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Negotiating with Tangerine on rates
December 15, 2016
3:01 pm
JenE
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Tang gave me 2% today for 90 days after first saying I would only get .08, but when I said I would move my money, checked with someone and came back with the 2%. I said I'd leave it there for the time being.

December 15, 2016
4:42 pm
deepcman
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Can you tell us what the "tone" of that conversation was like? Meaning, did you have to really fight for that rate or was it a simple,

you: Any available offers for a better rate?
Tang: I'm sorry, there is not.
you: that's disappointing, because other places offer a better rate.
Tang: you're thinking of moving your funds elsewhere?
you: yep
Tang: ok fine, here's 2% for you and your wife.

Sorry for the comedic relief there, but I'm also wondering if we are talking about funds in the 6 digits? Just thinking if the amount is a factor here.

The rep was very cordial and yes to the 6 digits

December 15, 2016
5:56 pm
JenE
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The rep was quite matter of fact - I might be eligible in the future for a bonus offer, but not now - until I said, ok, well I'll have to move my money. Then he said he'd check. When he told me 2% I tried for 2.25% but he was very firm that wasn't possible. That's when I told him I'd accept the offer, for now. And no, it isn't 6 digits.

December 16, 2016
6:04 am
JW
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My routine was very similar to JenE, but only got 1.6% offer after CSR checked with the back room. CSR clearly understood we would move our $300K but was steadfast to hold at 1.6%. Perhaps I called hours too soon for the 2% offer or perhaps our $300K withdrawal influenced behaviour and they better backfill the void of losing $300K with numerous smaller deposits???

December 19, 2016
1:20 pm
Ontarian
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Yeah, today I also got only 1.6%. My Tangerine Savings Account had been at 2.5%, but my promo expired on Saturday. When I asked about potential promo rates in the new year the CSR, over online chat, she said sometimes there's a special rate related to RSPs but she said no information had been shared with her yet. I won't be opening an EQ or Alterna account to get the ~2% rate because I don't have enough cash in my Savings Account to warrant the move.

December 19, 2016
5:20 pm
malquin
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A big thanks to all for the information provided. Really useful. My 2.5% expires on the 24th so I decided to open an account with Alterna in case Tangerine doesn't offer me at least 2% to be able to put my money where my mouth is.

It also gives me another option when my GICs expire with PT since they don't seem to be playing with the others like they use to.

Thanks again!

December 19, 2016
8:37 pm
gicjunkie
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Did my quarterly "thing" with Tangerine today. My 2.5% expired Friday, so today I called and asked for a new rate. They gave me 2.00% without too much stress. It seems that as long as you know another place that will give you a better rate, they will try to match it. Sometimes you just have to be a little more persistent in requesting a better rate than the .8% they are offering.

December 20, 2016
3:54 am
Keith1
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My 2.5% ended on the 16th. I have been receiving special rate offers for several years. I called as usual and the CSR asked what was the purpose of my saving account (rainy day fund) and what I would do if I received only .08% ( go to Alterna at 1.95%). The CSR put me on hold and then came back with a 1.6% offer. Do not know why I only received the 1.6% offer as I cannot figure out the process Tang is using to determine the rate. I have been with this bank for 17 years, I think it is time to end this relationship.

December 20, 2016
9:24 am
Bill
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Promo expired yesterday, called today and spouse and I each got 2% for another 90 days, easy peasy. We've been on promo rates since June 2015 with Tangerine (though not always the highest rate, we didn't get the 3% deal others got for example), this is the 5th consecutive one. Just leave fairly large amounts in each of our 3 accounts with them, hardly any in or out activity, and they seem to like that in our case. We remain buds for at least 3 more months.

December 20, 2016
10:24 am
rhvic
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My last Tangerine bonus rate (2.5%) ended this past weekend. Today I contacted Tangerine by their chat system on the web, and they offered me 2% for the next 90 days. This after I mentioned possible moves of my cash to Ideal at 2.5%, EQ at 2%, and many others at 1.7%.

So I will leave a bit there at 2%, but plan to move most to Ideal at 2.5% (I am one of those who applied early enough to Ideal to get this rate on all deposits till the end of 2017)

BTW, I have been an ING/Tang customer for some decades.

December 20, 2016
2:26 pm
moneyhelp
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rhvic said

My last Tangerine bonus rate (2.5%) ended this past weekend. Today I contacted Tangerine by their chat system on the web, and they offered me 2% for the next 90 days. This after I mentioned possible moves of my cash to Ideal at 2.5%, EQ at 2%, and many others at 1.7%.

So I will leave a bit there at 2%, but plan to move most to Ideal at 2.5% (I am one of those who applied early enough to Ideal to get this rate on all deposits till the end of 2017)

BTW, I have been an ING/Tang customer for some decades.

This just makes me think of those that are lucky enough to be getting an increased rate, it may be because you have been a long standing ING/Tang customer, and understandably of course, but kinda disappointing for me (<1 year customer, my 2.4% ends mid-February).

December 20, 2016
8:07 pm
Loonie
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There is no necessary connection between how long you have been a client and what your rate will be. They are looking for other patterns.

December 21, 2016
4:22 am
Keith1
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I think that Tang is attempting to bring in new clients with the promotional rates of 2.4% if you open both a saving account and a chequing account in the hopes that you acquire debt. In my case I have no need for debt and being a long term customer with only a savings account Tang may see no growth potential for them in having my business.

December 21, 2016
7:17 am
fabafter50
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Winnie said

My personal experience shows that Tangerine for sure understand one common language - withdrawal all the money out of Tangerine!

I'm with you Winnie. I will not play their lottery B.S. banking ever again. I have tried every strategy and none has worked. They just lost a pile of money from me that they will never see again.

December 21, 2016
11:43 am
Bill
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Keith1, I'm also a long-term customer with only a savings account (though there were a number of years where I kept nothing there due to their low rates) with no need of debt either and they're being good to me. About 6 months ago I got their credit card, which I use for some of my purchases and pay off in full out of my Tangerine account every month, because like you I suspected they wanted some "growth potential", but they were treating me well before then already. I also have had a Tangerine TFSA for many years but removed pretty much all of it a few years ago, so maybe they see some future potential there too. Who knows?

December 21, 2016
6:03 pm
Saver-Mom
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Hubby and I each got the 2% offer, while my mom was given the 1.6%. Makes no sense. They do seem to be gradually bringing us down to 1.6% which is what my kids were offered at the last round. Time to set mom and kids up with Alterna.

December 21, 2016
8:54 pm
Norman1
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Perhaps Tangerine Bank only has budget to give about 2/3 of the "qualifying" customers the 2% offer.

Rather than finding some irrelevant trait to disqualify 1/3 of the otherwise-qualifying customers, they are randomly giving the 2% offer to 2/3 of them and an 1.6% offer to the remaining 1/3.

December 21, 2016
8:57 pm
moneyhelp
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Norman1 said

Perhaps Tangerine Bank only has budget to give about 2/3 of the "qualifying" customers the 2% offer.

Rather than finding some irrelevant trait to disqualify 1/3 of the otherwise-qualifying customers, they are randomly giving the 2% offer to 2/3 of them and an 1.6% offer to the remaining 1/3.

Just had a thought, for those who've been with tangerine long, do they ever offer Christmas time promo's, maybe boxing day offers? sf-wink

Just kiddin, not really…yea I am…maybe...sf-embarassed

December 22, 2016
12:14 am
Loonie
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Norman1 said

Perhaps Tangerine Bank only has budget to give about 2/3 of the "qualifying" customers the 2% offer.

Rather than finding some irrelevant trait to disqualify 1/3 of the otherwise-qualifying customers, they are randomly giving the 2% offer to 2/3 of them and an 1.6% offer to the remaining 1/3.

I don't think this would explain their reversals though. Sometimes they say "no", then later (minutes /days/ weeks), they say "yes".

I doubt that budget per se is the driver. From what I can see, rates (on deposits and loans) can always be changed (and frequently are) in order to arrange their accounts so that they meet their reserve needs and also maximize their profits. I think it makes more sense, with these kinds of goals, for them to look at us rationally in terms of our potential for improving Scotia's bottom line. In the end, that's pretty much their only interest. Credit card is one good way for them to do this and may account for Tang's continued interest in Bill. If we keep our money there long term, that too may make us worth their while, but it depends on what else they have going on at the time, and which accounting lines need a boost to look good for the next quarterly report.

December 22, 2016
2:13 am
Saver-Mom
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My mom called in a couple of minutes after me, and has a similarly significant account, similar loyalty status, coming off the 2.5% as of the same day as me (3 days ago), used same comparison bank when she suggested she might move out, was told no dice, the rep has no discretion, but to maybe call back agian. So perhaps it is random. That would explain why we have not figured out a pattern!

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