RSP/RIF/TFSA 'Cash Bonus' Offer Ends March 1st | Tangerine Bank | Discussion forum

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RSP/RIF/TFSA 'Cash Bonus' Offer Ends March 1st
February 16, 2021
4:09 pm
Dean
Valhalla Mountains, British Columbia
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.
Today's email from Tangerine


    _________________________________________________________________________
    .
    Tangerine

    Cash in on up to $750* – time’s ticking!

    Invest in a new RSP, RIF or Tax-Free Investment Fund Account by March 1, 2021 to get a Bonus of up to $750*.

    Here’s how:

    1. Open an RSP, Tax-Free or RIF Investment Fund Account.

    2. Contribute to your new Account between now and March 1, 2021 to get up to $750 back in your pocket ($25 for every $5,000 you invest).

    3. Keep your contribution in your Account until at least May 1, 2021.

    4. Get cash in your Account – Cha-ching!

    * Details https://www.tangerine.ca/en/landing-page/special-offer/termsandconditions/18

    ________________________________________________________________________

Fill yer boots ❗ sf-wink

      Dean

sf-cool " Live Long And Prosper " sf-cool

February 16, 2021
6:08 pm
suburbs4life
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Dean said
.
Today's email from Tangerine


    _________________________________________________________________________
    .
    Tangerine

    Cash in on up to $750* – time’s ticking!

    Invest in a new RSP, RIF or Tax-Free Investment Fund Account by March 1, 2021 to get a Bonus of up to $750*.

    Here’s how:

    1. Open an RSP, Tax-Free or RIF Investment Fund Account.

    2. Contribute to your new Account between now and March 1, 2021 to get up to $750 back in your pocket ($25 for every $5,000 you invest).

    3. Keep your contribution in your Account until at least May 1, 2021.

    4. Get cash in your Account – Cha-ching!

    * Details https://www.tangerine.ca/en/landing-page/special-offer/termsandconditions/18

    ________________________________________________________________________

Fill yer boots ❗ sf-wink

      Dean

  

Is that sarcasm? It pays 0.5% for your new funds...

February 16, 2021
6:53 pm
Loonie
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It's too late, realistically, for transfers-in, as no one could be sure of it getting there in two weeks.
Apparently this promo began Jan 19. Why didn't they tell people then?
Someone might think it's a scam to get you to transfer money in and then not give you the reward and also pick up another $50 or so from you when you then leave.
The only thing I can see it being useful for is someone who has a large contribution room for TFSA or RSP and wants to fill it now AND to whom this offer is extended.

February 17, 2021
7:09 am
Peter
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Keep in mind that this is for their Investment Funds -- that is, Tangerine's mutual funds.

February 17, 2021
7:33 am
Norman1
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For transfers in from another financial institution, it is still possible to obtain the bonus as long as Tangerine Investments receives the transfer paperwork by March 1 and the funds are received by May 1:

4. For Transfers of RSP, TFSA, or RIF funds from another financial institution, a T2033 form must be received by Tangerine Investments by March 1, 2021. The other financial institution must deliver the transferred funds to Tangerine Investments by May 1, 2021. If the funds aren’t delivered to Tangerine Investments within that period, the Bonus won’t be paid. Please note that transferring a portion or all of your TFSA, RSP or RIF funds from another financial institution to Tangerine Investments may result in your current financial institution charging you a fee.

Unfortunately, their investment funds are quite pricey. Over 1% MER for what are passive index funds. That's as much as some of the actively managed funds I have!

Really suitable for starter accounts. Not a good deal for those who have something like $100,000 to invest. For $100,000, the one-time bonus would be $500. Afterwards, one would be paying at least $500+ extra each year in management fees compared to other passive investing alternatives.

February 17, 2021
9:29 am
Dean
Valhalla Mountains, British Columbia
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suburbs4life said

Is that sarcasm? It pays 0.5% for your new funds...  

Good guess ❗ sf-laugh

    Dean

.

Peter said

Keep in mind that this is for their Investment Funds -- that is, Tangerine's mutual funds.  

True

In spite of how clear it was made, it appears some people didn't pickup on that.

    Dean

sf-cool " Live Long And Prosper " sf-cool

February 17, 2021
2:02 pm
Rick
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I don't have the $150,000 (or the desire to buy investment funds) laying around to qualify for the full $750.

February 17, 2021
2:58 pm
Loonie
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I have to admit that it's clever of Tang and Meridian to make an offer that only applies to such investments.
The customer/member takes most of the risk.

I am reminded of something that was sometimes said when mutual funds were more popular than they are now: mutual fund companies and their "advisors" will likely make money whether your investment succeeds or fails. The house usually wins; what they need is enough customers.

February 18, 2021
8:28 am
lhsaid
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I didn't get the offer, I call them and they said they only target new clients !! as I already have mutual funds with them !! that's how unfair these guys are !

February 18, 2021
8:40 am
savemoresaveoften
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Rick said
I don't have the $150,000 (or the desire to buy investment funds) laying around to qualify for the full $750.  

earn $750 upfront, lose more than that in first year in terms of investment fees. No thanks.

February 18, 2021
12:41 pm
Kidd
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I DID receive this offer.

I think this is a promising sign, tangerine NEED cash and they are afraid.

In approximately 30 days, last years 2.8% 1 year gics come due. If tangerine are not willing to pony up... they're going to lose 100's of millions of dollars in deposits. Yippee Ki Yay.

February 18, 2021
12:56 pm
topgun
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After finding a FI that provides competitive rates I am happy to move money elsewhere. I had a small TFSA GIC mature last month at Tangerine. 2 yr at 3.10%. I moved the funds elsewhere.

Have a Great Day

February 18, 2021
3:49 pm
Loonie
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Kidd said
I DID receive this offer.

I think this is a promising sign, tangerine NEED cash and they are afraid.

In approximately 30 days, last years 2.8% 1 year gics come due. If tangerine are not willing to pony up... they're going to lose 100's of millions of dollars in deposits. Yippee Ki Yay.  

Unfortunately, I don't think it's a sign that they need money per se. The bonus is not available for GICs.

With mutual funds, they offload most of the risk to the customer and Tang doesn't have to find any borrowers. or deal with customers who want a higher rate of return. They will probably make more money off fees than if they'd sold you a GIC at a good rate.

We'll know they are short of funds when posted rates go up.

February 18, 2021
5:00 pm
Vatox
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Kidd said
I DID receive this offer.

I think this is a promising sign, tangerine NEED cash and they are afraid.

In approximately 30 days, last years 2.8% 1 year gics come due. If tangerine are not willing to pony up... they're going to lose 100's of millions of dollars in deposits. Yippee Ki Yay.  

This is exactly how I see it too! Tang is in deep trouble. My GICs are all gone now and my money completely exited. GIC rates were the only thing that kept me as a customer and the last year hasn’t contained any rates worth grabbing.

February 18, 2021
6:47 pm
Kidd
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No one can second guess tangerine's thought process. But review the recent events.

January 2021, tangerine automatically extends their savings rate offers until march 2021.

You have this thread offer. You give tangerine $150,000 rrsp, tfsa or rrif and they'll give you $750.

During the last week of March 2020, Tangerine had a gic sale.
2.8% for 1 year.
2.9% for 2 year.
3% for 3 year.
That 2.8% gic offer comes due in 30 days. If there's not a tempting offer on the table, this money will walk.

These 3 factors give me the impression... Tangerine needs cash. BUT time will tell.

February 18, 2021
6:51 pm
Bill
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When you purchase Tangerine mutual funds my understanding is that does not provide any money to them, not the same as savings accounts deposits they can loan out or use to meet reserve requirements. With mutuals they go out and buy the underlying investments held by the funds and that they then hold in trust for you, it would seem to me (though they make more management fees the more they have under their management). So the fact they are making no extra offers re getting savings accounts or GIC money suggests to me that they are not in deep trouble or needing more cash, in fact quite the opposite, i.e. they have enough right at the moment.

February 18, 2021
9:35 pm
Loonie
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I admit I don't know everything, but I know Tang would not be selling mutual funds for so many years if they weren't making money off them. It's not a public service.

The Tang mutual funds are little more than index funds, with a bit of rebalancing which can be accomplished by a computer programme.

The Prospectus for their Global Balanced Fund reads:
"Each of the four asset classes seeks to replicate as closely as possible the performance of a recognized
securities index: the Canadian bond component seeks to replicate a generally recognized Canadian bond index; the Canadian equities component seeks to replicate a generally recognized Canadian equity index; the U.S. equities component seeks to replicate a generally recognized U.S. equity index; and the international equities component seeks to replicate a generally recognized international equity index."

Sounds like an index fund to me. And you can get those for a much lower management fee from Vanguard or iShares etc. As far as I know, those companies are not going under.
It seems like a very profitable venture to me.

February 18, 2021
10:04 pm
Norman1
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It is very profitable indeed!

Charge the same as an active fund manager does. But, don't have a team of analysts and fund managers like an active fund manager would. Instead, subscribe to and license an index from S&P, MCSI, or Solactive for a fraction of what such a team of people would cost.

February 18, 2021
10:11 pm
Vatox
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Bill said
When you purchase Tangerine mutual funds my understanding is that does not provide any money to them, not the same as savings accounts deposits they can loan out or use to meet reserve requirements. With mutuals they go out and buy the underlying investments held by the funds and that they then hold in trust for you, it would seem to me (though they make more management fees the more they have under their management). So the fact they are making no extra offers re getting savings accounts or GIC money suggests to me that they are not in deep trouble or needing more cash, in fact quite the opposite, i.e. they have enough right at the moment.  

If they don’t need cash then they must need profits. And the MER will accomplish that. In either case it’s getting funds under Tang. It still means they want your money to not go to someone else.

February 18, 2021
10:34 pm
Loonie
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To me it doesn't make sense to compare GIC rates to last March . At that time the stock market appeared to be in freefall.

Tangerine hasn't been "desperate" enough to make me (or spouse) a HISA offer in almost 2 years. Was it more desperate then?

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