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Tangerine Winter Savings 2017 Promotion
January 5, 2017
4:45 am
fbeaulie
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2.59% in my case:

From January 5, 2017 to March 31, 2017, you’ll earn your special interest rate on up to $500,000 in new deposits that raise your total Applicable Account Type* balances above what they were on January 4th. All other deposits will earn the applicable Posted Rate.

* 2.59% interest rate Offer is current as of Jan 05, 2017 and is calculated by adding the Bank's current applicable Posted Rate with the Additional Interest rate of 1.79%

January 5, 2017
6:01 am
Save2Retire@55
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Did you receive this by email or on their website? I can only find the 2.4% for new clients on their site. I have been trying to get a hold of them by phone the last couple days without luck.

January 5, 2017
6:06 am
Saver-Mom
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I have never received a promo email or message from them, despite having my preferences set up to receive them. Neither have my husband, mother, nor my two adult children received any offers, we've always had to call in.

January 5, 2017
6:22 am
JW
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I have a 3.25% offer to March 31 via Offers section of my account. However my wife's account has received no offer. So do I risk CDIC protection and put all $300K in my account???
Most likely I will take the risk. Currently at EQ for 2.0%.

January 5, 2017
6:32 am
Saver-Mom
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Ok well that cancels my suspicion of decling rate offers. The unpredictability and inequality of offers is ridiculous. I concur with those who are leaving Tang.

January 5, 2017
6:33 am
semi-retired
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Hello all I have the 2.59% till Mar/31 in my options box.It wasn't there last night.When I emptied my savings account last week after the last 2.5% promo ended on Dec/27 they didn't offer me anything but the .8% and I refused to ask for bonus interest.

January 5, 2017
7:03 am
fbeaulie
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Yas said

Did you receive this by email or on their website? I can only find the 2.4% for new clients on their site. I have been trying to get a hold of them by phone the last couple days without luck.

I saw it this morning after login into my account. I usually also receive an e-mail later the same day.

The offers for the last 3 or 4 promotions I got (I did not really check before) were always on the 5th day of the month following the month in which the previous promotion ended. I move the balance of my savings account to my Tangerine checking account before the end of the promotion period (e.g., last or second to last day of the promotion period) and move the interest on the 1st. I move everything back to my savings account when I see the promotion in my account.

January 5, 2017
7:29 am
Winnie
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Surprise from Tangerine - I only received 2.59%, not 3.25% like JW.

Earn 2.59% interest on up to $500,000 in new deposits to your Tangerine Savings Account(s), RSP Savings Account(s) and Tax-Free Savings Account(s) until Mar 31, 2017.
The Offer is only available to Eligible Clients between January 05, 2017 and March 31, 2017.

January 5, 2017
7:30 am
Peter
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No offer from me either (at least not yet). I was on some sort of retention bonus for all of last year and decided to try the "withdraw and wait for promo" strategy this time. I might still call in next week if I don't get a promo.

January 5, 2017
8:51 am
ertyu
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1.75% for me

January 5, 2017
8:55 am
Doug
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2.59% for me as well, inclusive of 1.79% Additional Interest and 0.80% Posted Interest rates. Includes non-registered savings as well as TFSA and RSP savings. As usual, RIF, Children's Savings Accounts and Business Savings Accounts are ineligible, which means balances in "ineligible" accounts are not calculated in the "total relationship balance" deposit capture date of January 4th, 2017 (though you can't transfer funds from those mentioned "ineligible" accounts to an "eligible" account to earn "Additional Interest"). It's complicated. In my case, they were moved to my Tangerine Chequing on January 2nd, 2017 by the end of day and, ironically, the cheque cleared my Tangerine Chequing Account this morning. Why did I bother moving it out to the credit union? I guess, as assurance in case there was no bonus. That said, I still earned 1.7% on the same money from Dec. 30th through January 4th (inclusive; six days interest) simultaneous to 2.95% from Dec. 30th through Dec. 31st (two days interest) & 0.75% (average rate of interest) from Jan. 1st-Jan. 4th (inclusive; four days interest) so probably did OK. sf-cool

Official copy of the Winter 2017 Savings Promotion that I received (again, targeted and includes verbage that if people "receive an offer from outside of the Tangerine website, it shall not be valid," likely in case people call in asking for an offer they say posted by someone else online.)

I'll be posting an expanded, exhaustive reply on this later with questions, answers and analysis but, meantime, wanted to get this out there (look for this post to be edited!):

https://drive.google.com/file/d/0B6uC9j7HAwRQSUV4VFctQXZjM28/view?usp=sharing

Cheers,
Doug

January 5, 2017
9:54 am
christinad
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So you can move your cash to your Tangerine chequing account and still qualify for the new promotion? I'm mad because I didn't move my money due to holidays and now i'm qualifying for the 3.25 % offer. I'm wondering if I would have been offered something different had I moved my money out.

January 5, 2017
10:02 am
fbeaulie
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christinad said

I'm wondering if I would have been offered something different had I moved my money out.

No one knows how their algorithm works (they certainly do not manually review each account!) and we are all trying to figure it out!

January 5, 2017
10:32 am
JenE
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So obviously the longer term members of this forum have an idea of when Tang will have promotions. Perhaps someone could share this info for us newer members, please.

January 5, 2017
10:44 am
fbeaulie
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JenE said

So obviously the longer term members of this forum have an idea of when Tang will have promotions. Perhaps someone could share this info for us newer members, please.

As I mentioned above, the offers for the last 3 or 4 promotions I got (I did not really check before) were always on the 5th day of the month following the month in which the previous promotion ended.

The promotion periods have always followed calendar quarters (January 5 to March 31, April 5 to June 30, July 1 to September 30 and October 5 to December 31). If the relevant 5th day of the month falls on a holiday, I don't know what would happen.

Previous offers I got (I have now found all the e-mails):
Oct. 5 to Dec. 31, 2016 - 2.95%
July 5 to Oct. 30, 2016 - 3.25%
Apr. 5 to Jun. 31, 2016 -2.64%
Jan. 6 (it was not always 5th of the month!) to March 31, 2016 - 2.08%

Prior to 2016, it seems that the offers were less frequent (or I only got some) and that they were slightly different: e.g., new deposits from July 2, 2015 to September 30, 2015 qualified for 3% until November 30, 2015.

Up to now, they have always not counted the balance in a Tangerine checking account in determining "the Applicable Account Type balances" on the relevant day.

January 5, 2017
10:48 am
Winnie
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JenE said

So obviously the longer term members of this forum have an idea of when Tang will have promotions. Perhaps someone could share this info for us newer members, please.

Based on previous observations, Tangerine usually offers automatically (no calling or begging required) 4 high interest promotions per year to some of their customers:
- from Jan 05 to Mar 31 (currently offered rate from 2.59% to 3.25%)
- from Apr 05 to June 30
- from July 05 to Sept 30
- from Oct 05 to Dec 31

Other customers, who called and asked for promotion, usually received one, but with a reduce interest rate (currently offered 1.6% or 2%) or they simply did not received any promotions at all.

January 5, 2017
12:08 pm
Doug
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christinad said

So you can move your cash to your Tangerine chequing account and still qualify for the new promotion? I'm mad because I didn't move my money due to holidays and now i'm qualifying for the 3.25 % offer. I'm wondering if I would have been offered something different had I moved my money out.

fbeaulie said

christinad said

I'm wondering if I would have been offered something different had I moved my money out.

No one knows how their algorithm works (they certainly do not manually review each account!) and we are all trying to figure it out!

Agree, we don't know how their "targeted offer" algorithm works.

I'll have more to say on this later when I edit the above post I made, or simply add to this thread; however, I would caution you against phoning to ask for a "retention offer". From the initial feedback I've been able to extrapolate, those that receive lower offers, or no offers at all, as part of their promotional campaign, tend to have been those that have sought "retention offers". (Thanks Peter for sharing his experience!) :)

So, it's almost like they "flag" your account if you call in. I'm not sure how they determine 2.59% versus 3.25% but, if you can, just hold onto your grievance and know that for next time. To be safe, transfer the funds to your Tangerine Chequing prior to the 1st of the April, and then your funds would be treated "as eligible deposits" for the Spring Savings Interest Offer. :)

Also, I really caution people against trying to "front run" the new seasonal "promo" by asking for a "retention offer". I think it ultimately works against you. Instead, just be patient, move your funds to Tangerine Chequing at the end of a "promo," or to an external bank account linked to your Tangerine customer profile, and basically "sit quiet" and I'm sure you'll be rewarded.sf-cool

Cheers,
Doug

January 5, 2017
12:15 pm
Doug
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If Christina and JW, who got 3.25% offers, would be kind to share customer profile characteristics, whilst of course not disclosing personally-identifying information, such as total deposit balance(s), whether deposits are held individually or jointly or both (and how they're allocated, approximately), whether they hold a mortgage or credit card product with Tangerine, whether they have Tangerine's overdraft protection and whether they hold an RSP or mutual fund account as well as how long they've been Tangerine clients, that'd be useful. :)

Same, too, for Winnie (who got the same offer as me) and the user who got 1.75%, please share relationship characteristics as best you can.

Also, who, in the past, has called in and basically asked for a "rate match" or complained about a lack of "promo" offer or asked for a higher "promo" offer?

Would be useful for analysis! :)

I'll share my past "promo" offers going back to spring 2015 (when they started the "targeted" offers). Prior to that, everybody got the same promotional interest rate on net new deposits. :)

As for me, I've been a Tangerine client since it was known as ING DIRECT Canada, back in August 2010. I hold a Tangerine Chequing Account since it was in "beta", invite-only phase in approximately July 2011. I have the Chequing Account and three non-registered Savings Accounts. Chequing Account has Overdraft Protection attached with a credit limit between $2500 and $5000. Deposits fluctuate with "promo" offers but, on the existing balances that earn only their "posted rate" of interest (i.e., those I don't transfer out and back in prior to and after a new "promo" offer), it's generally between $5000 and $15,000 that I basically give them out of respect and to help to pad their "net interest income" 'spread'. I have held a Tangerine Money-Back Credit Card since it was in invite-only, 'beta' phase since, I believe, last summer or fall.

Cheers,
Doug

January 5, 2017
12:17 pm
RicksBank
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After moving all my money from Tangerine to EQ at 2% last week, today I received an email from Tangerine offering 2.83% on new deposits.

From now until March 31, 2017, you can earn a special rate of 2.83% interest on eligible new deposits into Tangerine Savings Accounts, RSP Savings Accounts and Tax-Free Savings Accounts.

January 5, 2017
12:22 pm
Doug
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RicksBank said

After moving all my money from Tangerine to EQ at 2% last week, today I received an email from Tangerine offering 2.83% on new deposits.

From now until March 31, 2017, you can earn a special rate of 2.83% interest on eligible new deposits into Tangerine Savings Accounts, RSP Savings Accounts and Tax-Free Savings Accounts.

That's great. Did you call in and ask for a "retention offer" prior to moving to EQ Bank or do as I do and just move things out quietly prior to their new "promo" offer? Also, how long have you been a client and what sort of products do you hold and, roughly, what would be the amount you transferred out and/or still hold with Tangerine?

Cheers,
Doug

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