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April 5, 2017
5:47 pm
Rick
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davidgeorge said
My wife received a 3.21% offer, but she is not the primary account holder of our joint savings account, so the offer is useless. I, as the primary account holder, received no offer. Should I call Tang?  

They tried that with us as well. Sent an offer to the secondary account holder to try to get us to open another account. Didn't bite, moved money out, got the 3.25 for the winter promo, moved money back in, got 3.21 for Spring promo, moved it out of limbo (Tang checking...wonder how long they'll let that continue?) back into savings. I'm convinced they are compiling a database of who will bite on their promos, saving habits, available cash and what it takes to entice and/or keep your deposits. I can see them pushing TFSA's (per toto) as once the promo ends the funds are held hostage at the new everyday rate. I believe the only method that works, if there is a chance at all, is to talk with your cash. Move it if you don't like the promo, keep it if it's worth it. Don't think calling in gets you the best rate possible over all. I'll say it again, wish they'd quit with the stupid gimmicky games with random rates depending on some mystery formula and just go back to offering above average rates. I'd stay loyal. Probably even shut down a bank or two and use them for day to day banking. I'll hold my breath. There will be a day, however, when I get tired of playing games.

April 5, 2017
6:41 pm
investor
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This is my first post. I received the Jan - March offer of 3.25%. It was the first time I had ever been offered a promotion rate. After reading this forum, I withdrew all my funds from my account to an external account at the end of the promotion. I was hoping for another offer on the 5th of April. I am pleased to say, both my husband and I received offers of 3.21%.

However, I want to add this! I am only able to move a maximum amount of $50k per day out of my account. As it was nearly April 5th, I had to go on the Tangerine "chat" and request them to transfer my funds out of my account. Then came the questions why I was emptying my account. I told them I needed a better rate for my money now the promo had ended. They offered me 2%. I said I would think about it. The next day I requested all my money be transferred out of my account and I didn't get the third degree or any offers. It didn't seem to affect my promotional rate offer at all.

April 5, 2017
6:50 pm
Saver-Mom
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Totally agree with Rick. 2% would be an appropriate rate.

April 5, 2017
11:17 pm
Loonie
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davidgeorge said
My wife received a 3.21% offer, but she is not the primary account holder of our joint savings account, so the offer is useless. I, as the primary account holder, received no offer. Should I call Tang?  

Yes, you should always give it a shot if you've got the stomach for it.
Also, your wife should call. She needs to ask whether, if she set up a joint account with you, whether those funds would qualify for her offer. Last time, I was told essentially "no". They said that any money held in joint account by either primary holder would count against both of us for "new money" offer. The question is whether your wife will get the same answer. If her answer is different, you know what she needs to do, and all will be well for 3 months.

April 5, 2017
11:33 pm
Loonie
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For those wondering whether, at future date, Tang will include chequing account deposits as "old money", I think they may not do this because money in chequing may already have cheques written on it, making it more problematic to assess. I am going to stick with moving it to chequing until/unless they make that a no-go. It saves a week or two in lost bonus interest. Also, if you gather up over 100K for chequing, you get 0.65%, which is quite good for a chequing account.

April 5, 2017
11:49 pm
Loonie
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Re: the TFSA component.

I don't recall these offers ever being extended to TFSA before. Does anyone else?
I can't think of any way that this would be worthwhile, however, considering transfer-out fees which would likely be required in three months. TFSA balances currently available in most accounts wouldn't justify it. If they offered this in the fourth quarter, I would consider it, because you could cash it out in late December.

April 6, 2017
6:08 am
2of3aintbad
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Loonie said
Re: the TFSA component.

I don't recall these offers ever being extended to TFSA before. Does anyone else?
I can't think of any way that this would be worthwhile, however, considering transfer-out fees which would likely be required in three months. TFSA balances currently available in most accounts wouldn't justify it. If they offered this in the fourth quarter, I would consider it, because you could cash it out in late December.  

I think that this a logical next step in their strategy. They have conditioned us to expect that every quarter we will play this game. How many people will they get at 0.8% from June to December? On the other hand, if you anyway don't have enough cash to maximize your TFSA now, this could be OK. Put in what you can now, and then withdraw some or all in late June and contribute your unused amount then to whoever has the best deal at the time. Or if you need the cash sometime this year, also might be worthwhile. Definitely NOT a long term strategy.

April 6, 2017
8:21 am
rickiez
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My husband received the same promo last night (3.21%) while I didn't. I just called Tangerine to ask for the same but only got offered 2% for 90 days. I was told that the department responsible was probably still sending out the e-mails. Will wait till tomorrow and try again for something better sf-cool

April 6, 2017
8:32 am
Cashen
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I had the 3.25% offer from January to April. I moved my money from Savings to Checking on April 1, and then on April 3 I pushed it to Alterna, so it showed up there quickly and without a hold because I expected I might get the new promo. Turns out I did, 3.21%, so I pulled from Alterna back to Tangerine savings and got the money in there this morning (with a hold of course because it was a pull, but I don't care).

April 6, 2017
9:54 am
SavingIsGood
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Tangnutzy: NO SOUP FOR YOU.

Enjoyed winter promo. Got stick for spring.

April 6, 2017
12:48 pm
Doug
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Loonie said

Yes, you should always give it a shot if you've got the stomach for it.
Also, your wife should call. She needs to ask whether, if she set up a joint account with you, whether those funds would qualify for her offer. Last time, I was told essentially "no". They said that any money held in joint account by either primary holder would count against both of us for "new money" offer. The question is whether your wife will get the same answer. If her answer is different, you know what she needs to do, and all will be well for 3 months.  

Either that or, if you don't mind your deposits being held in her name only for three months, she could transfer the funds to an existing Tangerine Savings Account or open a new one in her name alone. 🙂

Saves you calling in and risk being flagged as a 'retention offer seeker' and, potentially, lower or no more promo offers for the remainder of this year. 😉

Cheers,
Doug

April 6, 2017
12:56 pm
Doug
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Mine was 2.44% and I've typically been in the "higher tiers" of net new money "promo" offers historically. I participated in the 2.59% Winter 2017 "promo" as well as the 3.25% or 3.05% (can't remember which) Fall 2016 "promo" offer as well as the Summer 2016 offer. I believe I skipped Spring 2016's "promo".

All I can say is it's very bizarre how they're targeting the interest rate offers. I get that only one account holder (for joint accounts) would receive an offer, to discourage/prevent "arbitraging" or otherwise taking advantage of the "promo" offers, though, it seems like joint account holders could transfer money to the party who received the "promo"'s sole account. However, I don't get how or even why they're targeting these "promos".

Thanks for Peter's, and others', feedback, particularly how Peter called in previously in 2016, received a "retention offer" and transferred his funds out of Tangerine, not taking advantage of a "promo" since. He hasn't called in this year so, on the surface, it would appear as though his "status" has been reset, which is good news as it likely means you may be able to call in for a "retention offer" in year #1 and then move your money out later on in that year, you'll be "reset" to receive targeted offers in a subsequent year. 😉

Cheers,
Doug

April 6, 2017
1:57 pm
Winnie
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It would be fun, if everybody, who did not received any spring offer right now or received not really good one, will change their Tangerine Savings Accounts Nickname to "Tangnutzy" (thanks to SavingIsGood) sf-laugh

April 6, 2017
5:21 pm
Loonie
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Doug said

Either that or, if you don't mind your deposits being held in her name only for three months, she could transfer the funds to an existing Tangerine Savings Account or open a new one in her name alone. 🙂

Saves you calling in and risk being flagged as a 'retention offer seeker' and, potentially, lower or no more promo offers for the remainder of this year. 😉

Cheers,
Doug  

It depends on how much money is involved, whether you want full CDIC coverage, and whether you want the complications of CRA saying you loaned the money to your spouse and therefore have to figure out attributions.

April 6, 2017
6:25 pm
Doug
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Winnie said
It would be fun, if everybody, who did not received any spring offer right now or received not really good one, will change their Tangerine Savings Accounts Nickname to "Tangnutzy" (thanks to SavingIsGood) sf-laugh  

I like that idea, assuming they can "see" our account nicknames, though I don't get "Tangnutzy".

What about Tangerine Economic Profiling Savings Account? Or is that too many characters? 😉

April 6, 2017
6:28 pm
Doug
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Loonie said

It depends on how much money is involved, whether you want full CDIC coverage, and whether you want the complications of CRA saying you loaned the money to your spouse and therefore have to figure out attributions.  

CRA would have a hard time proving you "loaned" the money, unless you subsequently invested that in a non-registered investment account of the spouse, I'd think. I suspect if they tried to argue on that basis alone, the Tax Court of Canada would "throw the book at them." 😉

Good point(s) on the CDIC coverage and, yes, that poses a problem for Tangerine's "promo" offers only to the Primary Account Holder. While separate from Scotiabank, ultimately, they are owned by Scotiabank and would not be allowed to fail without Scotiabank itself failing. 😉

I have no problem keeping $150,000 in my Tangerine accounts.

EQ Bank or Oaken Financial...I'd probably stick to my CDIC limits or spread it across CDIC members, in Oaken's case, assuming I'd had accounts with them. 😉

Cheers,
Doug

April 7, 2017
6:23 am
Slybanking
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For wath it's worth, I talked to my fiscalist last month and he said no way CRA would ever care or act on money going from one spouse account to another unless one of the spouse never worked at all and even then, it would have to be huge amounts of money. I do it all the time using our joint account to move money from my account to my wife's account.

April 7, 2017
7:35 am
Winnie
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Doug said

I like that idea, assuming they can "see" our account nicknames, though I don't get "Tangnutzy".

What about Tangerine Economic Profiling Savings Account? Or is that too many characters? 😉  

Tangnutzy = Tang (Tangerine) + nutzy (nutsy with slight "Nazi" flavor)

Soup Nazi is the nickname of the eponymous character, Yev Kassem, from sitcom Seinfeld, who said: "No soup for you!"

Tangnutzy: "No spring promo for you!" sf-laugh

April 7, 2017
11:37 am
Doug
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Winnie said

Tangnutzy = Tang (Tangerine) + nutzy (nutsy with slight "Nazi" flavor)

Soup Nazi is the nickname of the eponymous character, Yev Kassem, from sitcom Seinfeld, who said: "No soup for you!"

Tangnutzy: "No spring promo for you!" sf-laugh  

Thanks, Winnie! sf-cool

Okay, it's a bit of a multi-pronged "play on words" for sure but I get it. I also didn't know "The Soup Nazi" character actually had a name so learned something new. 😉

Cheers,
Doug

April 7, 2017
2:12 pm
Loonie
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It would be reassuring if CRA would come here and say this themselves.
A little "advertising" on this would be quite welcome, with a link to the new improved policy.
So, you see, I'm not completely opposed to advertising!sf-wink

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