Targeted 2.8% on new money, April 3 to August 31, 2020 | Page 4 | Tangerine Bank | Discussion forum

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Targeted 2.8% on new money, April 3 to August 31, 2020
September 3, 2020
1:46 pm
AltaRed
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Beats me... Scotia can currently borrow for 0.1-0.2% Why pay more? I was being generous when I suggested the 'going' consensus rates for HISAs @ 1.5-1.8%. Maybe it is time for me to sell my BNS shares?

FWIW, Tang's current offer is clearly not 2.5% but it was in that range back in April when some HISA rates were actually that high.

September 3, 2020
1:50 pm
Righand
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AltaRed said
Beats me... Scotia can currently borrow for 0.1-0.2% Why pay more? I was being generous when I suggested the 'going' consensus rates for HISAs @ 1.5-1.8%. Maybe it is time for me to sell my BNS shares?

FWIW, Tang's current offer is clearly not 2.5% but it was in that range back in April when some HISA rates were actually that high.  

From today's website, 2.5% for 5 months !!
https://www.tangerine.ca/en/landing-page/raptors

"Save with 2.50% interest in other Tangerine Savings Accounts*
If you open more than one eligible Savings Account (including TFSAs,T F S A's RSPsR S P's, RIFs,R I F's and US$ Savings Accounts), you’ll get 2.50% interest on those savings too – up to $1,000,000† combined. For these subsequent Accounts, this rate will apply for 5 months from the day you started earning 2.50% interest in your first eligible Savings Account."

September 3, 2020
3:35 pm
AltaRed
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I eat my own words.... but totally insane. Think it is time to unload those shares.

September 3, 2020
4:20 pm
Rick
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Righand said
From today's website, 2.5% for 5 months !!
https://www.tangerine.ca/en/landing-page/raptors
 

New customers only.
If past precedent carries on, I expect another offer within the week. Meanwhile, cash is gone from Tang and it will take more than 1.5% to bring it back.
Not holding my breath.

September 3, 2020
8:13 pm
AltaRed
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I recognize it is for new clients only but not happy as a shareholder that they would bribe with such extravagant rates.

September 3, 2020
10:51 pm
Norman1
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The 2½% for five months seems extravagant. But, not many new clients would be able to deposit the maximum $1 million and collect $10,400 of interest.

For a new client depositing $10,000, it would be about $104 of interest. That's less than the cost of giving away an Apple iPad.

September 3, 2020
11:26 pm
Loonie
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These rates are all about marketing and studying customer behaviour. They're not about being "competitive" or about how cheaply they could borrow elsewhere. If they were trying to be seriously competitive, they certainly wouldn't be offering the majority of customers a laughable 0.2%. The only one they compete with is Simplii, and both of them offer the lowest rates for a non-bricks-and-mortar FI that is out there as far as I know.
They are now on their second or third CEO and they keep doing this, so it's a safe bet they find it worthwhile.

If you are a shareholder and find this is a reason to dump your shares, go ahead. I am sure that unless you are a major shareholder they don't care what you think any more than they care what I think as a customer, and they aren't interested in your management advice either.

But since this is a forum primarily for those interested in high interest rates, I think it's great that some people are getting some good offers even if I'm not. I would need an offer of 2.6% to get me to move my money back to Tang at this point. CIBC is giving me 2.4 until near end of November. I don't expect to get it, but that would be the competitive rate I would need.

September 4, 2020
1:46 pm
AltaRed
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Loonie said
These rates are all about marketing and studying customer behaviour. They're not about being "competitive" or about how cheaply they could borrow elsewhere.   

I would guess that you are right, looking to see if they can position themselves in this market in some way. There is no reason for CIBC or BNS to be in this space otherwise.

P.S. I know BNS doesn't care squat about my shareholding or my views of their business.

September 4, 2020
4:46 pm
mustang
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Just for laughs, I called in today to see if I could weasel my way in as a "new customer". I have a joint account with my wife-- although she seems to be somewhat more equal than moi, there are things only she can do
In any event, once the CSR told me it was new customers only, I helpfully suggested that maybe I could retire from the joint account-- and thereby become eligible as a new customer
No chance of that, I was told
Once you become a customer of Tangerine, your profile is etched forever in their databanks-- and you shall never have another opportunity to become a new customer-- no matter how many accounts you close
Too bad-- would have been nice-- particularly for the USD part

September 4, 2020
5:17 pm
Loonie
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I always find it fascinating how long some of these institutions can retain data when they want to, and they seem to have no trouble retrieving it either.

September 4, 2020
5:26 pm
AltaRed
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A few institutions have told me in the past they don't actually forever close at least some accounts. They simply go 'inactive' or 'dormant'. If true, probably appropriate if there is a 'call' on tax slips in a CRA audit, etc.

September 4, 2020
11:56 pm
Loonie
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But if WE ask for copies of our own records, they say they only keep them seven years.

September 5, 2020
12:25 am
Rick
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AltaRed said
I recognize it is for new clients only but not happy as a shareholder that they would bribe with such extravagant rates.  

Don't worry...they will make it up on the ones that forget about it when the promo is over and leave it with them at .2%

September 5, 2020
10:46 am
Norman1
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AltaRed said
A few institutions have told me in the past they don't actually forever close at least some accounts. They simply go 'inactive' or 'dormant'. If true, probably appropriate if there is a 'call' on tax slips in a CRA audit, etc.

Loonie said
But if WE ask for copies of our own records, they say they only keep them seven years.  

I think they keep the transactional data for about 7 years. The account balance and account holder info is kept at least 10 years.

At the 10 year mark, the chartered banks transfer the account balance with the account holder info to the Bank of Canada as an unclaimed balance.

September 5, 2020
11:22 am
AltaRed
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I am guessing account holder information may be kept much longer than 10 years in at least some places. It is not hard to keep account number, name, address, and SIN forever in a data base.

September 5, 2020
12:38 pm
gicjunkie
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I think it was Peoples Trust that told me, when I was closing an account, that they wouldn't totally remove my information in case we wanted to revisit them some time in the future.

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