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Negotiating with Tangerine on rates
March 9, 2017
6:12 am
Top It Up
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AlainJF said

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.  

No idea why the AcceleRate website kicks to the AB guarantee when the Crosstown website, their parent, shows the MB guarantee. Ideal's website shows the MB guarantee.

I'm guessing it's an error on the website developer side.

March 9, 2017
12:55 pm
Loonie
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I don't know the answer either. I suggest you ask them directly, and see what they say.

It sounds like an error, unless they've changed their official residence, which seems highly unlikely.

Accelerate is still listed as being insured in Manitoba as a virtual institution
https://creditunion.mb.ca/find-a-credit-union/links-to-credit-union-internet-banking-sites/#more-455

You asked for a savings account only, and for that EQ is a better bet for most people, simply because it's a better daily rate. However, the service is more friendly and personal with Hubert. Alterna is good on the phone.
Be aware that you can't phone Hubert outside of office hours; you can't phone Alterna 24/7 but they do have evening hours most days; and EQ is available 24/7 by phone. Sometimes this matters.

If you have more than 100K, a MB CU might be easier for you. Either that or use more than one bank.

Some people prefer CDIC insurance to the credit union systems. They seem to think that the Feds would bail out the CDIC if necessary but that the CUs would be more vulnerable. Paradoxically, they are often the same people who complain about taxes. If the Feds did bail out CDIC, you can be sure we'd all be paying for it one way or another.

Personally, I'm OK with the CU insurance systems. I don't think any of us know what would happen if there were a failure large enough to bankrupt either insurance system. I don't expect the Feds would make up the difference. They would be looking at a bigger picture of financial issues and proceeding accordingly; and this would only be one consideration in a larger strategy and who knows what they'd do or which group would be in power at that point? When banking becomes unstable, people suffer, just as they did in the US meltdown in 2008. I don't see any way around that except preventing it from happening in the first place, which means superior regulation of the industry.

March 17, 2017
2:41 pm
AlainJF
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Loonie said

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.  

Just for clarity, I called Alterna to verify the exact meaning of "per month".

It is really a "limit per number of days".

Transaction Limit: Sending / Receiving
Daily $25,000 / $100,000
7 Day Limit $50,000 / $250,000
30 Day Limit $125,000 / $500,000

March 17, 2017
5:50 pm
Saver-Mom
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These are limits from transfers initiated from the Alterna site, but someone previously said that if you pull the funds from another bank/CU you should not be limited to those amounts. Has anyone tested that?

March 27, 2017
1:57 pm
moneyhelp
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When in April do we usually anticipate Tangerine giving the new quarterly promo email?

And, do they send it via internal messaging system when you log into your account or do they send it to your registered email address?

March 27, 2017
4:57 pm
Winnie
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moneyhelp said
When in April do we usually anticipate Tangerine giving the new quarterly promo email?  

Most likely on April 5, 2017.

moneyhelp said
And, do they send it via internal messaging system when you log into your account or do they send it to your registered email address?

Both. If you set "Marketing communication preferences" to email, you will receive an email message, but usually that will happen a few hours or days later.

March 28, 2017
12:39 am
moneyhelp
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Winnie said

moneyhelp said
When in April do we usually anticipate Tangerine giving the new quarterly promo email?  

Most likely on April 5, 2017.

moneyhelp said
And, do they send it via internal messaging system when you log into your account or do they send it to your registered email address?

Both. If you set "Marketing communication preferences" to email, you will receive an email message, but usually that will happen a few hours or days later.  

Thank you

March 28, 2017
11:14 am
naticom
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Our 3.25% promo is gonna end this March, when do you guys think is the best time to transfer the funds out, on the 30th?

March 28, 2017
5:43 pm
2of3aintbad
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It depends on the conditions of the transfer. You must make sure that the transfer occurs on or before March 31. Some FI's may defer to the next business day.

March 28, 2017
6:59 pm
Rick
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naticom said
Our 3.25% promo is gonna end this March, when do you guys think is the best time to transfer the funds out, on the 30th?  

I'm moving mine into checking on Mar 3. No or crappy deal by the 5th, it goes back to EQ on the 6th. If you're "pulling" it from another institution, I would set it up to pull on the 31st, as it will sit in Tang until at least Monday aft/eve. That's all assuming any new offer will arrive on the 5th.

March 28, 2017
10:09 pm
Doug
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Rick said

I'm moving mine into checking on Mar 3. No or crappy deal by the 5th, it goes back to EQ on the 6th. If you're "pulling" it from another institution, I would set it up to pull on the 31st, as it will sit in Tang until at least Monday aft/eve. That's all assuming any new offer will arrive on the 5th.  

I'd go with March 30th if you want to be "safe" otherwise March 31st. That said, I'm going to do March 31st to benefit from "double interest" over the weekend. They don't typically use a weekend day of the week as the "total deposit balance" capture date so I'll likely move the funds to my Tangerine Chequing April 2nd or April 3rd, in time for the cheque to clear on April 4th. 🙂

To summarize: I deposit cheque from Tangerine Chequing into my Implicity Financial HISA March 31st. Funds earn current "promo" interest in Tangerine Savings whilst same funds earn 1.7% in Implicity Financial through Apr. 2nd (3 days).

April 3rd at 12:01 am (or so) a "scheduled transfer" from Tangerine Savings to Tangerine Chequing is processed in the same amount as the above cheque so that funds are out of my Tangerine Savings as of the close of business on April 3rd (they go by "close of business" for the "total deposit balance" capture date). Funds earn Tangerine Chequing's posted rate of interest for amounts above $50,000-$100,000 whilst earning 1.7% in Implicity Financial (1 day).

April 4th (or 5th) - cheque clears Tangerine Chequing. Funds stay in Implicity Financial unless I get an offer above 2.25% from Tangerine - not really worth it to move funds for 2% when I'm getting 1.7% at Implicity. Plus, it's a credit union and I'd rather help them if I can. 😉

Cheers,
Doug

March 28, 2017
10:13 pm
Doug
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/\
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Oooh! My 1000th post above. 😉

Cheers,
Doug

March 30, 2017
4:54 pm
savemoresaveoften
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My apology to be a newbie here. When you folks mention push vs pull, how do you pull from Tangerine ? I assume push means initiate transfer from Tangerine, which is what I have been doing. How do you initiate a pull (assume that means you initiate transfer from the outside linked institution) ? Cuz how do I see Tangerine when I log in to the outside linked institution ?

April 1, 2017
8:24 am
Rick
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savemoresaveoften said
My apology to be a newbie here. When you folks mention push vs pull, how do you pull from Tangerine ? I assume push means initiate transfer from Tangerine, which is what I have been doing. How do you initiate a pull (assume that means you initiate transfer from the outside linked institution) ? Cuz how do I see Tangerine when I log in to the outside linked institution ?  

I opened up a Tang chequing account and linked it through the bank I wanted to pull to. Depends on the banks' requirements for linking. Some want a check, some you can do online, they all have their own system. EQ was the easiest if I remember correctly. I don't think you can link a Tang savings account to pull from, but you can push out of one.

April 1, 2017
8:33 am
Rick
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Doug said

To summarize: I deposit cheque from Tangerine Chequing into my Implicity Financial HISA March 31st. Funds earn current "promo" interest in Tangerine Savings whilst same funds earn 1.7% in Implicity Financial through Apr. 2nd (3 days).

April 3rd at 12:01 am (or so) a "scheduled transfer" from Tangerine Savings to Tangerine Chequing is processed in the same amount as the above cheque so that funds are out of my Tangerine Savings as of the close of business on April 3rd (they go by "close of business" for the "total deposit balance" capture date). Funds earn Tangerine Chequing's posted rate of interest for amounts above $50,000-$100,000 whilst earning 1.7% in Implicity Financial (1 day).

April 4th (or 5th) - cheque clears Tangerine Chequing. Funds stay in Implicity Financial unless I get an offer above 2.25% from Tangerine - not really worth it to move funds for 2% when I'm getting 1.7% at Implicity. Plus, it's a credit union and I'd rather help them if I can. 😉

Cheers,
Doug  

Sounds like too much work and dealing with checks. Why don't you just initiate a pull from Implicity on the 31st? Tang doesn't play the double interest game when pushing, but EQ does if I initiate a pull on Friday (I think...don't have need to do that very often).

April 1, 2017
9:07 am
Winnie
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Rick said

I don't think you can link a Tang savings account to pull from, but you can push out of one.  

Yes, you can link a Tangerine Savings Account to pull from.

April 1, 2017
9:53 am
bpwest
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Here we are, April has arrived. My retention rate of 1.6% recently expired, and I have transferred the last few thousand to Alterna, to join a much larger amount that was dispatched in early January. Will now wait to see if I get a targeted offer, as I have heeded the suggestion, this time, to NOT call Tangerine for a potential retention offer.

And maybe PC Financial will do a new money offer, although I'm not holding my breath; they are currently offering a 1 yr GIC @1.4%

April 1, 2017
10:18 am
Saver-Mom
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Family member needed to transfer out a large sum so had to call in to do this, was offered the 1.6% retention offer and declined it. I transferred out lesser amounts online, so will wait and see also.

April 1, 2017
11:48 am
implode
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Well, the other day I opened a Tangerine chequing account just so I can move my savings account money easier. Today, I moved most of my money from the savings over to the chequing account leaving just the leftover $2.02 😛 Hoping for an offer, or I'll move back into the savings account temporarily and then pull out (my links are to savings account as I never had a Tangering chequing account before).

April 1, 2017
12:16 pm
mr P. Pincer
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My 3.25% promo offer ended today so I phoned in just now to ask for a better rate and was offered the 1.6% for 90 days which I also turned down.

I'm pulling it all to Hubert to wait for the next decent promo offer.
I guess I'll continue to play this silly little game as long as they do.

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