Tangerine 3.25% 1 yr GIC | Tangerine Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Tangerine 3.25% 1 yr GIC
November 27, 2018
8:52 pm
drahcira
Newbie
Members
Forum Posts: 1
Member Since:
November 27, 2018
sp_UserOfflineSmall Offline

Promotional rate as at November 27, 2018

November 27, 2018
11:53 pm
Vatox
Member
Members
Forum Posts: 439
Member Since:
October 29, 2017
sp_UserOfflineSmall Offline

drahcira said
Promotional rate as at November 27, 2018  

Did they call you, you call them, or e-mail offer?

November 28, 2018
4:28 am
Kidd
Member
Members
Forum Posts: 366
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

The logic behind this...

First off, this forum is read by far more than its members. So i will say without doubt, someone from tangerine follows the tangerine threads. Let's connect the dots.

Tangerine were offering 3% on savings and 3% on a 1 year gic. By doing the math, it was pointed out, 3% on savings paid more interest.

It has also been mentioned here, the term savings rate can be renegotiated LONG before the term expires. Whereas tangerine must pay a particular rate for a term, we are under no obligation to A) keep our money at tangerine. B) except the interest rate if conditions change. They are bound by the terms of the term, we are not.

A gic locks both parties into a commitment for a certain period of time, at a fixed rate. FIs obviously prefer a gic because, they know they have the secured funds, for a secured period of time. And we appear to be in an upward interest rate cycle.

Along comes tangerines new game. 2.75% savings and a 3.25% 1 year gic.
Screenshot_20181128-072159.png

Added edit... for that 2.75% on savings, conditions of a minimum daily balance have been imposed, which further implies they've been reading our posts. Savings now has terms we MUST abide by.

November 28, 2018
7:32 am
thisusernameforlease
Member
Members
Forum Posts: 20
Member Since:
September 29, 2018
sp_UserOfflineSmall Offline

Well, if Tangerine is reading these posts, here's what I want you to know:

This game you play with some clients in which some get premium offers and others don't (and nobody seems to know why) may be working for you now, but I hope -- and expect -- that the long-term self-inflicted damage that you're doing to your reputation will eventually exile you to Zag Island. You are basically the Rogers and Bell of online banks. Take a bow.

December 29, 2018
5:46 pm
hwyc
GTA
Member
Members
Forum Posts: 61
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Only 2 days left for Tangerine 3.25% 1 Year *RSP* GIC offer ( screenshot in post #3 in this thread ). I believe this is an open offer to all. According to fine print, one only have to open the RSP GIC account by Dec 31, 2018, provided the account will be fully funded by Jan 15, 2019.

December 30, 2018
9:41 am
Vatox
Member
Members
Forum Posts: 439
Member Since:
October 29, 2017
sp_UserOfflineSmall Offline

It is definitely open to anyone. It is posted on their rates.

IMG_6084.PNG

December 30, 2018
10:15 am
Loonie
Member
Members
Forum Posts: 5061
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

I would urge caution on this at this time. I was told by a Tangerine CSR recently the Dec 31 is "not a banking day". So, just be careful if you decide to move on this at this late date.

December 31, 2018
5:38 am
canadian.100
Member
Members
Forum Posts: 84
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

Loonie said
I would urge caution on this at this time. I was told by a Tangerine CSR recently the Dec 31 is "not a banking day". So, just be careful if you decide to move on this at this late date.  

That is odd - just checked - December 31 is a "banking day" although hours may be shortened today at some branches. January 1 is a statutory holiday.

December 31, 2018
5:44 am
threeoakwest
Ontario, Canada
Member
Members
Forum Posts: 90
Member Since:
April 7, 2016
sp_UserOfflineSmall Offline

I wouldn't deal with them again even if it was 5%
They don't treat everyone the same, and that doesn't work for me.

Happy New Year

December 31, 2018
6:54 am
Bill
Member
Members
Forum Posts: 1349
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

threeoakwest, those days are long gone. Loblaws (just as one example) issues over a hundred million permutations of offers every week, targeted based on our individual behaviour. (My wife laughs at that, she says they email her an offer on hummus a few days after she's bought about a month's supply of the stuff!) We wave our phones to pay, they collect our individual data in the databases, and they use the predictability of animal behaviour to specifically target where it's easiest to profit.

December 31, 2018
7:32 am
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

Bill said
My wife laughs at that, she says they email her an offer on hummus a few days after she's bought about a month's supply of the stuff!   

now we know where the NYE party is!

December 31, 2018
7:53 am
hotmony
Member
Members
Forum Posts: 427
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

they wont do 3.25 anymore for non-reg

December 31, 2018
8:38 am
SavingIsGood
Member
Banned
Forum Posts: 215
Member Since:
February 18, 2016
sp_UserOfflineSmall Offline

threeoakwest said
I wouldn't deal with them again even if it was 5%
They don't treat everyone the same, and that doesn't work for me.

Happy New Year  

I support you 110%. They are JERKS with their stupid offers. Beside their 'random' offers, what is next? 10% for 'african-american', 1% for 'eastern europeans', 15% for 'asians', 7% for 'middle-easterns'?
Screw Tangerine.

December 31, 2018
8:51 am
Bill
Member
Members
Forum Posts: 1349
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Top It Up, sounds good, go crazy, eat all the hummus you want - I'll be out somewhere looking for something a little more festive to imbibe!

December 31, 2018
1:07 pm
hotmony
Member
Members
Forum Posts: 427
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Some of us have no choice at times
They are not bad

December 31, 2018
11:34 pm
Loonie
Member
Members
Forum Posts: 5061
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

canadian.100 said

That is odd - just checked - December 31 is a "banking day" although hours may be shortened today at some branches. January 1 is a statutory holiday.  

I agree with you, but he told me that Dec 22, 23, 24, 25, 26, 31 and Jan 1 were all "not banking days".
I questioned him on that and said that I recalled that banks were not allowed to be closed more than 3 consecutive days at a time (back in the olden days anyway). I don't know how that would apply to online banks or if it is still applicable at all, and I didn't pursue it.

The issue came up when I attempted, on Dec 23, to cash in my small remaining RIF with them. The CSR told me this would take 1-2 business days and that this meant it should be done by th 28th since 24, 25, 26 were not banking days.

To make matters worse, when I called back on 28th to confirm that it had gone through, as suggested by CSR on 23rd, I discovered absolutely nothing had been done about it and that nothing would be done until Jan 2 - i.e. 2019 tax year. At this point, I expressed myself clearly as this was totally unacceptable. The whole situation made no sense since, in previous years, RSP withdrawals requested by me had been
carried out instantaneously. I did, after he spoke twice to managers, manage to get it processed immediately on the 28th and confirmed the after-tax proceeds were in my regular savings account.

You can perhaps understand why, from my point of view, they had no business days from 22nd through 27th! They sure weren't attending to my business at least.

This is only one of the reasons why I think customer service at Tangerine has deteriorated over the last year or so. Not long ago, I was told the wrong amount for an interest payment - twice. I also had a lot of problems back in May trying to get the RSP converted to an RIF - basically they initially refused to do it when I wanted it done. Again, I had to be very assertive and persistent to get it done. I sure am glad to have the RIF closed!

To my mind, these are much more worrisome issues than their lottery-style interest rates. At least, with those, I know that's how Tang operates, so I am prepared and can decide whether or not I want to play the game. So far, despite some annoyance and time-wasting, I have done very well overall with their savings rates, now getting 3.15%.

January 1, 2019
6:17 am
Alexandre
Member
Members
Forum Posts: 93
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

I just (1/1/2019) logged to Tangerine interface to withdraw few dollars from RRSP Savings account, which was done instantaneously. I could have done that on 12/31/18, but in my case I wanted this RRSP withdrawal applied to Tax Year 2019.

I never had to call Tangerine CSR for any RRSP and TFSA transactions. Everything is conveniently done online and this is what I like Tangerine for.

I don't have RRIF with them - is managing it so different for Tangerine clients?

January 1, 2019
6:53 am
Loonie
Member
Members
Forum Posts: 5061
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

I don't do online banking with Tang. I only do telephone banking. It's easier for me (usually) for personal reasons.

In general, and Tang is no exception, I find many financial institutions are not geared up well for dealing with RIFs. Many of them were late to even offer them - although happy to accept your RSP deposts - and some still have not (see someone's recent experience at ICICI) posted here.
There are different issues at different FIs. Hubert, for instance, doesn't offer any one-year GICs to RIFs. Oaken doesn't offer shorter terms. Many FIs offer lower rates to RIFs than to RSPs. And so on. These are all things that nobody tells you about until you find yourself stuck with dealing with RIFs. I can't wait to get rid of all mine but must do it with a view to tax structure.

I doubt very much that you could convert an RSP to an RIF online at Tang. Nor would I recommend it. You don't want to make a mistake and accidentally cash it in, because it would be your fault. You also need to be aware that opening an RIF will require a new Beneficiary Form - which they won't volunteer to give you. You have to know to ask for it. With Tang at least, these must be received and returned by snail mail - and they take their time about it and act as if it were something exotic.

My guess as to why they make RIFs so difficult is because, basically, they don't want to deal with them. They want the deposits. They want you to contribute to your RSP endlessly. What they don't want is accounts where money is going to be withdrawn regularly (by government order if nothing else) and, horror of horrors, SPENT! - as if you actually believed it was your money - never to return!
Additional reasons for problems would be that they haven't had nearly as many RIFs to deal with as they've had RSPs - yet. Older people tend to die and the RIFs aren't active as long. Also, the mandatory withdrawals may make it more difficult for them to manage GICs - yet some, such as Oaken, refuse to offer a savings version which would not incur this problem.

I have now dealt with closing down several RSPs and RIFs and a LIRA. Each one has been a completely different kind of experience. My advice is, give yourself lots of leeway. Don't leave it until the last couple of months of the year you turn 71. If you are going to leave it until 71, start in the Spring as soon as the weather is fair to make sure it all gets done the way you want, especially if you are DIY and have more than one account.
I wouldn't advise doing any transaction with tax consequences online by yourself if you can avoid it. If you make a mistake, it's your problem. Let them make the mistakes if mistakes are to be made.

January 1, 2019
7:14 am
Alexandre
Member
Members
Forum Posts: 93
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

I have found Tangerine to be the best bank when it comes to managing RRSP and TFSA online, because I like to do everything online and they let me to.

I can move some of RRSP Savings money to RRSP GIC online. I can withdraw from RRSP savings to regular savings online and it'll take just a moment: for me to decide how much, then Tang shows tax they withdraw and for me to click Next button few times followed by OK.
They even offer to choose for amount I've selected to withdraw if it will be after tax amount or pre-tax. Say, I want to withdraw $10K from RRSP - they'll take tax from it and deposit remainder. If I want to get $10K in cash, they'll add tax to it and withdraw that total amount from RRSP.

RRSP and TFSA online management is one of features from Tangerine I truly like. My other banks with RRSP accounts are way less convenient to deal with.
I now started to withdraw from RRSP with the objective to get everything out by my 65th anniversary. Tangerine will have my RRSP account the longest, because it is so easy to deal with them.

That's why I was so surprised with your RRIF Tangerine experience.

I can only say, they built themselves as truly online bank, they might not be as good with phone calls to CSRs, perhaps even to the point of discouraging people from phoning their customer support.
I've read somewhere that each phone call costs bank at least $20, even if it is quick conversation.

January 1, 2019
4:21 pm
Loonie
Member
Members
Forum Posts: 5061
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

Phone calls may cost them $20, but they are not averse to using them. Consider all the phone calls we've made to beg for increased interest rates or "accept" them. They set it up so that we'd have to phone in.
For any business, a phone call with an existing customer is an opportunity - to foster good will, find out more about your needs, tell you about better products or deals, get more business from you. It's a question of how they use it. My problem was not whether or not they have telephone banking I'm glad they have it. The problem is in how they use it.

No permission to create posts

Please write your comments in the forum.