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Tangerine Rate Increase to 0.9%
August 1, 2017
11:22 am
Calan
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Tangerine has increased their savings account rates to 0.9% - not sure when this happened, I noticed it today.

https://www.tangerine.ca/en/saving/savings-accounts/savings-account/index.html

August 1, 2017
4:30 pm
Doug
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Thanks for the "hat tip". 🙂

I'd say that, unless that "current interest rate as of x" is dynamic in that inserts today's date with every page load, it probably changed today. So, for Peter, when he updates the "chart," I'd use Aug. 1, 2017, as the date of change, unless we hear differently from Tangerine. 😉

On HISA deposit rate rises, I suspect what you'll see is that with every rate rise the BoC does* (*assuming they raise rates again this year), you'll see the major Canadian banks (including Tangerine) and many credit unions raise rates by a smaller amount so they can say, "hey, we raised rates!," until such time as they get "back in line" with an even numbered deposit rate ending in 0. For instance, with the second BoC rate rise, I suspect Tangerine will go to 1%. Their prime rate will be adjusted by the corresponding 25 bps of the BoC rate increase so that, effectively, they've expanded their NIM by 15 bps for each of the two (2) rate rises, plus the time when the BoC lowered rates and they expanded their NIM by 15 bps each time.

GIC rates will be raised only in accordance with their capital requirements and, right now, all the banks are flush with capital so (except for maybe Home Trust/Home Bank) so I wouldn't expect much in the way of GIC rate rises. 🙂

Cheers,
Doug

August 1, 2017
4:31 pm
Doug
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Calan said
Tangerine has increased their savings account rates to 0.9% - not sure when this happened, I noticed it today.

https://www.tangerine.ca/en/saving/savings-accounts/savings-account/index.html  

Oops, nevermind, Tangerine was removed from the "chart," partially at my suggestion, as they weren't all that meaningful in terms of rates so no need to update it Peter. 🙂

Cheers,
Doug

August 2, 2017
1:58 pm
tonster501
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Tangerine has a historical rates page that tells you when they changed their rate.

https://www.tangerine.ca/en/rates/historical-rates/index.html

In the future just go to their rates page and in the upper left corner is "Historical Rates".

August 2, 2017
3:54 pm
rhvic
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Now, does this increase of 0.1% to the base rate imply that the recent special "Summer Savings 2017" rates offered to people will also be increased by 0.1%? After all, the bonus notification says that it is on top of the base rate, which used to be 0.8%.

Does my offer of 3.22% now increase to 3.32%?

August 2, 2017
9:02 pm
MG
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rhvic said
Does my offer of 3.22% now increase to 3.32%?  

I fully expected my total rate to increase by 0.1% as I recall that Tangerine lowered my overall rate in the past when they decreased their base rate. But, it is not to be! sf-cry I checked my account today and looked at the terms and conditions of my summer promotion. Tangerine ended up LOWERING my incremental special rate so that the total (special rate plus base rate) was unchanged and they actually updated my promotional offer with a date of August 1. Very frustrating - I checked the fine print and they seem to be covered. Bummer! sf-yell

August 9, 2017
12:02 pm
Doug
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As they have consistently stated in their Terms and Conditions for these "net new money promo offers," and I've read every one "cover to cover," since inception, they said that a change to their Posted Rate would change the amount of interest including Regular plus Additional Interest paid under the offer. As such, if their Posted Rate changed mid-offer, they'd adjust the total amount of interest paid under the offer downward accordingly (makes sense sf-cool), such that if their Posted Rate was 0.90% and their Additional Interest Rate was 1.10%, you'd receive 2% Total Interest. If they cut that Posted Rate to 0.80%, the Additional Interest Rate would stay constant but your Total Interest Rate would now be 1.90% instead of 2%. That's fine - it's working as designed. I expect and respect that.

Contrast that today when they they raise their Posted Rate to 0.90%, one's Additional Interest Rate should stay the same for the duration for the Offer, at least that's what they've done historically, such that if your Additional Interest Rate was 1.65%, with the higher Posted Rate, your Total Interest Rate is now 2.55% instead of 2.45%. The end result? We're being punished on the downside in Posted Rates but their Terms are manipulated and changed to cheat us out of an extra 10 bps. 🙁

Yes, they have a "catch all" clause in the Terms that lets them change any Terms under the Offer for any reason at any time without prior notice, but it's not right. 🙁

Fundamentally, they're not honouring the spirit of their own rules and that's unfair.

If Ms. Rideout is listening, quit this interest rate Offer gerrymandering, customer trickery and general business skullduggery. You, evil tram... err... "ma'am," are NO CEO that your highly respected (and liked!) predecessor Mr. Aceto was and Scotiabank made a huge error in your appointment (it should've named Chief Operating Officer Ian Cunningham to the role). You have NO customer accountability, and if you don't resign, in my view, you're breaching your fiduciary responsibility to your shareholder, Scotiabank, as your actions here, on the Money-Bank Credit Card scandal and on a number of bank-friendly initiatives, you will see customer defections (namely to credit unions but also to PC Financial) and your customer growth and deposits plateau. (You're already seeing that.)

There. That felt better. sf-cool

Cheers,
Doug

August 9, 2017
12:47 pm
Peter
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Note: I've completely removed (rather than creatively edit it) the previous post's first paragraph due to inappropriate language. If you want to re-add the intro, please find a different way to say it.

August 9, 2017
9:03 pm
Joe
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lol....go Dougie gosf-laugh

August 10, 2017
5:44 am
JenE
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IMO Peter, the word used after "evil" should have been edited out. Perhaps my stating this opinion may be used against me, but I've reached the stage, and age, where I need to "stand up and be counted".

August 10, 2017
7:42 am
Peter
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JenE said
IMO Peter, the word used after "evil" should have been edited out. Perhaps my stating this opinion may be used against me, but I've reached the stage, and age, where I need to "stand up and be counted".  

You're right. Sorry for the omission, and thanks for pointing that out. I've removed the phrase. Please continue any further discussion about language in this other thread. That way, we can continue to discuss the rate change itself here.

Please write your comments in the forum.