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New Special Rate Offers
June 3, 2016
2:00 pm
jhalps
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With respect to the 2% limited time offer, I have previously called in and threatened to move my money somewhere else (this was back when EQ was paying 3%) if they didn't bring me closer to the 2.4% they were offering new clients (funny enough, I would never have thought their rates were negotiable, but it was actually an employee of one of their Cafes that suggested I call in and "see what they could do"). They offered me 2% for 90 days (little did they know I had pretty much maxed out the CDIC limit at EQ anyway). That expired on May 31 and today I called in and asked for it again. Initially she said it wasn't available but then I again threatened to move my money elsewhere (it seems this is the trigger), following which she offered me another 90 days. Note this is only effective on single accounts and joint accounts where you are the primary account holder. I told her not to worry, as my SO was going to call tonight and get the same deal anyway. She said if my SO gets any trouble, she should just mention that I already got the promo rate.

Note that this promo rate is not on new deposits, but on the entire balance in the savings accounts. It seems to me that aside from the 2.25% EQ is offering, this is the best rate around (even if you have to call in every 90 days to renew). However, please correct me if there are some better rates out there!

June 6, 2016
10:31 pm
implode
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Hmm, maybe I should call in to ask for this 2.4% new client rate too or at least something better than the 2% I'm currently getting that will expire in less than 2 weeks. I skirted around the max transfer out daily by scheduling transfer outs over multiple days to avoid the call in.

June 7, 2016
4:17 pm
dentgal
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jhalps: when i threaten to pull out my money, they don't up their offer!! you must be much more influential than me!!

Just got a 2.25 offer from PC--from june 1 to aug 31st. I thought that they had given up on high rates!

FYI: 2.75 GIC from Oaken is available!

June 7, 2016
10:49 pm
implode
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So I called in and inquired about promo rates cuz my current promo ends in less than 2 weeks. I was told there wasn't any, so I asked them to initiate a transfer out which they did without trying to get me to keep the money parked at Tangerine. I moved just a bit under 100k to keep under the CDIC protection limit and give a bit of room for interest to grow as I haven't dealt with nor am too yet comfortable with EQ Bank. This money is going to EQ Bank (with their current 2.25% rate) via TD as I don't have a direct link from Tangerine to EQ Bank which has a maximum of 3 external links.

June 7, 2016
11:07 pm
Loonie
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Tang never makes a new offer while you still have an older promo in effect.
It will be very interesting to see if they try to get you back when your current promo ends, implode.
In any event, 2.25 is better than 2!

It can be a nuisance but I sort of like the fact that Tang only allows 3 external links. I only use my links to accounts at 2 of the Big Five, so they don't really know where my money is, and they certainly don't know how much. I have a hunch that it's better for me if they don't know what I'm doing. So far, I've gotten all the promo rates.

June 8, 2016
12:08 pm
dentgal
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So is a bird in the hand.....????
Do I keep the money at Tanga @ 2% till july 4th, or move to PC @ 2.25 till Aug 31st?? I called Tanga and they won't raise my existing rate or let me know what the rate will be after July 4th....
as far as i know, it's daily interest and i can pull it anytime....
(truthfully the 0.25% difference on the 1 month won't make a huge difference, so i don't want to jeopardize anything)
i suppose that it's possible that tanga will go higher after july 4th (but i doubt it!)

June 8, 2016
1:26 pm
2of3aintbad
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If there is no penalty for withdrawing from Tangerine (ie the 2% is on all deposits, not net new deposits only), the sooner you move from 2% to 2.25% at PCF or EQ, the better. Who knows, maybe the next Tangerine offer is on new deposits only, so having a zero balance is preferable.

June 8, 2016
4:39 pm
Loonie
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The thing is, we don't know, and will never know, their thinking or what algorithms interest them.

It could be, and I think it's even likely (just my personal opinion) that they (or their 'system") will get weary of people who move large amounts frequently, and will slow down on good offers to them. This may be what Bill was reporting a few days ago (although I can't remember if he was talking about PC or Tang).

The bottom line probably has a lot to do with it, maybe everything. They need a certain amount on deposit to keep functioning. What they need and what they have will always be in flux. When they really need your money, they will offer you a better rate. Criteria will always be changing. Over the long haul, it's probably cheaper for them to offer 6 months at a high rate to new customers than it is to offer more to existing clients, because a large proportion of the former will leave it there and may never ask for a better rate later. But they also need to hang on to our money. And that's the problem they have to address with fluctuating rates.
When the stock market starts to go up, they will have to work harder to get your cash, so they might be more accommodating since a lot of people will then start chasing the market. Yesterday's news was that this was starting to happen, but I don't know much about that.

I can only report that, so far, I have never removed large chunks from Tang, and, so far, they have always given me their best going rate or close to it. The fact that I haven't moved the money, but have always had answers for the question they ask about where I can get a better rate, showing that I could move the money if they don't treat me well, has worked so far.

I don't think it's reasonable to expect that they will consistently give any of us their top rate. In 2015, I averaged well over 2% with them. I forget the number, but think it was over 2.5%. For a savings account, that was certainly the best I could have gotten last year.

I had thought I would move the money out before the current deal I have expires on June 19, but I think now that I won't. Ass I said, they have treated me well in the past, so I don't yet have a reason to expect a poor deal in future. I am well aware that this could change, however, and when it does I will be just as disloyal as others. They will only get one chance on that!

June 8, 2016
4:50 pm
rhvic
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2of3aintbad said

If there is no penalty for withdrawing from Tangerine (ie the 2% is on all deposits, not net new deposits only), the sooner you move from 2% to 2.25% at PCF or EQ, the better. Who knows, maybe the next Tangerine offer is on new deposits only, so having a zero balance is preferable.

On any of these time-limited interest deals, my policy is always to move my money out a few business days before the end date of the offer. This is because they often use the balance at the end date to determine if what you bring in is new money re any new subsequent rate offer in the next time period. Thus best to drop the balance to near zero just before that date.

June 8, 2016
5:35 pm
dentgal
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Thanks for everyone's response.
A number of months ago I tried moving my money out about a month before the end of the promotion, so that i would be able to give "new money" before the snapshot is taken of the account. Unfortunately, this backfired and they never made me a good offer:(
Perhaps Loonie has it right--be loyal and never move it???

June 8, 2016
7:35 pm
Loonie
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I have been lucky with them so far, but I wouldn't consider it a strategy that is reliable.

There also may be other factors such as how many different kinds of accounts you have with them (RSP, TFSA, chequing, credit card, direct deposits, etc.). I expect that all of this, plus your withdrawal and deposit habits, size of accounts, where-else they know you have accounts, plus Tang's fluctuating needs for deposits, are all thrown into the mix.

And this is why we will never be able to predict accurately what sort of behaviour will lead to what kinds of rewards. They're never going to tell us the recipe for their "special sauce", as financial industry wonks like to call it.

June 8, 2016
10:05 pm
implode
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Yep, 2.25% is better than 2%, so I have moved some out to EQ Bank, but keeping it below CDIC protection limit as EQ Bank is just too new to me. 1.75% at PCF is worse than the soon to expire 2% at Tangerine, but when my existing promo ends, if Tangerine has nothing to offer to me, 1.75% is better than 0.8%.

June 9, 2016
3:45 am
2of3aintbad
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dentgal said

Thanks for everyone's response.
A number of months ago I tried moving my money out about a month before the end of the promotion, so that i would be able to give "new money" before the snapshot is taken of the account. Unfortunately, this backfired and they never made me a good offer:(
Perhaps Loonie has it right--be loyal and never move it???

Not sure why you say 'backfired' unless the money moved out was earning low interest for a month. In this case, you will be earning more interest than with Tangerine until they make a higher offer, and then you can decide again.

June 10, 2016
7:17 am
MG
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My most recent promo expired June 4 and I called yesterday on June 9 to see if anything could be done. I was asked where I had a better offer and so mentioned EQ Bank. The Tangerine rep then responded with "but isn't there a limit as to how much you can deposit there?". I responded vaguely. Bottom line, after reviewing with her supervisor, my 2% rate was reinstated for another 90 days.

It appears that they have a list of potential "objections" in front of them when they talk to you on the phone. Good luck to all!

June 10, 2016
9:39 am
Saver-Mom
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Tangerine still playing games. Just called them as our 2%-on-all-money promo had expired. Was offered the same for 3 months on my account, which I had emptied, hoping for 3% on new money like my mother was offered. No deal. Just 2% on full balance. Then I asked for the same on my children's accounts but they were only offered 1.6%! They have never transferred money out, so must be considered "loyal clients". I mentioned to the clerk that my family members had been given the same promotion as me three months ago, i.e. the 2% and he responded "with all due respect I don't see that happening". He just has to look at the histories of the accounts to see that it did happen! So, no equal offers now for family members! He did ask each time what other offers we were looking at. It made no difference.

June 10, 2016
11:26 am
2of3aintbad
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I'm not surprised that they would offer less for your children's accounts, since they will assume that the children won't pay income tax. Not that it's my business, but if they are minor children, you may have some difficulties in convincing CRA that it is their money, not yours. Hopefully you have that covered.

June 10, 2016
3:27 pm
Loonie
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I wouldn't trust anything the reps may offer in terms of excuses. If they said, 'We will give you X% if you do such-and-such", then it would be valid. But they never say that. The best you can get out of Tangerine in terms of disclosing their logic is when they give you more if you put in new money, but even that doesn't apply to everyone. All the rest is smoke-and-mirrors and inconsistent, formerly known as "balderdash".

Has anyone ever asked them outright what they have to do in order to get the higher rate that they know other people are getting? I'm sure there would be no clear answer. Answers like "I don't see that happening" are meaningless unless consulting a crystal ball for guidance - in which case, get out fast!

I think that next time I'm asked where else I can get a better rate, I'm going to counter with "will it make a difference?" It doesn't appear to. It's just data collection on their part, adding to your profile as someone who is likely to jump ship. They already know what the competition is offering.

June 10, 2016
5:10 pm
Saver-Mom
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2of3: my "kids" are both over 18. Chronologically.

So is your name a reference to you wanting money, and needing money, but never loving money?

June 11, 2016
8:16 am
2of3aintbad
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Saver-Mom said

2of3: my "kids" are both over 18. Chronologically.

So is your name a reference to you wanting money, and needing money, but never loving money?

for this forum, 'money' will do. We are showing our age ...

June 13, 2016
1:16 pm
Bill
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My 2% ended today, I called and, after my usual charming banter, pointed that out and said what happens now? She went away to check and then said because I'm a long-standing loyal customer came back with 2% for 90 days on whatever's in there, I said you're awesome, thank you very much. My partner got the same deal. I've kept money in there now for a while, the old strategy of yanking it out just when your old deal ends doesn't seem to be the way to go any more.

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