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Negotiating with Tangerine on rates
December 22, 2016
5:45 am
Bill
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Maybe it's time of day you call, maybe they have daily total promo dollar limits so if you call after the limit's been hit that day too bad.

December 22, 2016
1:54 pm
Righand
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Bill said

Maybe it's time of day you call, maybe they have daily total promo dollar limits so if you call after the limit's been hit that day too bad.

It doesn't matter what time of the day that you call in, if they won't offer you anything, then move your money elsewhere.

It's bad enough having to call in and grovel every 90 days, but if a regular client does bother doing just that , imo, they should be treated fairly.

Someday, perhaps, they may appreciate a loyal long time client over a random new one.

December 22, 2016
1:55 pm
Loonie
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Saver-Mom said

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 pYour attern!Your

Your mom is in a different age bracket, may have no "growth" potential from their point of view, especially if she is no longer working, doesn't own a home any more, and/or is fairly old etc.

The banks, as a matter of course, try to keep tabs on us. Whenever I make a request for a certain kind of account statement at TD, they print out a sheet with what they believe to be my net worth, including the value of my house. They only have listed the money I have at TD and haven't figured out yet how to merge this with spouse's info, but that will come eventually. And this is only the portion that they share with me. No doubt they have access to more. If you've applied for credit from them, they will have that too. All of these factors can go into their calculations of your worth as a customer.

I can't claim to have parsed their logic, but there may be tons of factors that enter into it.

December 23, 2016
10:00 am
Slybanking
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Just finished my call with Tangerine, my 2.5% offer was ending tomorrow. Asked for a new offer, they told me my next rate would be 0.8%. I said i knew that but was looking for a special offer like every 3 months. They asked if I had received an offer login in to my account, I said no. They told me that my rate then would be 0.8%.

So I asked for a full transfer out and that's when she put me on old to go ask her "supervisor" and finally came back with 2% for 3 months. She said it was valid for now only and that I had to say yes now cause she did not know if she could make the same offer another day. So I took the 2% but like most of us now, I am getting really tired of this.

December 23, 2016
1:42 pm
Bill
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I keep tellin' ya - they don't like it when you call before your promo ends!sf-smile

December 23, 2016
6:46 pm
Norman1
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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.

Loonie said

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. …

Tangerine Bank can adjust the offers after the initial assignments.

A few people declining their assigned 1.6% offer may free enough budget for one additional 2% offer.

Those assigned the 2% offer may not transfer as much in as expected. More 2% offers could be handed out.

Perhaps the Tangerine MasterCard usage turns out to be higher than expected, especially this month with Christmas. Commission is around 2%. Subtract 1½% average for the cashback. The net ½% which could cover the extra (2% - 0.8%) * 90/365 = 0.296% cost of additional 2% offers, on up to 1.69X the extra usage. sf-smile

December 26, 2016
11:28 am
malquin
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My 2.5% offer expired on the 24th. Just called, no wait whatsoever.
Told rep my offer expired, was looking for a new one. Was asked if I had offers from other banks, answered Alterna at 1.95. Put me on hold for 30 seconds, came back with 2% for 90 days.
In all, took less than 3 minutes.

Thanks to all here for the information. Really useful.

December 26, 2016
1:08 pm
bpwest
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I had similar conversation with Tangerine as malquin (preceding post), but I was offered only 1.6%, so am on my way to Alterna...would have stayed with Tanga for their 2%...

December 27, 2016
7:26 am
malquin
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bpwest said

I had similar conversation with Tangerine as malquin (preceding post), but I was offered only 1.6%, so am on my way to Alterna...would have stayed with Tanga for their 2%...

I don't understand what is it they're using to determine who gets what rate. As others here, I'm a polite long time ING/Tangerine client with other Tangerine products and a substantial amount with them, who's ready to move the money somewhere else but I never had to.

I think that if ever we figure it out, they'll probably change the criteria the next day sf-confused

I would have done the same thing you did if I was offered 1.6%. I even opened an account with Alterna with that in mind but didn't have to pull the trigger.

Who knows, maybe they'll offer you something better once you moved out your money...

December 27, 2016
7:55 am
BSGJ
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My wife and I have already scheduled a transfer of our tfsa's to our savings account on December 31 and a further transfer to Hubert. We are done with the non-sense. Tangerine just lost $90K+. Not interested in the targeted marketing and continual games. We are one class citizens..Tangerine needs to stop treating us like second class.
I would suggest we all stand up to them and withdraw your money. It's the only way they will get the message.

December 27, 2016
9:14 am
bpwest
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bpwest said

I had similar conversation with Tangerine as malquin (preceding post), but I was offered only 1.6%, so am on my way to Alterna...would have stayed with Tanga for their 2%...

It's kinda too bad I felt the need to move funds, because notwithstanding the rate roulette Tangerine employs, I am comfortable with most other aspects of their online set-up; I have chequing (and now Tang MasterCard), and quite enjoy the ability to transfer from savings to chequing same day, as opposed to PC Financial requirement to post-date next day...

December 27, 2016
9:35 am
NorthernRaven
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BSGJ said

My wife and I have already scheduled a transfer of our tfsa's to our savings account on December 31 and a further transfer to Hubert. We are done with the non-sense. Tangerine just lost $90K+. Not interested in the targeted marketing and continual games. We are one class citizens..Tangerine needs to stop treating us like second class.
I would suggest we all stand up to them and withdraw your money. It's the only way they will get the message.

Yes, keep going. What happens then?

December 27, 2016
10:00 am
Winnie
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BSGJ said

Not interested in the targeted marketing and continual games. We are one class citizens..Tangerine needs to stop treating us like second class.
I would suggest we all stand up to them and withdraw your money. It's the only way they will get the message.

Excellent suggestion!
I personally already for almost a year now keeping my Tangerine savings account with $0 balance.
During that time I did received the following promotional offers automatically without phone calls or any inputs from my side: 3.00%, 3.50% and 2.95% until December 31, 2016.
My balance still remain $0, I do not play Tangerine games anymore.

December 27, 2016
11:16 am
moneyhelp
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Winnie said

Excellent suggestion!
I personally already for almost a year now keeping my Tangerine savings account with $0 balance.
During that time I did received the following promotional offers automatically without phone calls or any inputs from my side: 3.00%, 3.50% and 2.95% until December 31, 2016.
My balance still remain $0, I do not play Tangerine games anymore.

But do you have any other products with Tangerine aside from your Savings account?

December 27, 2016
11:49 am
Winnie
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moneyhelp said

Winnie said

Excellent suggestion!
I personally already for almost a year now keeping my Tangerine savings account with $0 balance.
During that time I did received the following promotional offers automatically without phone calls or any inputs from my side: 3.00%, 3.50% and 2.95% until December 31, 2016.
My balance still remain $0, I do not play Tangerine games anymore.

But do you have any other products with Tangerine aside from your Savings account?

Yes, I also have 3 more Tangerine accounts (not used at all for a few years) with balances $0 all the time:
- Chequing,
- TFSA Savings,
- RRSP Savings.
And, Tangerine Master Card (used about 10-20 times per month, usually $500 per month).
I do pay my Tangerine Master Card very happily from EQ (quick payment, Tangerine usually receives it the next day).
I do not pay my Master Card from any of my Tangerine accounts, because I do not play Tangerine games.
I simple refuse to keep any money in any of my Tangerine accounts until Tangerine interest rate will be stable and the same for everyone. I mean around 2% stable, not 0.8%.

December 28, 2016
4:17 am
BSGJ
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NorthernRaven said

BSGJ said

My wife and I have already scheduled a transfer of our tfsa's to our savings account on December 31 and a further transfer to Hubert. We are done with the non-sense. Tangerine just lost $90K+. Not interested in the targeted marketing and continual games. We are one class citizens..Tangerine needs to stop treating us like second class.
I would suggest we all stand up to them and withdraw your money. It's the only way they will get the message.

Yes, keep going. What happens then?

Time will tell!

December 28, 2016
6:04 am
semi-retired
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Hello all I guess Tangerine must have a full money chest.My 2.5% promo ended yesterday.Called this morning to transfer out the balance that is now getting .8%. Not even an inquiry as to why,or an offer to increase the rate.Will not beg with them for a better rate.It will now go to EQ for 2% or possibly Hubert, for their 1 year cashible GIC at 2.05%.

December 28, 2016
1:14 pm
2of3aintbad
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malquin said

bpwest said

I had similar conversation with Tangerine as malquin (preceding post), but I was offered only 1.6%, so am on my way to Alterna...would have stayed with Tanga for their 2%...

I don't understand what is it they're using to determine who gets what rate. As others here, I'm a polite long time ING/Tangerine client with other Tangerine products and a substantial amount with them, who's ready to move the money somewhere else but I never had to.

I think that if ever we figure it out, they'll probably change the criteria the next day sf-confused

I would have done the same thing you did if I was offered 1.6%. I even opened an account with Alterna with that in mind but didn't have to pull the trigger.

Who knows, maybe they'll offer you something better once you moved out your money...

I am going to try two different things in the 3 family accounts this week, and not call in until after first week in January, when some people think the next promotion will start:
1. Clear the savings accounts by paying bills and transferring out.
2. Leave a fairly large balance, but transfer out enough for next year's TFSA.

December 28, 2016
2:43 pm
portfoliostrat
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Hi folks: I don't usually find time to contribute to online forums, but over holiday season markets are slow! Also, apologies in advance if my formating sucks, I just joined.Thought I could contribute my 2 cents on Tangerine, it may help some of you.

My strategy is simply to empty my Tangerine savings account in the last couple of days of each quarter, ( Mar, June, Sept, and Dec). Actually I leave the leftover few dollars after transferring even thousands. Within a few days of the start of the next month, Tangerine e-mails me the rate for ' new transfers' for the next three months. I have been getting in the 3% to 4% range, so better than comparable and most term deposit rates.

December 28, 2016
4:55 pm
2of3aintbad
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portfoliostrat said

Hi folks: I don't usually find time to contribute to online forums, but over holiday season markets are slow! Also, apologies in advance if my formating sucks, I just joined.Thought I could contribute my 2 cents on Tangerine, it may help some of you.

My strategy is simply to empty my Tangerine savings account in the last couple of days of each quarter, ( Mar, June, Sept, and Dec). Actually I leave the leftover few dollars after transferring even thousands. Within a few days of the start of the next month, Tangerine e-mails me the rate for ' new transfers' for the next three months. I have been getting in the 3% to 4% range, so better than comparable and most term deposit rates.

Many people have reported after trying this strategy. You are the first that has posted that Tangerine has emailed you with an offer of 4%

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