Tangerine Base rate up to 1.25% Today ( August 1st, 2018) | Tangerine Bank | Discussion forum

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Tangerine Base rate up to 1.25% Today ( August 1st, 2018)
August 1, 2018
5:53 am
Leafs1967
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Up from 1.10% previously

August 1, 2018
9:09 am
rqs
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So I assume all promo rates rise by .15% effective August 1?

August 1, 2018
10:01 am
Leafs1967
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this is the T/C's

Additional Interest is added to the Posted Rate to calculate the total amount of interest payable under this Offer (For example, if the Posted Rate were 1.10% and the Additional Interest were 1.40% then: Additional Rate of 1.40% + Posted Rate of 1.10% = Offer of 2.50%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate.

August 1, 2018
11:16 am
Leafs1967
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Basically if the base rate goes up the promo rate goes down- you still will receive the same overall "rate offer"

August 1, 2018
11:32 am
Loonie
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It will help people who don't have promo rates including RSP savings which are not usually subject to promos unless new money. It won't help them much though!

August 1, 2018
11:45 am
rqs
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As Leafs 1967 points out, Tang says "Any change to the Posted Rate will result in a corresponding change to the Offer. " So where does it say "if the base rate goes up the promo rate goes down- you still will receive the same overall "rate offer""?

August 1, 2018
12:03 pm
Bill
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Logged in, saw my July bonus interest as of today, but no regular interest as of yesterday - ? Same for spouse. Our joint accounts are ok, regular interest yesterday, bonus posted today. ??

August 1, 2018
12:16 pm
Loonie
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rqs said
As Leafs 1967 points out, Tang says "Any change to the Posted Rate will result in a corresponding change to the Offer. " So where does it say "if the base rate goes up the promo rate goes down- you still will receive the same overall "rate offer""?  

It may not say that as precisely as you wish, but it has been their practice in the past. That is what is meant by "corresponding". Think of it like a teeter-totter: if one side goes up, the other side must go down by the same (i.e. "corresponding") degree.

August 1, 2018
12:32 pm
Bill
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Just realized, my regular and bonus interest are added to my balance, it's just that the line showing regular interest as a separate amount is not there, i.e. my previous balance plus bonus interest amount shown is less than my updated balance, so the regular interest detail is hidden. ??
Update: Just called them, they were aware of a problem for some customers, and then they fixed it on the spot - all appears normal now.

August 1, 2018
1:49 pm
rqs
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Re. "result in a corresponding change to the Offer" , not a corresponding (and offsetting) change to the promo rate. It definitely doesn't say it "as precisely as you wish". If it means what you say Loonie, it says it WRONG.

August 1, 2018
3:05 pm
Loonie
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The offer IS the promo rate, but feel free to read it however you like.

August 1, 2018
5:28 pm
rqs
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Thanks for your generosity in allowing me that freedom ....

August 1, 2018
6:42 pm
Bill
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rqs, I agree, the wording seems incorrect.

To me "Any change to the Posted Rate will result in a corresponding change to the Offer" means if the posted rate goes up .1% then the Offer (2.5% in my case) goes up by the same .1% amount (i.e. the bonus rate stays the same) so that the total rate is now 2.6%. Corresponding means equivalent, not opposite.

But I think we realize that can't be true, because if you're offered a total rate of 2.5% and then the posted rate declines so that our total rate declines too they'd be breaching the 2.5% (or whatever) rate guarantee agreement we entered into when we accepted their offer.

I find I have to infer meaning more than ever, precision in communication now is rare - even legalese, I'm expected to figure out what the speaker/writer really means.

August 2, 2018
8:54 am
bpwest
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I have been banking with Tang for about 3 years now, and have rec'd several targeted fall/winter/spring/summer savings offers, and also limited time offers; generally the 3 month quarterly offers that Tang was known for. These offers were detailed when I logged onto my Tang online banking, under 'profiles & settings', then 'bonuses & contests', and finally under 'your special rate offers'.

In Jan 2018 I rec'd a 5 month 2.50% offer, ending late May; all good. Then in early April, I rec'd (by phone) a 270 day (9 month) 2.75% offer, and my 'winter savings 2018 offer' of Jan 3- May 31 (detailed under "Your special rate offers") was amended to Jan 3-April 1, and my new 2.75% offer was added as a 'limited time offer' line entry, April 2- Dec 27.

I guess I had assumed the offers archived would be a good record of the actual offers received over the years, but it is clear that Tang. will just change the 'Offer Details' when one offer is superceded by another.

Also, with the Tang savings rate increase of Aug 1, my most recent 'Limited time offer' 'Offer Terms' of 2.75% have been amended to 1.50% additional interest. I.E. I am still earning 2.75%, but it is now being calculated as 1.25% + 1.50% additional. I presume, the 'old' Offer Terms would have said 1.10% + 1.65%, but that wording has disappeared, or rather updated July 28, if one scrolls to the end of 'Offer Terms'

Some, but not all, of my offers have had their wording 'updated', unnoticed until now, by me.

I guess one has to somehow capture 'Offer terms' when first presented, so as to have a record of original offer, should Tang update offer mid stream.. (hope this makes sense!)

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