Spring Promo | Page 2 | Tangerine Bank | Discussion forum

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.

Totally agree with Rick. 2% would be an appropriate rate.

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.

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.

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).

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

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)

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)   

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? 😉

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.

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!"   

Thanks, Winnie!

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