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New Special Rate Offers
July 6, 2016
5:34 am
rfdm4g4g9
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Miron said

Loonie said

I would be wary of the TFSA offer. It doesn't sound like it would apply to transfers-in.
You would have to cash out your existing TFSA first, which would make you ineligible (according to CRA rules) for depositing it to Tangerine TFSA during 2016 - in other words, you couldn't do it any which way unless you already have contribution room available to you which can be used this year.
Be careful!

Thank you, I do have available room! I wish I would have more money to fill up the room ;)
The same goes for RRSP, I have a huge empty room...

If you have available room go for it. Plus its TFSA so the interest will be tax free, so double good for you. Otherwise beware of the 1 % per month penalty for over contribution from CRA.

My TFSA also has $ 0 in it. So at first glance it looks like I can just move money into it. But then I realised that I had done a significant transfer from TFSA to ISA account earlier this year. As TFSA was only 0.8 % and I was getting much more in ISA, almost 3 times more interest .

So now I have to wait till Jan 1, 2017 to recontribute :(

Don't forget to withdraw money from Your TFSA after Sep 30 if you get a better rate elsewhere. As Tangerine almost always has some promo for TFSA in new year to attract money.

July 6, 2016
7:41 am
davidgeorge
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Thanks, I called Tangerine and was told that my fund would not be qualified for 3.25%. I would move my fund out on July 1 if it was not a holiday or July 2, 3 if they are not weekends. I scheduled the fund transfer for July 4, the first workday after 2.64% expiration.

rfdm4g4g9 said

davidgeorge said

My previous 2.64% rate expired on June 30, so I moved my fund out on July 4. Now I was offered 3.25% rate, if I move the fund back, will the fund be qualified for the 3.25%? I guess, even I ask a CSR and get a "yes" answer, it is still too risky. Any thought?

It just says July 4. So they are a bit vague about it. It doesn't mention July 4 opening or closing balance.

So the snapshot could be 12.01 AM July 4 morning or 11.59 PM July 4 night. So Its OK if its the latter and not the former.

I would advise you to web chat with the CSR , and confirm that in writing for your record (chat transcript ), plus ask the CSR to leave a note on your file regarding the same.

So if you get a nasty surprise on August 1, when nothing is paid, you can dispute that i.e the bonus net new deposit rate of 3.25 %, if its not paid.
This way you are covered and have proof.

Once they didn't give me a $ 100 bonus for some promotion they had. So I had to chat with them 3 times, and each time they told me I qualify and should have received it. Finally when I showed them the records of the chat they gave it to me :) , plus a $ 25 bonus as a good will gesture.

July 6, 2016
9:45 am
Miron
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I called them regarding the 3.25% on a TFSA and as expected they rejected my request explaining that the offer was for randomly selected customers and I am not one of them... and because it is randomly offered, it can not be extended to others...so, if you did not know our beloved banks became more of a lottery... so I am not moving back my money but moving them forward to ZAG, at least they do not use lottery methods!

July 6, 2016
12:10 pm
Loonie
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I don't believe for one second that it is "random". If so, they would be urging us to check in and see what we got offered - like scratch-n-save! But they never do anything remotely like that, because it is targeted.

It's just easier for the CSR to say "random" than to get into a discussion with you about criteria, which are, in the end, closely guarded corporate secrets known best to their computers.

From our point of view, though, it might as well be a lottery. There is no real point to it, no way of behaving which will guarantee a particular return. And, thus, no loyalty whatsoever.

It kind of reminds me of Ponzi schemes. As long as they can get new customers (suckers in Ponzi), it doesn't seem to matter to them which ones drop off the bottom; and the show can stay on the road. They use the profits from the previous customers (who get 0.8) to pay off the new ones.

I wouldn't go over CDIC limits.

July 6, 2016
12:16 pm
James
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Just for those interested - this is my third attempt with Tangerine to get offered any kind of promotional rate:

Mellysa, ‎2‎:‎51‎:‎05‎ ‎PM
How can I help you today?

You, ‎2‎:‎52‎:‎03‎ ‎PM
Thanks Mellysa. I'm just wondering if I'm missing the summer savings sale. My colleague told me he was offered 3.25% as part of the summer savings sale. I've received no offers. I also received no offers with your past 3 promotions.

Mellysa, ‎2‎:‎54‎:‎44‎ ‎PM
We're sorry you were missed with previous offers, but we can't comment on how other Clients bank with us, and why they might have been given a different rate, since their banking information is private and confidential.

You, ‎2‎:‎54‎:‎56‎ ‎PM
Okay maybe you can comment on this:
https://www.tangerine.ca/en/landing-page/summersavings2016/101.html
How do I access it please?

Mellysa, ‎2‎:‎56‎:‎36‎ ‎PM
This is a targeted promotion and at this time you were not chosen for this offer

You, ‎2‎:‎56‎:‎44‎ ‎PM
I have no intention of investing ANY funds with you at a ridiculous 0.8% rate - especially when EQ offers 2.25%, Alterna offers 1.95%, I can get 2% with various other institutions.
I'm happy to provide proof of these. Is there no offer you're willing to provide?

Mellysa, ‎2‎:‎58‎:‎56‎ ‎PM
I apologize for the inconvenience, however we don't match the rates of other banks.

Mellysa, ‎3‎:‎00‎:‎00‎ ‎PM
I'm sorry but at this time you were not selected for this offer. We go through different promotions throughout the year, you could take advantage of the next one

You, ‎3‎:‎01‎:‎07‎ ‎PM
Well obviously there is a value proposition here and you clearly don't value me or my investment as much as you value other clients. So I'm curious to find out what kinds of investments you are aiming for? Is there an amount you're looking for me to invest?

Mellysa, ‎3‎:‎03‎:‎20‎ ‎PM
We look at multiple things including but not limited to your history with Tangerine, transaction history, balances, different products open, etc.

You, ‎3‎:‎05‎:‎02‎ ‎PM
Thank you but that's not helpful. I currently have several accounts with you. Do I need to open another one? Do I need to maintain a minimum balance? If so, what is that balance? Specifics would be more helpful.

Mellysa, ‎3‎:‎06‎:‎05‎ ‎PM
This information is not disclosed and I'm not able to tell you specific information
We appreciate your feedback and I'll make sure to forward your comments to the proper department for review

You, ‎3‎:‎07‎:‎25‎ ‎PM
Very well. I think you will find that more clients will be frustrated by receiving very different interest rates on their hard-earned dollars. I think some will feel that they have not been treated fairly.

Mellysa, ‎3‎:‎09‎:‎36‎ ‎PM
I understand, I will make sure to include that in the feedback

July 6, 2016
1:31 pm
2of3aintbad
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Miron said

I called them regarding the 3.25% on a TFSA and as expected they rejected my request explaining that the offer was for randomly selected customers and I am not one of them... and because it is randomly offered, it can not be extended to others...so, if you did not know our beloved banks became more of a lottery... so I am not moving back my money but moving them forward to ZAG, at least they do not use lottery methods!

It is not random. Spouse, son, and I each have different histories, and we were all offered 3.25%. The only common factor is that we moved out funds rather than accepting 1.6% or 2.0%.

July 6, 2016
6:54 pm
howiemandel
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Frankly, I am sick of these games Tangerine plays. If they want any type of stability in their treasury they need to start being transparent. I respect relationship pricing based on balance size, client tenure, product holdings etc but seriously....its an e-bank. The whole point of an e-bank is to reduce costs and pass them onto the benefit of the client. Paying a paltry 0.8% on clients who don't know any better and then dicking around clients who are paying attention...this must be happening by the hands of Bank of Nova Scotia. Its like Queen Cersei running the bank instead of John Snow.... The former ING group, I recall, was never playing tactical games with its clients.

July 6, 2016
7:02 pm
rfdm4g4g9
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2of3aintbad said

Miron said

I called them regarding the 3.25% on a TFSA and as expected they rejected my request explaining that the offer was for randomly selected customers and I am not one of them... and because it is randomly offered, it can not be extended to others...so, if you did not know our beloved banks became more of a lottery... so I am not moving back my money but moving them forward to ZAG, at least they do not use lottery methods!

It is not random. Spouse, son, and I each have different histories, and we were all offered 3.25%. The only common factor is that we moved out funds rather than accepting 1.6% or 2.0%.

I agree 3 of us accepeted the 2 % offer, so no offer for any of us.Different histories and different balances.

The fourth person had Zero in his bank and no previous offer, gets 3.25 % offer !

July 6, 2016
9:15 pm
Norman1
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davidgeorge said

My previous 2.64% rate expired on June 30, so I moved my fund out on July 4. Now I was offered 3.25% rate, if I move the fund back, will the fund be qualified for the 3.25%? I guess, even I ask a CSR and get a "yes" answer, it is still too risky. Any thought?

rfdm4g4g9 said
It just says July 4. So they are a bit vague about it. It doesn't mention July 4 opening or closing balance.

So the snapshot could be 12.01 AM July 4 morning or 11.59 PM July 4 night. So Its OK if its the latter and not the former.

I would advise you to web chat with the CSR , and confirm that in writing for your record (chat transcript ), plus ask the CSR to leave a note on your file regarding the same.

So if you get a nasty surprise on August 1, when nothing is paid, you can dispute that i.e the bonus net new deposit rate of 3.25 %, if its not paid.
This way you are covered and have proof.
….

davidgeorge said

Thanks, I called Tangerine and was told that my fund would not be qualified for 3.25%. I would move my fund out on July 1 if it was not a holiday or July 2, 3 if they are not weekends. I scheduled the fund transfer for July 4, the first workday after 2.64% expiration.

Are you sure the customer service rep understood the situation correctly?

I find it hard to believe that Tangerine Bank uses the opening July 4 balance of the account as the balance for July 4.

Maybe the rep thought you logged in on July 4 and submitted an immediate transfer. In that case, the transfer would have been done next business day July 5.

Is the date on the transfer July 4 or July 5 when you sign onto the Tangerine Bank web site and look at the transaction?

July 7, 2016
5:56 am
Miron
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Loonie said

I don't believe for one second that it is "random". If so, they would be urging us to check in and see what we got offered - like scratch-n-save! But they never do anything remotely like that, because it is targeted.

It's just easier for the CSR to say "random" than to get into a discussion with you about criteria, which are, in the end, closely guarded corporate secrets known best to their computers.

From our point of view, though, it might as well be a lottery. There is no real point to it, no way of behaving which will guarantee a particular return. And, thus, no loyalty whatsoever.

It kind of reminds me of Ponzi schemes. As long as they can get new customers (suckers in Ponzi), it doesn't seem to matter to them which ones drop off the bottom; and the show can stay on the road. They use the profits from the previous customers (who get 0.8) to pay off the new ones.

I wouldn't go over CDIC limits.

I can not agree more! They should be ashamed of this dirty games but obviously they are NOT!

July 7, 2016
6:31 am
fabafter50
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The best revenge is to pull your money out. That's the only kick to the shins they will feel. I sent them a letter, but it will do no good as it did not previously. I got a blah, blah, blah response that made no sense. I got a 3% offer last July and moved $500,000 in there. When it expired I moved it out. They have never offered me anything since. I've got Oaken for 2.75 for 18 months, that offer is expiring on July 11th. I honestly wouldn't care what Tangerine would offer me now, on principal they can shove it!

July 9, 2016
5:01 am
davidgeorge
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Thanks, the transfer date was July 4. Actually my external account transaction record shows that the fund was in my external account on July 4.

Norman1 said

davidgeorge said

My previous 2.64% rate expired on June 30, so I moved my fund out on July 4. Now I was offered 3.25% rate, if I move the fund back, will the fund be qualified for the 3.25%? I guess, even I ask a CSR and get a "yes" answer, it is still too risky. Any thought?

rfdm4g4g9 said
It just says July 4. So they are a bit vague about it. It doesn't mention July 4 opening or closing balance.

So the snapshot could be 12.01 AM July 4 morning or 11.59 PM July 4 night. So Its OK if its the latter and not the former.

I would advise you to web chat with the CSR , and confirm that in writing for your record (chat transcript ), plus ask the CSR to leave a note on your file regarding the same.

So if you get a nasty surprise on August 1, when nothing is paid, you can dispute that i.e the bonus net new deposit rate of 3.25 %, if its not paid.
This way you are covered and have proof.
….

davidgeorge said

Thanks, I called Tangerine and was told that my fund would not be qualified for 3.25%. I would move my fund out on July 1 if it was not a holiday or July 2, 3 if they are not weekends. I scheduled the fund transfer for July 4, the first workday after 2.64% expiration.

Are you sure the customer service rep understood the situation correctly?

I find it hard to believe that Tangerine Bank uses the opening July 4 balance of the account as the balance for July 4.

Maybe the rep thought you logged in on July 4 and submitted an immediate transfer. In that case, the transfer would have been done next business day July 5.

Is the date on the transfer July 4 or July 5 when you sign onto the Tangerine Bank web site and look at the transaction?

July 9, 2016
5:25 am
3oakwest
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I received the offer of 3.07% and yes, I'm greedy and transferred from Alterna and EQ to Tangerine to get the most I can for my money.

If Tangerine treated everyone equally they would have a lot more on deposit. I believe their strategy is mandated by Scotiabank. Scotiabank does not want to lose it's deposits to Tangerine and they know they will if Tangerine is fair to all and has good rates.

We all play the game to suit ourselves the best we can, as well we should. For sure, I'll be transferring out on Oct. 1. If I don't transfer out and they do have a real good offer I'll not get it because it is already on deposit. Just another game they continually play with us. They're not ING, or even close to being so!

July 10, 2016
8:42 am
Saver-Mom
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>fabafter50 said : I got a 3% offer last July and moved $500,000 in there. When it expired I moved it out. They have never offered me anything since.

Fab: I think Tang doesn't want high rollers like you. I think they offer the high rates to people with less to deposit. Just my suspicion.

July 11, 2016
6:32 am
Savings
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Nice to know that some of you got a promotion to September 30. I unfortunately did not. :(
I don't think it's fair that some people get it....and some people don't. Hopefully I get something next time.

July 11, 2016
9:58 am
Saver-Mom
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Read through the posts...you are not alone. Many are angry with Tang for this inequality. Not the way to keep a customer loyal.

July 12, 2016
11:49 am
Candy
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Yes. it is extremely frustrating for Tang to play game like that! Agreed! I don't think it's fair that some people get it....and some people don't. Now, I don't border to call them for any promotion ... let them approach me instead!! Unfortunately, PC is playing the same kind of game now!

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