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Tangerine Summer 2017 promotion
July 7, 2017
6:31 am
Twotons
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AlainJF said

You can own multiple accounts at Tang ? I can imagine that you can have multiple email addresses, and change your name slightly (Charles / Charlie), but what about your Social insurance number (SIN) ? Don`t they ask for that ?  

No games being played here; I am a New customer with Tang. (I might have had a ING account many years ago but Tang considered me a new customer in Oct/Nov when I started this.)

July 7, 2017
6:33 am
Bill
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DavidAlta13, I agree, pulling from another institution gets around (some? all?) limits. I just haven't bothered to link all my online accounts (at the 12 or so institutions over the years I've ended up with HISAs at) with each other, I just have each one linked with my TD chequing account - and that doesn't work quite as efficiently when you're moving larger amounts chasing promos. (The benefit is TD sees all these transfers and has got me flagged as loaded so the ladies are very sweet to me whenever I go down to the branch.)

July 7, 2017
8:01 am
Rob59
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Well that's odd. I've always called in to Tang at the end of the quarter to see what their retention offer would be on their promotional rate. Until I discovered this forum I always took it, which means for the longest time I was averaging just above 2%. This April though I turned down their 2% offer and moved it all out. Lo and behold, come April 5th they offered 2.31% to move it back. So that approach works, thanks folks. Unfortunately on July 1 when I called to move my money again I got a very curt rep who didn't ask any questions or even offer a retention rate. That hadn't been my experience before. Even so I'm still somewhat surprised that the 5th has come and gone with no offers from Tang. I'd consolidated a lot of funds there recently so it seems odd that they now seem not to want any of my business. The only change in my dealings with Tang is that thanks to their credit card's money back rate drop I only use the card for my three 2% categories. But surely that can't have ticked them off!

July 7, 2017
8:37 am
Norman1
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Rob59 said
…. Even so I'm still somewhat surprised that the 5th has come and gone with no offers from Tang. I'd consolidated a lot of funds there recently so it seems odd that they now seem not to want any of my business. The only change in my dealings with Tang is that thanks to their credit card's money back rate drop I only use the card for my three 2% categories. But surely that can't have ticked them off!

I don't think it was how you've been using their credit card. I have been doing the same thing since Tangerine cut the base cash back from 1% to ½% on their credit card. I received a new-deposits offer on July 5.

I suspect their computers do use some criteria to select the "outstanding" customers who should get a new-deposits offer. But, there are more "outstanding" customers than their offer budget allows. So, the offers that are budgeted for are given randomly among the "outstanding" customers.

July 7, 2017
10:28 am
Slybanking
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I suspect the Tangerine Executives probably read these posts and are having a good laugh. Maybe one day will actually find out how they chose who gets what offer...sf-cool

July 7, 2017
10:35 am
Cents11111
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I phoned Tang this morning. Asked why neither my wife nor I didn't receive an offer. Rep was noncommmital of course. I asked about whether closing the chequing account was a factor and she said that the number of products and how long you have your money with Tang are factors. (I have been pulling money out every quarter and getting new offers up to now so it doesn't appear to me that the quick switch out and back in is a factor). I asked if they will make any offer at this time. She said they would use the current balance as the basis for this and I almost laughed. I told her to look at what was just transferred out from our accounts because that's what we will transfer in if the offer is reasonable. She came back with 2.5% which is the more than the 2% that PCF had offered so will pull it back once the PCF holds all clear. Will open up a chequing account (apparently can do this on line without needing a rep) for each of us and plan to move each of our money to our chequing a/c just before the current offer expires on Oct 4. May even apply for their crappy credit card just to get the product numbers up. I can play the game. I just need to know at least some of the rules.

July 7, 2017
1:12 pm
laura77
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Rick said

So are you kicking yourself? Just wondered if they offered you the summer promo  

Yes, I am kicking myself. But I will take it as a learning experience and not accept these retention offers anymore.

Thing is, my plan all along was to take the funds out and wait for the bigger bonus offer. But when I called in to do so, (due to 100K balance), I got swayed by the retention offer. Next time I'll be initiating the transfer from either EQ or Hubert since that enables larger transfers, avoiding the dreaded Tangerine phone call.

For informational purposes I'll let everyone know this as well.. I had my HISA at Tang for awhile with no offer ever. (I have no other accounts there.) When I found this site and read about these awesome seasonal bonus offers I called in and asked for one straight up. They wanted to know where I heard about it and I just said I saw mention of it online somewhere. They gave it to me on request, and now they come every season, except when I take the damn retention offer.

July 7, 2017
7:59 pm
DavidAlta13
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Before discovering this forum, I had phoned Tang to get more than their 0.8%, and while I succeeded, it was less than what I would have received if I had known to withdraw all $ & wait for a better offer. So thanks to you all for this lesson!

I know this is a discussion forum, but since no one appears to know how Tang is actually setting its rate offers that vary so widely across this topic's members, please consider sticking to facts, like the rates you got, $'s deposited, HISA only or other accts too, how long you've been a Tang cust, age & city or prov, and whether withdrew all $'s around qtr end, phoned without withdrawing, or did nothing.
For me, the speculations on how Tang is setting rate offers are rather confusing, as useful as stating that angels & demons have hacked their algorithms and it's your karma or luck that determines how much you get.

I started my career as a banker. I quickly learned that after telling people what I did, they immediately responded as if I had just opened a booth entitled "Canadian Bank Customer Complaints - please vent here". So, when some you reply with your complaints and venting, I will understand, but please realize there's nothing I can do to help except to suggest doing what I do: the banks work to maximize profits for shareholders, not for their customers, so I get my share of their profits by owning their shares.

July 7, 2017
8:18 pm
DavidAlta13
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Tang accounts: HISA only, 15 yrs since 2002
59 yrs old, living in Calgary, AB w Tang profile occupation “retired”
Deposits in 2016 & 2017 ranged from $375K to $500K
Jul ’16 rate 2.45% to Sep 30 - promo offer
Oct ’16 rate 3.0% to Dec 31 (phoned & asked for more than 0.8%)
Jan ’17 rate 2.0% to Mar 31 (phoned & asked for more than 0.8%)
Apr ’17 rate 2.37% to Jun 30 (moved all $ to Hubert Apr 4, Tang made electronic higher offer)
Jul ’17 rate 2.69% to Sep 30 (moved all $ to Hubert Jun 30, Tang made electronic higher offer)

July 7, 2017
8:52 pm
DavidAlta13
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Some folks have expressed annoyance at the quarterly game & asked why Tang doesn't just give us better rates automatically. The answer is probably quite simple. If I ran a bank, paying interest to depositors, collecting interest from mortgagors and making profits on the spread, I'd try to minimize what I paid the depositors while paying enough to compete in the market. I'd quickly learn that most Cdn's hate switching banks and that if I kept my std rate at 0.8% (higher than the majors' Money Mkt funds), most depositors would stay. I'd try to steal customers from the majors & other competitors with special promos, as once they's switched, most would stay at the std 0.8%. For the few who phoned, I'd offer a bit more, and for the even fewer that moved their $ out, I'd offer slightly more. I'd have no incentive to offer them more if they left their $ with me.
Tang has $7.7B in mortgages to its own customers and another $28.8B on deposit w other institutions (their statements don't say who, but its probably their owner, Scotiabank). Tang has $28.1B in demand deposits (can be withdrawn without penalty). Before their Jul 2016 promos, Tang had about 2M customers. They hoped to get 1M (50%) more, but their deposits had only gone up by 7.4% (about 150K customers) by the end of Apr '17. Like I said, Cdn's hate switching.
I just hope they keep trying and offering us above market rates!

July 8, 2017
6:09 am
AlainJF
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DavidAlta13 said
...and for the even fewer that moved their $ out, I'd offer slightly more. I'd have no incentive to offer them more if they left their $ with me....

Unfortunately, that is the part that does not work systematically. Unless I am the only one for who it does not work.

I did remove all money before the spring promo (28 March), and got no offer in April.

I waited until 14 April to be sure that I was not acting too fast. I Called them, complained, and got my usual 2%. I moved back about 50% of what was there before, as I found alternatives, thanks to this forum.

I am looking forward for the results that Laura77 (post above) will get the next time around. Wish that it works for her !

July 8, 2017
10:47 am
Norman1
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AlainJF said

DavidAlta13 said
...and for the even fewer that moved their $ out, I'd offer slightly more. I'd have no incentive to offer them more if they left their $ with me....

Unfortunately, that is the part that does not work systematically. Unless I am the only one for who it does not work.

I did remove all money before the spring promo (28 March), and got no offer in April.

I waited until 14 April to be sure that I was not acting too fast. I Called them, complained, and got my usual 2%. I moved back about 50% of what was there before, as I found alternatives, thanks to this forum.
… 

Moving money out won't guarantee an offer next time. But, I think it is needed to get added to Tangerine's list of clients to potentially give out offers to.

Saver-Mom found that her Mom didn't get any offers until after she had moved money out:

Saver-Mom said (January 16, 2016)

So my poor beleagered mom who was refused the 2% for 6 months (so immediately transferred out a large chunk of change) just received the 2.5%-on-new-money-till-end-of-March promo, by email. Sorry for that sentence structure! She has never received any email promo in the past, and had always left money in the account at whatever was the rate on offer. Hence, I suspect this new account activity (withdrawal) triggered the promo. …

I agree with DavidAlta13. Why pay 2.25%, 2.3%, 2.78%, 2.97%, 3.1%, or 3.22% when the deposit isn't leaving with the rate of 0.8%?

July 8, 2017
1:36 pm
JW
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My wife got the 3.22% offer, I got nothing. We failed to do the Chequing Account maneuver to assure a New Money position. Tan's retention offer 1.6%. Have transferred $300K to EQ at 2.3% (maybe we will get lucky when BOC increases interest rates and perhaps EQ will sweeten their rate).

July 8, 2017
6:14 pm
Saver-Mom
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Norman has a long memory!
Since then, my family and I received offers of 2.44% for the spring promo, while my mother received 2.81%. We continue to all do the chequing account manoeuvre. For the summer promo, we all received 2.97% while she received no offer. She called in and was offered 2.5%. So while I still agree you need to trigger the promos by making an initial transfer out (my kids did this too and then got offers), the rates (and at times lack of offer) appear random.

July 8, 2017
6:40 pm
RicksBank
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My wife and her cousin both got offers and have never transfered money out.

July 8, 2017
6:49 pm
Saver-Mom
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Oh well that makes it totally random

July 9, 2017
1:55 am
semi-retired
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RicksBank said
My wife and her cousin both got offers and have never transfered money out.  

I think they would only get the promo rate on new money & .8% on existing balances.

July 9, 2017
6:15 am
AlainJF
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---Deleted post---Misread previous post---

July 9, 2017
11:35 pm
Loonie
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Saver-Mom said
Oh well that makes it totally random  

I don't think it necessarily makes it totally random. There are other potential factors. Tang may be trying to tease out how much these clients are worth, for example, by seeing how much they will deposit at maximum return. It's all fodder for their profiles out of which they can develop more complex strategies for making profits in the longer run.

I agree with DavidAlta13 that it's all about how they will make profits in the end, not about satisfying us depositors per se. The question is whether and how "randomness" contributes to profits. I don't think it contributes very much, and that is the reason I don't think it's correct. They are studying us, studying what we respond to, studying how much money we probably have, studying how we behave - and they're learning a lot. Cheaper and more accurate than running surveys probably.

July 11, 2017
8:04 am
SavingIsGood
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'Winners' are selected employing white mouse from local circus that pulls accounts from a hat smeared with Jarlsberg cheese. Mind you, it has to be Jarsberg not Emmental or any fake Canadian stuff.
I tried everything: held $½ mill, $0, any amount between 0-1/2 mill. Pulled before, after in the mid term. Sometimes I got promotional %, sometimes not. Talked to reps telling them I will move Now ½ mill back or will pull out. Joked with them ‘you are going to lose ½ mill because you do not want to pay me few bucks more’… Nothing works.
This it is rat’s business and I just do not park my $ at Tang anymore.

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