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Tangerine offer for new clients - up to 2.4%
December 29, 2016
12:53 pm
rhvic
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Tangerine now has this on their web page for NEW clients:
"Accelerate your savings.
Earn 1.90%** interest in a Tangerine Savings Account as a new Client. Increase that to 2.40%* interest if you also open a Tangerine Chequing Account**.
Become a Client with a Tangerine Savings Account, RSP Savings Account or Tax-Free Savings Account, and earn 1.90% interest** in that Account for 6 months‡.

No daily fees, no service charges
Great interest rates
Automatic Savings Program (ASP)
Earn 2.4% interest* if you also open a Chequing Account"

So the offer may be of interest to new clients, for the first six months. After that they also get to play the "what's my interest rate going to be for the next three months" game.

December 29, 2016
3:36 pm
rfdm4g4g9
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And Old clients are getting jacked. NO 2.4 % for them :(

December 30, 2016
12:37 pm
Doug
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If you're looking for the new "promo" offer for existing either non-registered or registered "savings," I think you've "jumped the gun" a bit. :)

The 2.4% offer for "new clients" is a standard "promo" for new clients, regardless of any "promo" for existing clients.

The existing "fall promo" offer ranges from a reported 2.20% to 2.95-3%. I'm not expecting Tangerine to unveil their "winter promo" before January 3rd, possibly January 9th or 10th due to the New Year's Day holiday, in line with past practices. To be safe, I'd make sure you have your existing funds transferred out to a competing high interest savings account that you have on or before January 1st. If you can't make it due to the statutory holidays, at least transfer it to your Tangerine Chequing prior to the above date to ensure when your "savings deposit balance(s)" are captured by the system are a "minimum level". sf-cool

There's a possibility there may be no "winter savings promo" for non-registered accounts as, in the past, Tangerine has used that for TFSA/RRSP promos but, last year, did extend it to non-registered accounts. :)

Cheers,
Doug

December 30, 2016
2:47 pm
Loonie
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Good idea to move to Tang chequing, Doug. It doesn't waste the time going back and forth to elsewhere. I hadn't thought of that.

December 30, 2016
3:24 pm
bpwest
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Loonie said

Good idea to move to Tang chequing, Doug. It doesn't waste the time going back and forth to elsewhere. I hadn't thought of that.

Yes, moving monies from Tang Savings to Tang Chequing avoids having any sort of balance in Savings on 'snapshot day', be that Dec 31/Jan 1/ Jan 3, 9 or 10???, but at the cost of lower chequing rate of .15% (or .55%/.65%, depending on amount on deposit) for a few days.
This shifting to chequing does eliminate the need to transfer to another bank, tho, with the associated delays that generally occur.

And I personally hesitate to 'park' monies in Tang chequing for fear that Tangerine may, in a future offer, not exclude those chequing monies, in their 'snapshot'. (this would invoke a massive reaction, methinks!!) I believe PC Financial takes snapshot of all monies, which defeats the strategy of chequing acct. 'parking' at PC Financial.

December 30, 2016
10:08 pm
Loonie
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Yes, as soon as Tang includes chequing, i would not park money there again. But, for now, it might work. It saves the delays of transferring back and forth, but, yes, there is a small impact of a few days' interest.

December 31, 2016
5:59 am
JenE
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perhaps someone could clarify: I'm getting 2% on savings account, so if I move it to chequing today in hopes of being offered a higher rate in January, what happens if I don't get an offer? Can I simply transfer back to savings and continue to get the 2% already in place?

December 31, 2016
7:11 am
Bill
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JenE, depends on the terms of your current offer and when it ends. It's been noted here before - log in and click on your account, then click on the left where it says "Offers and Promotions" (or something like that) and you will see the terms of all the promos you've had, including the current one.

December 31, 2016
10:31 am
Joebart
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My 3% offer ends today. I have called them and asked for for extension. They returned with with 2%.
A few minutes later I have moved all my money the to EQ where I do not have to beg for 2%. Left $1 in all saving accounts. If by some miracle they come with better offer I might think about it. Otherwise by by Tingarine...

December 31, 2016
11:34 am
Winnie
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Joebart said

My 3% offer ends today. I have called them and asked for for extension. They returned with with 2%.
A few minutes later I have moved all my money the to EQ where I do not have to beg for 2%. Left $1 in all saving accounts. If by some miracle they come with better offer I might think about it. Otherwise by by Tingarine...

Based on previous "scientific" observations, they almost certainly will offer to you 2.5 - 3.5% in early April 2017.

December 31, 2016
4:49 pm
Doug
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Loonie said

Good idea to move to Tang chequing, Doug. It doesn't waste the time going back and forth to elsewhere. I hadn't thought of that.

Yeah, slightly lower interest rate (0.55% or 0.65%, I believe, on balances over $100,000) but it's also only for a few days, not up to a week or two (depending on hold period at the other FI). :)

Cheers,
Doug

December 31, 2016
4:56 pm
Doug
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JenE said

perhaps someone could clarify: I'm getting 2% on savings account, so if I move it to chequing today in hopes of being offered a higher rate in January, what happens if I don't get an offer? Can I simply transfer back to savings and continue to get the 2% already in place?

If no offer was put into place, your existing offer would simply expire and you'd be paid the posted 0.80% on your "savings" account with Tangerine, but, yes, you could. :)

It's possible an offer may not materialize (for non-registered deposits) this coming quarter but I'm confident there will be one for registered deposits (excluding maybe RRIFs).

If there is no offer for non-registered deposits, that's where I'd move the money out to another FI for the quarter.

And yes, transferring to Tangerine Chequing does work as sometimes the funds have been in my "chequing" account on "snapshot" date. And, in the possible event they decide to include Chequing balances in the upcoming quarter, sure, yeah that'd make us ineligible for the quarter's bonus promo but we'd quickly transfer the money out to another FI paying 1.7%-2% for the three months. ;)

I wonder if the FIs are getting sick of us with our movement of money every three months? If they'd just "suck it up" to even interest income due to spread compression and pay a decent (i.e., 2%) posted rate of interest, I wouldn't bother with a 2.5% promo. :)

Cheers,
Doug

January 1, 2017
12:38 pm
Loonie
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I'd still make the move for 2.5%. That's $500 on 100K/yr. And you can still sometimes get 3% on promos, even 3.5% last year at Luminus.
The more you deposit, the bigger difference it makes, of course, but better in my pocket than theirs.sf-smile

However, I agree that a nice steady predictable 2% wold keep my money there - as it is currently doing at EQ and one-yr cashable 2.05 at Hubert.

January 2, 2017
8:00 am
SavingIsGood
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>The more you deposit, the bigger difference it makes, of course, but better in my pocket than
> theirs.

Ha, ha, good joke... unless you are at poverty line, pretty-face Justin will take his cut.

January 5, 2017
4:39 pm
deepcman
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I see individuals moving money from their savings acc't to checking acc't to hopefully get offered a promotional rate. Do you think the same logic applies if I move money from my savings to our Tangerine spousal account or do they review all savings account with you name on them before offering the promotional rate? I'm just trying to prevent having to move money between institutions.

January 6, 2017
12:08 am
Loonie
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Be careful with the spousal thing, especially for new money offers. See my longer comment on other thread re: Tangerine.
It's safer to move to Tang chequing, even if you have to open the account in order to do so.

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