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Negotiating with Tangerine on rates
February 16, 2017
7:53 am
SavingIsGood
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Winnie provided top notch advise and that should be like 'sticky' for Tangerine.
Do not call, do not waste your time. They will not give you more than 2% if lucky and you might miss better promo coming in a month or so.
I offered to move 1 million for better rate and offered 2%. I waited and got 3.25%.

February 16, 2017
2:46 pm
moneyhelp
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SavingIsGood said
Winnie provided top notch advise and that should be like 'sticky' for Tangerine.
Do not call, do not waste your time. They will not give you more than 2% if lucky and you might miss better promo coming in a month or so.
I offered to move 1 million for better rate and offered 2%. I waited and got 3.25%.  

Nice! How long did you have to wait? Was it around the quarterly wait period when Tangerine usually offers promo rates?

February 23, 2017
6:46 pm
SavingIsGood
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moneyhelp said

Nice! How long did you have to wait? Was it around the quarterly wait period when Tangerine usually offers promo rates?  

Actually, I did have 10K or so before I receive this latest promo offer. Unfortunately cannot remember did I poke around site and saw it or it was by e-mail.
As it is valid until march 31st, I will initiate transfer of full balance from other fin.inst. on 31st, wait a week or two to see what will happen. If nothing happens, it will go to 1y gic at Hubert.

I really do not understand this Tang's promo offers; if I already decided to keep here my $ way beyond CDIC limit, just give me 3% for as long I keep my $ there... Pay me for taking a risk...

February 24, 2017
6:54 pm
moneyhelp
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Its funny,

Since my promo rate is now expired, I was setting up a EFT to Achieva since they have a better rate then see if in March or April, if I will get this email offering a decent rate, since its my understanding that doing this can offer a better rate rather than calling in.

During the process of transferring my funds, it kept saying that I was exceeding my daily limit, so I called in to find out what that limit is. The Tangerine agent confirmed it was $25K and asked how much I was planning on transferring.

After telling her, she simply said, "I'm sorry to hear that, is there something we can do to keep your money here?", I said no and gave some excuse, but kind of regret not at least asking what rate she would have offered, but from reading previous comments, it would likely be 1.6% and I get 1.7% at Achieva,
so I'd rather wait until March/April to see if I get an email with a better rate.

Let's see...

February 24, 2017
9:05 pm
Loonie
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I did something similar early last September when I had a 3% offer elsewhere. They asked more or less the same question. I thought there was not a snowball's chance that they would exceed 3%, so I said "no", that there was nothing they could do for me. Maybe I should have asked anyway.
I had been getting 2% at Tang for quite a while up to that point.
At the end of Sept, they offered me nothing. In January I got the 3.25% promo on new money but couldn't really take advantage of it for a series of reason including that they counted my spouse's joint account (with me) assets against me - against both of us in fact. Double jeopardy. I was able to negotiate 2% instead, on all money. But they do not have as much of it as they used to have.

I hope it works for you.

February 26, 2017
5:40 pm
Planr606
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My promo that I got in Nov will expire Monday Feb 27th, so I can called to see what they would offer me. As some of you have already said, Tangerine will not offer more than 2%.

Back in Nov, the CSR rep looked into my account and history and said I was a great valued customer, who doesnt move my money frequently. So, the CSR at the time said they would give me their best rate of 2%. A month or so later they started to give the 1.75 - 3.25% promo.

Didnt really appreciate this, but it is what it is. This time around, the CSR asked what rate I was being offered. I mentioned EQ, PC Financial (I have 2 % till end of March), he then put me on hold for a minute and came back to offer me 2% again for 90 days. I told him I would think about it, and get back to him Monday.

I was surprise with his response because he asked if I am declining the offer. I said no I was not, and need a day or two to think about it. He said I better take this offer because it was the best one out in the market, and any promos would only be for new money. I then said to him that is why I, or many other people move there money out, and wait for new offer. He didnt really seem to understand what I was saying because, he kept saying new money.

If a new promo is offer, Tangerine (from what I have seen) does not look back in your banking history and calculate what money you had before you pulled it out.

I told the CSR I am not accepting or declining what he was offering. That he should not put me on the spot to decide, because he did not tell me at the beginning that I needed to make a decision on whatever offer he tried to give me.

What a joke... Not sure if it is was that rep, or tangerine policy now. I am considering moving my money out, and waiting till April. If no offers are given, then that is fine with me, I am paying too much taxes as it is anyway. sf-confused

February 26, 2017
5:57 pm
2of3aintbad
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Planr, your experience is just another example of Tangerine's sleazy tactics. If you don't 'decline' the offer, you will be locked in for 90 days at 2% and be ineligible for the next promotion at a higher rate. It is always better to transfer out to get the best rate available elsewhere, and then be in the driver's set when the next promotion is offered.

February 26, 2017
6:11 pm
Planr606
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2of3aintbad said
Planr, your experience is just another example of Tangerine's sleazy tactics. If you don't 'decline' the offer, you will be locked in for 90 days at 2% and be ineligible for the next promotion at a higher rate. It is always better to transfer out to get the best rate available elsewhere, and then be in the driver's set when the next promotion is offered.  

2of3aintbad said
Planr, your experience is just another example of Tangerine's sleazy tactics. If you don't 'decline' the offer, you will be locked in for 90 days at 2% and be ineligible for the next promotion at a higher rate. It is always better to transfer out to get the best rate available elsewhere, and then be in the driver's set when the next promotion is offered.  

Thank you for your comments 2of3aintbad. I totally agree it is one of their sleazy tactics, as the CSR rep put me on the spot by telling me to accept it because it was the best offer, and anywhere else is offering 0.8 %. As you said, by accepting it, I be locked in their 2% for 90 days. I would be better of moving my money out, it is just a hassle because I believe there is a limit for each transaction. I guess that is the only way, i get away from their 2 % and hopefully get a better rate in April.

February 27, 2017
2:50 pm
Loonie
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It's not normal for Tang reps to give any details of what the next offer is, e.g. "new money". This suggest he was making it up. However, strategy may have changed.

February 27, 2017
4:26 pm
Planr606
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Thank you Lonnie. He made it sound like if I pull my money out, and then get a offer, what I bring back may not be consider new money. I called back today, but as most have said the CSR, will only offer max 2%. It's up to marketing team to provide new offer.

I did not accept their offer,nor decline it . I can transfer $50k a day, but the lady I spoke said by calling a rep I can move as much I want. She asked how much I wanted to move. I guess I better call on Wednesday and move it, then hope for a April spring offer.

February 27, 2017
5:02 pm
Loonie
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Sounds to me like they're trying to manipulate you, on the phone, into keeping your money there.
This may be a newish strategy for them. We have seen evidence in this direction for a while now, but perhaps not so aggressive. Perhaps they are giving their CSRs leeway to say basically whatever it takes to keep you there. Perhaps they even give them a bonus if they succeed. They aren't going to tell us.

Yes, all these things "might" happen, and then again, they might not.

The bottom line is that Tang can make or withdraw as many offers as it likes with whatever frequency it likes. The CSR has no control over that and likely has no behind-the-scenes foreknowledge either.

I think it's just old-fashioned marketing re-applied. They will say anything in order to get the customer to buy. We are just not used to seeing it applied to an online-only bank. They, on the other hand, probably think this is terribly innovative of them.

In the end, only you are in control of where you put your money, and you will put it where the reward is greatest and the hassle least.
The only real question, I suppose, is what sort of hassle is required to get what sort of return. Everyone has their own criteria.

February 27, 2017
7:16 pm
Rick
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Planr606 said
He made it sound like if I pull my money out, and then get a offer, what I bring back may not be consider new money.  

Hasn't been my experience. Any time I put money "back" after moving it out, it was considered "new" money. As long as it was in/out within their deadlines.

February 27, 2017
8:30 pm
Planr606
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Hi Rick, I agree with you tha new money is what amount brought (or out) as long it is within their deadline. I think has a lot to do with the CSR rep I spoke to. I will pull a large of my funds out and wait until April and see if I get any new offer. Possiblity they may have indicated I decline their offer on my file.17

March 7, 2017
8:42 am
AlainJF
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While waiting for the next promotion at the beginning of April, does anybody have a good institution to recommend to keep your money temporarily (ex: saving account) with a reasonable interest rate ? Easy in/out without fee ?

March 7, 2017
1:19 pm
Slybanking
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I have a saving account at Alterna Bank and they have been paying 1.95% since I opened it in May 2016. I did some transfer a couple of time, never had any problem.

March 7, 2017
10:09 pm
Loonie
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AlternaBank is good (make sure you go to the BANK site and not the CREDIT UNION site).
You can also use EQ Bank, which pays 2%. They are pretty efficient. Alterna Bank has daily and weekly withdrawals limits, I think.

March 8, 2017
8:12 am
Slybanking
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You are correct, Alterna bank limits for transfer out are $25,000/day, $50,000/7 days and $125,000/month.

March 9, 2017
1:18 am
Loonie
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Slybanking said
You are correct, Alterna bank limits for transfer out are $25,000/day, $50,000/7 days and $125,000/month.  

Thanks for that. I'd forgotten the details.
So, if you plan to move a large lump fairly quickly, you might be better off elsewhere. I like Alterna, but I tend to keep a lower balance there because I don't want to get snagged in the withdrawal limits.
I think EQ is OK on this score, but you should check.

March 9, 2017
4:45 am
AlainJF
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Thanks for the AlternaBANK and EQbank suggestions.

Looking at the "Comparison Chart" for the best rates, the "MB / CU" got my attention for their "Unlimited Deposit Guarantee".

When I looked at Ideal and AcceleRate (for example) I was surprised to find out that the announced "Manitoba guarantee" was directing me to the "Alberta guarantee" organization.

Ex: AcceleRate Financial http://www.acceleratefinancial.....yFree.aspx
"...For more information on the Deposit Guarantee Corporation of Manitoba please visit their website by clicking this link (DGCM)." (URL linked to http://www.cudgc.ab.ca/ ???)

Questions:
1) Anybody know the reason for the Manitoba/Alberta apparent confusion ?
2) Anybody have recommendations for one of those CU ? (i.e. reasonable interest rate ? Easy in/out without fee ?) [Ideal, AcceleRate, Achieva, Hubert, ...]

March 9, 2017
6:10 am
Top It Up
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withdrawn

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