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Negotiating with Tangerine on rates
December 28, 2016
5:52 pm
MG
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I'll add my experience today. My offer at 2.5% ended December 20th and I thought I would call in today as some folks had recently mentioned short wait times. Got a message that there would be a 15 minute wait but decided to hold on anyway. I politely asked what offer would be available to me and the rep put me on hold for a minute and came back with 1.6%. I said that rate was not good enough and please move my money out. The customer rep said that she would check again before pressing "enter" and could I please wait. I said fine and she came back with 2% which I accepted until March 27, 2017. I did not end up mentioning any alternate banks offering better rates.

Total time was about 25 minutes as their systems were quite slow. Good luck to all!

December 28, 2016
6:29 pm
portfoliostrat
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Hi: You are right, I checked the last few years, no 4%. I couldn't track down all the rates but the ones I found were between 2.95% and 3.45% (currently 2.95). So to clarify a bit, I don't call Tangerine ( previously ING Direct). I move money at the end of the quarter and wait for them to offer before I move my money back.

Thanks, and sorry about being a bit loose with the numbers!

December 28, 2016
7:53 pm
Norman1
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One can view the offers one had accepted. rhvic reported this earlier:

Try logging into your Tangerine account, and on the left menu choose "my info and options" then choose "my contest entries and bonuses". If you have a better rate, it should show up there under "Your special rate offers".

December 28, 2016
8:16 pm
moneyhelp
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MG said

I'll add my experience today. My offer at 2.5% ended December 20th and I thought I would call in today as some folks had recently mentioned short wait times. Got a message that there would be a 15 minute wait but decided to hold on anyway. I politely asked what offer would be available to me and the rep put me on hold for a minute and came back with 1.6%. I said that rate was not good enough and please move my money out. The customer rep said that she would check again before pressing "enter" and could I please wait. I said fine and she came back with 2% which I accepted until March 27, 2017. I did not end up mentioning any alternate banks offering better rates.

Total time was about 25 minutes as their systems were quite slow. Good luck to all!

I always wondered, when this works, it must mean you have a substantial amount, like 6 figures amount, correct? I'm just wondering because it sounds like they didn't even give any push back, they just offered it to you, so makes me wonder if the account size has any influence.

Glad it worked out for you though, makes me hopeful when mid-Feb rolls around for me.

December 28, 2016
9:13 pm
MG
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moneyhelp said

I always wondered, when this works, it must mean you have a substantial amount, like 6 figures amount, correct?

Yes, it is multiples of 6 figures. Agree there was no real push-back. But I always wonder if I could get a better rate if I emptied my accounts and waited for an email offer ...

December 28, 2016
9:54 pm
Norman1
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Large account size probably helps. But, it doesn't guarantee anything as JW reported earlier in the thread:

JW said

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 29, 2016
3:47 am
Keith1
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As I have stated before I have been a Ing/Tang client for 17 years, have had other products at times, have had 6 figures on deposit many times,had GIC's, TFSA and RRSP accounts. I agree with Norman1 it makes no difference. Let us remind ourselves that the BNS made a very nice profit in 2016 all the while offering deposit bonuses. I like Alterna as they offer 1.95% no hassle, offer me to me transfers and offer the same rate on TFSA accounts. Dealing with Tang is sometimes a product of not wanting to go over CDIC levels. Also I think when their (Tang's) mortgage portfolio has been mostly converted to BNS the Tang client base may not be as important.

December 29, 2016
8:16 am
Winnie
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portfoliostrat said

I couldn't track down all the rates but the ones I found were between 2.95% and 3.45% (currently 2.95). So to clarify a bit, I don't call Tangerine ( previously ING Direct). I move money at the end of the quarter and wait for them to offer before I move my money back.

Almost the same rates, as I received in 2016 automatically without any phone calls: 3.00%, 3.50% and 2.95% currently until December 31, 2016.

My predictions (just for fun):

- For people, who do not play "Tangerine games" (me included) and keeping Tangerine savings balance close to $0 all the time, Tangerine on Jan 05, 2017 will offer automatically without calling 2.40% until March 31, 2017.

- For people, who semi-play "Tangerine games" ("portfoliostrat", for example) and religiously moving out all the money out before the end of each quarter, Tangerine on Jan 05, 2017 will also offer automatically without calling 2.40% until March 31, 2017.

- For people, who current promotions will end in early January 2017 and who will call Tangerine with inquiry's about new promotions, Tangerine will offer either 1.60% or 2.00% for 90 days or sometimes just plain regular rate of 0.80%.

December 29, 2016
11:48 am
Loonie
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I think I'd like to deposit in the Bank of Winnie!sf-wink

December 29, 2016
12:15 pm
Winnie
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Loonie said

I think I'd like to deposit in the Bank of Winnie!sf-wink

Please do not do that, "Bank of Winnie" is not profitable at the moment.

I probably did a very serious mistake in 2016 and purchased a lot of physical metal silver for $20 US/oz (spent almost $100,000). Right now price of silver is around $15-16 US/oz, so "Bank of Winnie" is in terrible shape.
Who in right mind was able to predict in early 2016 that Trump actually will win and price of precious metals will fall dramatically! sf-confused

December 29, 2016
3:29 pm
rfdm4g4g9
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I had $ 300 K at 3 % at Tangerine. Promo was getting over today, Dec 29.

Web Chatted today with them as the promo was getting over today. They wouldn't budge and best they could offer is 2 % for 90 days.

No 3 % ( wasn't expecting that ). But Was hoping for atleast 2.5 % , considering the amount of $ 300 K, or at least 2.4 % which new clients are gettingsf-confused. Not even that was offered.

I have been with Tangerine since the ING days, almost 20 years. Have my chequing and TFSA with them too. Absolutely NO loyalty towards long standing customer's with big amounts.sf-confused

Would be seriously ticked off, if they come with a better offer of say 2.5 % to 3 % on New Year's, after I accept the 2 % for 90 days. They are giving todaysf-frown

BTW, webchat is horrible. Almost always busy the whole day. After 7-8 tries and long waiting times, you mange to get hold of a Rep. sf-yell

Calling in is equally bad, waited 25 minutes the last time I called. CS is getting bad, day by day at Tangerine.sf-cry

December 29, 2016
8:12 pm
Loonie
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Just hang in there, Winnie! Never sell in a down market. Your turn will come (I think)!sf-smile

December 30, 2016
8:26 am
Top It Up
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Winnie said

I probably did a very serious mistake in 2016 and purchased a lot of physical metal silver for $20 US/oz (spent almost $100,000). sf-confused

Hey, maybe you bought some of the silver that I sold . sorry to say but I think you're in for a long hold . silver shouldn't have been at those lofty heights to begin with

December 30, 2016
10:24 am
Bill
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I've regularly made dough selling (usually quality) investments when they're under downward trend or pressure, buying back when I'm comfortable, and then reselling later when they rebound, even if still shy of my original purchase price. So holding on is not the only option for you to consider if you think silver's forseeable future is more down.

December 30, 2016
11:24 am
implode
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My 3% promo ended on Dec 29th. Calling in now to see what they can/will do to prevent me from doing a transfer out which would require the call in anyway.

December 30, 2016
11:37 am
implode
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My wait time was a bit better at only 20m. So I'm offered 2% for my balance for 90 days. This matches what I can get at EQ, so it will save me the hassle of transferring and splitting up my funds as I do not one of the earlier EQ accounts with a bigger limit.

December 30, 2016
2:28 pm
rfdm4g4g9
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implode said

My wait time was a bit better at only 20m. So I'm offered 2% for my balance for 90 days. This matches what I can get at EQ, so it will save me the hassle of transferring and splitting up my funds as I do not one of the earlier EQ accounts with a bigger limit.

If Tangerine is just giving you 2 %, you might as well move your money to EQ at 2 %. Interest wise its the same. Not much hassle, just a click of the button. And wait for a better than 2 % promo from Tangerine, this winter.

But by accepting Tangerine's 2 %, now you have excluded yourself from any Winter promo that Tangerine might come up with. Probably after Jan 4, 2017 . It might be only for new money or existing money. It might be more than , 2 % , you never know.

Its a chance you have to take, and hope for the best as far as Tangerine promo is concerned. And this chance you take doesn't really cost you anything as both EQ and Tangerine are at 2 % in your case.

Lot of people accept a 2 % promo, and literally days after they come with a between 2 % to 3 % random rates promo.

December 30, 2016
2:44 pm
Loonie
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On the other hand, a bird in the hand...

I have a theory that Tang's offer on new money or retention in January, if there is one, will depend on how many new suckers they get in the meanwhile with their new account offer. If response is insufficient, the rest of us might get some of the leftovers. I haven't seen much advertising for it though. - yet.

December 30, 2016
5:28 pm
rfdm4g4g9
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Loonie said

On the other hand, a bird in the hand...

I have a theory that Tang's offer on new money or retention in January, if there is one, will depend on how many new suckers they get in the meanwhile with their new account offer. If response is insufficient, the rest of us might get some of the leftovers. I haven't seen much advertising for it though. - yet.

That bird in hand 2 % can be had almost any time. Especially if you move a sizeable chunk out and wait for a new offer.

If the new offer doesn't come and you call them saying you are moving an XXX amount back in if they give you 2 %, and they will do it for you. And ask them to move the money themselves over the phone or chat for more authenticity and they will do it.

They almost never refuse NEW money coming in if you demand 2 % , but for existing money they might give you a hard time with 2 % and don't give it easily.

Last time I just moved my money from Tangerine Savings to Tangerine Chequing in anticipation of a new promo after my existing promo expired. But The new promo offer never came.

So I called them back and told them, give me 2 % in Savings and you can move the money back from Chequing to Savings , or I am writing a cheque out :). They immediately gave me 2 %. If it was from my external bank to Tangerine, they would have been even more faster.

December 30, 2016
7:03 pm
moneyhelp
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rfdm4g4g9 said
But by accepting Tangerine's 2 %, now you have excluded yourself from any Winter promo that Tangerine might come up with. Probably after Jan 4, 2017 . It might be only for new money or existing money.

I often wondered:

If I am an existing Tangerine customer and withdrew my money, and then a promo comes out, doesn't the promos usually target "new" customers, that is, non-existing Tangerine customers ONLY? Or does moving your money back considered a "new" customer again?

I am trying to figure out, if its best to withdraw all your money first and see if there is a new year promo (that is, if they accept me as a new/returning client) then come back, OR call Tangerine first and see what they can offer and if its not enticing enough then say you'll leave.

Also, in one of your earlier posts you mentioned you have a chequing and TFSA account. With respect to your TFSA, is it a Savings TFSA or did you invest in the Tangerine Tax-Free Investment Funds? I am curious because I too have a TFSA, but it is a simple Savings account, but I am currently on the new client promo of 2.4% until mid-February.

Also, just though of this, if Tangerine allows you to get promo rates if you are existing clients (not just targeting "new" customers) is it allowed to get the new promo rate if you're currently enrolled in one? For example, as mentioned, I am currently on 2.4% until mid-February, so lets say Tangerine offers a promo of 3%, will they allow me to end the current promo early or allow me to finish up the current promo and once it ends, allow me to then start the 3% promo?

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