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Tangerine Retention Rates Q4 (Oct 4) 2017
September 19, 2017
3:17 am
DavidAlta13
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For the first three quarters of 2017, Tangerine (“Tang”) has made Special Interest Offers on up to $500,000 in “new” deposits to an individual’s existing Tangerine Savings Account(s) (“Savings”) and Tax-Free Savings Account(s) (“TFSA”), higher than the best market high interest rates. See below on how to make your existing deposits “new”.

If you are not an existing Tang customer, you will not be able to take advantage of their offers, so if you want access to the deals, open a Tang Savings account & make a deposit by the end of Sep.

Last quarter, members reported offers ranging from 2.5% to 3.22% for Jul 5 to Sep 30.

It appears that these are “retention” offers because most people who moved their money out of Savings by the 4th of Jul received special offers, and most who left their money in Savings did not.

If the pattern continues, Tang will use Savings & TFSA balances at the end of Oct 4 to calculate what qualifies as new deposits earning additional interest once deposited on Oct 5 through Dec 31, 2017.

Tang Savings customers that withdraw money by the 4th of the new quarter will likey receive a special offer as a notice on their Tang Savings' page on the 5th, &/ via email on the 5th or 6th. Here’s the Jul 5/17 notice on my account page:
"Special offer: Earn 2.69% interest until September 30, 2017 on up to $500,000 in new deposits to your Tangerine Savings Account(s) and Tax-Free Savings Account(s) made between July 05, 2017 and September 30, 2017".

Although moving the cash to a Tang chequing on the 4th works, this pays the much lower posted Savings rate for the 1st to the 3rd and the even lower chequing rate for the 4th. To get higher rates for these 4 days, many members transfer out of Tang 5/6 business days before the 5th (depending of the other FI’s hold period), and back for the 5th, using other FI’s like EQ or Hubert. Personally, I use Hubert as:
(i) their 4 day hold on deposits expires the 5th business day after the day of deposit (e.g. deposit on Sep 27, hold 4 business days after, available 12:01 AM Central time Oct 4), versus EQ’s hold expiry on the 6th business day;
(ii) EQ pays up to the CDIC $100K limit, Hubert pays on the full balance;
(iii) By "pulling" the $'s out of Tang into Hubert after 3:31 PM Central time, the $'s are not withdrawn from Tang until two business days later (for Jun 28 & 29, I earned interest at both FI's). You have to "push" the $'s back into Tang from Hubert as Hubert has only one credit union member number for all accounts and there is no unique account number for other FI's to link to. However, if you do the push to Tang before noon Central time, Tang receives the deposit the next business day (I got no interest for Jul 4 and Tang started paying me Jul 5); and
(iv) All the staff at this Selkirk, Man. based credit union are typical small-town, great Canadians providing friendly, excellent service, a real contrast to my experiences with EQ.

How Tang determines who gets which special rates is unknown, with members reporting no consistency across location, $ amount or length of time as a Tang customer. Members did not disclose their ages, incomes or employment/retired status, so we don't know if those are factors.

The Special Interest Offer is a “fixed” rate and is split between the normal Posted Rate, paid at month end, and the Additional Interest, paid on the 1st of the next month. “Fixed” means that if the Posted Rate changes during the Special Offer period, as it did on Aug 1, the Additional Rate is adjusted up or down to keep the total interest paid equal to the Special Interest Offer. For me, that meant my 2.69% rate split went from 0.8% +1.89% to 0.9% + 1.79% on Aug 1.

The $500,000 cap is applied separately to (i) the sum of new deposits in all Savings in an individual’s name and (ii) the sum of new deposits in all TFSA’s in an individual’s name.

Creating new deposits in TFSA’s can be done anytime with new contributions made on or after the 5th, or with TFSA transfers from other FI’s timed not to arrive until on or after the 5th.

Due to how the gov’t calculates TFSA contribution limits, new deposits can’t be created using deposits already Tang TFSA’s for the last three quarters of any calendar year by withdrawing the money to a Tang chequing account by the 4th & recontributing on the 5th. The withdrawals will increase the TFSA limit, but not until the following Jan 1, so any amounts recontributed results in TFSA over-contributions and potential penalties and interest charges.

To create new deposits in TFSA’s for the first quarter of the year, make the withdrawal at the end of the previous year’s 4th quarter (by Fri Dec 29 this year). Then make the corresponding contribution on or after the 5th of Jan (a Fri in 2018). I shall post a mid-Dec reminder in next quarter’s Tang Special Offer topic.

As an alternative to withdrawing funds to obtaining Tang’s special offer, some folks called Tang just before the end of Jun and said the money would be moved to the highest paying competitor unless a higher rate was offered. Many received 2.5% starting Jul 1, higher than the 2.3% then available elsewhere. This avoided the low rate period between month end and the 5th, but was lower than the special offers for the next 88 days, Jul 5 - Sep 30.

As the days when loyalty meant something are long gone and the FI’s are trying to maximize profits for their owners (largely us, collectively, through our individual, ETF, mutual fund & pension plans’ holdings), I am grateful for internet sites like this. This is where I found out about Tang’s unpublicized special offers, so thanks again to Peter for setting it up and to all the other members of these qtrly Tang forums.
I look forward to the discussion that will no doubt follow.

September 19, 2017
5:55 am
Bill
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If I recall from my reading here, seems to me the quarterly-moving-money-out tactic works for most though not all folks. So, on a random (or at least undecipherable to us here) basis, some end up getting nothing at all.

My experience with the leave-your-money-there-and-call-them-on-the-day-your-promo-expires tactic has always resulted (assuming the balance in the preceding 90 days has stayed pretty much the same or increased) in a promo offer of some kind.

September 19, 2017
6:07 am
Top It Up
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No offence to the OP, but it is absolutely no wonder I can't be bothered chasing interest rates.

Having said that, I did chase the 2.5% rate at Ideal Savings BUT solely for the reason I could "park" the money there for 13 months, at that guaranteed rate.

September 19, 2017
9:33 am
JenE
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Thank you, DavidAlta13, for so clearly recording the 'Tang story'. I'll be referring to it a lotsf-laugh

September 19, 2017
11:22 am
rhvic
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I will be playing the usual game of moving the bulk of my money out of Tang to say EQ or Ideal before the end of the month, thus reducing the amount on file at the end of the quarter, leaving lots of room for 'new money'. Then I will wait for Tang to give me a new offer. If it is higher than the 2.5% I can get elsewhere, I'll move back to Tang, up to CDIC limits. In my experience, leaving my funds in Tang and phoning them to give me an offer always resulted in less than waiting for them to give me an offer.

My last two offers from Tang were 3.21 and 3.22%. Might one expect it to be even better now that the BoC rate went up by 0.5% in the past month or two? One can always hope.

September 19, 2017
1:40 pm
Righand
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Agree completely !!

IMO, there is nothing more frustrating than having to phone in every 90 days just in order to ask for something more than their earth shattering 0.90%, being put on hold by a gormless CSR pretending to search for a great offer and then coming back with less than one can get elsewhere by navigating around the various sites.sf-cry

I have also done much better by simply moving out and waiting.sf-cool

September 25, 2017
3:02 pm
rhvic
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I just tried to repeat my actions of last June when I transferred two lots of cash between Tang and Ideal. In June I had no problem moving up to $50K on two separate days. However today when I tried to do this, Tang would not allow me to move more than $25K in one day. Has anyone else experienced such a reduction?

I want to get my account down before the end of this week and any supposed offer of new rates for 'new' money in early October.

September 25, 2017
4:15 pm
Loonie
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rhvic - Were you moving it out of Tang completely, or to Tang Chequing?
Did you do it online or did you call a CSR and ask them to do it?

September 25, 2017
5:02 pm
Righand
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rhvic said
I just tried to repeat my actions of last June when I transferred two lots of cash between Tang and Ideal. In June I had no problem moving up to $50K on two separate days. However today when I tried to do this, Tang would not allow me to move more than $25K in one day. Has anyone else experienced such a reduction?

I want to get my account down before the end of this week and any supposed offer of new rates for 'new' money in early October.  

Yes, I had the same problem. For some reason they did lower the amount to 25k at a time so I phoned in to move the entire account to my external bank on file. When the rep asked why, I just said that I needed the money because I didn't want them to make me an offer that would ruin my chances in the October lottery.

September 25, 2017
5:08 pm
Bill
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CHUCK21 reported this $25K limit problem on Sept 21, so I set up withdrawals last week and this week, max of $25K a day, to get all my money out of my Tangerine savings accounts (I've no chequing accounts there) by Sept 29. We'll see what Oct 5 brings.

September 25, 2017
5:37 pm
DavidAlta13
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rhvic said
I just tried to repeat my actions of last June when I transferred two lots of cash between Tang and Ideal. In June I had no problem moving up to $50K on two separate days. However today when I tried to do this, Tang would not allow me to move more than $25K in one day. Has anyone else experienced such a reduction?

I want to get my account down before the end of this week and any supposed offer of new rates for 'new' money in early October.  

I believe the Tang daily limit you refer to is only for online transactions initiated on Tang's website; for transfers over the daily limit within Tang, you must call. For transfers to other institutions, you could either phone Tang or initiate the transfer online from the destination institution's website.
To withdraw from Tang, I go to Hubert or EQ and use their links to my Tang account to transfer into Hubert or EQ. I have had no issues w larger amounts between Hubert fr Tang or EQ fr Tang.

September 25, 2017
5:44 pm
DavidAlta13
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rhvic said
I just tried to repeat my actions of last June when I transferred two lots of cash between Tang and Ideal. In June I had no problem moving up to $50K on two separate days. However today when I tried to do this, Tang would not allow me to move more than $25K in one day. Has anyone else experienced such a reduction?

I want to get my account down before the end of this week and any supposed offer of new rates for 'new' money in early October.  

Ideal's terms & conditions say they hold deposited funds for up to 10 calendar days. Do you know if Ideal actually holds deposits for the full 10 calendar days?

If so, the hold on a Tue Sep 26 deposit would expire 10 days later on Fri Oct 6. 10 calendar days after Wed Sep 27 is Sat Oct 7, so with the holidays on Mon Oct 9, their hold might not expire for 13 calendar days on Tue Oct 10.
For comparison, the hold on a Sep 27 deposit at Hubert would expire on Wed Oct 4.

September 26, 2017
8:25 am
Slybanking
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About the Tangerine Hold policy, can I transfer money that is on hold in my Tangerine saving account to my Tangerine checking account?

September 26, 2017
10:13 am
gooch
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Hubby just phoned in to transfer money, was offered 2.5% but the effective date would be today so he would lose his 3%+ till the end of Sept. Any thoughts, who would have accepted 2.5%

September 26, 2017
10:46 am
Norman1
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2½% is not bad.

It matches PC Financial's special 2½% rate that will last until end of October. It is better than EQ Bank's 2.3%.

September 26, 2017
11:21 am
Loonie
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Slybanking said
About the Tangerine Hold policy, can I transfer money that is on hold in my Tangerine saving account to my Tangerine checking account?  

Yes, in my experience. It will still be on hold though. May require CSR.

September 26, 2017
11:26 am
Loonie
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Righand said

Yes, I had the same problem. For some reason they did lower the amount to 25k at a time so I phoned in to move the entire account to my external bank on file. When the rep asked why, I just said that I needed the money because I didn't want them to make me an offer that would ruin my chances in the October lottery.  

Good answer!

September 26, 2017
11:32 am
Loonie
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gooch said
Hubby just phoned in to transfer money, was offered 2.5% but the effective date would be today so he would lose his 3%+ till the end of Sept. Any thoughts, who would have accepted 2.5%  

I would have accepted it, as a bird in the hand etc. if you don't have anything better on offer. Tang has a history of punishing people who don't accept immediately.

But I would also be on the lookout for a better deal, esp if BoC rate goes up again before year end.

September 26, 2017
3:36 pm
GoHabs
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Hi everyone,

This is my first post, but I’ve been lurking on and off for a while. My thanks to the admin/Peter for this site and for all who have posted. I’ve been doing the in and out game with Tangerine for at least a couple of years now but I never knew the new promo ‘schedule’ till I discovered this site.

I always withdrew my Tangerine balance to an external account. When they ask me why I usually say because my promo rate is ending and I’m looking elsewhere. When they offer to see what promo rate they can offer me, I have learned to decline. I did it once and I think it locked me in so I didn’t get a better offer even though I still withdrew the monies. This time I just said for personal reasons and the agent didn’t push. I’m curious what do some of you give for the reason you’re moving your money?

September 26, 2017
4:35 pm
Rick
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gooch said
Hubby just phoned in to transfer money, was offered 2.5% but the effective date would be today so he would lose his 3%+ till the end of Sept. Any thoughts, who would have accepted 2.5%  

I wouldn't have. The quarterly promos seem to offer better rates than the retention offers, if you're lucky. 3% is only for another 4 days. No offer or 2.5 or less and it's off to EQ. You may or may not get an offer and it's a crap shoot on the rate. I feel they test the waters to see what it would take for you to stay or pull it all out. I turned down 2 .something percent last year, pulled it all out, and got a better offer next quarter, and have gotten over three % all this year. Only thing to remember is it's Tang...no guarantees. You've got to ask yourself one question: 'Do I feel lucky?' Well, do ya, punk?

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