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Tangerine Decreases GIC Rates
March 26, 2019
9:29 am
Vatox
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March 26, 2019
8:36 pm
Loonie
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All their GIC rates are now lower than their daily rate for preferred customers (2.75).

March 26, 2019
9:20 pm
Inxses
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Was well into 6 figures and a very long term client but wasn't offered a preferred rate even when I phoned. Moved everything out over the last week and now a Hubert and Wealth One client with great HISA/GIC rates. Not sure how Tang or 'others' pick their 'preferred clients', it's a bit puzzling.

March 26, 2019
11:16 pm
Vatox
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I guess I’m not a preferred customer.sf-frown

March 27, 2019
3:51 am
krwilson
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Inxses said
Was well into 6 figures and a very long term client but wasn't offered a preferred rate even when I phoned. Moved everything out over the last week and now a Hubert and Wealth One client with great HISA/GIC rates. Not sure how Tang or 'others' pick their 'preferred clients', it's a bit puzzling.  

+1
Called and got nowhere this time. A chunk of money seemed to be meaningless?! So out goes the money again. I did share with the person that Tangerine's money game has become tedious and tiresome....but that will go nowhere.

March 27, 2019
4:58 am
Loonie
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It works both ways.
Tang is not a "preferred bank" for you either.sf-wink

May 3, 2019
6:56 am
GR
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Another drop in all GIC rates! Non-registered and registered GICs now range from 2.25% for 1 year to 2.45% for 4 or 5 years.

May 3, 2019
7:52 am
Doug
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Loonie said
It works both ways.
Tang is not a "preferred bank" for you either.sf-wink  

Do you keep much at Tangerine, Loonie, or are you pretty much like me (and maybe Bill, assuming Bill has accounts with them)? I'm down to ~$1000 with all my Tangerine accounts, which is sad, really. They just don't seem to be innovating or trying like they used to. No inkling of replacing proprietary Email Money Transfers with Interac e-Transfers now that wholesale costs have come down dramatically and they don't act on customers' feedback in terms of service improvements. They seem to be hanging everything on a no-fee chequing account, which I want to support them for so doing, but that's not enough in my books. I can see myself closing my accounts within the next 12-18 months.

I think Tangerine's grounded, somewhat, in that they offer some of the best GIC rates for businesses. When and if EQ ever allows business accounts, then we may start to see a real drop in Tangerine's market share. For now, though, they're grounded in the sense that they can afford to see $5 billion in personal deposit business go out the door if it boosts their profitability and if they're bringing in business deposits (which they are).

Cheers,
Doug

May 3, 2019
12:17 pm
Vatox
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GR said
Another drop in all GIC rates! Non-registered and registered GICs now range from 2.25% for 1 year to 2.45% for 4 or 5 years.  

Yes, I think we are now below the rates offered a year ago for the 1 year GIC. 2.45 for 5 years is unbelievably low.

June 6, 2019
7:57 am
AmesDP
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And the U.S. dollar GIC rates are down again today. I just spent 3 days in the process of getting US$ transferred over from another bank, only to see the 1-year GIC rate drop from 2.5% to 2.1% this morning! Grrrr!

June 6, 2019
2:56 pm
hwyc
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AmesDP said
And the U.S. dollar GIC rates are down again today. I just spent 3 days in the process of getting US$ transferred over from another bank, only to see the 1-year GIC rate drop from 2.5% to 2.1% this morning! Grrrr!  

Have you reach out to a CSR yet ?

During the online opening process of a GIC account, if there is insufficient fund,
you are allowed to have up to 15 days to arrange for sufficient funds to arrive at Tangerine while the GIC rate is secured at the application date.

In the spirit of that policy, maybe they will give you the rate provided that you can demonstrate your funds were already in transit, but you didn't know that policy in advance.

No harm trying.

June 10, 2019
9:41 pm
AmesDP
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I wasn't aware of that, thank you. But I subsequently discovered that Canadian Western Bank was offering 2.9% on a 1-year US$ GIC, so I started the process of transferring the money there from Tangerine. Since I had to call in to get the daily limit override I did mention to the Tangerine CSR why I was transferring the money - they didn't say anything about this rate preservation.

5 days and counting now, money still hasn't arrived, and in the meantime CWB dropped their rate to 2.65%. Still better than Tangerine was offering.

June 25, 2019
8:12 am
Sammy
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Another rate drop. 5 years now @ 2.35%
1 year at 2.15%.

Ouch

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