Tangerine Retention Rates/Winter Promo Q1(Jan) 2018 | Page 4 | 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/Winter Promo Q1(Jan) 2018
January 3, 2018
1:31 pm
smayer97
Member
Members
Forum Posts: 113
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

Definitely will do tomorrow. Thx.

January 3, 2018
2:14 pm
Loonie
Member
Members
Forum Posts: 5924
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

NorthernRaven said
Right now they probably prefer to keep the money from going out of Tangerine, and also spur people to add chequing accounts. If they ever feel out-transfer gaming is actually messing up their plans, they can always include chequing balances as old money. But they could also just give some of the chequing transfer people lousy promo rates if they want to try things out. Without knowing their goals and actual customer behaviour, there's no real way to guess at any changes they might make.  

I figure they don't count the chequing and likely never will because it is not necessarily there. You could have written cheques on all of it which are outstanding and won't be stale for six months. They will never have any way of knowing how much is outstanding.

January 3, 2018
2:17 pm
toto
Member
Members
Forum Posts: 237
Member Since:
August 17, 2010
sp_UserOfflineSmall Offline

I called in to bug them as to why I haven't had a promotion for a year, and they said it's because I'm a rate chaser, I take my money out right after the promotion.
I told the csr that I would leave it if there was gic promotions, it is always about the rate.
I don't think I'll be getting any targets in future.

January 3, 2018
2:30 pm
Rick
Member
Members
Forum Posts: 869
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

toto said
I called in to bug them as to why I haven't had a promotion for a year, and they said it's because I'm a rate chaser, I take my money out right after the promotion.
I told the csr that I would leave it if there was gic promotions, it is always about the rate.
I don't think I'll be getting any targets in future.  

Interesting a CSR would say that. I've been chasing rates since Ally started up. Balance at Tang has been going up and down like a yo-yo for a few years now, and I've received all but one offer at the higher end of the spectrum of the promo rates they've offered. Stupidly assumed the snapshot day would be the same as other promos and moved it to checking on the 3rd, so missed the deadline and will not be utilizing the promo, even though I did activate it at Tang. Money is already in EQ. Guess I wait until June to see if they want it back badly enough.

January 3, 2018
2:32 pm
Loonie
Member
Members
Forum Posts: 5924
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

toto said
I called in to bug them as to why I haven't had a promotion for a year, and they said it's because I'm a rate chaser, I take my money out right after the promotion.
I told the csr that I would leave it if there was gic promotions, it is always about the rate.
I don't think I'll be getting any targets in future.  

I would be really surprised if anyone at Tang was authorized to say this to you. They obviously prefer to keep people guessing.

If you read back through many other previous threads, it is clear that (a) nobody really knows the logic of it all; and (b) CSRs will make up all kinds of answers or none, when you ask them why you didn't get a promo.

Better luck next time. You'll probably get on the promo list again eventually, and some promos are open to anyone with new deposits. I was in their bad books for about a year once. I think it was because I just stopped playing along as the rewards weren't worth the nuisance at about 2% when I knew other people were getting more, but who knows?

January 3, 2018
4:57 pm
rhvic
Victoria, BC
Member
Members
Forum Posts: 285
Member Since:
May 28, 2013
sp_UserOfflineSmall Offline

Same for me from Tang - 2.5% till end of May. No better than what Ideal has offered me till end of 2018. Ideal's rate will be my fall back position if Tang and Simplii drop below 2.5% this year.

January 3, 2018
5:16 pm
lhsaid
Member
Members
Forum Posts: 50
Member Since:
May 22, 2015
sp_UserOfflineSmall Offline

Same here, Tangerine emailed me and offered 2.5% until May 31th on regular Saving Acc. and TFSA. This is good as I moved out all my TFSA funds at on Dec 29th to regular Saving Account.

January 3, 2018
8:02 pm
rfdm4g4g9
Member
Members
Forum Posts: 227
Member Since:
June 15, 2016
sp_UserOfflineSmall Offline

fbeaulie said
I was planning on moving everything out on January 1st but I was away and I came back later than expected 🙁

I moved everything out to my Tangerine Checking account very early January 2nd.

I recall seeing questions as to whether or not it was "end of day" but I don't recall if someone had a definitive answer?

Thanks  

Web Chat with them and confirm in writing. They also email the transcript of the chat to you via their official email id for your record. So no need to copy paste the web chat or print the web chat for your record, but better to print it anyway.

Specifically ask them if they take the snap shot of the balance early in the morning on Jan 2 @ 12.01 AM or late at night on Jan 2 @ 11.59 PM.

Then let us know what happens at the end of the month, Jan 31/ Feb 1 , if you got the promotional bonus interest of 1.5 % or not. So going forward we know what the rule is.

Regular 1 % will be paid on Jan 31 & promotional 1.5 % on Feb 1 . They always pay them on 2 different lines on end of month & first day of the month after that.

On another forum when a member contacted Tangerine regarding this, One rep told him early morning & another rep told him late evening sf-confused. So even the reps are giving contradictory information on this sf-surprised

Maybe Tangerine should just put that in their Terms & Conditions - they just mention the date but not necessarily if its closing or opening balance for that day.

January 3, 2018
8:33 pm
smayer97
Member
Members
Forum Posts: 113
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

rhvic said
Same for me from Tang - 2.5% till end of May. No better than what Ideal has offered me till end of 2018. Ideal's rate will be my fall back position if Tang and Simplii drop below 2.5% this year.  

Of course, Ideal has very restrictive limits for moving money in and out, to a max of $25K in/month and $10K out/month via Interac e-transfer only (other than via mail).
Details here: https://idealsavings.ca/extras/online-services/

Not "Ideal" for folks with larger sums to move.

January 3, 2018
8:52 pm
implode
Member
Members
Forum Posts: 91
Member Since:
April 2, 2015
sp_UserOfflineSmall Offline

Just 2.5% for me. Activated nonetheless, but will keep money at Simplii until that 3% offer ends.

January 3, 2018
9:00 pm
fbeaulie
Member
Members
Forum Posts: 50
Member Since:
October 5, 2016
sp_UserOfflineSmall Offline

rfdm4g4g9 said

Web Chat with them and confirm in writing. They also email the transcript of the chat to you via their official email id for your record. So no need to copy paste the web chat or print the web chat for your record, but better to print it anyway.

Specifically ask them if they take the snap shot of the balance early in the morning on Jan 2 @ 12.01 AM or late at night on Jan 2 @ 11.59 PM.

Then let us know what happens at the end of the month, Jan 31/ Feb 1 , if you got the promotional bonus interest of 1.5 % or not. So going forward we know what the rule is.
 

"but better to print it anyway": I would recommend always cut and pasting. I did cut & paste in a word document before clicking on the "print button" - "print" did not work and it was not e-mailed to me (I don't know what happened but I was brought back to the home page after hitting "print" - no other option).

As can be seen in the extracts that I have posted, CSRs will take no risk and will tell you that transferring to your tangerine checking account does not work, that any amount in your account at any time on "D" day counts towards calculating the balance on that day and whatever else they need to say to make sure that they stay out of any potential problem...

January 3, 2018
9:28 pm
fbeaulie
Member
Members
Forum Posts: 50
Member Since:
October 5, 2016
sp_UserOfflineSmall Offline

toto said
I called in to bug them as to why I haven't had a promotion for a year, and they said it's because I'm a rate chaser, I take my money out right after the promotion.
I told the csr that I would leave it if there was gic promotions, it is always about the rate.
I don't think I'll be getting any targets in future.  

Just in case someone from Tangerine reads that:

We are all rate chasers! We are not stupid enough to leave all our money in a Tangerine Savings account when your interest rate is only 1%! Anyone in Canada (including Québec) can easily get at least 1.95% with Alterna Bank (without having to remember to move their money out of their Savings Account on January 1st while drinking Margaritas in Mexico waiting for their delayed flight!).

January 3, 2018
10:31 pm
DavidAlta13
Member
Members
Forum Posts: 92
Member Since:
April 11, 2017
sp_UserOfflineSmall Offline

As a former banker, here's my experience:
All FI's use Closing balances for interest & other calculations.
It does matter the order in which a day's transactions go through the account.
For example, if you overdraw in the morning and "cover" the overdraft with a deposit in the afternoon, there won't be any overdraft interest or fees charged.
All that matters is the balance at the end.

The fine print in my Oct '17 Tang offer stated: "Applicable Accounts opened prior to October 3, 2017 are eligible for Additional Interest on the sum of daily Applicable Account Type balances that exceeds the sum of closing Applicable Account Type balances as at October 3, 2017".
The key words are "closing ... balances".

Tang has not put the full fine print online for the Jan 3 - May 31 2.5% offer.
Winnie quoted the details Tang has disclosed in post #34.
Tang states they calculated our balances "as they were Jan 2."
For me, this clearly means the closing balance on Jan 2.

"Closing balance" means 11:59:59 P.M. EASTERN time (not, for example, 11:59:59 P.M. my local Mountain time or 11:59:59 P.M. Central, the local time for Hubert & Ideal).
Depending on the FI, you may not see some transactions online until after 7:30 A.M. the following day, as some the previous day's entries are not posted "live" but are processed overnight using the previous day's date.

January 4, 2018
12:01 am
Loonie
Member
Members
Forum Posts: 5924
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Rick said

Stupidly assumed the snapshot day would be the same as other promos and moved it to checking on the 3rd, so missed the deadline and will not be utilizing the promo, even though I did activate it at Tang. Money is already in EQ. Guess I wait until June to see if they want it back badly enough.  

I'm sorry you missed out, Rick. I did my best to warn everyone that something like this could happen - #4 above. Tang remains unpredictable.

However, the others are also unpredictable, so something better may yet come along. June 1 is a long way off.
Bank rate may rise before then. - this may be why Tang wants us to stay put for five months this time.

Good luck!

January 4, 2018
12:11 am
Loonie
Member
Members
Forum Posts: 5924
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

DavidAlta13 said
As a former banker,...
  

No doubt this explains your fascinating calculation in #29 above.
I don't think I would ever go to that much trouble to figure it out but I'm sure it's almost second nature for someone from a banking background.
These tiny calculations all add up and are important from the perspective of the bank. That's how they get rich off of us. Nice to be able to turn it back on them once in a while!sf-wink

January 4, 2018
12:29 am
Loonie
Member
Members
Forum Posts: 5924
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

fbeaulie said

Just in case someone from Tangerine reads that:

We are all rate chasers! We are not stupid enough to leave all our money in a Tangerine Savings account when your interest rate is only 1%! Anyone in Canada (including Québec) can easily get at least 1.95% with Alterna Bank (without having to remember to move their money out of their Savings Account on January 1st while drinking Margaritas in Mexico waiting for their delayed flight!).  

Most people on this site may be rate chasers, each with their own standards about how willing they are to be inconvenienced for the sake of a few more bsp. but most Canadians are content to let their money rot in regular chequing and savings accounts and are allergic to negotiating terms of their accounts. A lot of them also hold costly mutual funds that don't outperform the market!

I remember reading a newspaper article, around the time that EQ started, saying that the estimated market for these off-brand higher interest accounts was no more than about 5% of the total, and it could have been as low as 3%. Canadians are fundamentally rather conservative when it comes to banking, and have an innate distrust of banks-we-never-heard-of-before.
We must have all had our DNA altered in our youth by reading Stephen Leacock's famous comic short story of opening a bank account!sf-wink

I expect most of us here have had the experience of trying to explain to friends or family members that they could do much better for themselves and offering to show them the ropes, to no avail.

January 4, 2018
3:15 am
bhuc
Member
Members
Forum Posts: 23
Member Since:
October 5, 2017
sp_UserOfflineSmall Offline

I just got an email this morning for a rate of 2.5% from Tang.
"New deposits to these Accounts from January 3, 2018 to May 31, 2018 will earn your special rate of 2.50%."
I was getting 2.75% for their fall promo that just ended, even though I only kept a small amount in the savings acct.
I'm wondering what others have received as a promo rate?

Although better than EQ (2.3%) not as good as Simplii (3%)

I'll leave my 100K + in Simplii until the term runs out at the end of Feb 2018.

January 4, 2018
4:36 am
fbeaulie
Member
Members
Forum Posts: 50
Member Since:
October 5, 2016
sp_UserOfflineSmall Offline

bhuc said
I just got an email this morning for a rate of 2.5% from Tang.
"New deposits to these Accounts from January 3, 2018 to May 31, 2018 will earn your special rate of 2.50%."
I was getting 2.75% for their fall promo that just ended, even though I only kept a small amount in the savings acct.
I'm wondering what others have received as a promo rate?
 

This time, it looks like there is only one promo rate: 2.5%

January 4, 2018
6:21 am
savemoresaveoften
Member
Members
Forum Posts: 240
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

savemoresaveoften said
For those that received phone call prior to this promotion and declined their phone call offer, do any of you receive this new offer ? I checked my account and so far nothing. A family member's account who they refused to pay anything better than 1.6% in the past receives this 2.5% 5mth offer.  

To give an update, even tho I still have not received any email offer, I actually saw rates promotion under the "Insight" tab after I log in. Like others mine is also 2.5% until May31 and looks like they decided to just standardize the rate offer.

Their web site is a little quirky right now and I have to log out and log back in to see any changes I made (so as cancelling pending transactions etc). If you click on Activate offer more than once, it will show offer no longer avail but you can see it being added under ur profile/settings/ bonus.

Will see what Simplii does end of Feb given everyone has Tangerine 2.5% as a back up rate Mar thru May.

January 4, 2018
6:40 am
Norman1
Member
Members
Forum Posts: 2903
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

savemoresaveoften said

To give an update, even tho I still have not received any email offer, I actually saw rates promotion under the "Insight" tab after I log in. Like others mine is also 2.5% until May31 and looks like they decided to just standardize the rate offer.
… 

Thanks for sharing that discovery.

No e-mail notification yet for me as well. I logged into online banking and checked. There was a 2½%-on-new-deposits offer for me under the "Insights" tab. sf-smile I clicked on the "Activate" button and received a confirmation in the Inbox of the Tangerine online banking site.

Please write your comments in the forum.