Tangerine Retention Rates Q4 (Oct 4) 2017 | Page 8 | Tangerine Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Tangerine Retention Rates Q4 (Oct 4) 2017
October 5, 2017
7:15 am
SlowPoke
Member
Members
Forum Posts: 51
Member Since:
September 17, 2014
sp_UserOfflineSmall Offline
141sp_Permalink sp_Print

Our email offers "may" arrive after the first week, but have never been received on the first day

October 5, 2017
7:25 am
bhuc
Toronto
Member
Members
Forum Posts: 138
Member Since:
October 5, 2017
sp_UserOfflineSmall Offline
142sp_Permalink sp_Print

Received offer of 2.75% for fall promotion ... down from 3.22 for summer promo.
I pulled all of my cash (from EQ) to EQ bank on Sept 30 and will pull it back (from Tang) on Oct 6. This way I double dip twice (going and coming).
I think Tang got smart and stopped all the high interest promo's , still 2.75 % is better than 2.3% at EQ.

October 5, 2017
7:35 am
laura77
Member
Members
Forum Posts: 9
Member Since:
July 10, 2015
sp_UserOfflineSmall Offline

GoldenLion said
In the summer I moved my money out of Tangerine and into Eq Bank for 2.3% and Tangerine sent me an email offering 2.3%.This time I moved money out of Tangerine into Duca for 2.75% and now Tangerine sends an email offering 2.75%.  

Disappointed this morning when I saw my offer is only 2%. Lowest retention offer for me yet.

I quote the above because I think this is a good clue about how they determine the offers. I moved my money to EQ, but I also had to move a large chunk to Hubert, (because EQ has a 100K max). Looks like perhaps Tangerine saw that move to Hubert (1.85%) and offered just the 2%.

Looks like I will not be putting any of the money back into Tangerine this time. Eff it. Will check again come January. sf-confused

October 5, 2017
7:44 am
jgclghrn
Member
Members
Forum Posts: 131
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline
144sp_Permalink sp_Print

I did not get an offer this time. I got a 2.3% offer for the summer promo.

Looking back over all the offers I received I have got everyone except for the fall offers for some reason. Has anyone else seen a pattern like that?

October 5, 2017
7:47 am
Rick
Member
Members
Forum Posts: 1110
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline
145sp_Permalink sp_Print

jgclghrn said
I did not get an offer this time. I got a 2.3% offer for the summer promo.

Looking back over all the offers I received I have got everyone except for the fall offers for some reason. Has anyone else seen a pattern like that?  

Although I received it this year, they just didn't send me the summer offer last two years.... they did send it to my wife, who wasn't eligible as she doesn't have any accounts she is the primary. Got all the others, but not the summer.

October 5, 2017
8:04 am
gicjunkie
Ontario
Member
Members
Forum Posts: 653
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline
146sp_Permalink sp_Print

On my accounts with $1,500.00 or less I received no special offers, but they did offer me 2.0% for 3 months when I called in on the phone.

On an account with $23,000.00 in it they offered me 2.75%, on new deposits only, for 3 months, or 1.60% on the total balance for 3 months if I declined the 2.75% offer. Effective rate of the 2.75% offer would be about 2.35%, if I were to top up the account to $100,000.00 and get 1.0% on the first $23,000.

My response was to empty out my $23,000 account and transfer as much as possible of my other savings to Wealth One Bank of Canada - 2.50% with no negotiations every 3 months. Of course, that rate could change, but I am totally fed up with the Tangerine process.

October 5, 2017
8:20 am
SavingIsGood
Member
Banned
Forum Posts: 215
Member Since:
February 18, 2016
sp_UserOfflineSmall Offline
147sp_Permalink sp_Print

2.75% here.
Tank is VERY confusing and complicated regarding withdrawal rules. They talk about 25K, 50K, 2M, unlimited, etc.
Apparently, when I moved 500K in March initiating transfer at ANOTHER bank, there was no problem at all. For some reason they classified that pull as pre authorized withdrawal which has NO limit.

October 5, 2017
8:33 am
Rick
Member
Members
Forum Posts: 1110
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline
148sp_Permalink sp_Print

The confusing part is they keep changing the rules and they aren't written down anywhere. Tang will accept funds pushed from another FI up to 2 million, but you can only push 25K at a time out of Tang, from Tang, to another FI.... unless you call in and have a CSR do it for you. Probably so they can try to talk you out of it.

October 5, 2017
8:43 am
scorpio88
Newbie
Members
Forum Posts: 1
Member Since:
October 5, 2017
sp_UserOfflineSmall Offline
149sp_Permalink sp_Print

I was offered 2.75% -- summer promo offered me 3.22%.

Question: I transferred my money to my Tangerine chequing account on October 1, as I know they take a snapshot on the 3rd usually. The snapshot doesn't look at chequing too right, just savings?

October 5, 2017
9:23 am
Righand
Member
Members
Forum Posts: 103
Member Since:
December 15, 2016
sp_UserOfflineSmall Offline
150sp_Permalink sp_Print

Rick said
The confusing part is they keep changing the rules and they aren't written down anywhere. Tang will accept funds pushed from another FI up to 2 million, but you can only push 25K at a time out of Tang, from Tang, to another FI.... unless you call in and have a CSR do it for you. Probably so they can try to talk you out of it.  

Probably depends on how you ask. I found them very accommodating after they inquired why I was moving, I just said that I needed the money so they moved it the next day, all six figures at once.

October 5, 2017
11:08 am
moneyhelp
Member
Members
Forum Posts: 273
Member Since:
December 1, 2016
sp_UserOfflineSmall Offline
151sp_Permalink sp_Print

fbeaulie said

After taxes, it is still enough for a decent bottle of wine! sf-cool If it takes 2 minutes to do the transfer, it is equivalent to being paid $1,110 per hour!  

Yep sf-smile

October 5, 2017
12:37 pm
Loonie
Member
Members
Forum Posts: 9214
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

SavingIsGood said
2.75% here.
Tank is VERY confusing and complicated regarding withdrawal rules. They talk about 25K, 50K, 2M, unlimited, etc.
Apparently, when I moved 500K in March initiating transfer at ANOTHER bank, there was no problem at all. For some reason they classified that pull as pre authorized withdrawal which has NO limit.  

I think the limits may really be about security.
If the request comes from another FI, then it's the responsibility of the requesting FI to verify the owner of the money.
But if the request comes directly to Tang from the owner of the money, it is up to Tang to verify.
They want to limit their liability in cause of hacking fraud etc.
Tang, perhaps not surprisingly, is more willing to trust the channels they have developed with other institutions, than they are with the general public.
I'm no computer expert, but that's the way it looks to me.
But I think they should have made a clear announcement and sent it to everyone regarding their arrangements.

Spouse got 2.75; had moved to chequing.

October 5, 2017
1:07 pm
Righand
Member
Members
Forum Posts: 103
Member Since:
December 15, 2016
sp_UserOfflineSmall Offline

moneyhelp said
Received 2% from my summer 2.97%. Kinda sucky that it went down, but still better than Achieva or Hubert's 1.85%, so looks like I'll be sending my money back to Tangerine, to enjoy the incredible 2% sf-cry

Question. Does anyone think if I called in the rate might be better?  

I still don't follow your logic. You're moving your money back to Tangerine for a .0015 point difference. Most people received a 2.75% offer and 2% was the lowest that anyone received. ISTM that Tangerine is laughing at you and you're willing to move back anyway. Why not try your other option ? Call in and beg. You might get lucky.sf-smile

October 5, 2017
2:27 pm
AlainJF
Member
Members
Forum Posts: 182
Member Since:
January 16, 2017
sp_UserOfflineSmall Offline

smayer97 said
Seems too bad for me as this is the first time I have NOT received ANY offer. Always received them in the past, and usually the highest rates offered (in Ontario). So sad.

Good thing I removed my $, though they did offer a retention rate of 2.5% when I had to call in. Oh well...not a big loss.  

When you (or anyone else in the same situation) called and got that 2.5% retention offer, did you get it until Dec 31st ?

In my experience, the past retention offers that I got when calling, put me to an end-date like "today + 90 days" (ex: Jan 5th, should I call today).

Right or wrong, I have the impression that this later date disqualify me for the next quarter offer.

Alternatively, did anyone request and successfully got the 90days retention offer to be shorten to, for example, 85days to get back in sync with the next quarter offer ?

October 5, 2017
2:33 pm
jgsbrown
Member
Members
Forum Posts: 7
Member Since:
December 27, 2016
sp_UserOfflineSmall Offline
155sp_Permalink sp_Print

GreatWhiteNorth said

Yes.

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

Just to clarify my nose is not out of joint and my vision is very clear as well.

Ambulance chasing for about $400 over 90 days after tax on $100K....really!!!

There has been a lot of negative changes at Tangerine since BNS purchased and the departure of Peter Aceto. GLTA!

October 5, 2017
4:22 pm
JustMe2016
Member
Members
Forum Posts: 129
Member Since:
October 21, 2016
sp_UserOfflineSmall Offline
156sp_Permalink sp_Print

I just spent 1/2 hour on hold to talk to someone at Tangerine and here is what she said.
If you move money to chequing account before promo and then back into saving to profit of new promo it won't work. If you take money out of TFSA account and put it into saving account (again to profit from higher rate) it won't work. That's what she said.

I was really surprised as it goes against what some have written in this forum, as well as what I read in another forum.

October 5, 2017
4:34 pm
GoHabs
Member
Members
Forum Posts: 27
Member Since:
August 1, 2017
sp_UserOfflineSmall Offline
157sp_Permalink sp_Print

Rick said

Each bank has different rules for linking accounts. I don't see anything on the BMO site about linking. May have to send yourself an Interac E-Transfer or write yourself a check. Best to check with them.  

Thanks, Rick. I suspect it would take longer for a cheque to clear than for a requested transfer to be made (usually 1 biz day for me). I don't use Interac but I understand Tangerine charges a fee for doing that.

October 5, 2017
4:57 pm
GoHabs
Member
Members
Forum Posts: 27
Member Since:
August 1, 2017
sp_UserOfflineSmall Offline
158sp_Permalink sp_Print

DavidAlta13 said

First, none of the big 5/6 chartered banks allow linking to other FI's.

Second, there are two strategies for getting the Tang special offers as described in this topic's 1st post:

#1. Open both Tang Savings & Chequing accounts; on the 4th of the new qtr, move $ from Savings to Chequing, then on the 5th, move it back. This means earning Tang's normal posted Savings rate for the 1st - 3rd and nil on the 4th.

#2. Open a high interest savings account at one of the listed FI's on on this site's Comparison Chart and link it to your Tang Savings. Then, usually a couple of business days before the new qtr, Pull the $ into the other FI from Tang. Next, usually on the 4th of the new qtr, Push it from the other FI back into Tang so it arrives there on the 5th. These timings are general & need to be adjusted for both the other FI's holding period, and for weekends &/ stat holidays.

The difference between the two approaches is marginal. For example, suppose Tang's normal posted Savings rate was 1% for all of 2017 & 2018, the special promo rate from the 5th day of the qtr until the end was 2.69%, and Hubert had a 4 business day hold and paid 1.85%. Then the 2017 quarterly extra interest for option #2 vs. #1 would have been 0.0138%, 0.0115%, 0.0300% & 0.0185%. 2018 works out a bit better at 0.0277%, 0.0304%, 0.0273% & 0.0401%.
In $ terms, if you had $100K, you would have made an extra $74 in 2017 and $126 in 2018. To see if the extra work for #2 is worth it, adjust these extra interest amounts to your level of deposits. For someone with $10K, it seems like a lot of work to make $7.40 & $12.60. If you have $500K, then maybe you want the extra $369 / $630.  

Appreciate that info, David. I do have a Tangerine chequing account but hesitate to transfer the monies there thinking Tangerine will one day say the funds have to come from outside, not another account. Your approach in point #2 sounds tempting but at the moment I'm trying to keep financial matters as simplified as possible. But one thing I think I can do is delay when I transfer the monies out. I usually do it several days before the end of the promo thinking they used the last day of the promo for your balance when determining what promo rate they will offer you next quarter. I think I can probably wait another 2-3 days.

I'm in QC and got 2.55% this time, down from 3.1%. Disappointing. I saw someone else in QC post they got 2.75% which surprised me since I think we tend to get lower offers here because of having less options.

October 5, 2017
5:48 pm
Joe
Member
Banned
Forum Posts: 207
Member Since:
June 3, 2015
sp_UserOfflineSmall Offline
159sp_Permalink sp_Print

Righand said

I still don't follow your logic. You're moving your money back to Tangerine for a .0015 point difference. Most people received a 2.75% offer and 2% was the lowest that anyone received. ISTM that Tangerine is laughing at you and you're willing to move back anyway. Why not try your other option ? Call in and beg. You might get lucky.sf-smile  

sf-laughsf-laughsf-laugh

Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.

October 5, 2017
5:56 pm
DavidAlta13
Member
Members
Forum Posts: 92
Member Since:
April 11, 2017
sp_UserOfflineSmall Offline
160sp_Permalink sp_Print

JustMe2016 said
I just spent 1/2 hour on hold to talk to someone at Tangerine and here is what she said.
If you move money to chequing account before promo and then back into saving to profit of new promo it won't work. If you take money out of TFSA account and put it into saving account (again to profit from higher rate) it won't work. That's what she said.

I was really surprised as it goes against what some have written in this forum, as well as what I read in another forum.  

JustMe2016: I do not know whether the fine print in all the terms & conditions of everyone's offers is the same as mine. I assume (& therefore caution that I may be wrong) that they are all the same, except for the amount of the "Savings Interest Offer".

Here's a quote from my "fine print":

The following transactions will be considered Eligible Deposits to which Additional Interest will apply:
Money transferred from a Tangerine Chequing Account to an Applicable Account.
Money transferred from another financial institution, including the Eligible Client’s linked account, to an Applicable Account.

This says, and as far as I can tell it applies to all the folks here, that transfers from Tang Savings to Tang Chequing and back again, or transfers from Tang Savings to another FI and back again, are eligible - as long as the transfer out of Tang Savings went through by the end of the 2nd business day of the new quarter, any money transferred back into Savings on or after the 3rd business day of the new quarter will be eligible.

Since what the Tang rep you spoke to said apparently contradicted this, I can only guess about why:
Guess #1: she did not know the rules;
Guess #2: she thought she was answering the question "Will transfers out of Savings and back again work AFTER the 2nd business day of the new quarter (as it was when you spoke to her)?", in which case her answer was technically correct but less than helpful.

Please write your comments in the forum.