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Tangerine Retention Rates Q4 (Oct 4) 2017
September 30, 2017
11:23 am
hwyc
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Bill said
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.  

For the first time this June, the quarterly-moving-money-out stopped working for me. I didn't get any offer like I used to. And they better offer me something this October; I already opened an account with EQ in July.

BTW, Tangerine's new web interface now showed you all your past offerings in your profile page.

September 30, 2017
12:15 pm
mr P. Pincer
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I went for the 2.5% retention rate last round.

This time 2.5% doesn't seem like much when you now can get 1.85% regular rate or more at many other instutuions.

I pulled everything to Hubert (1.85%) on friday, and will wait to see what the 'new money' promo will be at Tang or PCF.
There will be a hold at Hubert, but when it expires I can pull it back to Tang (or push it to PCF).

Good luck everyone. I hope to see some better rates.

September 30, 2017
1:38 pm
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DavidAlta13 said

Great handle, GoHabs. Many would say they can get 2.3% at EQ Bank (or whichever competitors' rate is the highest at the time).
Perhaps Tang's been making phone offers of 2.5% as it's just high enough to keep the deposits. With their variable mortgage rates at 2.9%, that 0.4% interest rate spread (lending rate - deposit rate) probably just covers their costs & leaves no profit, which is why they cannot offer to pay 2.5% on all Savings deposits. I have no idea how they can afford to offer more than the 2.9% they receive in variable rate mortgage interest.
EQ Bank's 1 yr fixed mtge rate is 3.09%, just 0.79% more than the 2.3% paid on savings deposits.
For context, Canadian banks' average interest rate spreads ranged between about 2.75% and 4.25% from 1980-2008, dropped to 2.3% after the 2008 financial crisis and have since crept up to 2.6%, still about 1% lower than the longer term average.  

Thanks, David. I'm in Quebec, as you might guess from my username (although I know there are Habs fans all across Canada and the US) so we don't have as many financial options, e.g. we don't have PC Financial here. I think Tangerine takes that into consideration when giving us rates here - generally they seem to be lower than those in other provinces get, although this last promo I did get 3.1%.

September 30, 2017
3:30 pm
AltaRed
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mr P. Pincer said
I pulled everything to Hubert (1.85%) on friday, and will wait to see what the 'new money' promo will be at Tang or PCF.
There will be a hold at Hubert, but when it expires I can pull it back to Tang (or push it to PCF). 

There is no assurrance the new Simplii will continue past PCF practices. They might do so for awhile until investors get 'used' to the re-branded entity, and thereafter, only if they want to go head-to-head with Tangerine.

It still baffles me why Tangerine is in this game. As a BNS shareholder, I am not too pleased. There is substantial cost to both the promotion itself, and the effort (resource time) to manage it.

September 30, 2017
6:28 pm
smayer97
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Loonie said
The 25K transfer restriction only applies to external transfers.
Spouse had no trouble transferring to chequing online - and the computer doesn't ask you why or make counteroffers!  

Actually, the limit was decreased from $50K to $25K about a month ago. BUT in the past, the $50K limit was not a daily limit but rather a limit per transaction, even though the error message that comes up suggests this. I know because to get around this I simply broke up my transfers in multiple of $50K ON THE SAME DAY and they all went through THE SAME DAY.

I have not tried with the new $25K limit but I suspect it is still the same...
Someone willing to venture a try?

October 1, 2017
1:23 pm
semi-retired
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Shifted savings over to checking this morning.I'll see what the new promo rate offering (hopefully)is in a couple of days.3.22% last 3 months.

October 2, 2017
6:21 am
tc
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semi-retired
did you need to talk to a rep to shift eg over 150 k from savings to checking? Or just do it online? tks

October 2, 2017
6:45 am
bpwest
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tc said
semi-retired
did you need to talk to a rep to shift eg over 150 k from savings to checking? Or just do it online? tks  

I'll jump in... I did not call, but transferred online from Tang Sav to Tang Chq'ing, 6 figures, (one large transfer, not multiple smaller ones) on Sept 29. Wrote a chq to myself, deposit to PCFin. Sav., earning 2.5%. Cheque came out of Tang chq'ing, dated today, Oct 2, @7:00a.m.

Everything went as I had planned; double interest over the weekend, although if I could transfer large amount without talking to CSR, I probably would...

(New website side note: transaction for that transfer says 'rent paid'; click on that, and can 'edit transaction category'!)

October 2, 2017
7:48 am
Slybanking
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I am waiting tomorrow to transfer everything from saving to checking. I already had 2 good rates on the last 2 quarters: 3.21 and 3.22. What are the chance to get a third one in a row?

October 2, 2017
8:18 am
laura77
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Last quarter I took the 2.5% retention offer over the phone and regretted it. I want that +3%!

So I've pulled everything out this time to my EQ account and to Hubert. (Have to split it up as EQ gets maxed at 100K. ) What I have learned from this forum that has been helpful: Always PULL money from one place to another rather than PUSH. This is the way to get double interest over a day or two, rather than zero interest during transitions.

Looking forward to hearing about everyone's results later this week. Good luck!

October 2, 2017
10:47 am
smayer97
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smayer97 said

Actually, the limit was decreased from $50K to $25K about a month ago. BUT in the past, the $50K limit was not a daily limit but rather a limit per transaction, even though the error message that comes up suggests this. I know because to get around this I simply broke up my transfers in multiple of $50K ON THE SAME DAY and they all went through THE SAME DAY.

I have not tried with the new $25K limit but I suspect it is still the same...
Someone willing to venture a try?  

BTW, I did get confirmation yesterday by an agent that the limit has changed from $50K/transaction to $25K/DAY...BIG change...I even decided to give it a try and sure enough, the $25K/DAY limit is in force. The system even adds up all multiple scheduled transactions for the same day to apply this limit. So they only way to withdraw > $25K is to call in.
They are saying the reason for this change is for security due to increased account hacking (with all banks).

October 2, 2017
12:54 pm
jgsbrown
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I don't receive promo interest offer's from Tangerine anymore as I told them to go "pound salt" after putting holds on money transfers to my wife's Tangerine account due some algorithm that has determined the transactions to be potentially fraudulent.

Do yourselves a favour? Move your money out and stop playing the promo game. After tax on a savings account, is it really worth it?

October 2, 2017
1:08 pm
ertyu
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smayer97 said

BTW, I did get confirmation yesterday by an agent that the limit has changed from $50K/transaction to $25K/DAY...BIG change...I even decided to give it a try and sure enough, the $25K/DAY limit is in force. The system even adds up all multiple scheduled transactions for the same day to apply this limit. So they only way to withdraw > $25K is to call in.
They are saying the reason for this change is for security due to increased account hacking (with all banks).  

Curiously I just hit this, but it was $25k/transaction and $50k/day.

October 2, 2017
1:55 pm
Slybanking
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jgsbrown said
I don't receive promo interest offer's from Tangerine anymore as I told them to go "pound salt" after putting holds on money transfers to my wife's Tangerine account due some algorithm that has determined the transactions to be potentially fraudulent.

Do yourselves a favour? Move your money out and stop playing the promo game. After tax on a savings account, is it really worth it?  

Everybody agrees that the process to get the best rate possible is a pain in the ... but depending on your personal situation an the amount you have to invest it could really worth it.

October 2, 2017
2:10 pm
smayer97
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ertyu said

Curiously I just hit this, but it was $25k/transaction and $50k/day.  

Interesting...so just to confirm, you just tried this recently and successful in creating more than one transaction in the same day adding up to more than $25K in one day?

October 2, 2017
3:36 pm
ertyu
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smayer97 said

Interesting...so just to confirm, you just tried this recently and successful in creating more than one transaction in the same day adding up to more than $25K in one day?  

Yes, just today I put in 2 different $25k transfers, it wouldn't let me make them more than $25k each. After the 2 it wouldn't let me do another for any more.

October 2, 2017
3:44 pm
GreatWhiteNorth
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jgsbrown said
I don't receive promo interest offer's from Tangerine anymore as I told them to go "pound salt" after putting holds on money transfers to my wife's Tangerine account due some algorithm that has determined the transactions to be potentially fraudulent.

Do yourselves a favour? Move your money out and stop playing the promo game. After tax on a savings account, is it really worth it?  

Yes.

Not sure how it does any of us a favour to forgo bonus interest because you've got your nose out of joint?

October 2, 2017
3:55 pm
Loonie
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I would be willing to allow Tang the excuse that greater security is needed due to hacking etc., and that online banking limits may be part of that. I'm sure all the FIs are on high alert since the Equifax fiasco.

However, I expect them to take every opportunity to let us know.

Since they didn't, I'm not inclined to believe them.

October 2, 2017
5:49 pm
grandoug
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Called in this a.m. to request transferring out all funds to my "home" bank CIBC, with plans to move it to 90-day GIC at Meridian. Nice lady on call centre from Monction said they would match the offer 2.5% until Dec. 30. Ditto for wife's account. No problem other than the waiting for a live person.

October 2, 2017
10:50 pm
Rick
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But what I really want to know is if anyone has recently pulled a large amount out of Tang from another FI without a problem. Would like confirmation of what the CSR told me.... I could pull up to 2 mil from a linked FI. The way they change the rules, not sure I trust the CSR. Like bpwest's method...write a check to yourself to transfer out.

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