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Tangerine Summer 2017 promotion
July 5, 2017
10:50 am
dangga00
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CHUCK21 said
JUST CALLED TANGERINE. THEY WOULD NOT OFFER ANY HIGHER THAN 1.6% AND WOULD NOT EXPLAIN WHY SOME ARE GETTING 2.5%. SOME RETENTION PROGRAM. ANY THOUGHTS?  

I was not participating in the withdraw - redeposit game with Tangerine previously, and I had about $50k in the account. In the earlier days (2014), I would call when a promo ended, and they would extend the promo. But I got tired, and stopped doing it, and just took the 0.8% pa rate.
Last month I had to withdraw most of the funds as a down payment and since we use HELOC, I put everything in HELOC.
This morning, I got this offer. This is the first time ever I got such offer online, back then I was wondering why I didn't get such offer, while many people in this forum did.
So, withdrawing seems to trigger something in their algorithm.

Sorry for the interruption, but we couldn't wait to let you know that you've qualified for a special interest rate offer.

New deposits, up to $500,000, to your Tangerine Savings Account(s) and Tax-Free Savings Accounts made from Jul 05, 2017 to Sep 30, 2017 will earn 1.95% interest* until Sep 30, 2017.

Make the most of this special rate while it's available.

July 5, 2017
12:20 pm
Mhooper
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Does transferring balance from savings to chequing satisfy their requirements? I thought that transferring balance between accounts held by same person(s) would invalidate the offer.
thanks

July 5, 2017
12:36 pm
Brimleychen
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Mhooper said
Does transferring balance from savings to chequing satisfy their requirements? I thought that transferring balance between accounts held by same person(s) would invalidate the offer.
thanks  

It considers Eligible Deposits!

Here are the fine prints:
Full Offer Terms and Conditions
...
The following transactions will be considered Eligible Deposits to which Additional Interest will apply:
a. Money transferred from a Tangerine Chequing Account to an Applicable Account.
b. Money transferred from another financial institution, including the Eligible Client's linked account, to an Applicable Account.
c. Money transferred by Tangerine Email Money Transfer or Interac e-Transfer to an Applicable Account.
d. Money transferred from a Savings Account into an Applicable TFSA Savings Account.
e. Money transferred from a US$ Savings Account into an Applicable TFSA Savings Account.
f. Money transferred from a Tax-Free Savings Account at another financial institution to an Applicable TFSA Savings Account.
...

July 5, 2017
1:12 pm
Righand
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dangga00 said

I was not participating in the withdraw - redeposit game with Tangerine previously, and I had about $50k in the account. In the earlier days (2014), I would call when a promo ended, and they would extend the promo. But I got tired, and stopped doing it, and just took the 0.8% pa rate.
Last month I had to withdraw most of the funds as a down payment and since we use HELOC, I put everything in HELOC.
This morning, I got this offer. This is the first time ever I got such offer online, back then I was wondering why I didn't get such offer, while many people in this forum did.
So, withdrawing seems to trigger something in their algorithm.

Sorry for the interruption, but we couldn't wait to let you know that you've qualified for a special interest rate offer.

New deposits, up to $500,000, to your Tangerine Savings Account(s) and Tax-Free Savings Accounts made from Jul 05, 2017 to Sep 30, 2017 will earn 1.95% interest* until Sep 30, 2017.

Make the most of this special rate while it's available.  

1.95% is a special rate ??sf-frown

I hope that you told them to stick their 1.95% special rate in a place that the sun doesn't shine.
Most of the posters over at RFD were offered over 3%.sf-confused

July 5, 2017
1:45 pm
Loonie
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Spouse got 3.1 this time. Had moved all to chequing June 28. Had 3.21 last time. Other than moving to chequing, balance relatively consistent for past 3 months.
I haven't checked yet. I don't think I have much to give them anyway right now.

I find it interesting that they are looking for new deposits to TFSA with these offers. Poor timing! It's July already, and our TFSA money is all committed. However, I'm not sure I'd have bothered, for 3 months, given their transfer-out fee. All our TFSA money is long gone from Tang and it won't likely return.

July 5, 2017
2:12 pm
rhvic
Victoria, BC
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I got offered 3.22%. Thus my strategy of moving funds out of Tangerine before the end of the month is a winner, as now I simply move it back there (to CDIC limits) to put in 'new' money.

At the end of September, I will be ready to play the game again. Annoying though - why don't they just keep us at a good rate consistently?

July 5, 2017
3:52 pm
DavidAlta13
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Tangerine is paying me 2.69% Jul 5 - Sep 30; no email rec'd, had to login today & then saw the offer; no idea why my rate is $100K) or my city / prov (Calgary AB).
I have acct's w Tangerine, EQ, TD Canada Trust / Waterhouse & Hubert
I Pull all $ into Hubert from Tangerine 2nd to last last day of quarter as Hubert has a 4 business day hold, so it's available to move back to Tangerine by the 5th of the 1st month of the next quarter; also get a day's double interest fr Hubert & Tangerine as Hubert pays right away but it takes a day to come out of Tangerine.
For those concerned about CDIC limit of $100K:
I have zero worry that any Canadian bank would get into such trouble that it couldn't honour my full deposits (often $400K - $500K). This is based on the recent example of what happened w Home Capital (no depositors lost money) and there were no losses from banks during 2008-2009.
Hubert is insured by gov't of Manitoba w no limit, so no worries there

July 5, 2017
3:59 pm
DavidAlta13
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Okay, less than and greater than symbols cause deletions to replies, so here's attempt 3: no idea why my rate is less than 3.1% / 3.22% as above; maybe due to larger deposits (greater than $100K) or my city / prov (Calgary AB).

July 5, 2017
4:13 pm
Loonie
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DavidAlta13 said

Hubert is insured by gov't of Manitoba w no limit, so no worries there

Correction: Hubert is not insured by govt of MB. It is insured by the Deposit Guarantee Corp of Manitoba which is legislatively regulated by MB govt but not funded by them. See various previous threads on this topic.

July 5, 2017
4:22 pm
Bill
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rhvic, I think we established earlier it's not every month, it's just at the end of March, June, September and December, the 4 calendar quarters in a year, when these promo rates are offered. Today's promos end Sept 30 so it works out fine for the next quarter if all the money's out by that day.

DavidAlta13, you say you can transfer from Tangerine into Hubert on one day - does Tangerine not have daily transfer out limits?

July 5, 2017
4:58 pm
semi-retired
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Bill said
rhvic, I think we established earlier it's not every month, it's just at the end of March, June, September and December, the 4 calendar quarters in a year, when these promo rates are offered. Today's promos end Sept 30 so it works out fine for the next quarter if all the money's out by that day.

DavidAlta13, you say you can transfer from Tangerine into Hubert on one day - does Tangerine not have daily transfer out limits?  

If you want to transfer more than their daily limit you have to call Tangerine & a rep will transfer whatever amount you want.Have done this many times in the past.

July 5, 2017
9:36 pm
implode
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I got 2.9% when I logged into my account. With the Spring promo, I got 3.04%. I seem to be someone who gets a percentage that wasn't commonly listed.

July 5, 2017
11:51 pm
rhvic
Victoria, BC
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Bill said
rhvic, I think we established earlier it's not every month, it's just at the end of March, June, September and December, the 4 calendar quarters in a year, when these promo rates are offered. Today's promos end Sept 30 so it works out fine for the next quarter if all the money's out by that day.

  

Bill, the new rate I have been offered is to the end of September; that is why I stated I will play the game again then. I did not imply they do this every month. I moved my money out before the end of the month (July) which ended the previous offer.

July 6, 2017
3:54 am
Nav66
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I received this offer Yesterday (July 5th) "The Tangerine Bank (the "Bank") Savings Interest Offer of 3.22% (the "Offer") has been calculated based on interest rates current as of July 05, 2017 and is available to existing Tangerine Clients who: (1) receive the Offer by email directly from the Bank; and/or (2) receive a notification that they are eligible to participate in the Offer when they log in on the Bank's website ("Eligible Clients").
The Offer is only available to Eligible Clients between July 05, 2017 and September 30, 2017 (the "Offer Period").
The Offer is only applicable to Tangerine Savings Accounts ("Savings") and Tangerine Tax-Free Savings Accounts ("TFSA Savings") (herein referred to collectively as "Applicable Accounts") where the Eligible Client is the Primary Account Holder as described in section 17 below. A number of similar Applicable Accounts (for example, 3 separate TFSA Savings) is defined as an "Applicable Account Type". The Offer is not applicable to any other Accounts, including (but not limited to) Tangerine RSP Savings Accounts ("RSP Savings"), Tangerine RIF Savings Accounts ("RIF Savings"), Tangerine US$ Savings Accounts, Tangerine Business Savings Accounts, Tangerine US$ Business Savings Accounts or Tangerine Children's Savings Accounts ("CSA").
"Additional Interest" is 2.42%. During the Offer Period, the Bank will calculate Additional Interest for new deposits to Applicable Accounts each time the sum of the daily balances in each Applicable Account exceeds the corresponding Applicable Account Type balance as at July 04, 2017 to a maximum of $500,000 per Applicable Account Type ("Eligible Deposits"). Additional Interest will only apply to net new Eligible Deposits that raise the Applicable Account Type balance above the July 04, 2017 balances and the balances in an Applicable Account Type that are equal to or less than the Applicable Account Type balances as at July 04, 2017 will not earn Additional Interest.
All balances in Applicable Accounts that are not eligible for Additional Interest will be paid the Bank's applicable posted rate of interest listed on the Bank's website (the "Posted Rate").

July 6, 2017
8:58 am
dangga00
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Righand said

1.95% is a special rate ??sf-frown

I hope that you told them to stick their 1.95% special rate in a place that the sun doesn't shine.
Most of the posters over at RFD were offered over 3%.sf-confused  

Righand, I guess you're right, in my mind, anything above the normal posting rate is "special", but looking at all the posts, it seems to indicate that many have received 3% or around 3%.
It could simply be the amount that I had in the account, $50k, which seems to be less than what most posters here have in their Tangerine, doesn't encourage Tangerine (or their automatic algorithm) to give me a better rate!

July 6, 2017
9:23 am
RicksBank
Alberta
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I've yet to hear any theory for selection algorithm that fits.

I moved my $135k to chequing and got 3.1%. My wife left $5500 in savings and has never moved her money anywhere (or added new money during a promo) and got the same offer. My daughter moved $35k to another bank and did not get a new offer. My wife and daughter both have only TD as linked banks. I have TD and EQ.

July 6, 2017
9:26 am
RicksBank
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Forgot to add that 3 months ago I moved my $135k to EQ and got a 2.83% promo.

July 6, 2017
10:30 am
Loonie
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How did you get 2.83 out of EQ? Maybe I'm getting foggy, but I don't remember that one. They seem so rigid. Just wondering if there are any "lessons" for the future.

July 6, 2017
10:56 am
RicksBank
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No idea why I got the oddball 2.83% rate last time. Most had higher...some lower.

July 6, 2017
11:07 am
rhvic
Victoria, BC
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RicksBank said
No idea why I got the oddball 2.83% rate last time. Most had higher...some lower.  

I sense a source of confusion here - I think RicksBank is speaking of a 2.83% rate at Tangerine, not at EQ.

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