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Tangerine Summer 2017 promotion
July 11, 2017
11:23 am
Winnie
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SavingIsGood said
...
This it is rat’s business and I just do not park my $ at Tang anymore.  

Correct - rat's business.

I do not play Tangerine games for more than 1 year now.

July 11, 2017
2:07 pm
Righand
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Winnie said

Correct - rat's business.

I do not play Tangerine games for more than 1 year now.  

Agreed, rat's ass business or whatever name one wishes to call it but somehow they just don't seem to about care how many long term clients they piss off with their arrogant games of offering so many different rates to various members without any explanation of what one has to do in order to qualify.sf-confused

July 11, 2017
2:28 pm
Loonie
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The only answer I have come up with is to treat them the way they treat me - as completely dispensable. If there's something good, I'll take it. If there isn't, I'll run. Eventually they won't play any more, I expect. And neither will I. Already, I have simply not bothered to play a number of times. It doesn't make any difference.

It's the exact opposite of building customer loyalty. Oaken, despite its troubles, has far more of my loyalty than Tangerine, because they've always treated me decently.

July 11, 2017
3:17 pm
RicksBank
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I'm sure I'll be bitter too the first time I fail to get a promo offer.

But for now, I'll get $360 more from having my money here at 3.1% instead of at EQ @ 2.3% for the next 3 months. Even with a lowly 2.5% at Tangerine it would be $90. Moving the money back and forth to chequing or even to EQ is certainly worth $360. It's not worth $360 to me (per quarter) to give Tangerine the middle finger.

The issue of "loyalty" is interesting. Who pays whom in a case of loyalty?

I'm not going to accept a lower rate from any bank. I've been with RBC for 47 years and TD for 35, and I have no savings deposited with them. I'm playing the game and making more on my savings.

I suppose EQ is being smart and offering a significantly higher regular rate of 2.3% and catching most of the people who give up playing the game (or get no offer) with Tangerine?

I hope Tangerine isn't reading this but the Internet/TV providers have a provision that promos do not apply to anyone who has had service with them in the previous "N" months (90 days for Shaw Cable). Tangerine could do this and we'd be totally squeezed out.

July 12, 2017
12:36 am
implode
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If Tangerine did the previous "N" months, that means people would need to close their accounts with Tangerine. It could mean people may move their money out, close their accounts, and never return to Tangerine. If they play hardball like that, some people, at least me would feel like Tangerine doesn't want my business....it's Tangerine squeezing me out of their services.

July 12, 2017
6:03 pm
AlainJF
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I do not have a TFSA at Tang, so my TFSA experience with them is nothing.

Question: Does Tang make similar quarterly offer on TFSA ? (2%, 2.5%, 3..%)

July 12, 2017
6:16 pm
Loonie
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AlainJF said
I do not have a TFSA at Tang, so my TFSA experience with them is nothing.

Question: Does Tang make similar quarterly offer on TFSA ? (2%, 2.5%, 3..%)  

They haven't offered much incentive on TFSAs when you consider the $45 transfer fee. It's not something you can move money in and out of easily and therefore there is less incentive for them to try hard to keep you once they've got your money. Most of their incentives on TFSA are directed to new money, and the amount of that which you can deposit is limited by law.

July 12, 2017
6:24 pm
RicksBank
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If you read the fine print for the promo offers that we're discussing here, you will see that it covers new money into savings accounts and TFSAs both. The same rate for the same period of time.

July 12, 2017
9:50 pm
moneyhelp
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AlainJF said
Question: Does Tang make similar quarterly offer on TFSA ? (2%, 2.5%, 3..%)  

Yes, it applies to TFSA's as well.

I started a TFSA savings account at Tangerine and Achieva and it was a plain old savings account before moving into stocks and bonds TFSA investing, but as @Loonie pointed out, you cannot easily pull money in and out from a TFSA for worry of inadvertent over-contribution.

July 13, 2017
7:42 am
semi-retired
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Loonie said

They haven't offered much incentive on TFSAs when you consider the $45 transfer fee. It's not something you can move money in and out of easily and therefore there is less incentive for them to try hard to keep you once they've got your money. Most of their incentives on TFSA are directed to new money, and the amount of that which you can deposit is limited by law.  

I think the only way to work this promo would be to transfer into Tang TFSA in the 4th quarter of the year,depending on the promo rate you receive.(hopefully over 3%)Transfer it out the last day of the year into another Tang account.The 45$ transfer fee only applies to different FI per Tangs fine print.Your TFSA money would then be free to go to wherever you wish in the new year a day or 2 later.

July 13, 2017
2:25 pm
Loonie
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Good point, semi-retired.
You would have to take into account the time elapsed in getting the funds transferred into Tang in the first place, and then cut it short at the end of Dec.

July 14, 2017
1:33 pm
savemoresaveoften
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RicksBank said
I'm sure I'll be bitter too the first time I fail to get a promo offer.

But for now, I'll get $360 more from having my money here at 3.1% instead of at EQ @ 2.3% for the next 3 months. Even with a lowly 2.5% at Tangerine it would be $90. Moving the money back and forth to chequing or even to EQ is certainly worth $360. It's not worth $360 to me (per quarter) to give Tangerine the middle finger.

The issue of "loyalty" is interesting. Who pays whom in a case of loyalty?

I'm not going to accept a lower rate from any bank. I've been with RBC for 47 years and TD for 35, and I have no savings deposited with them. I'm playing the game and making more on my savings.

I suppose EQ is being smart and offering a significantly higher regular rate of 2.3% and catching most of the people who give up playing the game (or get no offer) with Tangerine?

I hope Tangerine isn't reading this but the Internet/TV providers have a provision that promos do not apply to anyone who has had service with them in the previous "N" months (90 days for Shaw Cable). Tangerine could do this and we'd be totally squeezed out.  

If Tangerine does the N months trick, guarantee they will see their deposit base dwindle and never recover.

July 21, 2017
5:21 pm
Loonie
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I think I can now claim with some confidence that the theory that Tangerine hands out X number of bonus offers at the beginning of a quarter on a first come first serve basis is wrong.
I received a letter from them this week by Canada Post offering me 3.1% to end of Sept, the same offer that a number of other people got. It would have been mailed mid-month, at least 2 weeks into the promo.
I've never received a letter before. sf-surprisedsf-surprised
I don't do online banking with them and they don't have my email address. I did not phone them at beginning of July to beg or ask and have very little money there. I have no credit card, no chequing, no direct deposit, and transferred out a registered plan a while back.
They must really be missing me!

July 25, 2017
2:47 pm
Doug
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Loonie said
I think I can now claim with some confidence that the theory that Tangerine hands out X number of bonus offers at the beginning of a quarter on a first come first serve basis is wrong.
I received a letter from them this week by Canada Post offering me 3.1% to end of Sept, the same offer that a number of other people got. It would have been mailed mid-month, at least 2 weeks into the promo.
I've never received a letter before. sf-surprisedsf-surprised
I don't do online banking with them and they don't have my email address. I did not phone them at beginning of July to beg or ask and have very little money there. I have no credit card, no chequing, no direct deposit, and transferred out a registered plan a while back.
They must really be missing me!  

They're not "first come, first served," that's true (who is saying they are?) but I've confirmed with Tangerine the promos are "highly targeted" and while the Tangerine Customer Service Supervisor didn't share and claimed to have no knowledge of the methodology that the Marketing Department uses, did confirm that some of the methods that can be used include: length of time as a Tangerine client, history of prior "promo offers," other Tangerine products held and the "share of wallet" that a Tangerine customer has, as well as whether they're a "primary" account holder or not. 🙂

Cheers,
Doug

July 25, 2017
3:45 pm
Loonie
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Somebody did suggest it could be a limited number of promos on a first come first serve basis on this forum a while ago but I don't remember who or when. That's the only reason I posted this.

However, I wouldn't put much faith in what someone working for Tang said unless they were at the level of Vice-President. I'm sure the things cited are all factors but they don't tell the whole story.

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