New 2.5% in saving accounts promo warning! | Tangerine Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
New 2.5% in saving accounts promo warning!
January 7, 2016
1:56 pm
Joebart
Member
Members
Forum Posts: 65
Member Since:
January 7, 2016
sp_UserOfflineSmall Offline

Copy of the letter to Tangerine:
I am very disappointed that your institution is misleading clients with new 2.5% promo for saving accounts.
I spoke over the phone twice with two service representatives asking for more info and was misled to think that I will earn 2.5% on whole balances.
The second representative after me pointing out, that account info on the banking site states (Special offer: Earn 2.5% interest on new deposits up to $500,000 to your Tangerine Savings Account(s), RSP Savings Account(s) and Tax-Free Savings Account(s), until Mar 31, 2016.) had to put me on hold to get clarification and after actually admitted his first claim was misleading.
That was very disappointing.
We have been clients of Tangerine and before ING Direct for years and nobody tried to trick us before till now.
We are going to move our savings somewhere else.
Yours

So that is what happened to me...bewaresf-yell

January 8, 2016
5:45 am
Taxpayer717
Member
Members
Forum Posts: 23
Member Since:
November 5, 2015
sp_UserOfflineSmall Offline

Can you share your experience about how did you find out about this promo of 2.5%

Joebart said

Copy of the letter to Tangerine:
I am very disappointed that your institution is misleading clients with new 2.5% promo for saving accounts.
I spoke over the phone twice with two service representatives asking for more info and was misled to think that I will earn 2.5% on whole balances.
The second representative after me pointing out, that account info on the banking site states (Special offer: Earn 2.5% interest on new deposits up to $500,000 to your Tangerine Savings Account(s), RSP Savings Account(s) and Tax-Free Savings Account(s), until Mar 31, 2016.) had to put me on hold to get clarification and after actually admitted his first claim was misleading.
That was very disappointing.
We have been clients of Tangerine and before ING Direct for years and nobody tried to trick us before till now.
We are going to move our savings somewhere else.
Yours

So that is what happened to me...bewaresf-yell

Can I ask you how did you find out about this promo of 2.5%? My sympathies for your experience with Tangerine.

January 8, 2016
6:54 am
Bill
Member
Members
Forum Posts: 3998
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Taxpayer717, here's the link to the offer - you'll notice the 2nd last sentence in the fine print has your answer.

https://www.tangerine.ca/en/wintersavings2016/termsandconditions/864.html?utm_medium=emaile&utm_source=winssn16lpurl&utm_campaign=winss2016

January 8, 2016
9:40 am
james1900
Member
Members
Forum Posts: 181
Member Since:
June 24, 2014
sp_UserOfflineSmall Offline

Interesting! I was offered 2.34% from Jan 6 to Mar 31, 2016. An email was sent to me and I can see the promotion rate of 2.34% on online banking. Why did not it offer me 2.5%?

January 8, 2016
9:52 am
tc
Member
Members
Forum Posts: 45
Member Since:
August 27, 2015
sp_UserOfflineSmall Offline

james 1900
I was offered only 2%, same terms and everything.
How they came up with 2.34% is beyond me.
There was no email sent,I found out when I logged in under the acct info.

January 8, 2016
9:57 am
mo_money_mo_problems
Newbie
Members
Forum Posts: 1
Member Since:
January 8, 2016
sp_UserOfflineSmall Offline

I was offered 2.08% for the same period.
I have been a client since ING Direct began - way to treat long term clients!

January 8, 2016
3:35 pm
-bsv-
Member
Members
Forum Posts: 37
Member Since:
January 8, 2016
sp_UserOfflineSmall Offline

I was offered 2.34% too. As we can see it varies from customer to customer, so no reason to be disappointed :-)

January 8, 2016
5:29 pm
JustMe
Member
Banned
Forum Posts: 160
Member Since:
August 28, 2013
sp_UserOfflineSmall Offline

mo_money_mo_problems said

I was offered 2.08% for the same period.
I have been a client since ING Direct began - way to treat long term clients!

This is NO ING.

Did anybody try to ask them for a good rate on $500K deposit? I am little bit tired talking with reps who have no idea what is going on and have to ask every few minutes 'somebody above' for clarification.
I feel like I am at the car dealership where 'dealer' has to talk to manager for every penny of discount or option I ask for. But then I say to gay/gal either you stop going every few seconds to your manager and bring him here or I leave your store.

January 8, 2016
7:14 pm
Joebart
Member
Members
Forum Posts: 65
Member Since:
January 7, 2016
sp_UserOfflineSmall Offline

They send me an email with the offer. What really upset me is not the fact that interest rate of 2.5% is only on new deposit on the top what I have with them, but the fact that the reps just lied to me straight to my face treating me like an idiot.
By the way, they did not answer my email so I am sending "expression of disapproval" old fashion way by Canada Post straight to their headquarters. I will keep you posted..sf-yell

January 8, 2016
7:50 pm
Rick
Member
Members
Forum Posts: 1110
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

I got the 2.34% offer.

January 9, 2016
1:12 am
Loonie
Member
Members
Forum Posts: 9373
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Tang is getting ever more bizarre and incomprehensible.
I still think there's a method in their madness, but they give the impression they're rolling the dice.

January 9, 2016
5:31 am
Joebart
Member
Members
Forum Posts: 65
Member Since:
January 7, 2016
sp_UserOfflineSmall Offline

Everyone gets a different offer based on how much money you have with them. Anyway, if you just under CDIC insurance level, the offer is useless unless you have more money to pour in, and you are ready to take a risk. (according to Canadian law uninsuredsf-surprised deposits are at risk in case of bailouts)

January 9, 2016
10:35 am
implode
Member
Members
Forum Posts: 167
Member Since:
April 2, 2015
sp_UserOfflineSmall Offline

I got no email, so no offer, but I still am on the 2% for 180days for balance, not just new money.

January 9, 2016
10:53 am
Bill
Member
Members
Forum Posts: 3998
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Same for me, implode, I'm guessing those of us already getting an offer won't receive a different offer - plus ours is for 6 months, so not apples to apples.

January 9, 2016
10:55 am
Rick
Member
Members
Forum Posts: 1110
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

Joebart said

Everyone gets a different offer based on how much money you have with them. Anyway, if you just under CDIC insurance level, the offer is useless unless you have more money to pour in, and you are ready to take a risk. (according to Canadian law uninsuredsf-surprised deposits are at risk in case of bailouts)

I have 0 with them. Transferred it all out before the end of the last promo in November. I guess they want it back badly enough to offer 2.34, but not 2.5. Less than 1% difference for fewer than 3 months is not worth the effort to play their games

January 9, 2016
12:18 pm
Loonie
Member
Members
Forum Posts: 9373
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

2.5 or 2.34 or even 2.08 would be nice but I am OK with my 2.0 for 6 months. Who knows what the 2.5 will turn into after 3 months?

I agree though that there is not much incentive after 100K. As has been noted before, a couple can get that up to 300K by adding a joint account. Most people won't need more than that in savings accounts anyway.

Tang has really been largely ignoring the TFSA and RSP market lately though. I guess they don't care any more about pleasing customers in those categories now that they have tied their hands with transfer fees. But 0.8% is not good enough. They will need to sweeten the pot considerably to make most of us want to consider them. Often a better deal elsewhere is worthwhile, even after fees.

January 9, 2016
2:02 pm
Norman1
Member
Members
Forum Posts: 7043
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Loonie said

2.5 or 2.34 or even 2.08 would be nice but I am OK with my 2.0 for 6 months. Who knows what the 2.5 will turn into after 3 months?

The 2%-for-six-months offer I received is for entire balance.

Are those until-Mar 31, 2016 offers of 2.5%, 2.34%, and 2.08% on new money only or for entire balance?

January 9, 2016
2:25 pm
Joebart
Member
Members
Forum Posts: 65
Member Since:
January 7, 2016
sp_UserOfflineSmall Offline

2.5% which I have received is only on the top what I have so basically only new money.
The problem is they have lied twice straight to my face when I spoke with them trying to convince me that 2.5% applies to the whole balance.
That is JUST WRONG AND UNETHICAL!
Welcome to new Tangerine...

January 9, 2016
8:09 pm
Norman1
Member
Members
Forum Posts: 7043
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I would cut the Tangerine associates some slack. They are probably having a hard time keeping track of all the offers that are now floating around.

There's at least five different offers floating around. The associates may have thought you were signed up for this 2.4%, on entire balance, offer that Calibre reported as receiving:

Just keep your total savings balance equal to or greater than what you had on November 30, 2015, and you'll earn 2.40% interest until February 29, 2016. That's triple our current posted rate of 0.80%! Plus, you'll earn this great rate on new and existing deposits in your Tangerine Savings Account(s), up to $500,000.

January 10, 2016
2:25 am
Loonie
Member
Members
Forum Posts: 9373
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Yes, as Norman1 suggested, the 2.0% deal is on all savings deposit, not just new money. Unless you were planning on depositing a large amount at this time, you will likely have an average rate well below 2.0 if you have one of these fractional promos.

As regards the complaint process, I think there is unlikely to be a satisfactory response because it's not specific enough for them to bother investigating. The possibility remains that the caller misunderstood something that was said by CS.

When I talk to any CS person, I always note the time the call began (and ended if I remember to do so) and the name of the person to whom I spoke. If I have a complaint, I will cite this information. Even then, it doesn't always get a response as it seems it's too much effort for them to go back through their recordings to listen to the actual conversation - Bell telephone being particularly negligent in this regard (which is particularly ironic considering they have all the technology in the world with which to trace the call). However, I have never had cause to complain about Tang's CS, which, in my experience, has been very good.

Their process of awarding promos, however, leaves a lot to be desired, from the customer point of view. As someone noted, it's rather like buying a used car since they seem to have a 100% need to speak to a manager before they can agree to anything. If these offers are all decided by algorithms, which they surely must be, then the rate they are offering each person should be clearly stated on the profile to which CS agents have access. The business about having to speak to a supervisor is just smoke and mirrors or an uncharacteristic inefficiency. Running your bank like a car lot does not impress.

No permission to create posts

Please write your comments in the forum.