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Tangerine 1 yr GIC @ 2% available for limited time
November 18, 2014
4:07 pm
deepcman
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Tangerine offers a 1 year GIC at 2% but it's not visible anywhere on their site. If you initiate a monetary move of at least $10k from your Tangerine account, there's a screen that appears when you hit the 'next' button, offering you the 2% GIC rather than completing the transfer. If you click the GIC offer you'll be taken to a screen to complete the amount you want to contribute. I don't know if the GIC can be less than $10k but you definitely need to initiate a move of at least $10k to be presented the offer.
Apparently, Tangerine has an initiative to minimize transfers from customers accounts but this is an underhanded way of accomplishing it.
I had already went through the pain of opening an account at Oaken Financial so I passed on the offer.

November 18, 2014
4:12 pm
Jon
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That's not new, you can find a thread talking about something similar; and 2% isn't attractive anyway.

November 18, 2014
4:18 pm
deepcman
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I should have checked all the old threads before my post. Sorry bout that.

November 30, 2014
8:23 pm
Norman1
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That's fine, deepcman. Your finding that Tangerine offers the 2% 1-year GIC only when one tries to transfer $10,000 or more out is new information.

I wrote about an earlier sighting of the Tangerine 2% offer in the thread Tangerine 2% one-year GIC retention offer.

Too bad Tangerine didn't offer something like 2.4% or 2½%.

November 30, 2014
9:07 pm
Rick
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Not worth locking my disposable cash up for a year for 50 bux. Would actually lose a percent over PT's TFSA savings account. I received this message in June via Tangerine through their internal mail:

A change to our Account Terms will be taking effect on July 19, 2014. The section that is changing is:
Section D, which relates to Guaranteed Investments (GICs)
If you'd like to discuss this change, please don't hesitate to call us at 1-888-826-4374
Tangerine is a trademark of The Bank of Nova Scotia, used under licence.
Tangerine Guaranteed Investment Certificates are non-cashable. Interest is calculated daily and paid at maturity.

Can't even cash em in @ 0% interest if you need the money anymore. Their slide to alienate customers continues.

December 1, 2014
11:59 am
Greg Franklin
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Rick, ICICI Bank of Canada has GIC's that are cashable at 0.75% but rates are better than Tangerine Bank, http://www.icicibank.ca.

However, Oaken Financial's 2.25% 1 year cashable GIC after 90 days without any penalties and interest lost is still the best out there that I could find.

December 1, 2014
12:59 pm
Greg Franklin
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Rick, I believe some of the Manitoba credit unions have 1.00% cashable GIC rates but it has been awhile since I checked so don't quote me on this. I think it was Outlook Financial.

December 1, 2014
1:42 pm
Rick
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Thanx for the info guys. This is for my liquid cash/emergency fund. Currently in HIS @n CDF @ 1.9% and PT @ 1.8%. Some is earmarked for the TFSA in Jan @ 3%. Just don't see the advantage of locking it into a GIC for even 90 days.

December 1, 2014
1:59 pm
Greg Franklin
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Rick, I can see your point but some people have a surplus of money that they don't want to think about for awhile and know that after 90 days they have a fixed rate that can't go down 2.25% versus 1.80%, 1.90%, 2.00% high interest savings accounts.

They can also reinvest in other higher rates wherever it maybe, if they ever go up but it is 6 years now they keep telling us they will.

The 2.25% rate is only non-registered money and for RRSP and TFSA money their are better options out there for sure.sf-smile

December 1, 2014
6:04 pm
Jon
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Thinking about what happen, I think I am kind of being mean here....

December 1, 2014
7:51 pm
howiemandel
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sf-winkjust got off the phone with Tangerine, original plan was to move cash out after the 3% promo ending Nov 30, couldn't do it online as they reduced the withdrawal limit from 100k down to 50k due to the holidays (so they say) I requested to withdraw entire account balance over phone as this was possible, the associate on the phone asked why i was withdrawing- I quoted CIBC's 2% liquid offer until March 31, 2015. Tangerine offered to match on 100% of daily balance throughout the period...ie...regardless if balance increases are decreases i will get 2% on the balance until end of March 2015. I think this is a good offer because in the event another FI offers more, I can still move funds but i've got 2% as a floor with Tangerine. This is not the GIC offer. Full access to funds.

throwing it out there for folks who had the same arb plan as I did.

these were my parameters:
client since 2001
balance: 120k+

December 1, 2014
8:12 pm
Rick
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Way to go howie,...glad to hear they matched rates for you. Something to keep in mind for future promos. Wish they would do that for everybody without having to be asked. Just one of the reasons I am winding down my relationship with Tang.

December 2, 2014
11:48 am
Loonie
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It's getting as bad as dealing with the telephone company. They always have a better deal but they make you beg for it. No, thanks.

December 2, 2014
12:13 pm
Greg Franklin
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I never begged for a better rate or deal. We just shop around and see if there is a better rate of deal somewhere else.

If it does not make sense to move our money because of fees or there is such a little difference that it is not worthwhile, we just wait and shop around until something changes or is better out there.

This is why competition is critical for us and we all know what happens when competition is reduced. Scotia Bank/Tangerine Bank bought Maple Trust years back which had much higher GIC and term deposit rates.

If they still existed, we would have even more higher rate options today.sf-smile

December 2, 2014
10:51 pm
howiemandel
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i'm also from the school of thought- if you don't ask you don't get.
yes the banks should be fighting for our deposits but towards what end? if i'm optimizing my cash management then its in my best interests to initiate...i was prepared to move it all to CIBC to get that 2% and arb the 70 bps from Tangerine, clearly their phone reps had the power to match; however, I asked them to beat by 5 bps, they said they couldn't. Doesn't hurt to ask?

food for thought...

December 3, 2014
1:27 pm
Greg Franklin
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Howiemandel, I understand your point of view and if that works for you then stick with it. The problem that I had in the past was once they have your money for months or an extended period of time their rates then become one of the lowest out there.

Some people want a higher stable rate when they have accounts opened and hopefully can have a longer term financial relationship with their financial institution.sf-smile

December 4, 2014
10:31 am
Calibre
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Just a quick note to let you know I called Tangerine and also got the 2% rate on the savings account until March 31st. I used the CIBC and Outlook Financial offerings as the basis for asking Tangerine to remain competitive.

Thanks HowieMandel for the tip ...

Calibre

December 4, 2014
12:29 pm
Greg Franklin
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Calibre, negotiating when it works is a great benefit and I understand your point of view but I would say that with TFSA's, if you or anyone else asked Tangerine Bank to match Peoples Trust 3.00% TFSA savings account rate, they would say no.

In my opinion, since ING Direct, ING Bank was taken over by Scotia Bank and turned into Tangerine Bank, the small depositor, saver, investor is not being financially appreciated as before.This is why reducing competition is their main goal.

Lower savings, TFSA, RRSP, RRIF, GIC rates, $45+H.S.T RRSP transfer fee, GIC's can't be cashed in early anymore even at a low 0.50% penalty GIC rate, mortgage rates much higher than ING had even had even though rates are much lower now, 3.79% 5 fixed rate mortgage versus 2.59% to 3.00% for the competition's 5 year fixed rate mortgages.

I'm sure that there are other changes that cost more money for consumers, depositors etc. but these are pretty significant ones.

Tangerine Bank's 1.30% savings account rates are already low that it is easy for them to pay 2.00% for 3 or 4 months as the competition is already doing that.

Shopping around and comparing is our best chance to save, invest better for ourselves.sf-smile

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