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Tangerine Winter Savings 2017 Promotion
January 5, 2017
12:25 pm
2of3aintbad
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I have never been able to understand why moving from savings to chequing resets the total balances. Tangerine 'knows' when you moved your money from savings to chequing, and they know if it was for the purpose of paying a bill or transferring out to another institution. Why would they offer the same 3.25% for 'new money' from another institution if all it takes is to move it back from chequing?

January 5, 2017
12:42 pm
Winnie
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Doug said

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.

I'm Tangerine (ING Direct) customer from 1999, have 4 deposit accounts with all balances $0 all the time from March 2016:
- Chequing,
- Savings,
- TFSA Savings,
- RRSP Savings.
Also, I have Tangerine Master Card (used about 10-20 times per month, usually $500 per month). I do pay my Tangerine Master Card very happily from EQ.

Received 3 automatic offers in 2016 (3%, 3.5%, 2.95% until December 31, 2016) and today received 2.59% until March 31, 2017.
Because I do NOT play Tangerine games, my balances will remain $0.

January 5, 2017
12:53 pm
RicksBank
Alberta
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Doug -

I was with ING for a year or two before they became Tangerine. I just quietly moved my $136k out of the savings account. I also have a chequing account there but only use it for moving money. I don't think my balance has ever been more than this $136k.

In order to help with the algorithm theories I guess I should admit that I screwed up last fall and left this money in Tangerine at .8%. Perhaps I got this higher rate of 2.83% because it was removed from .8% not the previous high promo rate?

January 5, 2017
12:59 pm
RicksBank
Alberta
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Wow, I'm surprised that just moving the money from Savings to Chequing is "good enough" to get the high interest rate offer for the next quarter. I moved mine to EQ thinking that it was required to be completely removed, but also to get 2% at EQ should I not get any offer at all from Tangerine.

January 5, 2017
1:12 pm
RicksBank
Alberta
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EQ limits outgoing EFTs to $30k per transaction, but I don't see any daily total limit. I just submitted 5 transfers to move it all back to Tangerine. It says "Please allow 2-3 business days for your funds to be transferred".

January 5, 2017
1:29 pm
christinad
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I have no other business with Tangerine except chequing and savings. While I was with ING my account was dormant until I decided to open chequing. (I don't use Tangerine for regular chequing). I decline to say amount. It wasn't a lot of money though compared to what people have on this board. I got 2 promotions last year, 1 2.5% until dec and I don't remember what the other one was - it wasn't 3% though. Overall I can't say i've been a particular valuable client for Tangerine. I do have overdraft protection though.

January 5, 2017
1:32 pm
Righand
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Doug said

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

That's fine Doug, except for one small detail. You cannot move out a large amount without phoning in (no longer sitting quiet) and then after the CSR interrogation process (as if you are some kind of an idiot, "Do you have any other offers ?", none of their effing business, they offer you a new rate which you accept (and then you are out of luck for any new offers)sf-cry

January 5, 2017
1:44 pm
RicksBank
Alberta
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Righand - what do you consider a "large amount"? I moved $136k in 2 EFTs recently (initiated from EQ).

January 5, 2017
1:54 pm
Righand
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RicksBank said

Righand - what do you consider a "large amount"? I moved $136k in 2 EFTs recently (initiated from EQ).

360k, I usually only deposit 100k per institution /per CDIC coverage but because TING is BNS related, I held my nose.

That said, I've just about had enough of their shenanigans and have come to the point where it's no longer worth the trouble of constantly being jerked around.

January 5, 2017
2:05 pm
RicksBank
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Righand - What sort of withdrawal did you try to make when you were forced to phone them to ask permission? Could you have done three $100k EFTs and one $60k? I did one $100 and one $36k without talking to anybody. Note, I'm referring to pulling from another bank such as EQ as opposed to pushing the funds out from Tangerine, if that makes a difference.

I agree that the shenanigans and money moving are annoying, but now that EQ has easy-to-setup-and-use EFTs (like my Hubert "hub") it only took a couple of minutes to move my money to EQ last week and back again today. I'll earn about $280 more on my $136k during this promo period. Not bad for a few minutes work. (It took much longer to report about it all here in the forum.)

January 5, 2017
2:13 pm
fbeaulie
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I don't really understand their business model but I got used to it. While I'm not dealing with an amount over $100K, I now spend about 2 minutes moving my money to my Tangerine checking account (the first time I thought that I had to transfer it to another institution but I read the fine prints) and another 2 minutes moving it back to my savings account. After taxes, I still have enough additional money (compared to 1.95% at Alterna) for a decent bottle of wine each month :-). However, if they don't offer more than 1.95% next time, all the money will be moved to Alterna and it won't go back to Tangerine unless it gives me a very good bottle of wine each month!

January 5, 2017
2:18 pm
Righand
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RicksBank said

Righand - What sort of withdrawal did you try to make when you were forced to phone them to ask permission? Could you have done three $100k EFTs and one $60k? I did one $100 and one $36k without talking to anybody. Note, I'm referring to pulling from another bank such as EQ as opposed to pushing the funds out from Tangerine, if that makes a difference.

I agree that the shenanigans and money moving are annoying, but now that EQ has easy-to-setup-and-use EFTs (like my Hubert "hub") it only took a couple of minutes to move my money to EQ last week and back again today. I'll earn about $280 more on my $136k during this promo period. Not bad for a few minutes work. (It took much longer to report about it all here in the forum.)

Pushing funds out probably makes a difference. When I logged in to "Move my money", it was to my bank on file and was flagged.Seems that the limit was anything more than 50k.

January 5, 2017
2:23 pm
christinad
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I wonder if they do the promos to lure in new customers, then stop once you've had savings with them for awhile. I know I never saved with them until there was a promo.

January 5, 2017
4:02 pm
fbeaulie
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christinad said

I wonder if they do the promos to lure in new customers, then stop once you've had savings with them for awhile. I know I never saved with them until there was a promo.

My ING/Tangerine Savings Account history goes back to October 1, 2001. However, I had very little in it from 2004 to 2014 (dealing with Outlook and others instead) and I started using my Tangerine savings account again in September 2014 (others reducing their rates combined with a promotional rate got me back!) with a little break from December 2014 to June 2015 (either missed one promotion or was not offered one so transferred back to others). Got promotional rates since then.

January 5, 2017
4:21 pm
Save2Retire@55
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I wonder what's wrong with my account or Tang that they never offered me any special interest rate. My pay gets deposited into my Tang but I move it out to EQ the following day. My Tang balance is usually below $1K except the pay days (Every 2 weeks). Maybe I should call and complain.

January 5, 2017
4:46 pm
fbeaulie
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Funny: I have just checked my joint savings account history (I'm the primary holder). Promotional rate for this account has been as high as 3,120% ($0.05 generated $0.13 interest in June 2016!!!!). From $0.05 in June 2016 to $1.61 in January 2017 (with no transactions)!

January 5, 2017
5:12 pm
2of3aintbad
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Definitely transfer out the $1.61 and close your account before they notice ...

January 5, 2017
5:24 pm
Save2Retire@55
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WOW

fbeaulie said: Funny: I have just checked my joint savings account history (I'm the primary holder). Promotional rate for this account has been as high as 3,120% ($0.05 generated $0.13 interest in June 2016!!!!). From $0.05 in June 2016 to $1.61 in January 2017 (with no transactions)

Are you sure no transactions at all? It should show the interests as interests. Do you see that? This is amazing. I wonder how if you had $500 instead of $0.05.

January 5, 2017
5:25 pm
fbeaulie
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It could become $1,675,000 in less than 3 years if it continues like that! sf-smile

January 5, 2017
5:27 pm
Save2Retire@55
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fbeaulie said

It could become $1,675,000 in less than 3 years if it continues like that! sf-smile

Yes. Just leave it there and keep watching. Make sure to take screen shots and download the balance for the record. If they give it, it is yours. They can't just take it back!! However, ....

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