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Tangerine Retention Rates/Winter Promo Q1(Jan) 2018
January 4, 2018
12:34 pm
Bill
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2of3aintbad, Simplii used to be PC Financial, and I've been with them since day one almost, keep nothing there usually, but sometimes an offer comes along and I load up and then move it out after the offer expires as they don't usually seem to follow-up with another promo, if I remember right. I did call once and was just told that the promo is over. Also a couple of times my wife got offers and I didn't, again no rhyme or reason to it as far as I could tell. For me they've not established a pattern, as far as I can tell anyway.

As far as Tangerine being sneaky this time, I congratulate them for using whatever tactics they can to improve profits - as a big bank shareholder I've always appreciated when my companies attend to the details of making money, just as I appreciate those here who use whatever tactics they can (e.g. emptying out accounts before a certain day in anticipation of getting a promo offer, or figuring out how to overlap funds over long weekends and holidays to get interest on the same dollar from two banks!) to squeeze every last dollar out of their savings monies. Seems like both sides are trying to do the same thing, maximize their dough.

January 4, 2018
12:46 pm
Rick
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Loonie said

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!  

Thanx Loonie. No biggie. Took a big chunk out for TFSA and RSP contributions, so it will cost me about 75 bux over the 5 months keeping it at EQ instead of Tang...assuming rates don't go up before June. I'm actually happy not to have to deal with Tang anymore except for their credit card. Balance in checking and savings is $0.01. I'm sure they'll miss me as much as I miss them.

January 4, 2018
12:47 pm
RicksBank
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My wife and daughter also have savings accounts. None of us got a phone call prior to this latest promo, and for the first time all 3 of us received the promo. I've always gotten them in the past.

I moved my money to Tang chequing late Fri the 29th, and then the last pair of interest deposits (from the 31st and 1st) on the 1st. My wife and daughter have less than $5k each and have never actually taken advantage of any promo (until now).

January 4, 2018
1:05 pm
Doug
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Slybanking said

As I mention before unless they changed the rules, go on your website, login, press the saving account icon and check what is the last balance for your saving account for Jan 2nd. That is what they should use for the snapshot. In any case that is what they use for the last quarter cause it worked for me.  

I'm not certain about that. Although deposit balances are totaled end of day, you cannot be certain that the "net new money" promo doesn't actually use the end of day balances from Jan. 1st, 2018. The wording is specifically vague such that they could be accurately saying they are using the Jan. 2nd, 2018 deposit balances if they are going by the Jan. 2nd balance at the start of the day. I would not, personally, risk of earning only "posted rates" for a month (or more) with transfers in and out the same day.sf-cool

Forum readers: use caution in taking the above advice from Slybanking in terms of deposit capture dates. For comfort, I would check your Jan. 1st deposit balance before deciding if you will earn promo interest. 🙂

Cheers,
Doug

January 4, 2018
1:13 pm
Doug
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SavingIsGood said
Exactly like that: We totalled up the balances of your eligible Savings, TFSA and RSP Savings Account(s) as they were on January 2, 2018 to get your total balances per Account type

At any 'normal' week if you initiated pull from other bank on Thursday, money from Tang will be gone on Saturday morning.
For this 'promotion' they did not process transfer from THEIR account until Jan 2 and automatically you are screwed if you had a lot of $ on account.
Meaning: if you enjoyed 2.75% in Oct-Dec and had, lets say $400K, to 'enjoy' 2.5% you will have to put back $400K (earning 1%) and only additional $ would earn 2.5%.
Knowing that most 'rate chasers' will wait until last moment to pull money they applied little patch to their code:
if balance >100
then
delay transfer until Jan 2
else
who cares, let them move...
end-if  

Possibly, but I don't think it's exactly that way. Do you have screenshot proof of your transfer that you initiated on Thursday did not go through on Friday (assuming you "pushed" funds out to your other FI)? Tangerine always processes outgoing "pushed" and incoming "pulled" fund transfers next business day. If you made the request after, probably 3-6 pm Pacific time Thursday, then yes, it might've been considered "after cut-off time" for the transfer and scheduled, then, for Jan. 2nd, being the next business day. On a "pulled" transfer from another FI, that's subject to Tangerine's processing times at the back office when it posts to your account. However, while the cheque clearing times have decreased at Tangerine from 3-4 business days, it's generally still 2 business days.

Personally, in this instance, I would've written a cheque, deposited it to my other FI account at an ATM or via mobile cheque deposit on Dec. 29th and then moved the funds to my Tangerine Chequing account at 9:01 pm Dec. 31st, to capture those three days interest at the end of the the month, and that way the cheque would clear on Tuesday or Wednesday but the funds would be in "chequing" account for Jan. 1st or 2nd, whenever the "deposit capture date" was set. sf-cool

For extra "safety," I might've transferred to Chequing earlier on Dec. 31st and forgone the one day of promo interest (besides, I'd still have earned "double interest" for two days anyway!), in case they took the start of day balance Jan. 1st.

Implicity Financial doesn't give you many cheques but perhaps this is "proof positive" of investing ~$35 all in including shipping+taxes for 200 cheques (8 books), cheapest rate in Canada. D+H charges $35-40 for 50 cheques, at best. 🙂

Cheers,
Doug

January 4, 2018
1:23 pm
Doug
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Rick said
Thanx Loonie. No biggie. Took a big chunk out for TFSA and RSP contributions, so it will cost me about 75 bux over the 5 months keeping it at EQ instead of Tang...assuming rates don't go up before June. I'm actually happy not to have to deal with Tang anymore except for their credit card. Balance in checking and savings is $0.01. I'm sure they'll miss me as much as I miss them.  

I certainly look at "lost potential interest" as a cost when making my decision but, once I've made it, I try to put that out of my mind. It's not really a "cost" in terms of a fee or charge in so much as not buying Apple in 1984 (or earlier) was a "cost". I think you did the right thing, Rick, and you're still earning a very good rate. Plus, when you average out Tangerine's rate offers for most clients, taking into account the "high" and "low" ones for the whole year, it's my experience we generally earn 2.4-2.7% year for the last couple years or so. On that basis, even if you ended up at EQ Bank all or most of the year, that's only 10 to 40 bps difference. Not a huge difference by any stretch. sf-cool

Plus, if more of us actually follow through on our "threats" and "sit out" a couple promos and Tangerine sees a few billion in outflows (easily plausible considering their ~$30 billion in deposits), Ms. Rideout is going to be called to the mat and held accountable for her strategy in trying to drive increased revenue. Capital adequacy matters to banks as it affects their ability to lend or do other acquisitions and Scotiabank's taking on a new relative "biggie" with BBVA's Chilean unit. 😉

Cheers,
Doug

Fair & Transparent Disclosure: Since Bill mentioned he's a bank shareholder (though he didn't mention which ones or how many shares), it bears repeating every so often. I currently own ~100 shares of Bank of Nova Scotia, ~100 shares of CIBC (my "top pick" in terms of overall business strategy and mix currently) and ~200 shares of Toronto Dominion Bank (my "best return," with an average cost of <$30 per share from my initial purchase in 2009, though it's edged higher from ~$18 per share due to adding to my initial purchase). In terms of other bank shares, I hold 5000 shares of Street Capital Group and ~375 shares of HSBC Holdings plc Ordinary Shares in on the UK Principal Register. sf-cool

January 4, 2018
1:28 pm
Slybanking
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Doug said

I'm not certain about that. Although deposit balances are totaled end of day, you cannot be certain that the "net new money" promo doesn't actually use the end of day balances from Jan. 1st, 2018. The wording is specifically vague such that they could be accurately saying they are using the Jan. 2nd, 2018 deposit balances if they are going by the Jan. 2nd balance at the start of the day. I would not, personally, risk of earning only "posted rates" for a month (or more) with transfers in and out the same day.sf-cool

Forum readers: use caution in taking the above advice from Slybanking in terms of deposit capture dates. For comfort, I would check your Jan. 1st deposit balance before deciding if you will earn promo interest. 🙂

Cheers,
Doug  

Rule 19 quote from the small print offer term of the winter saving 2018:

Applicable Accounts opened prior to January 2, 2018 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 January 2, 2018.

Its only my understanding of the wording, will see on Feb 1st.

January 4, 2018
1:30 pm
Doug
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Slybanking said
Rule 19 quote from the small print offer term of the winter saving 2018:

Applicable Accounts opened prior to January 2, 2018 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 January 2, 2018.

Its only my understanding of the wording, will see on Feb 1st.  

Fair enough. I know of that rule. Kudos to you for taking the "risk". 🙂

Cheers,
Doug

January 4, 2018
4:12 pm
moneyhelp
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I'm confused, I've read some posts and some people have said they already received the Winter 2018 (2.5%) offer, is this correct?

It was my understanding that we typically find out either via email or when logging into our accounts on the 5th of the promo month, ie. tomorrow?

Does this mean I will not get a promo offer if it hasn't been offered by now? If that's the case, I will be really disappointed.

January 4, 2018
4:25 pm
Slybanking
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Peter said
In case anybody has trouble locating the offer in their account: Note that I found my offer under Insights and in one of the slider banners. It did not show up under Profile & Settings > Bonuses & Contests until I activated it, nor under the individual account views (at least on the default Transactions tab; it might have appeared under Account Details, but I didn't check there before I activated it).  

January 4, 2018
4:36 pm
moneyhelp
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Slybanking said
  

Thank you I found it exactly where you (and Peter) said it would be. I did receive the 2.5% offer, but this makes me curious now, does that mean that tomorrow this will still be the only offer available, or can there possibly be another?

I asked because this is a 5 month offer, when typically it only runs for 3 months. I think I'll wait until tomorrow and see.

January 4, 2018
5:10 pm
DavidAlta13
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moneyhelp said

Thank you I found it exactly where you (and Peter) said it would be. I did receive the 2.5% offer, but this makes me curious now, does that mean that tomorrow this will still be the only offer available, or can there possibly be another?

I asked because this is a 5 month offer, when typically it only runs for 3 months. I think I'll wait until tomorrow and see.  

It does look as though Tang has changed:
The snapshot date - now the 1st business day; in 2017 it was the 2nd business day,
The start date - now the 2nd business day; in 2017 it was the 3rd business day (sometimes, but not always, the 5th of the 1st month in the quarter),
The term - now 5 mo's less the 1st day; in 2017 it was for the quarter less the 1st two business days, and
The interest rate, down by 0.25% to 2.5%, matching or beating competitors' rates that are in effect past Feb 28.

If your offer is the same as mine, you have until Jan 31 to activate it.
As far as I can tell, the date you activate does not affect the effective date of the offer: if you activate on Jan 5, 8 or 31, the 2.5% on new deposits would be retroactive to Jan 3.

In case Tang uses Thu May 31 as the next snapshot date, with any new offer starting Mon Jun 4 and going for 5(?) mo's to Oct 31, I will move my money out to Hubert on Mon May 28, wait Hubert's 4 day hold (May 29-Jun 1) and back to Tang on Jun 4. Those simply moving from Tang Savings to Tang chequing may want to do that on May 31.

January 4, 2018
5:21 pm
savemoresaveoften
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moneyhelp said

Thank you I found it exactly where you (and Peter) said it would be. I did receive the 2.5% offer, but this makes me curious now, does that mean that tomorrow this will still be the only offer available, or can there possibly be another?

I asked because this is a 5 month offer, when typically it only runs for 3 months. I think I'll wait until tomorrow and see.  

I highly doubt there will be another offer next few days. Looks like Tang changed their strategies as follows:
1) 2.5% offer standardized for all those who received an offer, rate lottery is gone. This addresses people complaining about some rec higher offer and unfair
2) I think everyone receive this offer. So far hit rate for people I know are 5/5. Log in and check under insight is only way to know for sure if u rec offer or not. I still did not rec any email but offer is there and I already activate it. Not saying you did rec an offer, but my gut feel is most receive an offer this time around
3) Duration of 5 months instead of 3 months so they can better manage funding, who knows. They prob testing water.
4) Expect they will do more phone call in end of April to offer retention rate. As long as most dont blindly accept retention rate, they will continue to offer "reasonable" rates under new round starting Jun. Obv depends on what Simplii does as well.

January 4, 2018
5:40 pm
moneyhelp
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DavidAlta13 said

The interest rate, down by 0.25% to 2.5%, matching or beating competitors' rates that are in effect past Feb 28.

If your offer is the same as mine, you have until Jan 31 to activate it.

Yes, mine is the same. I have until January 31st, 2018 to activate it and runs from January 3rd, 2018 to May 31st, 2018.

However, my interest rate went up, from 2% to now 2.5%, but I have had other offers in the past from 2.4%, 2.81% and 2.97% as well.

January 4, 2018
7:30 pm
Bill
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Despite what some here say, and not that it affects me, but when I read the T&C carefully in their entirety I'm confident that the promo interest applies to amounts exceeding the Jan 2 day-end balance.

January 4, 2018
7:30 pm
fbeaulie
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Slybanking said
(...)
Its only my understanding of the wording, will see on Feb 1st.  

As I decided to transfer back a little amount of money to my savings account, I will also be able to see what the answer is on February 1st!

January 4, 2018
8:24 pm
smayer97
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First, originally I did not get the offer when it first came out, though it turns out my son did. Today I did get the offer. I had another offer in effect until Jan 3 (called in retention rate effective for 90 days), so I guess as soon as that expired, the new offer showed up, in the Insights section too (thanks all who pointed this out).

BUT it seems that NOT everyone gets this offer as my wife did not, and she had no previous offers either. Fortunately, we have a joint account, so that qualifies under my accounts.

To others, I suggest you save yourself a lot of extra effort and get a Chequing acct with Tang...4 benefits...
1. $ in chqing tranferred to savings qualifies for promos,
2. transfers are instantaneous, so much easier to time
3. no lost time with transfers outside Tang (I used to do that)
4. you can schedule a transfer and it is processed NOT on the NEXT BUSINESS day but on the ACTUAL day you scheduled it. In my case, I scheduled my transfer on Jan 1, and the transfer was processed on Jan 1 at 3 AM AND my account reflects this.
Just food for thought.

January 5, 2018
10:26 am
xup6.yc
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I also got 2.5% until may.31
not as good as my previous 2.75%, but they're offering it for a longer period, which is nice.

January 5, 2018
1:14 pm
Slybanking
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Just to resume. So far it is either 2.5% till May 31st or no offer at all. Nobody got another rate than 2.5% or a different maturity date?

January 5, 2018
2:11 pm
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Tang is not getting as much publicity out of this consistently-2.5-for-them-that-gets-it deal than they have for their previous all-over-the-map deals. Also, by offering it for five months, there will be no buzz at beginning of April as usual.

It's hard to say for sure, but it looks to me like they might be phasing out this type of marketing. They seem to be normalizing towards simply meeting the competition, for their most desired customers, or a portion of them. Perhaps they have now completed their market research with the all-over-the-map offers. I suspect that's what it's been about. We have been part of an experiment, as in "let's see what they do if the carrot is this fat or this long", "where is the breaking point where the little hamsters will no longer be able or motivated to spin the wheel?", etc.

Please write your comments in the forum.