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Tangerine New Offer
February 10, 2021
11:36 am
annie
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Alexandre said
I've been with Tangerine for quite a long time, and saw their different promo offers.

Once, just once, they've offered me promo interest on existent funds. I just moved all funds away few days before previous offer ended, so had to move them back. No big deal.

Another time, also just once, they had new promo offer for new funds only, which started 2-3 days before old promo expired. That was probably their idea to see if they can catch people who move funds out of Tangerine a day before their current promo expires.
Since then, I move funds from Tangerine a week before promo expiration.

My current promo with them is 2% till end of March, which means my money will leave Tangerine bank at around March 20-23.  

So move the funds away a few days before the end of the promotion.. Tangerine will give promotional offers again, right?

February 10, 2021
11:39 am
smayer97
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savemoresaveoften said

If you have not received or not accepted the last offer, chances are you will receive the next offer.  

There has been a LOT of speculation but it has been proven time and again that there is NO discernible pattern... Unless you are on the inside, there is NO way to know how to improve or worsen your chances of getting the next promotion.

February 10, 2021
12:03 pm
Alexandra
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It's hard to believe, but I never noticed before until now. Because we were talking about Tangerine and their offers. You probably know this but just in case ....

If you go into Profile & Settings on your Savings Account, go down to "Your Special Offers" and it will show a listings of the various offers you have received from them.

Under special headings of
Winter Savings, Summer Savings, Fall Savings, Spring Savings, Limited Time Offer and New Money Savings, I have received the following:
2015: 1 offer, 2016: 4 offers, 2017: 3 offers, 2018: 2 offers, 2019: 2 offers and finally 2020: 2 offers.

February 10, 2021
12:58 pm
smayer97
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annie said

So move the funds away a few days before the end of the promotion.. Tangerine will give promotional offers again, right?  

So again, to be ABSOLUTELY CLEAR... there is NO known set of actions that will improve or decrease your chances of getting the next promotion.

The best that can be said is that you can position funds in the most favourable way to try to QUALIFY for the next promotion, should it be offered to you, by moving them around (and it some cases, the move can be as simple as to a Tangerine chequing account, but of course, the safest is moving them out of Tangerine).

February 10, 2021
1:28 pm
dentgal
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I assume that you need a threshold amount of $$$ in order to receive the offer, but I'm not sure.
I'm also at Simplii @ 2.3% till the end of March. There is no reason to move the money into Tanga now, and I'll see if Simplii offers anything higher.

February 10, 2021
2:03 pm
savemoresaveoften
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dentgal said
I assume that you need a threshold amount of $$$ in order to receive the offer, but I'm not sure.
I'm also at Simplii @ 2.3% till the end of March. There is no reason to move the money into Tanga now, and I'll see if Simplii offers anything higher.  

May not be a $$ amount threshold, but one is unlikely to receive any offer if the account has not been used somewhat regularly (as in showing some balance from time to time). I only have funds there when they give me promotions, otherwise I clean out everything. Had the account from early on and still promotions more or less reguarly. My promotions are usually not as juicy as new comers tho.

February 10, 2021
2:13 pm
canadian.100
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dentgal said
I assume that you need a threshold amount of $$$ in order to receive the offer, but I'm not sure.
I'm also at Simplii @ 2.3% till the end of March. There is no reason to move the money into Tanga now, and I'll see if Simplii offers anything higher.  

What would your guesstimate be for a "threshold amount of $$$" in order to receive the offer? $1,000, $5,000, $10,000, $25,000, $50,000, $75,000 ?

February 10, 2021
2:19 pm
Kidd
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Hi Dentgal.

dentgal said
I assume that you need a threshold amount of $$$ in order to receive the offer, but I'm not sure.
I'm also at Simplii @ 2.3% till the end of March. There is no reason to move the money into Tanga now, and I'll see if Simplii offers anything higher.  

If you go digging through the tangerine threads, dig back a couple of years, you will find their ombudsman's reply to me.

The number crunchers at tangerine have a pretty good idea "how much money you have" your age, your profession, where you live etc. It's all about the numbers, insurance companies do the same. Sometimes the service rep will even ask you... do you have any more money to give us? TFSA, RRSP? This data is kept in your file.

My brother in-law had very little money with tangerine. AND Tangerine offered him a great rate to get more of his funds. Me... i had a very large account with tangerine. They figured, they had all my money, so i was offered a shit rate.

I filed a complaint. i requested the same rate my brother in-law received, i also requested a cash settlement for interest I'd lost, lost because of their moronic secret deals.

Go digging, i believe it's called "ombudsmen reply"

Also note: tangerine DO read these threads

February 10, 2021
2:41 pm
topgun
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Alexandra said
It's hard to believe, but I never noticed before until now. Because we were talking about Tangerine and their offers. You probably know this but just in case ....

If you go into Profile & Settings on your Savings Account, go down to "Your Special Offers" and it will show a listings of the various offers you have received from them.

Under special headings of
Winter Savings, Summer Savings, Fall Savings, Spring Savings, Limited Time Offer and New Money Savings, I have received the following:
2015: 1 offer, 2016: 4 offers, 2017: 3 offers, 2018: 2 offers, 2019: 2 offers and finally 2020: 2 offers.  

I checked record of offers at Tangerine since 2015. Same # as you except 2019 & 2020 only 1 each year. Since I collected peanuts in bonus interest I probably did not activate in 2019 and 2020. I have no idea of knowing if I received the offers in those two years. I activated the current offer starting February 9th. The trouble is I am in a Simplii promo until the end of March. Have fun.

Have a Great Day

February 10, 2021
2:55 pm
smayer97
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dentgal said
I assume that you need a threshold amount of $$$ in order to receive the offer, but I'm not sure.
I'm also at Simplii @ 2.3% till the end of March. There is no reason to move the money into Tanga now, and I'll see if Simplii offers anything higher.  

canadian.100 said

What would your guesstimate be for a "threshold amount of $$$" in order to receive the offer? $1,000, $5,000, $10,000, $25,000, $50,000, $75,000 ?  

savemoresaveoften said

May not be a $$ amount threshold, but one is unlikely to receive any offer if the account has not been used somewhat regularly (as in showing some balance from time to time). I only have funds there when they give me promotions, otherwise I clean out everything. Had the account from early on and still promotions more or less reguarly. My promotions are usually not as juicy as new comers tho.  

Ok...not sure how many times this needs to be repeated BUT let's try one more time....

there is NO KNOWN set of actions that will improve or decrease your chances of getting the next promotion... NO threshold, NO level of activity, NO balance present or not, NOT based on whether you were offered or not a previous promotion, etc., etc., etc.

PERIOD!

There may be targeted audiences for certain promotions BUT that is all that can be said.

February 10, 2021
3:00 pm
hwyc
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It's not peanuts over time. On the overview page, there is a lifetime interest earned at Tangerine - I've made 5 digits. Pretty sure there are 6-digits, or even 7-digits here in HISA.ca sf-wink

February 10, 2021
4:22 pm
topgun
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I started with ING Direct in 2000. Back then they paid 4.75% on savings. They called it investment account. Yes that number on the overview page includes savings account, us savings account, checking account and GIC's over the years. It is 4 digits. 6 digits if you include the cents. I have not received a T5 from Tangerine for 2020 since I am not more than $50.

Have a Great Day

February 10, 2021
4:27 pm
Loonie
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I don't know how general my experience is, but I am beginning to think there IS a discernible pattern.
I was getting decent offers from Tangerine, as was spouse, for several years, but neither of us have had even one for the last year and a half.

The last time they offered me any kind of promo rate, they wanted a minimum of 250K, which I would never give them as we hold to insurable limits. Even if I filled up a personal account and a joint account, it would only come to 200K, and they wanted it all with same person as primary.

I think it's rather like a cat with a mouse or bird. Once the thing is dead, they move on. In Tangerine's case, it seems to mean that you are no longer of interest to them when they can't get more business out of you. We never took the credit card or the mutual funds or the GICs they offer, and transferred out or closed all registered accounts.
Obviously we can do considerably better than 0.10$ at a large number of FIs, so we have zero at Tangerine now.

So, I am thinking their goal is to get you to acquire more of their products, which marketing principles would support. But what I'm not clear about is whether this corresponds to other peoples' experience over time with them. Eventually, even if you acquire all their products, there will be nothing more they can get out of you. Does that mean they would then stop making offers? If so, they could very well lose all of that person's business. Their ultimate goal is unclear to me. Given that it's a lot more work to acquire a new customer than to keep an old one, it's hard to see what they think they're doing. Are they just ring to keep some statistical department happy by showing that they have acquired X new customer, of whom Y have got credit cards or whatever - while ignoring how many have quit.

Reminds me of a workshop I once attended about church growth. The speaker noted that while membership at certain kinds of churches was showing an upswing, a more detailed analysis showed that they were going in one door and coming out the other, i.e. it was the same group of people but they were regularly switching churches, no net increase in membership.

With people like me leaving out the back door, I guess they have to keep chasing to get more people in the front door, but where does it get them in the long run? Looks good in stats reports?
That said, age could be a factor. I wouldn't be surprised if they lose interest in us after a certain age as they figure we have limited long term prospects. That would be true, but in most cases we have children and grandchildren whom we may influence. When my dad died, I discovered that, unbeknownst to me, we had both put our money in the same kinds of places, often the same obscure FIs!

It's true that they WANT to know what your financial resources and potential are, but they don't necessarily know.

All of that said, my message to Tangerine (since they're listening to this forum and don't listen very well on the phone) is, "Give me 2% or even 1.75%, and we'll give you 300K between us, but this is definitely a time-limited offer. Because you only offer 100K insurance, you need to make us a better offer than CUs. It's that old risk vs reward thing."

Why should any of us deposit more than insured limits with Tangerine? It is not going to necessarily be backed by BNS. And with their bizarre marketing/targeting strategies and otherwise dismal interest rates, which do not inspire confidence,why should we think it's a good place to invest uninsured funds? I can't think of a reason.

February 10, 2021
6:27 pm
RetirEd
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I deposited several hundred thousand into ING in 2001, later splitting it up to other banks to get back under the CDIC limits, and stayed with them through the Tangerine re-coloring until leaving them in disgust last summer. The charge on statements was the last straw.

I was NEVER approached with a bonus of any sort despite significant balances and my use of their GIC, TFSA and TF-GIC products. After discovering this forum, I began to call in and offer more money if they would grant me offers, too. They would often agree, and MOST of the time the rate was on ALL funds on deposit, not just new funds. But they would never discuss offers even one day before the last one ended, and they never made an offer without me calling them; and they never offered me the best rates others discussed here, even when I mentioned those.

While, as others have noted, nobody ever figured out any strategy or policy in their bonuses, I did learn that the better rates only come after getting escalated to a higher-up, AND that the daytime staff seemed to be authorized to make better offers when I called in. Twice I didn't activate an offer, called again during the day, and got a better offer.

Things got worse and worse, as we all know, and they wouldn't even restore monthly statements when I had over $100K in them (under separate CDIC limits for different classes of registered and non-registered products). When I left, they made no attempts at retention.
RetirEd

February 11, 2021
5:48 am
Alexandre
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Loonie said
I don't know how general my experience is, but I am beginning to think there IS a discernible pattern.

The last time they offered me any kind of promo rate, they wanted a minimum of 250K, which I would never give them as we hold to insurable limits.  

I've been getting Tangerine promo offers since 2015, not once there was a condition of minimum deposit attached to offers given to me, and that large.

I would never deposit more than CDIC insured limit to any bank, even if they offer ridiculously good rate. Especially if they offer ridiculously good rate comparing to everyone else.

I wonder if Tangerine folks do mess with people like us occasionally. They must be reading such forums, and when someone gets close to cracking their promo offering algorithms, Tang folks decide to have some fun and do next promo differently.

February 11, 2021
7:17 am
Kidd
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I, (comma) like Loonie, have had minimum amount requirements from tangerine. The maximum amounts have varied from 500k to 1 million.

That comma joke is from a long time ago. Someone here wasn't using commas and they were being misunderstood. To prove the point, i used a comma and the word "bill" which read like i was implicating, Bill.

Nostalgia isn't what it used to be.

February 11, 2021
8:17 am
mustang
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Thanks, Alexandra, for the tip about the list of special offers
I had no idea that was available!
And, I see lots of offers that I was never conscious of
Once in a while, got an email, but certainly not for all of these!

February 11, 2021
10:59 am
savemoresaveoften
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smayer97 said

canadian.100 said

What would your guesstimate be for a "threshold amount of $$$" in order to receive the offer? $1,000, $5,000, $10,000, $25,000, $50,000, $75,000 ?  

savemoresaveoften said

May not be a $$ amount threshold, but one is unlikely to receive any offer if the account has not been used somewhat regularly (as in showing some balance from time to time). I only have funds there when they give me promotions, otherwise I clean out everything. Had the account from early on and still promotions more or less reguarly. My promotions are usually not as juicy as new comers tho.  

Ok...not sure how many times this needs to be repeated BUT let's try one more time....

there is NO KNOWN set of actions that will improve or decrease your chances of getting the next promotion... NO threshold, NO level of activity, NO balance present or not, NOT based on whether you were offered or not a previous promotion, etc., etc., etc.

PERIOD!

There may be targeted audiences for certain promotions BUT that is all that can be said.  

Its pretty obvious there is NO KNOWN set of actions. Its their algo and a top-secret for running their deposit business. If it is easily cracked by forum goers like us, they wont be able to "manage" their deposit effectively.

So yes there is no known actions to guarantee a promo let alone a good one, but the collective experiences being shared here is still appreciated by some if not most, I hope.

February 11, 2021
2:16 pm
topgun
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Alexandre said
I've been getting Tangerine promo offers since 2015, not once there was a condition of minimum deposit attached to offers given to me, and that large.

I would never deposit more than CDIC insured limit to any bank, even if they offer ridiculously good rate. Especially if they offer ridiculously good rate comparing to everyone else.

I wonder if Tangerine folks do mess with people like us occasionally. They must be reading such forums, and when someone gets close to cracking their promo offering algorithms, Tang folks decide to have some fun and do next promo differently.  

Clearly there are different ways of doing things to benefit from promos. Your way would work. Good for you.

Have a Great Day

February 11, 2021
3:38 pm
AltaRed
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