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Tangerine New Offer
February 12, 2021
4:32 pm
Rick
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dentgal said
I assume that you need a threshold amount of $$$ in order to receive the offer, but

nope

February 12, 2021
10:46 pm
implode
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"We’ll total up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on February 8, 2021 to get your total balances per Account Type"

So my only funds currently essentially just in a GIC that was 2.8%. That shouldn't be part of this total then. I can safely move in USD and when the GIC matures (assuming I can get a better rate than 1.75% elsewhere), move it out without affecting new funds as my current chequing balance is $0, Savings is $0, USD is < $1.

February 13, 2021
5:57 am
savemoresaveoften
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implode said
"We’ll total up the balances of your eligible Savings, TFSA, RSP Savings and US$ Savings Account(s) as they were on February 8, 2021 to get your total balances per Account Type"

So my only funds currently essentially just in a GIC that was 2.8%. That shouldn't be part of this total then. I can safely move in USD and when the GIC matures (assuming I can get a better rate than 1.75% elsewhere), move it out without affecting new funds as my current chequing balance is $0, Savings is $0, USD is < $1.  

GIC is term deposit and not part of the balance they consider. You are good on that front.

February 13, 2021
7:50 am
hwyc
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savemoresaveoften said

GIC is term deposit and not part of the balance they consider. You are good on that front.  

Beware! "Money transferred from a Bank GIC" are not Eligible Deposits [Full Offer T&C- Exclusions 10 (b)]

February 13, 2021
10:16 am
savemoresaveoften
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hwyc said

Beware! "Money transferred from a Bank GIC" are not Eligible Deposits [Full Offer T&C- Exclusions 10 (b)]  

I think that means if an existing GIC with them mature and you deposit it back into your savings account, that does not earn promo interest.
If you already have an existing GIC with them and looking to add money into the qualified account, that is fine.
Think that is sensible.

February 13, 2021
12:57 pm
topgun
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Banking Promos
Every time they have more restrictions on deals. There is someone out there that is able to optimize the benefit.

Have a Great Day

February 13, 2021
4:53 pm
pooreva
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topgun said
Banking Promos
Every time they have more restrictions on deals. There is someone out there that is able to optimize the benefit.  

Enjoy while banks have ANY kind of deal for us.

Day will come when they will start ASKING us to pay THEM to keep our money 'safe'.

February 13, 2021
6:03 pm
Kidd
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pooreva said

Enjoy while banks have ANY kind of deal for us.

Day will come when they will start ASKING us to pay THEM to keep our money 'safe'.  

The day that happens, I'll be keeping my money under the bed in a cardboard box.

February 13, 2021
7:41 pm
smayer97
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You mean like in Japan or Switzerland with negative interest?

February 13, 2021
7:41 pm
smayer97
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Kidd said

The day that happens, I'll be keeping my money under the bed in a cardboard box.

Not if it becomes purely digital.

February 14, 2021
4:28 am
Alexandre
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pooreva said

Enjoy while banks have ANY kind of deal for us.

Day will come when they will start ASKING us to pay THEM to keep our money 'safe'.  

They already started that. Scotiabank just notified its customers that checking account for seniors will no longer be free of charge, effective March 1, 2021. Other accounts monthly fees will go up, too.
As Tangerine is under Scotiabank, one day they may go that route, too. They already repositioned their advertisements from "no fee banking" to "fair fees banking."

Like in other countries, when interest rates and mortgage rates go down, and spread between them declines, banks will be increasing user fees to make money.

February 14, 2021
9:29 am
Alexandra
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A couple of years ago CIBC started charging seniors for various transactions. When I went online they had (have) little dots beside the "free" transactions while the others have charges. When I get my statements it always gives back the charged fees. I called them about it and they told me that I was grandfathered in and therefore could not be charged. So every month they charge say $10 and then they give the $10 back again.

February 14, 2021
10:09 am
Alexandra
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I guess we shouldn't be talking about this on the Tangerine section.

Anyway, if the banks start pulling no interest period some day, then I'll be putting in under the bed as well!! Realistically though, I guess I would just do unnecessary spending such as purchase an electric car, totally update the perfectly fine kitchen and baths, put hardwood floors down, get a new roof, put some fencing up. At least the house would be somewhat more enjoyable and would get some return for the effort. I doubt that I will ever sell it though. I would probably put it in my daughter's name as well as mine as tenants in common, get a small amount of cash from her, and just turn it over to her when I need to move to something more manageable or you know.....

February 14, 2021
10:53 am
Bill
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"Unnecessary spending"? Isn't that very un-green, Alexandra?sf-wink

February 14, 2021
2:11 pm
Alexandre
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Alexandra said
A couple of years ago CIBC started charging seniors for various transactions. When I went online they had (have) little dots beside the "free" transactions while the others have charges. When I get my statements it always gives back the charged fees. I called them about it and they told me that I was grandfathered in and therefore could not be charged. So every month they charge say $10 and then they give the $10 back again.  

These were old good times. "Grandfathered" is not what it used to be.

February 14, 2021
2:32 pm
Alexandra
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Alexandre said

These were old good times. "Grandfathered" is not what it used to be.  

We'll see. At the time I had what was called a chequing/savings account. They got rid of that type of account. But apparently, they couldn't change the rules for seniors. So they put it in their new "smart account" but said the same terms would apply as were in my old chequing/savings. Something like the government said they could not charge seniors fees with that account, and even if they (the bank) changed the name and rules, seniors who held out would never be charged fees. Now this is what he told me......so we shall see. Any new seniors would be charged.

February 14, 2021
3:10 pm
pooreva
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Alexandra said
unnecessary spending such as purchase an electric car

Electrical cars are biggest scam ever devised.
To charge them, you need electricity; the more elec. cars on the road, MORE electricity has to be produced. Battery capacity are joke. Car prices are ridiculously high. One electric motor, 4 wheels, little bit of sheet metal and a LOT of unreliable software? Come on, such car should be in a range of 15K and not 40k+
- Wind and solar are nonsense - no wind no electricity; snow on solar panels or cloudy sky - no electricity; go read how Germany is straggling with snow covered solars and lack of wind.
- Coal stations - more pollution
- Nukes - no comment
- hydro - OK but there are way too many consumers sucking electricity for living 'convenient' life.

Upgrading house - I agree 100%. I want to replace builders' hardwood floor with something better and nicer, too. To enjoy house as much as possible.

February 14, 2021
3:49 pm
RetirEd
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People happy with electric cars...
-have a place to charge at home; public charging is more expensive
-have a regular short commute that runs up a lot of miles per year
-have another car for longer trips
-bought new because of the subsidies and rebates

Because the used-out batteries are prohibitively expensive to replace and to dispose of, there's almost no market for used EVs, which need batteries but get no subsidies.

For a retiree like myself, with no regular commute and few road trips, my 20-year-old motorcycle is a better deal both financially and environmentally.
RetirEd

February 15, 2021
6:20 am
Loonie
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Alexandra said

We'll see. At the time I had what was called a chequing/savings account. They got rid of that type of account. But apparently, they couldn't change the rules for seniors. So they put it in their new "smart account" but said the same terms would apply as were in my old chequing/savings. Something like the government said they could not charge seniors fees with that account, and even if they (the bank) changed the name and rules, seniors who held out would never be charged fees. Now this is what he told me......so we shall see. Any new seniors would be charged.  

I have the same arrangement at CIBC as Alexandra.

I doubt the government had anything to do with their decision to basically leave our accounts alone. I think they decided it's easier to just let us die off.

It creates a lot of negative publicity when you start dinging seniors who've had the same no-fee account for many decades. Looks real bad on TV with the old codgers complaining.

Tips:
If you have this kind of account, and it makes sense for you to do so, make it into a joint account.
Never close the account just because you move house; just use a branch close to home, if you need a branch. They won't let you "transfer" to same kind of account at another branch.

February 15, 2021
6:32 am
savemoresaveoften
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pooreva said

Alexandra said
unnecessary spending such as purchase an electric car

Electrical cars are biggest scam ever devised.
To charge them, you need electricity; the more elec. cars on the road, MORE electricity has to be produced. Battery capacity are joke. Car prices are ridiculously high. One electric motor, 4 wheels, little bit of sheet metal and a LOT of unreliable software? Come on, such car should be in a range of 15K and not 40k+
- Wind and solar are nonsense - no wind no electricity; snow on solar panels or cloudy sky - no electricity; go read how Germany is straggling with snow covered solars and lack of wind.
- Coal stations - more pollution
- Nukes - no comment
- hydro - OK but there are way too many consumers sucking electricity for living 'convenient' life.

Upgrading house - I agree 100%. I want to replace builders' hardwood floor with something better and nicer, too. To enjoy house as much as possible.  

When they compare the environmental footprint of EV vs ICE, its not clear to me if they assume the electricity being used is 100% from renewable thus 0 emission, and how the environmental impact of the throw away depleted battery and that EVs are being dumped after battery depleted as oppose to ICE that has longer life as more repairable/fixable in general. EV does also have the benefits of much lesser parts and no oils to replace/discard which is a plus.

I dont see how our current electricity can support the demand. More and more places will be EV sales only in the next 10-15 years. But I am in for one esp if it can be charged in full in a couple of hours while I sleep at nite. Will have a bike ready in case black out over nite 🙂

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