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Tangerine Retention Rates Q4 (Oct 4) 2017
December 9, 2017
8:54 am
Slybanking
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DavidAlta13 said

Tang's minimum balance "snapshot" dates are the second business day of each new quarter, with special offers effective on new money starting on the following (third) business day, not the 5th calendar day.

For 2018, the "snapshot" / new special offer effective dates will be:
Jan 3 / Jan 4;
Apr 3 / Apr 4;
Jul 4 / Jul 5; and
Oct 2 / Oct 3

It is not clear from Tang's T&C's whether two accounts, one with the husband as the only account holder, and the other a Joint with the wife as the primary account holder & the husband as secondary, would each be made special offers.
It is clear that for such accounts, the husband's special offer would not include any money in the joint account for which he is the secondary account holder.  

Starting to plan ahead: Can we still make internal transfer (between checking and saving account) on same day value? And if yes then I guess transferring money out of our saving account to checking account on Jan 3 should be OK to qualify the money for the new special offer.

December 9, 2017
10:25 am
jb44
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Just got an unsolicited call from Tangerine offering me 2.5% on all funds for 90 days. The CSR didn't know that I was currently on a 2.75% promo until Dec 31. When I told him that I wasn't interested in any new offer lower than 2.75% before December 31, he told me to call back at the end of the month. Does this mean that I will not receive a new offer in the January 4 lottery??

December 9, 2017
1:51 pm
Loonie
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That phone call doesn't mean you won't get an offer in January, but neither does it mean you will. The CSR may not have known you were on 2.75, but I'll bet the computer system did.
During the last round, it seemed as if they were trying to offer the 2.5 in advance to pre-empt withdrawals. As I recall, some people did get a better offer later if they refused the pre-emptive one. Whether they do that again may depend on how successful they are with these retention offers.

December 9, 2017
3:38 pm
DavidAlta13
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Slybanking said

Starting to plan ahead: Can we still make internal transfer (between checking and saving account) on same day value? And if yes then I guess transferring money out of our saving account to checking account on Jan 3 should be OK to qualify the money for the new special offer.  

Yes, Tang will take the Jan 3 "snapshot" of all the account balances at the end of the day, so if the money has been transferred into your chequing account from the savings account on Jan 3, any money in the savings account from Jan 4 to Mar 31 will be new deposits that qualify for any corresponding special offer.

December 9, 2017
4:56 pm
SavingIsGood
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>Most of the world, and especially Canadians, have chequing accounts & write cheques;

Yes and no. I do have chequing account but I have not written cheque in decades. Bank told me 'cheques do not expire as long as I have the same account number' so I still have bunch of them somewhere, from last century.
All is done electronically:
- All, but ALL bills are on pre-authorized payment either on credit card or checking.
- All, but ALL purchases are done by credit. Exception is farmers market or some odd warehouse 'cash only' sales.
- No, I do not carry any cash in my pocket. Maybe some odd lucky penny.

Hey, even Dollarama accepts credit these days.

December 9, 2017
6:01 pm
Top It Up
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DavidAlta13 said

Sorry (pretty Canadian, eh?) to rant, Slybanking, but the insanity happening in our southern neighbours' country has made me even more sensitive to distinguishing my national identity from theirs.
  

As a Canadian I'm less concerned about our neighbours than I am about our current government and their arrogance and loss of credibility on the world stage.

December 9, 2017
6:36 pm
DavidAlta13
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As this isn't a rant forum, I have edited my earlier reply to remove my misplaced remarks.
If you saw the earlier version, I apologize for misusing this forum to rant and will strive to stick to the topic of practical tips about how to get the best possible rates from Tangerine.

December 11, 2017
6:42 am
dougjp
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End of February will be "interesting". For Tangerine especially as they should be especially keen to grab Simplii dollars (BNS vs. CIBC again). All the online banks will also be looking at this. After a rather bland number of months going back to summer and before, things should get lively.

I wish the new thread for early next year could be renamed "Retention and Acquisition Rates" as both get discussed?

December 17, 2017
8:25 am
SavingIsGood
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I was offered 2.5% retention rate when I chatted with Tang today. Rep. said 'if rate is still available' after Dec 31, if I ask it will be applied for the next 90 days.

December 17, 2017
6:31 pm
Loonie
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SavingIsGood said
I was offered 2.5% retention rate when I chatted with Tang today. Rep. said 'if rate is still available' after Dec 31, if I ask it will be applied for the next 90 days.  

Do I understand correctly that you have been offered a rate that would not start until Jan 1, and then only if "still available"? and that if you ask for it today, it will start immediately and run for 90 days?

What was your response?

December 18, 2017
12:41 pm
dentgal
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My 2.5 ended today. Called the CSR at Tanga and stated that Simplii is offering 3%. They would not match the rate. They are sticking to the 2.5%. My simplii 3% is ending in February. Not sure if I will/could "piss off" tanga by pulling the money out. You've always got to think ahead with these companies. The promos are only for 3 months. The 0.5% difference amounts to $50 per month on $100,000.

December 18, 2017
3:16 pm
Bill
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dentgal, I used to accept their offer but last Sept I didn't, pulled my money out for a week or so (now I've opened a chequing account, I'll move it there this time) and then got an offer (to Dec 31) on Oct 5 as folks on this site said would happen. That's my experience.

P.S. .5% works out to about $42/month, less after you take taxes into account.

December 18, 2017
3:47 pm
Interest
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Currently getting 2.5% but here's my previous offer pattern that I spotted tucked away in my Tang settings. One of them was 3% for 6 months. Guess I better pay more attention to these emails from now on, lol

patt.JPG

December 18, 2017
5:01 pm
dentgal
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Just received my Oaken (Home Trust) chocolate for Christmas:)

December 18, 2017
5:19 pm
DavidAlta13
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dougjp said
I wish the new thread for early next year could be renamed "Retention and Acquisition Rates" as both get discussed?  

dougjp, you can make you wish come true:
Why not start the new thread and name it whatever you "wish", although adding in "Tangerine" and a date reference might make it show up in more newbies' google searches, and help others know which is the current thread. Maybe:
"Tangerine Retention & Acquisition Rates 2018 Q1 (Jan 4)" ?

December 18, 2017
5:36 pm
dougjp
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DavidAlta13 said

dougjp, you can make you wish come true:
Why not start the new thread and name it whatever you "wish", although adding in "Tangerine" and a date reference might make it show up in more newbies' google searches, and help others know which is the current thread. Maybe:
"Tangerine Retention & Acquisition Rates 2018 Q1 (Jan 4)" ?  

When the time comes (mid February) I'd prefer to go further and different, call it something like Acquisition Rates Tangerine vs. Simplii vs.....(add in those offering "deals" when calling in), except I don't know where it would be placed.

December 18, 2017
5:46 pm
DavidAlta13
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dougjp said

When the time comes (mid February) I'd prefer to go further and different, call it something like Acquisition Rates Tangerine vs. Simplii vs.....(add in those offering "deals" when calling in), except I don't know where it would be placed.  

I misunderstood your intentions. Are they to
Ensure your Tang Savings balance on Jan 3 is zero, so you get a special offer on the full amount of any $ later deposied,
then leave the $ at 3% in Simplii until Feb 28, and
then transfer it to Tang Savings if their quarterly offer until Mar 31 is higher than Simplii's Mar rate?

If so, with Simplii's maximum monthly withdrawals capped at $30,000, won't you have anything over that stranded there at a potentially lower rate?

December 18, 2017
6:09 pm
dougjp
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DavidAlta13 said

I misunderstood your intentions. Are they to
Ensure your Tang Savings balance on Jan 3 is zero, so you get a special offer on the full amount of any $ later depostied,
then leave the $ at 3% in Simplii until Feb 28, and
then transfer it to Tang Savings if their quarterly offer until Mar 31 is higher than Simplii's Mar rate?

If so, with Simplii's maximum monthly withdrawals capped at $30,000, won't you have anything over that stranded there at a potentially lower rate?  

That's for Interac e-transfers. My understanding, and what I was told by them, is there is no limit on withdrawals to a linked chequing account except that to do that online you are limited to $50k per transaction. Some have said they have withdrawn multiples of $ 50k on the same day. Simplii said to transfer more than $ 50k you have to phone in but it will happen with no limit.

Specific clarifications requested though, obviously this is something we all want to know for sure.

To answer your initial question, my intentions are to shop for rates in February before the Simplii rate runs out by phoning, hence the term acquisition rates.

December 18, 2017
6:18 pm
DavidAlta13
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dougjp said

That's for Interac e-transfers. My understanding, and what I was told by them, is there is no limit on withdrawals to a linked chequing account except that to do that online you are limited to $50k per transaction. Some have said they have withdrawn multiples of $ 50k on the same day. Simplii said to transfer more than $ 50k you have to phone in but it will happen with no limit.

Specific clarifications requested though, obviously this is something we all want to know for sure.

To answer your initial question, my intentions are to shop for rates in February before the Simplii rate runs out by phoning, hence the term acquisition rates.  

Thanks for the helpful Simplii info.

If you don't have a Tang Savings acct, if you can get one open by Jan 2/3, you might get a special offer higher than the Feb/Mar phone in acquisition rate (e.g. 2.75% vs. 2.5%), good until Mar 31, and getting you on the quarterly calendar schedule Tang uses for it's higher than phone in rates.

December 18, 2017
6:23 pm
DavidAlta13
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My 2018 Q1 plan:
This Thu, Dec 21, in Hubert's website, PULL $ from Tang after 3:30 PM EST.
Hubert will start paying me interest on Dec 21.
By waiting until after 3:30, the withdrawal won't come out of my Tang account for two business days:
That's Dec 22 and Dec 27, so I will continue to get interest from Tang for Dec 21, 22, 23, 24, 26 & 26, when Hubert's paying me too.
Hubert only has a 4 business day hold (vs. 5 most other FI's): Dec 22, 27, 28, 29 & Jan 2, so it's available for withdrawal Jan 3.

Tang will deposit my Dec's 1% interest on Dec 31 and my Dec's 1.75% interest on Jan 1.
On Jan 3, in Tang's website, I shall move any remaining balance from my Savings to my TD chequing. If I do that early, the $ will appear in my TD chequing that day and I can move it back on the 4th.

Also in Tang's website, any time before Jan 3, I will move my money into Tang Savings using the "move later" option, moving it effective Jan 4, FROM TD chequing (No FI, including Tang, can link to Hubert; Hubert has to do the linking, but they have no $ limits).

Early on Jan 3, in Hubert's website, I shall move the $ to TD chequing; it will arrive there on Jan 4, in time to be withdrawn by the Tang transfer.

This results in getting Tang's new rate on my $ starting Jan 4, and no interest from either Tang or Hubert for Jan 3.

The net double interest is 5 days: Dec 21-26 = +6, less Jan 3 = -1, net = +5.

Hooray for Xmas & Boxing Day being next to the weekend! For Easter 2018, as by definition Good Friday is always next to the weekend, the net double interest days will be +4 (Mar 28 - Apr 1 less Apr 3); Canada Day falls on the weekend too, so that will be a net of +4 days (Jun 28 - Jul 2 less Jul 4), but Fall 2018 will only be +3 days (Sept 27-30 less Oct 3).

These 16 days more than make up the difference of never getting Tang bonus rates for the first two business days each quarter (Jan 1-3, Apr 1-3, Jul 1-4 & Oct 1-2 = 12 days).

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