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Negotiating with Tangerine on rates
December 30, 2016
7:25 pm
implode
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I can't so easily move my money to EQ with a single click as I don't have a direct link from Tangerine to EQ due to the 3 link limitation. I have to do a double move. Furthermore, I have a 100k limit at EQ due to me being waitlisted at the time and when my account got created, I had this low limit. Tangerine holds onto my money for another 90 days. If Tangerine screws me over with a new promo after I accepted the 2% offer aleady, and they won't give me the increased rate, as I will hold a grudge, I will likely move out my money from Tangerine and probably won't look back. From posts to these forums, I think I may be joining into this small community giving up on Tangerine and its games.

December 30, 2016
9:37 pm
Loonie
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I have to disagree with rfdm4g4g9, post 99 above. It may work for some people some of the time re: expectation of good rate from Tang. but nothing works for everybody all of the time or else we wouldn't be having this endless discussion.

Didn't work for me the last six months, and I'm not going to stick money back in there at 0.8 in the faint hope that they might give me a break later. It will have to be a "new money" offer irrespective of previous balances, or none at all. Tang has gotten to be too much bother, and they have strong competition.

Spouse has had 2% the last quarter. Waiting to see what is offered there next. If not much, we may both be out of there although we like some features of Tang and always liked ING. Have been with ING since 1990s; otherwise we probably would have left already, completely.

Why would anyone WANT to put more than 100K into a small CDIC insured bank? EQ doesn't even offer joint accounts, so you can't spread it around that way.

There is an important distinction in TangSpeak between "new money" and "new customer". The latter is not repeatable. Even if you were to close all your accounts, they won't let you be "new" twice.

It's extremely unlikely that Tang will extend a TFSA offer or give another one to follow the promo. Once they've got your money, they don't care because they know that the $45 transfer fee will dissuade people from moving their money, and a lot of people will simply forget about it anyway. This undercuts the value of the promo quite effectively. Unless you actually want to invest in those mutual funds that they offer, I'd bite the bullet, pay the fee and transfer the money out in March - or else just cash it in, which is free, and wait to recontribute in 2018. If you're lucky, you might get a good offer elsewhere which will help compensate for the fee and the lack of TFSA tax savings. Even better if your TFSA was not maxed out, in which case you might be able to contribute elsewhere immediately.

January 1, 2017
2:47 pm
Norman1
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moneyhelp said

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?

That true as far as the promos publicly advertised on Tangerine's web site. Those offers are usually targeted to new customers only. As Loonie described, moving money out and back does not make one a new customer again.

Many of the offers discussed here, like the 2% for 90 days on entire balance, are not publicly advertised. Such offers are given out to people who call in and ask if Tangerine can do better than the regular 0.8% rate.

Not everyone who calls in gets a better rate. Some who did were offered 1.6%. Others were offered 2%.

January 3, 2017
2:43 pm
madmoney
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I was on a 3.0% promotional rate until Dec 31. Called in today and the best rate they would offer was 1.6% so I had them transfer all funds. The agent was really nice and I asked him why they wouldn't even match the 2.0% from EQ and he just said that they can't be in the game of matching every promotional rate that is out there. Volume of funds surely matters, at just under $100k thought they would at least offer 2% but no dice.

January 3, 2017
5:06 pm
2of3aintbad
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madmoney said

I was on a 3.0% promotional rate until Dec 31. Called in today and the best rate they would offer was 1.6% so I had them transfer all funds. The agent was really nice and I asked him why they wouldn't even match the 2.0% from EQ and he just said that they can't be in the game of matching every promotional rate that is out there. Volume of funds surely matters, at just under $100k thought they would at least offer 2% but no dice.

I can only assume that they have had enough people / $ accepting 1.6% or 2% that their model says 'no more at 2%'. So it doesn't matter if you have 100K or 1K, or if you quote 2% from EQ or 2.25% from PCF. I have tried 3 different strategies with 3 family accounts, but I'm not holding my breath for an offer from them, and I'm not calling in for 2%.

January 3, 2017
8:10 pm
Loonie
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They may not "be in the game of matching every promo out there", but I am definitely in the "game" of not giving them my money if they don't.

No compete? No deal! sf-smile

January 4, 2017
3:27 am
threeoakwest
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I got the same 1.6% offer. I pulled all my money to Alterna And Eq.
They don't care about loyalty at all. I've been there for many years through them and ING.
I will think twice before going back, they'll have to be much better!

January 4, 2017
9:04 am
moneyhelp
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threeoakwest said

I got the same 1.6% offer. I pulled all my money to Alterna And Eq.
They don't care about loyalty at all. I've been there for many years through them and ING.
I will think twice before going back, they'll have to be much better!

2 quick questions:

1) Did you tell them you were leaving and if so, how did they respond?
2) Did they help you transfer the money over to EQ and Alterna, or does EQ and Alterna do that for you? I assume the latter, but just curious.

January 5, 2017
3:20 am
threeoakwest
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1. I told them I was leaving and they said they would not give me more than 1.6.
I mentioned that others were given 2% and they said the amount offered to all customers is system generated and they could not go any higher.

2. I let EQ and Alterna transfer the money because it gains interest from that day, which is already in the accounts now.

I don't know if I will go back to Tangerine, they'll have to be much better than Alterna or EQ for me to go through that grovelling again.

January 5, 2017
6:04 am
Saver-Mom
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Notice the downward trend in amounts offered in their promos. I suspect they are trying to bring everyone down to 1.6% gradually, and they may phase out these promos all together for existing customers. They just don't want to lose all their deposits at the same time.

January 5, 2017
9:01 am
moneyhelp
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threeoakwest said

1. I told them I was leaving and they said they would not give me more than 1.6.
I mentioned that others were given 2% and they said the amount offered to all customers is system generated and they could not go any higher.

2. I let EQ and Alterna transfer the money because it gains interest from that day, which is already in the accounts now.

I don't know if I will go back to Tangerine, they'll have to be much better than Alterna or EQ for me to go through that grovelling again.

Were you already either an EQ and Alterna customer or did you make an account in advance of your Tangerine promo ending in anticipation you were going to leave Tangerine?

Do you know how both the EQ and Alterna online banking interface is like? Or even their respective iOS mobile apps are? I'm big on technology ease of use and how it looks (I work in tech), and I have to say Tangerine is quite amazing when it comes to that, that's why come mid February when my promo ends, if I leave, that's what will make me miss Tangerine interface; including their online live chat feature, which is great!

Not trying to defend Tangerine, but you can see they have made a huge investment in their online experience with the customer focus in mind (granted I was never an ING customer, so I can't compare them to before, can only compare to other banks/credit unions), I say this because I also have an account with Achieva Financial and they are okay, but no where near as "nice" as Tangerine.

January 5, 2017
2:46 pm
rfdm4g4g9
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The targeted promo offers which Tangerine has come with each qtr on Jan 5, April 5, July 5, Oct 5 etc.
Have they always been for NEW money or new deposit s ?

Has any automatic offer been made for the ENTIRE balance in the last few years ?

Except for the begging rate of 1.6 or 2 % which you might get when you call in.

January 6, 2017
7:37 pm
implode
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As I don't have a chequing account with Tangerine, moving temporarily to the chequing account isn't an option. I suppose the 2% on the balance might work better than the various 2.59% to 3.25% that I wasn't even offered on new deposits unless if I had moved money out of Tangerine a few days before Jan 5th.

January 7, 2017
11:39 am
portfoliostrat
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Just transferred back my 'new deposits' for the next quarter now at 1.96% down from 2.96% last quarter. The rate has droppedvquite a bit, but still roughly competitive with my benchmarks; Oaken, and Equitable.

January 9, 2017
5:14 am
Righand
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portfoliostrat said
Just transferred back my 'new deposits' for the next quarter now at 1.96% down from 2.96% last quarter. The rate has droppedvquite a bit, but still roughly competitive with my benchmarks; Oaken, and Equitable.  

Just curious, but why did you transfer back for only 1.96%, effectively locking yourself out of any new offers from TING. JMO,but by showing your satisfaction with a lower rate than EQ provides, you'll now have to phone in and beg at the end of the "promotion" when your deposit reverts back to the 0.80%sf-confused

January 9, 2017
6:06 pm
portfoliostrat
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As I outlined earlier, I move money out the last week of the quarter, then move it back the first week of the new quarter. I never phone. I have been getting 3% (ish) rates for quite a while. This quarter is down (1.96) but roughly competitive with benchmarks. I do also use Equitable but want to stay under $100 k with the smaller banks to be onside with CDIC.

February 13, 2017
12:09 pm
moneyhelp
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Hey All,

My time has arrived. My 2.4% promo ended yesterday and wanted to seek advice here, as to what any of you think the best option for me would be.

Should I call Tangerine and ask for a better rate or should I withdraw my money and see if their "system" will allocate a better rate in my Tangerine message inbox?

Any feedback would be appreciated.

sf-confusedCheers!

February 13, 2017
2:16 pm
Winnie
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moneyhelp said
Hey All,

My time has arrived. My 2.4% promo ended yesterday and wanted to seek advice here, as to what any of you think the best option for me would be.

Should I call Tangerine and ask for a better rate or should I withdraw my money and see if their "system" will allocate a better rate in my Tangerine message inbox?

It is very simple.
If you will call right now, you will only get max 2% for another 90 days, but not guaranteed.
If you will not call and move all your money out from Tangerine right now, you most likely will get better than 2% on April 5, 2017, but that also is not guaranteed.
Good luck!

February 13, 2017
2:21 pm
moneyhelp
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"It is very simple.
If you will call right now, you will only get max 2% for another 90 days, but not guaranteed.
If you will not call and move all your money out from Tangerine right now, you most likely will get better than 2% on April 5, 2017, but that also is not guaranteed.
Good luck!"

Why April 5th? How did you come up with that date?

February 13, 2017
3:45 pm
Rick
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moneyhelp said
Why April 5th? How did you come up with that date?  

That's when they roll out their quarterly "offers"

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