Tangerine retention promo Apr 2018 | Tangerine Bank (formerly ING Direct) | Discussion forum

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Tangerine retention promo Apr 2018
April 2, 2018
10:22 am
Scruge
Alberta
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My Tangerine retention promo schedule seems different to most posters. I have been getting 3 month existing funds promotion rates beginning 29 Dec 2017, 29 Sep 2017 etc. My 2.5% on existing funds ended 28 Mar 2018 and the account reverted to 1.1%. I called 2 Apr 2018 and asked if they could do better or help me move my money. They gave me 2.5% on existing and new money for 6 months (until 28 Sep 2018).

April 3, 2018
5:39 pm
dpks
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I had a retention promo rate of 2.5% that expired today. I called and the best they offered me was 2.0% for 6 months. I took it for now, but may call back if I see others getting better rates over the next few weeks.

April 3, 2018
10:26 pm
rfdm4g4g9
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dpks said
I had a retention promo rate of 2.5% that expired today. I called and the best they offered me was 2.0% for 6 months. I took it for now, but may call back if I see others getting better rates over the next few weeks.  

They are now giving 2.75 % for 270 days ( 9 months ) for ENTIRE balance.

But their marketing department is doing outbound calls to targeted customers, so its a big YMMV.

April 4, 2018
5:04 am
Top It Up
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April 6, 2018
6:42 pm
yesmath
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My last promo of 2.5% was over today. I called a couple of days ago and was only offered 1.6% and was advised to called again today. But today the offer was still 1.6% for 90 days. I've been with them for years and had 200K in savings (after I sold my house to rent) until a month ago I transferred half to a cu. I said Ideal was offering 2.5% and rep said he couldn't do anything, and the low rate had nothing to do with the transfer out.

Any ideas how I can negotiate higher? (It turned out transfering to the cu was more of a hassle than I wish to repeat)

JJ

April 7, 2018
1:21 pm
Kidd
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For yesmath and peter.... here's my third attempt to answer this question.

Call tangerine
Ask for the marketing department
Have them confirm that are offering 2.75% to select clients
Ask... what makes them "select"
Tell them... you want to be "select"

(This is the area that got my other post deleted, so I will word it more diplomatic this time)

Yell at them.
Point out the unfairness of not being "select"
Make it sound like you are capitulating, they have worn you down... okay, okay, I'll take 3%
Settle for nothing less than 2.5%
Have them tell you.. "we do not want your money" So you obviously don't want or need my money, is this statement correct?

Yell at them some more. That's the part I always enjoy the most.

The phone number for the ombudsman is in my letter, call her, and then sound confused, have her explain what "select" means. I really don't understand why I'm not being offered the 2.75%, everyone is getting it..... this seems discri... unfair.

sf-laugh

April 7, 2018
5:03 pm
yesmath
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Thanks for response (Kidd, your zeal was inspiring to read, but I can't go as far as you - currently dealing with drying out a flood from leaking poly B pipe!)

Bottom line: they won't budge above 1.6% for me. I think it's because I'm under 100K now in savings, and have been getting promos for many years.

I called, asked for the manager, got Maria, asked for who was above her, and she said to write: theclientresponsegroup@tangerine.ca and said they always read people's feedback, but may not respond. I'll let you know if it does any good.

I may sink the money into their GIC or move to Ideal Savings.

April 7, 2018
5:22 pm
Wayno
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Yesmath,

If they suggest an email address, then, they have clearly told you they are not interested in your business. You need to go elsewhere!

Also, look at the GIC chart, Tangerine does not offer the best GIC rates.

https://www.highinterestsavings.ca/gic-rates/

regards,
Wayno

April 7, 2018
5:39 pm
Kidd
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Yesmath. Grab a copy of my ombudman's letter. Email it to tangerine, stating.

I am aware of tangerine's 2.75% offer, as stated in "your" ombudman's response being aware, makes me entittled.

https://www.highinterestsavings.ca/forum/tangerine-bank/response-from-ombudsman-to-complaint-about-targeted-promotions/

April 7, 2018
11:15 pm
yesmath
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FYI I just looked at my Profile and Settings on the Bonuses & Contests heading and I do congratulate Tangerine for making this history available to clients so we get a feel for our history.

I see that I got a bonus for a referral, for using switch assistant, and for an ASP. I also had 2 promos in 2015 and 3 promo rates every year since then except this year. I'll bet others getting higher rates have had less of a prosperous history, or have more liquid cash with the bank.

Disenchanted with Tangerine and tired of chasing rates to keep quick liquidity. I'm switching to Coast Capital. I'm not sure why they don't make your comparison table (which is awesome btw), but they have 2.7% on a 2yr GIC, with no penalty to withdraw on 1 yr. anniversary.

Thanks to all who keep this site going - such great info here!sf-smile

April 8, 2018
3:30 am
threeoakwest
Ontario, Canada
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I think it's surprising that Scotiabank has come up with better offers than Tangerine. Maybe they're seeing that Tangerine is going to lose clients and they want to get them. They are my B&M bank. I've given a good amount of money over to Scotiabank for their 270 & 360 day savings bonus with interest rates of 2.60% and 2.65%.
Good for them!!

April 8, 2018
10:13 am
rqs
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threeoakwest said
I think it's surprising that Scotiabank has come up with better offers than Tangerine. Maybe they're seeing that Tangerine is going to lose clients and they want to get them. They are my B&M bank. I've given a good amount of money over to Scotiabank for their 270 & 360 day savings bonus with interest rates of 2.60% and 2.65%.
Good for them!!  

Sorry to disappoint you but you do not earn 2.60% or 2.65% with the Scotiabank promotion. It is very deceptive marketing. There are 3 layers of interest (regular, premium and bonus) and the bonus layer of .85% applies only to June 29. The regular interest is .90%. To earn the premium layer you must commit to a time period (Eg. 270 days- .85%) and if you withdraw funds at any time , you forfeit the entire amount of premium interest "earned" up to that point. So, with a April 5 deposit and assuming no withdrawals, You would only earn 2.02%. Were you to withdraw any amount before the end of 270 days (say after 250 days) you will have earned only 1.41% for the entire 250 days. So you can NEVER earn 2.60 % or 2.65%.
In my opinion, shame on Scotiabank for this very deceptive offer!

April 8, 2018
11:35 am
julio
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Rqs, upon re-reading the Scotia promo again, it becomes so obvious what you discovered. Other investors, don’t feel bad, I would have fallen for it! Peter to please correct the “promotions” summary. Thank you.

April 8, 2018
1:16 pm
Loonie
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The details of this particular offer may be unique, but i have found that the promos offered by the major banks are typically so convoluted that I just don't look at them any more. They must assume most people don't know how to work with percentages or can't be bothered. Maybe they're right.

April 8, 2018
1:59 pm
Norman1
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The full details of the "up to 2.65%" offer are at Scotiabank: MomentumPLUS Savings Bonus Interest.

What a complicated interest rate structure! Complete loss of the premium (0.75%, 0.80%, 0.85%, or 0.90%) portion of the interest when there is any debit transaction within the chosen 90/180/270/360 day premium interest period.

April 8, 2018
3:15 pm
Peter
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That is sneaky. I've updated the promo page to split the up to 1.80% rate from the shorter period 0.85% rate.

Reminds me of a 2006 promo Scotiabank ran that said "Fly Free* ...Really!" that did not really let you fly free.

April 8, 2018
3:50 pm
rqs
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Where is the Promo page?

April 8, 2018
4:23 pm
gicjunkie
Ontario
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rqs said
Where is the Promo page?  

Look at the top right hand corner of this page where it says"Promos" and click on it.

April 9, 2018
2:06 pm
JustMe2016
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I got a phone call from Tang and was offered 2.75% for the next 9 months. It is a smart move as I was going to open an account at Meridian (3% - 4 months) and move all the money over there in May . But now I'll stay with Tang as I don't care about missing a few hundreds dollars over 4 months. Prior to this offer I was earning 2.5% until May 31.

April 9, 2018
3:11 pm
Kidd
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So... if i understand you correctly. You were in a 2.5% term until May 31st 2018. then, Tangerine called you and they offered to bump up your rate to 2.75% until the end of 2018, starting immediately?

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