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No Promos Ever?
September 12, 2016
11:52 am
mgsaver1
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Let me add my voice to the chorus about Tangerine. My wife and I are young and for various reasons don’t keep a lot of savings in cash. Me maybe $2500, and her maybe $1500. We’ve both been Tangerine/ING users for the same amount of time (since 2007) and both use it in a similar way (savings and chequing). We’re not rate chasers, but we do like to earn a competitive rate, which right now should be anywhere between 1% and 2%.

When she logs in, she often gets promotional rates, including a current rate of 2.37. I have never gotten one of these personalized promotional rates since they started this special sauce system, and I mean never.

Right now I’m at the regular .8%. I’ve chatted with Tangerine and they say .8 is the highest I can get, and they can’t explain why my wife is getting promotional rates but I’m not.

I told them what I used to like about ING was that even when its rates were a bit lower than others at least that it treated its clients equitably in that you knew what rate you would get and promotions applied to everyone. Nowadays it seems like everyone is getting a different rate at Tangerine.

Why their website continues to describe their savings account as having a “high” rate or what the special sauce is for a promo rate doesn’t really concern me, since I’ve decided to move my money elsewhere. What I do wonder about is how anyone at Tangerine thought this was a good way to keep clients.

They let you make a nickname for each account. After I emptied my savings with them I renamed it as it should be. “Low Interest Account.”

September 12, 2016
1:01 pm
Loonie
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mgsaver1 said

What I do wonder about is how anyone at Tangerine thought this was a good way to keep clients.

They let you make a nickname for each account. After I emptied my savings with them I renamed it as it should be. “Low Interest Account.”

Good one, mgsaver1 !

Yesterday, I moved almost all of my money out of Tangerine. This was the first time I had done this, and I have had accounts with them since ING, ca.1998. (It's about time I got around to it!)
They have always given me the promos, when I asked, but I detest having to beg.
Clearly this set-up was designed by a committee of extraverts who think there is nothing more fun in the world than sitting yakking on the phone to complete strangers about your personal finances.

I did phone to make the withdrawals as I needed another question answered as well. The fellow on the line asked me, with feigned concern, if perhaps I'd gotten a better rate elsewhere. (How could that be? lol) He seemed ready to negotiate. I said it was confidential, that I didn't want to discuss it with him. He did not protest - or make any offers. Felt much better after that!

I figured there was no point in wasting "promo time", if any were offered, on an empty account. Maybe later; maybe never.

Honestly, I feel so much more free today! And my money is well taken care of elsewhere. No more begging!
Works for me.

.

September 12, 2016
1:30 pm
mgsaver1
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Yes, I was still a minor in '98 so no ING for me then. And now they do have the Secure Chat option, so you can also chat with them and request a higher rate that way if you don't want to phone in. Not that it worked for me. I mean, how much staff time is being taken up by answering these rate-chasing calls. It must be like a telethon up in there.

We are just about to ramp up saving cash for a house so want a competitive and more importantly stable rate. Going to go with PT as I admire them for keeping the 3% for so long when everyone else was bouncing around. Maybe it'll go up above 1.75 in the future.

September 12, 2016
1:58 pm
kanaka
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Good ones! Both to mgsaver1 and Loonie.

Years ago I contacted Ing and they would never give me a solid answer re CDIC. So I moved on with the now defunct Citizens Bank. Best online bank ever!!!!!!!!!!

So I recently closed my Coast Capital accounts. I had to go into the branch to retrieve our $10 membership fees. I was asked why we were leaving and responded that I prefer not to get into that an no more was said. I moved across the mall to Van City. I moved cash only no cheques over a 3 month period as I did not want to reveal my new choice!!!

I have come to the conclusion when it comes to complaining, revealing your displeasure, or doing a survey you need to ask your self:
Is this confidential and anonymous?
Will my review make it better for me or better for some one else at my expense?
Will the company benefit from my review and improve the situation for others,,.and will I be compensated for the inconvenience and expense?

While I have curtailed doing surveys etc I find the occasional face to face communication quoting factually my issue while letting them know what their written commitments are to me....to be quite satisfying!!!!! And I just love those unsympathetic "I am sorry you feel that way" or "I am sorry for the inconvenience". Good company training but so easy to see through!!

September 12, 2016
6:19 pm
Norman1
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mgsaver1 said

Right now I’m at the regular .8%. I’ve chatted with Tangerine and they say .8 is the highest I can get, and they can’t explain why my wife is getting promotional rates but I’m not.

They let you make a nickname for each account. After I emptied my savings with them I renamed it as it should be. “Low Interest Account.”

I suspect Tangerine uses computer algorithms to decide who get what offer. Their call centre agents are not privy to the algorithms either.

The algorithms probably thought you are not really interested and would leave the money there anyways at 0.8%. Why pay 2% when 0.8% will do?sf-frown

Your call and subsequent withdrawal indicates otherwise. I wouldn't be surprised if you receive your first promo offer after the current offer ends, like the following person:

Saver-Mom said (January 16, 2016)

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...

September 14, 2016
6:41 am
SavingIsGood
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I stopped negotiating with Tangerine. Period.

If that is the way they reward those who signed up with them (as ING) from the day one, then I do not appreciate it and I am not going to let them use my money to make their fat salaries.

For last promotion I asked (chat, phone) for at least 3% (as max was 3.5%). They refused. I withdraw. I told them clearly: for not paying me some $3,500 in interest for 3 months you want to lose 1/2 mill? Be my guest, click, click, gone. Screws them.

September 14, 2016
7:38 am
Winnie
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Not only I completely stopped negotiating with Tangerine in June 2016,
I also did not accepted Tangerine 3.5% offer, that I received from them on July 5 2016 without negotiating.

"Not accepting" means - I did not moved any money to Tangerine and that offer still remains unused right now.

I wish that buttons "Accept" and "Decline" would be available in that degrading Tangerine promotion game, so I would proudly press "Decline".

I also was one of the first ING customers, opened my account in 1998.

September 14, 2016
1:39 pm
Doug
British Columbia, Canada
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mgsaver1 said

Let me add my voice to the chorus about Tangerine. My wife and I are young and for various reasons don’t keep a lot of savings in cash. Me maybe $2500, and her maybe $1500. We’ve both been Tangerine/ING users for the same amount of time (since 2007) and both use it in a similar way (savings and chequing). We’re not rate chasers, but we do like to earn a competitive rate, which right now should be anywhere between 1% and 2%.

When she logs in, she often gets promotional rates, including a current rate of 2.37. I have never gotten one of these personalized promotional rates since they started this special sauce system, and I mean never.

Right now I’m at the regular .8%. I’ve chatted with Tangerine and they say .8 is the highest I can get, and they can’t explain why my wife is getting promotional rates but I’m not.

I told them what I used to like about ING was that even when its rates were a bit lower than others at least that it treated its clients equitably in that you knew what rate you would get and promotions applied to everyone. Nowadays it seems like everyone is getting a different rate at Tangerine.

Why their website continues to describe their savings account as having a “high” rate or what the special sauce is for a promo rate doesn’t really concern me, since I’ve decided to move my money elsewhere. What I do wonder about is how anyone at Tangerine thought this was a good way to keep clients.

They let you make a nickname for each account. After I emptied my savings with them I renamed it as it should be. “Low Interest Account.”

I'm confused - do you mean you've never gotten Tangerine to allow you to get the "net new money" promo rate on your existing balance? If so, I've heard Tangerine will offer this to people if they're threatening to move the funds elsewhere but you do have to call in.

Or, do you mean you've never been offered a special "promo" rate? I'm not sure that I have been, either, yet I'm currently enjoying 3.1% on "net new money" (funds not in a Tangerine Savings account as of June 30th or whatever) and I didn't have to receive an e-mail (though I did). They did let me know about it when I logged in with a "pardon the interruption..." type message but I'd already transferred in funds before I'd seen that. I doubt you have to specifically receive an "offer" to achieve this rate when they advertise it publicly on their homepage. Even if you do, which I highly doubt, you could always call in and ask, quite strongly, for that same rate as advertised. :)

The trick remains the same - and I do this all the time - transfer your funds, save for maybe $50 or $100, from your Tangerine Savings account(s) to an externally-linked savings account before the end of a calendar quarter so when Tangerine takes a "snapshot" of your account balances as of, say, Sept. 30th, they only see $50 or $100. Once they officially advertise the promotion, if you don't think it's eligible to everyone, just call in and kindly confirm that that advertised offer is available to all new and existing clients who transfer in funds from another financial institution with which they deal (like historical Tangerine promos) and, on the off chance they say "no," then ask for them to "enroll" your account, and then transfer the funds in. You get paid their posted rate of interest of 0.80% currently on the last calendar day of the month and the "promotional" rate of interest on the first calendar day of the next month.

Works every time. I think last month I had like $65 in regular interest and like $175 in promotional interest. :)

It's annoying with the quarterly fund transfers and you have to wait 10-12 days or whatever for the hold to come off, potentially, at your other bank, but still, generates a lot of extra interest. ;)

You'll need another account - I recommend Implicity Financial and Hubert Financial primarily as both pay 1.70-1.75% currently, still double Tangerine's posted rate. If Tangerine doesn't offer a promo for a quarter, no harm sticking with them. If they do, confirm with Tangerine and transfer in. :)

Cheers,
Doug

September 14, 2016
2:45 pm
2of3aintbad
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The 'pardon the interruption' is targeted, same as if you get an email advertising the promotion. So it doesn't hurt to call in and beg for the promotion, but I doubt that you can successfully argue that it is advertised on the Tangerine home page. On the other hand, your strategy of clearing your account in anticipation is the right one.

September 15, 2016
9:07 am
toto
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I do the exact same thing that Doug just described above and had great promos with tangerine every month in 2016, (apart from March). I checked back to verify.
It works for my account and my husbands account, I feel comfortable going over cdic limits with tangerine, so we have collected lots of interest, I am going to use the same procedure on sept 30th and hope they pull me back. I use accelerate financial for our external transfer out on sept30th.

September 15, 2016
12:38 pm
Loonie
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I don't understand. What does it mean to "enroll" your account? What re you enrolling it in?

September 15, 2016
1:58 pm
Doug
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toto said

I do the exact same thing that Doug just described above and had great promos with tangerine every month in 2016, (apart from March). I checked back to verify.
It works for my account and my husbands account, I feel comfortable going over cdic limits with tangerine, so we have collected lots of interest, I am going to use the same procedure on sept 30th and hope they pull me back. I use accelerate financial for our external transfer out on sept30th.

Yep, and the non-registered deposits in your name, your husband's name and any deposits you hold jointly with your husband are all insured separately, meaning the two of you could hold three separate accounts in those different ownerships and be CDIC insured to $300,000. Additionally, if you and your husband each have an RRSP or a RRIF, that's another $200,000.

Plus, you're right about not worrying about CDIC limits with Tangerine Bank. While a separate CDIC issuer, yes, it has the backing of its parent company meaning that The Bank of Nova Scotia would be required to "backstop" any liquidity or liability issues in some financial and economic catastrophe, before CDIC would even step in. Put another way, The Bank of Nova Scotia and Tangerine Bank would both have to fail. And in that event, Canada's in real trouble, there'd be runs on banks, caps on withdrawals, flights to safety like gold or silver, stringent capital controls, potential taxes on deposits, not to mention other major bank failures as well...the whole gamut. ;)

On the "offer"-type thing, Tangerine did advertise it on its home page in a "rotating horizontal banner" in early July. The terms of the promo do seem to indicate one must receive an e-mail or an interruption in online banking from Tangerine; however, further down under "eligibility," it talks about the promotion only applying to the "primary account holder" where two clients hold joint accounts. So, perhaps, Tangerine is only extending the offer to one of the two clients, being the primary one. That's kind of unfair for non-married clients that hold both joint and single accounts. It does, however, say that anyone not extended an offer, can transfer funds out from their own account to that of their "eligible" primary account holder to qualify.

Still, use the instructions above to clear your account and always call Tangerine to ask for the offer for yourself or transfer funds out to your joint account holder's account to qualify, including one held jointly with the joint account holder. :)

Cheers,
Doug

September 15, 2016
11:38 pm
Loonie
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Each person can be a primary account holder on a joint account with Tang. Person A can have a primary account with B as secondary; and B can have an account with A as secondary.
Where A is the primary, the account will draw A's prevailing interest rate; and where B is the primary, that account will draw B's rate. CRA treats both of these accounts as being jointly held; and CDIC insures both accounts together as joint accounts with 100K limit coverage.
Whether you are married is irrelevant to all of them.

No point in moving in an RSP/RIF though, as it doesn't seem likely that it would be covered by this offer - plus the cursed transfer out fees would pretty much kill any advantage if you incurred them.
TFSA does qualify, but same problem there - not likely worth moving it in for 3 months, especially considering time lost during transfer processes on both ends.

September 16, 2016
5:51 am
Bill
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Just to be clear: as has been noted here before, CDIC doesn't care about primary or secondary name - if two people have two joint accounts at one institution the CDIC limit is $100,000 (in total) counting both accounts together.

September 16, 2016
7:51 am
Doug
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Loonie said

Each person can be a primary account holder on a joint account with Tang. Person A can have a primary account with B as secondary; and B can have an account with A as secondary.
Where A is the primary, the account will draw A's prevailing interest rate; and where B is the primary, that account will draw B's rate. CRA treats both of these accounts as being jointly held; and CDIC insures both accounts together as joint accounts with 100K limit coverage.
Whether you are married is irrelevant to all of them.

No point in moving in an RSP/RIF though, as it doesn't seem likely that it would be covered by this offer - plus the cursed transfer out fees would pretty much kill any advantage if you incurred them.
TFSA does qualify, but same problem there - not likely worth moving it in for 3 months, especially considering time lost during transfer processes on both ends.

Are you trying to disprove what I said regarding "primary" account holders and CDIC limits?

Not sure what CRA had to do, either, as either party can report the interest income on their tax return no matter who is listed or listed first so long as the original investment can be attributed to that party. And practically, it'd be pretty hard for the CRA to disprove that original investment is attributed to that person that claimed it since they can only legally go back 7 years unless an investigation is already underway. ;)

In terms of "primary" account holder, yes, each person can be a "primary" account holder - was just pointing out that this may be a possible reason why a "secondary" holder isn't receiving "promo" offers even if they're "primary" with another party. And if true, as I said, this makes it unfair to people with multiple joint accounts with different beneficial ownerships. :(

As for CDIC limits - yes, two joint accounts in the same beneficial ownership are insured together (i.e., John Smith and Sue Moynihan at Tangerine Bank). However, if one of the parties indicated holds joint accounts with a different party with the same CDIC member, that's a separate beneficial ownership and insured separately (i.e., John Smith and Jane Hancock and Tangerine Bank).

Yes, your point on RSPs and TFSAs is valid - not worth switching those because of the fees and paperwork involved. I was just pointing out they're included in the balance calculation for the "fall promo" this time so if someone already has Tangerine RSPs, those balances are now included and their "net new money" would be less than their fall promo, assuming the same interest rate. :)

Cheers,
Doug

September 16, 2016
2:29 pm
toto
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The electronic transferring back and forth between promotions can lose a bit of interest, sometimes I pull to banks that post the deposit right away, that way I can collect interest over the weekend etc. while I wait for tangerine to email me. Of course there are holds but it's usually cleared by the time tangerine notifies me.
I've become like a child at Christmas when I open my email to see what tangerine is offering for the next promotion , they have been extremely good to me and my husband. Wish the other big banks would get offshoot deposit banks.

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