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New 2.5% in saving accounts promo warning!
January 14, 2016
2:24 am
Loonie
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We don't call them the Big Five for nothing. They are entrenched in people's minds. I know someone who has had the same account at TD for over 60 years and wouldn't dream of closing it, no matter what. It will still be there for his executor to deal with when the time comes.

January 16, 2016
4:20 am
Saver-Mom
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So my poor beleagered mom who was refused the 2% for 6 months (so immediately transferred out a large chunk of change) just received the 2.5%-on-new-money-till-end-of-March promo, by email. Sorry for that sentence structure! She has never received any email promo in the past, and had always left money in the account at whatever was the rate on offer. Hence, I suspect this new account activity (withdrawal) triggered the promo. To quote an old boyfriend, "I don't mind to be a puppet on a string, but not too long, or the string will break". BTW, I was the perfect girlfriend...

January 16, 2016
10:48 am
Norman1
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Saver-Mom said

So my poor beleagered mom who was refused the 2% for 6 months (so immediately transferred out a large chunk of change) just received the 2.5%-on-new-money-till-end-of-March promo, by email. Sorry for that sentence structure! She has never received any email promo in the past, and had always left money in the account at whatever was the rate on offer....

That's good for your Mom! sf-smile

Not sure if she would have been better off with the 2%-for-180-days offer, though. Depends on when she had transferred all that money out.

The 2%-for-180-days offer is 2% on the entire balance, both new and existing money. The Winter Savings 2016 2.5% new money offer reported earlier is for new money above January 5, 2016 closing balance:

jgclghrn said

My wife just got an e-mail about a new offer for select clients. I haven't received it.

Get a special interest rate of 2.50% on new deposits to a full portfolio of Savings Accounts.

Offer is available to Eligible Clients between January 6, 2016 and March 31, 2016 and is applicable to Tangerine Savings Accounts, Tangerine Tax-Free Savings Accounts and Tangerine RSP Savings Accounts (“Applicable Accounts”). A number of similar Applicable Accounts (for example, 3 separate Tax-Free Savings Accounts) is defined as an “Applicable Account Type”. Offer rate will apply to net new deposits to Applicable Accounts each time the sum of the daily balances in each Applicable Account Type, to a maximum of $500,000 per Applicable Account Type, exceeds the sum of Applicable Account Type balances as at January 5, 2016. This Offer is non-transferable and is only available to Eligible Clients who receive a notification directly from Tangerine stating that they are eligible to participate in the Offer. Interest is annualized, calculated daily and paid monthly, is current as of January 6, 2016, and is subject to change without notice. For full offer details, please visit our full terms and conditions.

January 16, 2016
10:54 am
Norman1
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Loonie said

We don't call them the Big Five for nothing. They are entrenched in people's minds. I know someone who has had the same account at TD for over 60 years and wouldn't dream of closing it, no matter what. It will still be there for his executor to deal with when the time comes.

I've seen similar situations as well.

Sentimentality is one reason. That was the bank account the person's now-deceased parent had opened for them when they were a child.

Another reason is loyalty. Long ago, a former branch manager had approved a loan to them when they were turned down everywhere else.

January 26, 2016
6:45 pm
Need2Learn
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Saver-Mom said

Loonie, that was my experience calling for myself, my kids and my mom, that they paused, at times for a lengthy period, to speak to their "supervisor". But yesterday I called to request the 2% for 6 months for my spouse and they did it immediately. However they refused my mother, so we immediately transferred money out with the rest to follow as soon as GIC matures.

Saver-Mom said that she called on behalf of her mother and I would like to know if that is possible. Does she need to have a joint account with her mom in order to do that? Thanks.

January 27, 2016
4:45 am
Saver-Mom
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Rose, my mom was with me and gave them permission that I discuss her account on her behalf. At some point I would like to figure out if a permanent agreement can be made or if I need a legal power-of-attorney.
The interesting thing is that after she transferred money out, she got a promo email, the first time ever. Like others have said, I hate calling and begging, and I hate the inequality of what they offer. If I wasn't in QC I would look into EQ, Zag, PCF etc. We are truly second class citizens here, and most don't even realize it.

January 27, 2016
12:23 pm
Need2Learn
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"inequality", I agree. I have been with Tangerine since the beginning (ING) and haven't received any promo email for a long time. New promo rates I learned all came from this website. Thanks everyone.

I helped my mother open the account with Tangerine sometime ago but she doesn't use the internet and is afraid to call. So every time I got a new rate I wish she could get the same. We shouldn't have to get the legal power-of-attorney to call on their behalf if Tang just makes it equal for everyone.

January 27, 2016
4:46 pm
JustMe
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Saver-Mom said At some point I would like to figure out if a permanent agreement can be made or if I need a legal power-of-attorney.

Depending on fin. inst. you do not need legal PoA. Some fin. inst. have an option to put on file (account Has to be joint) that person A can provide instructions in a name of person B without person B being present and vice versa. I have such 'option on file' with my spouse... Do not waste money on legal PoA and do not get persuaded by rep that they cannot do that.

January 27, 2016
7:37 pm
Loonie
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...and do not assume that what you read here is valid legal advice.

I would check with a lawyer before setting up any kind of permanent arrangement. In Ontario, I have been advised by lawyers not to use bank forms for POAs, but Quebec has a unique legal system to consider.

A joint account is not necessarily in the best interests of all concerned, for various reasons.

January 28, 2016
8:27 am
Wiiliam
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Norman1 said

I think for $1,000 or $500 a year, people will act. But, for around $100 a year, I've seen people be indifferent.

I remember one friend who was paying around $10/month for an unlimited plan on her Royal Bank chequing account. She didn't seem interested in saving the $120/year, by seeing if PC Financial's chequing account (free transactions and free cheques) would suit her needs.

Yeah seems like there are people that want to optimize their budgets and others that could care less. Convenience or cost is a balance.

March 30, 2016
3:39 am
dentgal
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Tangarine 2.5 ends tomorrow. Anyone heard anything??
How about PC??

P.S. Saver Mom: I'm opening joint accounts with ZAG and Oaken with my kids--i'm considered the primary holder--and apparently this way each account is protected by CDIC as long as the names are different on each account.

December 4, 2016
7:49 pm
moneyhelp
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Saver-Mom said

So my poor beleagered mom who was refused the 2% for 6 months (so immediately transferred out a large chunk of change) just received the 2.5%-on-new-money-till-end-of-March promo, by email. Sorry for that sentence structure! She has never received any email promo in the past, and had always left money in the account at whatever was the rate on offer. Hence, I suspect this new account activity (withdrawal) triggered the promo. To quote an old boyfriend, "I don't mind to be a puppet on a string, but not too long, or the string will break". BTW, I was the perfect girlfriend...

Did your mom actually move ALL her money out to another bank when you got the promo email or was it only a called-in threat saying she'd do it? and btw, did she move everything back to Tangerine to take advantage of the promo offer? Thanks!

December 7, 2016
4:30 am
Saver-Mom
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Yes, she actually moved it all out. But more recently others posted that this tactic did not work for them. Another thread recently summed it up by saying it appears Tang is making decisions based either on pure randomness, or on some undefined criteria that are not comprehensible. In short, good luck!

And yes, she moved it all back and has continued to get a better rate by calling in every 3 months. Next round of calls for me, her, hubby and adult children coming up later this month.

Anyone have recent experience?

Dentgal, thanks for the tip on joint accounts. Oaken does this on GICs too.
Dumb that we have to do all that manoeuvering...

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