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Tang - Validated your actual interest rate?
June 12, 2016
11:58 am
Norman1
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jaybee said

That leaves #1. Do you have another Tangerine savings account that qualifies for the 2.4% offer?

Another Tangerine savings account, single or joint, that has a balance of $500,000 - $398,327.54 = $101,672.46 could explain it.

Norman1- You cracked it!
yes, wife (primary on joint acct) has savings as well with the 101k.
I called Tang AGAIN (what a frustrating experience! - front line CSRs just make stuff up when they dont know the answer) - kinda went ballistic, got a supervisor who exactly described the scenario, primary on joint and the primary's savings account are linked (for total of 601k) & that kicks the account over 500k...
I explained that that's not what CSRs at Tang told us when we opened accounts... Also that if we balanced the assests, we are under 500k each.
He thought he might be able to get them (Tang) to make things right & apply the 2.4% across the account,s since , essentially, the dollars are just allocated incorrectly across accounts. That is a good answer & I hope that happens.....

BTW - will update forum with final response from Tang re: 2.4%
Thanks all...

I'm glad that mystery is solved! sf-smile

If you and your wife both qualify for the 2.4% offer, then would it be possible to break the link between your savings account and that joint savings account by making your wife the primary account holder of the joint account instead of yourself?

This is from Tangerine's current 2.4% new client offer (May 2016):

10. Subject to the imposed CRA limits on TFSA and RSP Accounts, Additional Interest will be paid on the first $500,000 of deposits made to each of the Applicable Account Types during the Promotion Period. No deposits or eligible daily balances to which Additional Interest would otherwise qualify will be greater than $500,000 across each of the Applicable Account Types (i.e. $500,000 across all Savings, $500,000 across all TFSA Savings and $500,000 across all RSP Savings). Any balances greater than $500,000 will earn interest at the applicable Posted Rate of interest payable.

12.The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the "Primary Account Holder"). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (Example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Applicable Account.

June 21, 2016
11:06 am
jaybee
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Update:....
The supervisor called back and indicated that he'd reviewed the calls I had with Tang (only took him 45 mins? could not have listened to them all..). He said no one mis-informed me and one CSR mentioned "Profiles" in context of 500K cap, so he could not fix the problem and have Tang pay the 2.4% interest promised. This was the same guy (Andre) who said in a prior call - that we just had the money in the wrong accounts - the total balance across my wife and I did not exceed the 500k/ account.
ARRGH - we had more words.
Asked for an escalation. I did not think this was right, Tang CSR never explained this properly, why would we organize the accounts to NOT take advantage of the 2.4%?
Tang Marketing says " it's hard to make money, saving should be easy" - I pointed out that this in NOT what's occurring.
That I had numerous calls asking why we didn't get 2.4% and it's taken MONTHs to get the right answer..

He suggested contact theclientresponsegroup@tangerine.ca (416)758-5576/1-866-226-4723

I did.
They responded and fixed it. Paid out interest (~$1000) that had been missing.
Agreed that Tang missed the boat a number of times in calls I made with them.
Yea!
That gets me to a level playing field, but they should do more to make up for the hassles I went through.
I asked them to extend the 2.4% promo for another 6 months... No go..
I might try & contact the VP & try & get some other accommodation. I think I deserve it.!

BTW - Learned / confirmed what you all seem to know - they don't pay interest on the promo interest, so the 1.6% on top of the base .8 does not compound. Also the interest from the 1.6% does not count toward the 500K cap... Way too many games!

Thank you all for help me through this. I've learned a lot. One significant piece is that they really over complicate the process such that client can't understand the details & the CSRs are unable to explain it. I've needed to talk to a supervisor or client response team to get the right answer..

Regards,
jaybee

June 22, 2016
6:51 pm
Norman1
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jaybee said

Thank you all for help me through this. I've learned a lot. One significant piece is that they really over complicate the process such that client can't understand the details & the CSRs are unable to explain it. I've needed to talk to a supervisor or client response team to get the right answer..

Good to hear that you found someone in Tangerine who could get you the full 2.4% of interest.

Looks like it has been a learning experience for everyone, including Tangerine's CSR's. sf-embarassed

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