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November 27, 2018
11:33 am
semi-retired
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I just received the same promo as NorthernRaven for 2.75% for a year.My existing promo of 2.50% ends at the end of the month.I had called 2 months ago to see about upping the % but was told nothing was available as my existing promo ran till Nov/30.Will pull remaining funds out & leave minimal balance.Won't play any more games.

November 27, 2018
12:48 pm
cindy
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I also received same promo as NorthernRaven and semi-retired:

Keep your Savings Account balances at $50,000 or more and earn a special interest rate of 2.75% on your combined balances of up to $500,000 until November 30, 2019.

November 27, 2018
1:11 pm
moneyhelp
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I just received the same offer that a couple of posters have mentioned.

I am currently on the 2.5% promo ending November 30th and received an email offer today for getting 2.75% for one year (ending November 30th, 2019) however, there is a minimum limit of $50,000 (up to $500K) to qualify for this new rate, otherwise, if you fall below that rate, you will receive the posted rate for the remainder of the year (promo rate will start again if you bring the balance back up to $50K again).

My question is, should I bother calling in to see if can get 3% or better (even if its for 4 to 6 months)? At least there is no minimum if they would offer me that and the rate "may" go up after that new rate period is over.

I'm not a fan of minimum balance stipulations, in general, and I currently have $60K with them, and not sure if I will need the money. I have a parent that has ALS and its a progressive disease. I have already spent a lot of money making home modifications to make her more comfortable, and I don't think I will incur more expenses, but just incase, I HAVE to keep that money liquid, but of course I want to take advantage of the best rate I can get.

Any advice welcome.

Cheers!

November 27, 2018
1:55 pm
Loonie
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moneyhelp, I wouldn't accept this offer in your situation. You would just be worrying all the time about going below the minimum, and who needs that? You have enough on your hands helping your mom out.

I imagine that if you fell below the minimum, that the rate would revert to 1.25? If you are considering it, you should check to see exactly what the conditions are. Could it be retroactive for the period in question?

This may be where Tang is headed next. Didn't somebody else get a deal that only kicked in at 80K or something like that? They may be calibrating the minimum according to your deposit history.

Perhaps you'd be better off with the Motive Savvy account, even though it pays less. Or the Simplii offer? (I am not sure about he conditions of the latter as I don't deal with them at all.)

You might also consider dividing your funds between, say, Motive, for easy access, and a short term GIC such as the 3 month at EQ, 150 days at Ideal, or 9 months at First Ontario (if you live in the area). You would need to confirm these offers are still available etc.

November 27, 2018
2:53 pm
gicjunkie
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The 3% rate that I renegotiated with Tang had no minimum balance stipulations. It is 3% on all funds up to $500,000. I really hate playing this game, but at least my rate is guaranteed for 6 months, or maybe until I renegotiate it again. It seems they treat everyone differently. It's not right. I still have issues with them about the "primary" account holder on a joint account being the only one to be able to negotiate a rate change.

November 27, 2018
6:05 pm
implode
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So I got the callback from Tangerine ending the voicemail tag. The Tangerine representative offered me 3.15% for balance for 120 days up to $1M, matching Simpli's 3.15% rate. I didn't have to ask for anything. I was on an existing 2.75% ending Dec 30 2018. My upgraded rate should come into effect in a day or two.

November 27, 2018
6:41 pm
Vatox
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I agree with Loonie about Moneyhelp's situation. One year on 2.75 or even 3% is too low considering what else is available. Put a portion in the EQ 3 month GIC and the rest in some other HISA, then see what rates are available in 3 months. If opening other accounts is too burdensome, then I suppose the rate is good enough, because you aren't required to leave the money in Tang if great deals come later or if you need the cash and must go below the minimum. You can always get at the money.

November 28, 2018
12:01 am
moneyhelp
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Vatox said
I agree with Loonie about Moneyhelp's situation. One year on 2.75 or even 3% is too low considering what else is available. Put a portion in the EQ 3 month GIC and the rest in some other HISA, then see what rates are available in 3 months. If opening other accounts is too burdensome, then I suppose the rate is good enough, because you aren't required to leave the money in Tang if great deals come later or if you need the cash and must go below the minimum. You can always get at the money.  

Appreciate everyone's advice. I do have a question. I have noticed some people who have been given different offers sometimes were offered before their current promo ends (some even a few months before).

So, my question is, should I decide to take this promo at 2.75% for 1 year and lets say 3 or 4 months from now Tangerine has another rate which is better, am I stuck with the 2.75% for the year because I accepted it? OR can I too switch to the better rate (assuming Tangerine allows it)?

Thanks for everyone's concern, really appreciate it.

November 28, 2018
12:16 am
Vatox
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You can always try to negotiate for a new and better deal, but the success is mostly determined by the leverage you have. Saying to them that you are thinking of moving your money out for a higher rate and voicing the FI offering that, is more powerful than just asking for the better rate. The larger your deposits are is also influential. Of course, following through instead of bluffing is also better for your reputation. As long as your money isn't locked in, any promo period and rate can be renegotiated.

November 28, 2018
9:29 am
Loonie
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I basically agree with Vatox on this.

In the past, Tangerine has been inflexible about renegotiating special rates during their effective period. But that has recently changed, as we've seen.

Bottom line is that Tangerine is notoriously unpredictable. There is no way to know for sure what you might be able to arrange with them in future. Thus, you want to give yourself leeway.

November 28, 2018
9:37 am
Top It Up
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Vatox said

... The larger your deposits are is also influential.  

Given the CDIC insurance cap - I'm not convinced that thought holds much cachet these days.

November 28, 2018
11:02 am
moneyhelp
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So, just called Tangerine and here's what happened:

I asked if there was a better rate Tangerine can offer than my current 2.5% and ensured I mentioned Simplii's promo rate of 3.15%. The CSR stated she cannot match that rate. I said, OK what can Tangerine offer me? She put me on brief hold, and came back and offered me the 1 year GIC rate.

I had to explain my situation where I cannot keep my money locked in and have to have access to it. She then offered me the "best" rate possible which is 1.6%. sf-confused

I asked if there is anything better that Tangerine can offer considering Simplii rate is much better than 1.6%. She said no, I thanked her and hung up.

After hanging up, I decided to call back considering that she said the "best" she can offer is 1.6% and I received the promo email of 2.75%. This time spoke with a different CSR and she again offered the GIC, which case I re-explained my situation, and she said unfortunately the 2.75% is the best rate that she can offer.

I told her that I am aware that some people have been getting 3%, can Tangerine offer me this? She confirmed the emails that are sent out are targeted to some customers, and the 3% is targeted to those who have a minimum balance of $80K+ and thus she cannot offer me that rate.

I thanked her and ended the call.

Strange how the "best" rate keeps changing everytime I call in. sf-confused

I don't want to bother making another account at Simpii, I think I'm just going to take this 2.75% rate and live with it and hope that in a few months a better rate is offered from monitoring these threads and go back to the old Tangerine game (move $ out, then move $in).

This made me just realize, in the past we would move the $ out, then Tangerine take a Snapshot of the account and we believed that if the account was at $0 then you may be offered a better rate (so far, this has worked for me). I have an account with Hubert which offers 2.5% (so I won't lose $), I was thinking of moving my money out and see if at the end of this month a different offer might come my way and if it does, move the money back and if it doesn't, well I can at least take advantage of the 2.75%.

Thoughts?

November 28, 2018
12:45 pm
Vatox
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If you don't want to open other accounts, then the 2.75 is the best offer because you can grab your money if you need it and if your balance falls below the minimum, you can move it all to Hubert. Hopefully rate hikes are coming in January.

It sounds like Tang isn't going to give you a higher rate unless you can scrounge up a total of 80k. Moving your money to Hubert isn't likely to work, however, if you want to try, go for it. I probably wouldn't try it, because they may see the move and revoke the 2.75 offer and then you are stuck with 2.5.

November 28, 2018
1:09 pm
moneyhelp
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Vatox said
if your balance falls below the minimum, you can move it all to Hubert.

Good point.

Vatox said It sounds like Tang isn't going to give you a higher rate unless you can scrounge up a total of 80k. Moving your money to Hubert isn't likely to work, however, if you want to try, go for it. I probably wouldn't try it, because they may see the move and revoke the 2.75 offer and then you are stuck with 2.5.  

I'd be stuck with 1.6%, the 2.5% ends this Friday (30th).

November 28, 2018
1:22 pm
Loonie
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To be honest, I doubt you helped your case by explaining why you couldn't lock in. They won't be motivated by hearing that you might be going to make a large withdrawal. I would be more inclined to say that, while you don't expect to need the money, there is always the outside chance you might need some in an unexpected emergency, and therefore youfeel more comfortable with a savings account rather than a GIC.

That said, I don't think it makes much difference. what you say. They are not going to give you any more than what they've offered.

I wouldn't assume that the old trick of moving the money out before deadline and then moving it back in if offer is good will continue to work. Their push is now towards getting you to NOT move it out by offering pre-emptive deals including GICs and, where necessary, higher interest savings. This creates more stability for them, and I don't know why they didn't do it earlier. Also, as interest rates are now on the rise, it suits their purposes to try to get you us to lock in now before rates go higher.

It does seem to make good sense for you to stick with 2.75 for now, as you don't have to open any more accounts and it might keep you in Tang's good graces for a future promo. Still, since you belong to Hubert, you might consider their one-year GIC for part of your money, as it is cashable every 3 months without penalty, and the total after a year would be about 2.98 at current rates. If rates go up in the interim, you can transfer to the new rate at the next 3-month marker, beginning with the first quarter. So far, over the past year, this has worked well.

November 28, 2018
1:26 pm
moneyhelp
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Loonie said
To be honest, I doubt you helped your case by explaining why you couldn't lock in. They won't be motivated by hearing that you might be going to make a large withdrawal.

yea I thought the same, but figured if I was honest that might influence their decision. As it turns out, not really.

November 28, 2018
1:47 pm
Vatox
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Lol, the 2.5% that I was referring to, is Hubert. You take the 2.75 and if you fall below 50k, you move what's left to Hubert. Hopefully you stay above the minimum, but 2.5% is better than Tang's fallback rate.

You can also make the argument that Tang should offer you 2.5% if your balance does drop, or you will transfer it to Hubert. You can even wait to push that on them until it actually happens(if it happens at all).

There is no need to ever get less than 2.5% as I see your situation. Did I miss something?

November 28, 2018
2:02 pm
Vatox
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Hubert's regular rate is 2.5% right?

November 28, 2018
2:03 pm
moneyhelp
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Vatox said
Hubert's regular rate is 2.5% right?  

Yes

November 28, 2018
2:09 pm
Vatox
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Then that low Tang fallback rate isn't in play.

You either get 2.75 or 2.5.

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