Sept 2019 targeted offer, 2.75% new money from September 4, 2019 to February 29, 2020 | Tangerine Bank | Discussion forum

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Sept 2019 targeted offer, 2.75% new money from September 4, 2019 to February 29, 2020
September 5, 2019
5:55 am
hwyc
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I read about September wave on RFD

2.75% new money from September 4, 2019 to February 29, 2020

HighInterestSavings confirm ?

[ I am currently under August terms - so I don't expect being targeted again until after Jan 2020 ]

September 5, 2019
7:04 am
Peter
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My last offer expired at the end of August, but I did not receive an offer this time.

September 5, 2019
7:22 am
Londonguy
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hwyc said
I read about September wave on RFD

2.75% new money from September 4, 2019 to February 29, 2020

HighInterestSavings confirm ?  

My guess is that this is just part of a rolling promotion, and another tranche of Tangerine customers are now being offered the same 2.75% the last batch were offered (and who had to accept it by Aug 31).

September 5, 2019
10:08 am
Kidd
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I "had" the 2.75% offer from June, until the end of November 2019. On August 2, i had a tangerine gic mature and that money went directly into my tangerine savings account. Looking at the interest paid on August 31st, the 2.75% was NOT paid. I called to complain.

Apparently maturing gic money, is NOT considered "new" money. Two days ago, I had the 2.75% offer tweaked to 2.5% on ALL money for 180 days, end of February 2020.

BUT... when i read the small fine print. "Bonus interest of 1.4%". IF the regular interest rate of 1.1% drops, so does the total interest paid. Then they gave examples. If the regular savings rate drops to 0.9% plus the bonus of 1.4% equals 2.3%.

Bill or Norman may be able to supply the "word" to describe this. "Shady" comes to my mind. "The Canadian way of doing business" also comes to my mind.

September 5, 2019
11:52 am
hwyc
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I am not able to download or print PDF version of their "Full Offer Terms and Conditions". From my "Settings: Bonuses & Contests" page, I see in the pop-up for the 2.75%

Promotional Interest:

8. A Promotional Interest rate of 2.75% will apply to Eligible Deposits under this Offer. Eligible Clients will receive Promotional Interest in two separate interest payments - (1) interest calculated at the Posted Rate, (2) an additional interest payment that represents the excess of Promotional Interest over Posted Rate interest (“additional interest”). For clarity, Promotional Interest equals the sum of Posted Rate interest and additional interest. Payment of additional interest will be made to the Applicable Account at the start of the month following the month in which it was calculated. The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the additional interest rate so that the Promotional Interest rate remains unchanged. Notwithstanding the above, the Bank may change the Promotional Interest rate at any time without prior notice.

I would be very disappointed if Tangerine does not intend to honour their own words.

September 5, 2019
12:05 pm
hwyc
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However, if the deal is from marketing team over the phone, the T&C is different. I copy-and-paste from one I previously received offering only 2.5% for 180 days in Dec 2018

Additional Interest:

2. "Additional Interest" is 1.30%. Additional Interest is added to the applicable posted rate of interest listed on the Bank's website (the "Posted Rate") to calculate the total amount of interest payable under this Offer. (For example, if the Posted Rate were 1.05% and the Additional Interest were 0.45% then: Posted Rate of 1.05% + Additional Interest of 0.45% = Offer of 1.50%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate.

Then from my experience, the one over the phone is less desirable. Posted Rate dropped 3 times (March, June & August) in 2019 ... so far

September 5, 2019
8:56 pm
Joe
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I got the new offer, and accepted it 2.75% on CAD and USD...
The USD @ 2.75% for 6 months is fantastic, the CAD offer I will use once my Manulife 3.35% (or whatever it was reduced to) expires.
Tangerine.....still the best bank in the world. You gots to play the game peeps....LOLsf-cool

September 7, 2019
5:49 am
Kidd
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Rogers use the same tactics with their pricing. You get a contract, for a term and a "discount" off their "regular" price. At any time, Rogers can increase their "regular" price meaning you pay more.

https://www.thestar.com/business/personal_finance/2018/04/09/why-your-rogers-internet-fees-can-go-up-even-though-youve-signed-a-contract.html

Example. A 2 year term, paying $75 month.
The sales representative tells you, that's a savings of $15 per month.
You say great, sign me up.

The breakdown... 2 year term with $15 off their "regular" price of $90. When Rogers increase their "regular" price from $90 to $100. You now pay $85 a month for two years.

Tangerine are doing the same thing by offering a "bonus" rate which is combined with their "regular" rate, resulting in the rate paid. At ANY time, tangerine can reduce their "regular" rate.

We need Webster's to create a new word, to define this type of business practice.

September 7, 2019
9:39 am
Norman1
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Kidd said
Rogers use the same tactics with their pricing. …

Example. A 2 year term, paying $75 month.
The sales representative tells you, that's a savings of $15 per month.
You say great, sign me up.

The breakdown... 2 year term with $15 off their "regular" price of $90. When Rogers increase their "regular" price from $90 to $100. You now pay $85 a month for two years.

This was an issue with Rogers years ago as well. It is rooted in the low quality of some of their agents.

Some of their agents are good. But, some of them aren't and are clueless as to what the offer they are pitching is exactly. They don't understand that the deal they are pitching is "$15/month off for two years" and not "$75/month for two years". The agent likely thinks "Duh, what's the diff? $15/month off of $90/month works out to be the same as $75/month, no?" It does this month. But, not when Rogers increases their regular rate to $100/month next year.

Low quality reps is not unique to Rogers. Peter reported that a Scotiabank rep didn't understand the current promo offer on the current Momentum Plus account either. He was initially told, in error, that he would get 3% for the entire 360 day period. In fact, one would get 3% only during the part of the 360 day period ending January 31, 2020.

September 7, 2019
1:30 pm
Bill
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During the promo period people want the total rate to change upwards if regular posted rates are being increased but they want to maintain their total rate if regular posted rates decline, so it's important to find out how that works before you accept an offer. Ask the agent, don't assume. That includes other aspects too, like what's considered new money, if it's important to you.

hwyc's examples indicate there are different promo treatments re interest rate changes so it's then important to read the T&C to ensure you're getting what you wanted and agreed to.

We live in a time when telling "our" truth instead of "the" truth is an accepted concept, so you can expect to be given only part of the picture sometimes.

September 8, 2019
8:52 am
Peter
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I had previously reported that I didn't get this offer. Turns out my wife did, so that works!

September 8, 2019
2:52 pm
Kidd
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Peter said
I had previously reported that I didn't get this offer. Turns out my wife did, so that works!  

Because she has all of the money?

September 9, 2019
4:37 pm
Loonie
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Within the last year or so, Tangerine informally said they would give a spouse the same offer if asked (and did), but more recently they have not - at least in my experience. However, it's still worth asking.

Recently, spouse was given 2.75 but I was not - even though our business with Tangerine is very similar. So I immediately told CSR to move all the funds from my primary joint to spouse's primary joint as the total would not exceed 100K. The CSR seemed genuinely excited on my behalf for having found this solution. I had the impression that she'd never encountered it before and that I was going to be discussed during her next coffee break.
This is the only reason we each keep a joint primary account.
For the same reason, we each keep our own Air Miles accounts - when there is a good deal, we can each get it.
I guess they don't teach these manoeuvres in CSR training camp!sf-laugh

September 9, 2019
7:13 pm
Kidd
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Loonie said
I guess they don't teach these manoeuvres in CSR training camp!sf-laugh  

They get training? I've seen squirrels with more intelligence than most of the tangerine reps i've dealt with.

Today, sept 9th. I wanted the wording of... bonus rate + posted rate = rate paid, changed to just, "A fixed rate" paid. THE Rep, put me hold while she tried to transfer my call. I waited. She came back on the line and asked me to again explain what i wanted. Just a fixed rate, none of this bonus plus posted shit. Just give me a fixed rate. Oh okay, someone will call you back tomorrow.

And you wonder why i drink.

September 10, 2019
12:49 am
Loonie
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Kidd said

They get training? I've seen squirrels with more intelligence than most of the tangerine reps i've dealt with.

 

That's cuz squirrels know how to "squirrel it away"!sf-wink

September 10, 2019
2:53 pm
Kidd
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Opinions (doug you were in the business) appreciated.

Tangerine's call back. It was explained to me... Bonus rate + posted rate = promotional rate. if the posted rate of 1.1% goes down, then the bonus rate will go up. The promotional rate is the fixed rate promised.

I find this hard to believe. I am under the opinion that the bonus rate is static, meaning it's the committed rate. The posted rate and thus the rate paid can move.

September 10, 2019
6:09 pm
Norman1
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It depends on the Tangerine offer given. There are different ones out there. Check the fine print of your offer and see.

The offers for each client are under

"Profiles & Settings"
-> "Bonuses & Contests"
--> "Your Special Rate Offers"

The Spring Savings 2019 2½% offer I accepted has this paragraph #7 that keeps the Promotional Interest rate the same:

7. A Promotional Interest rate of 2.50% will apply to Eligible Deposits under this Offer. Eligible Clients will receive Promotional Interest in two separate interest payments - (1) interest calculated at the Posted Rate, (2) an additional interest payment that represents the excess of Promotional Interest over Posted Rate interest (“additional interest”). For clarity, Promotional Interest equals the sum of Posted Rate interest and additional interest. … The Posted Rate may change at any time without prior notice, resulting in a corresponding change to the additional interest rate so that the Promotional Interest rate remains unchanged. Notwithstanding the above, the Bank may change the Promotional Interest rate at any time without prior notice.

hwyc mentioned another Tangerine offer where the promotional rate moves with the regular rate.

September 10, 2019
7:48 pm
Oscar
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Loonie said
Within the last year or so, Tangerine informally said they would give a spouse the same offer if asked (and did), but more recently they have not - at least in my experience. However, it's still worth asking.

Recently, spouse was given 2.75 but I was not - even though our business with Tangerine is very similar. So I immediately told CSR to move all the funds from my primary joint to spouse's primary joint as the total would not exceed 100K. The CSR seemed genuinely excited on my behalf for having found this solution. I had the impression that she'd never encountered it before and that I was going to be discussed during her next coffee break.
This is the only reason we each keep a joint primary account.
For the same reason, we each keep our own Air Miles accounts - when there is a good deal, we can each get it.
I guess they don't teach these manoeuvres in CSR training camp!sf-laugh  

Thanks for mentioning this Loonie. I recently opened a joint at another institution and may not have done so if I was aware that there could be 2 joint accounts with each having a different primary at same institution. I explained my situation to CSR at original place and only solution offered was ability to switch primary on existing joint account which wasn't what I was looking for . This option wasn't mentioned and I never knew it was an option.

September 10, 2019
8:24 pm
GR
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Quote from Oscar:
"I recently opened a joint at another institution and may not have done so if I was aware that there could be 2 joint accounts with each having a different primary at same institution."

Two separate joint accounts with the same two people, regardless of the order of names, would only be insured for the maximum for the two accounts COMBINED, not each account separately. For example, a joint account for "Mary & John" and another joint account for "John & Mary" at the same FI would only be insured by CDIC for $100,000 in total.

September 10, 2019
9:21 pm
Loonie
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GR is correct, of course, but the purpose of opening two such accounts is not to attempt to expand your CDIC coverage.

It simply enables you to move your 100K to whichever one offers the better rate.

Some people will choose to exceed the CDIC limit at their own risk if they like the rate well enough.

I know this can be done at Tangerine, but I can't say about other FIs as I've not had occasion to try anywhere else. Of the FIs I deal with, only Tang plays rate roulette..

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