:30 pm
dougjp
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More than likely they don't want your money, its just putting on a bit of a show, feinting trying.

I call their strategy that plays out over many months, post-competitive rates, "looking for lazies". Its the same playbook Manulife is currently on Stage 1 with (where the good rates are paid), and what Simplii used so long ago now. And its the same game with new clients getting a better rate. They pay up front for a limited time when the special is on, then afterward they reap big profits off the lazy people who don't pay attention, who don't act, who don't pull ALL their money out when the new lower rate happens. For example, Simplii and Tang are paying what, 1.2% on savings accounts?! Not even qualified to be on anybody's comparative savings account charts. Those of you with business knowledge, think, what's the gross margin percentage on those funds that remain, funds they wouldn't have had without the 'deal'....

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