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Strategy for Tanga Promos (aka: how to play the game)
March 31, 2022
6:49 am
dentgal
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I'm currently on a Promo with Tangarine, but only getting a measly 1.2% until May 4. I called them as rates gave gone up, but they won't up my rate. I have quite a bit in there! This 1.2% wasn't for "new funds". I already had the funds at Tangerine, so they were extending the rate.
Simplii doesn't seem to play the game anymore, and they haven't offered me a good rate in years.
So, if my offer ends on May 4th, when do they "snapshot" the funds? Should I pull out by April 15th and hope that they will entice me back with a higher rate? I'd love that 2.8% that I keep hearing about.

March 31, 2022
8:10 am
lifeonanisland
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Don't have an answer, but very interested as well. Currently have a chunk sitting in Tang getting 2.25 promo until end of May; would love to lounge around in targeted offers like 2.8 until we see more rate increases. If I find out anything, I'll pass along...

March 31, 2022
8:19 am
Bill
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No-one knows for sure, when you go off promo you never know if and when you'll ever get another unsolicited offer. I do know that when you're on a promo you're stuck with it for the duration, far as I can tell, i.e. in other words, both parties know it's a game and sometimes you win and sometimes they do!

One idea is to call the day the promo ends and say that obviously .1% is not going to keep your money there so what else have they got for you, you've heard some folks are getting 2.8%, and my guess would be they'd offer you another promo period for maybe 2% or so. Or maybe they'll try to lock you in for a one-year GIC, it's an attractive rate. You'll have to decide ahead of time what will keep your money there.

March 31, 2022
8:20 am
Alexandre
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I usually move money 1 week before end of promo.

I've been with Tangerine for a long time, and the thing I learned there is no guarantee you'll get new promo even if you had multiple promo offers before. My approach is: I assume there won't be another promo. I just move money to the different bank where I already have an account. I choose the one that offers best interest at the time of me moving my funds.
If I am offered new promo from Tang, moving money back to Tangerine is as easy as moving it out. Takes less time that typing this reply.

March 31, 2022
8:34 am
lifeonanisland
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Alexandre, good advice...thank you. Yes, it's true it's easy to move money. Unless it's registered, which most of mine is. So this requires a little more thought and effort if funds are in TFSAs (unless it's close to end of year) or RRSPs.

March 31, 2022
8:59 am
Bill
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When I call on promo-end day I don't think I've ever received no retention offer (maybe once), though usually it's materially less than the best other offers they're making at that time.

If I decide I'm not calling in then I remove my money a week or so before. Then the next offer usually comes within a year or so.

March 31, 2022
12:41 pm
con6450
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The retention offer this month seems to be 2.25%. I know, it's not 2.8%, but I'm taking it over EQ's regular rate.

March 31, 2022
12:43 pm
Patch002
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October 27, 2018
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dentgal said
I'm currently on a Promo with Tangarine, but only getting a measly 1.2% until May 4. I called them as rates gave gone up, but they won't up my rate. I have quite a bit in there! This 1.2% wasn't for "new funds". I already had the funds at Tangerine, so they were extending the rate.
Simplii doesn't seem to play the game anymore, and they haven't offered me a good rate in years.
So, if my offer ends on May 4th, when do they "snapshot" the funds? Should I pull out by April 15th and hope that they will entice me back with a higher rate? I'd love that 2.8% that I keep hearing about.  

EQ has 1.25% HISA. EQ also has a 3 mth GIC at 2.0%. 2.0% is 67% greater than what you're currently getting. Try putting some at 3-mth today, some more in 1 mths' time, some more in 2 mths' i.e. a short-term laddering system because it appears that short-term rates are headed up.

June 2, 2022
5:45 am
mollyredlipps
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June 2, 2022
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In most cases, I will send the money a week before the conclusion of the campaign.

Even if I have gotten several promotional offers in the past, there is no assurance that I will continue to get new promotional offers from Tangerine even though I have been a client of Tangerine for an extended period of time. There will not be any more opportunities to get discounts or freebies in the future. Simply put, I moved all of my money over from my old bank to the new one. When it came time to transfer my funds, I selected the option that provided the best possible rate of return on my investment.

Transferring money from one Tangerine account to another Tangerine account is all that is required to send money from one Tangerine user to another Tangerine user. It's a faster alternative to typing out this answer.

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