Targeted 2.80% new money offer (existing clients), March 8 to July 31, 2022 | Page 2 | Tangerine Bank | Discussion forum

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Targeted 2.80% new money offer (existing clients), March 8 to July 31, 2022
March 14, 2022
5:18 pm
Hmm
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OP title to this thread is ambiguous to me. Please change.

From experience, these offers from Tangerine typically are for NEW deposits only or for new account holders.

And no, I didn't get the "targeted" offer.

March 17, 2022
5:32 pm
Peter
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March 20, 2022
9:39 pm
Canuck
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I received this offer a few week ago (2.8% from March 8 to July 31, 2022 on new money). The "problem" is that my money is locked up in a TFSA GIC at EQ Bank until April 11, 2022. If I don't accept this Tangerine offer, how likely is it that I will receive the same offer again at the beginning of next month, only ending on August 31 instead of July 31? This way, I could make better use of the promotion.

Note that I would need the promotion to again apply to registered accounts, as I will be transferring in the funds through my TFSA.

Am I better / safer to just accept the offer and lump the "lost" 1.25 months? Or is it worth the risk to see if I will be offered it again next month?

FYI, this is my first post on this forum. It's been very useful to me in the past and I want to pay it forward by contributing here.

March 20, 2022
10:16 pm
Loonie
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We can only guess, but I don't think you will get this offer again next month. I'd say that would be very unusual based on what others have reported over the years and my own experience.

I think that if I were in your position, I would accept the offer. It's a good offer for your situation and it goes for quite a few months even after you subtract the part you can't use. Also, what's your alternative after April 11? I don't see a better short term one on the horizon right now for short term.

On the negative side,
Bear in mind that Tangerine has a transfer-out fee of $50.
I'm not sure how long it will take EQ to process your transfer. Others may be able to comment on that. It might eat further into your time.

If you decide to accept and go ahead with the transfer, I would send in the request now. Don't delay.

March 20, 2022
10:29 pm
HermanH
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I agree with Loonie that offers of this kind are few and far in between. sf-frown

Also, I think that Tang charges for TFSA transfers, but EQ does not.

March 20, 2022
10:47 pm
Canuck
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Loonie said
If you decide to accept and go ahead with the transfer, I would send in the request now. Don't delay.  

Thanks for the advice. If I send in the request now, is there any chance that EQ will forget about it once my GIC matures? And then I'd have to call them to see what's going on, etc., further delaying the transfer? Or is it an automated and/or routine thing that can't really go wrong?

HermanH said
Also, I think that Tang charges for TFSA transfers, but EQ does not.  

Yeah, Tangerine charges $50 for the transfer out. Although, it's still worth it I think, assuming that the money doesn't spend too much time in transit. Thanks for the response.

March 20, 2022
11:47 pm
Loonie
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Transfers OUGHT to be straightforward, but one can't depend on that no matter which FI one uses.
You send it in on, say, the 21st. It might take a week to get to Tangerine, March 28, then they have to open the mail, send it to the right department, and actually deal with the request, which might take another week (April 4). Tangerine will check it over and will then communicate with EQ asking them to forward the money; if done by Canada Post, this might absorb another week
(April 11), but I think some or all are now doing this part by fax. Then EQ has to open the mail, send it to right department, and someone has to arrange for the transfer to be verified and the cheque to be cut and mailed to Tangerine. Finally, Tangerine has to open and sort the mail and deposit the cheque! Most of this is done the old fashioned way in most if not all FIs. There is nothing that compels them to move speedily, although I believe the suggested time is about 3 weeks max. I have seen them go through in less than a week, and I have seen others take several months (TDDI as sender - it took them so long they agreed to refund their exorbitant transfer fee). Most likely it will be done in 2-3 weeks. If it isn't, they will blame covid, Canada Post, the other FI, or you. If they blame you, they will say you didn't fill out the form correctly or something similar. If they think the form was filled out incorrectly, they probably won't bother to contact you; they will just throw it in the garbage and you will have to start all over again.

Fun, eh?

The fastest response I ever had was sending from Oaken to Meridian, less than a week, but a recent transfer from Oaken didn't arrive until a week after maturity.

So, what I do is this: I note the date I sent the form; I photocopy or scan the form before sending; I double check it like crazy including correct mailing address (Peoples, for example, has two addresses, but only one is correct for this purpose); after a week, I phone to see if it was received (i.e. Tangerine); if all OK with Tangerine, I wait until the maturity date; if it doesn't appear in my account by maturity date, I phone (EQ) to see when/if it has been sent or any reason for delay. If it doesn't arrive after another week, I start more serious complaining. I send in the requests a month in advance of maturity. I also put a brightly coloured super-sticky note on the form asking the receiving FI (Tangerine) to send me an email to let me know they have received it; some will, some won't.

It should go smoothly, but you never know. So, start now!sf-smile

March 21, 2022
10:51 am
Canuck
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Loonie said
Transfers OUGHT to be straightforward, but one can't depend on that no matter which FI one uses.
...
Fun, eh?
...
It should go smoothly, but you never know. So, start now!sf-smile  

Eh, what can go wrong? Sounds like a blast.

Sorry if this is off topic, but on the TFSA transfer in form, for "Account Number", would I put my EQ Bank TFSA GIC number or would I put my EQ Bank TFSA Savings Account number?

The TFSA Savings Account is where the funds would normally go after the TFSA GIC matures, but the funds are currently in the TFSA GIC. They are both under the same TFSA plan.

Note that I am specifying on the transfer in form that the funds are currently in a GIC, and I'm specifying the TFSA plan number, and I'm also specifying the GIC's maturity date. But what if EQ Bank only looks at the form after the GIC has already matured and the funds are already in the TFSA Savings Account? That's why I'm not sure which number to put.

March 21, 2022
4:33 pm
Loonie
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I think you'd better phone for clarification about the numbering. My opinion is that you would use the TFSA savings number. GICs are never transferred, so that might confuse someone. But it would be safer to ask them than to rely on my opinion.

In related news, I am pleased to report that an RIF transfer from Oaken arrived on time today at Hubert, with no loss of interest.

March 22, 2022
5:51 am
hwyc
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Canuck, in reply to your entry post #23. Even if you got the April offer again, I think the pre-offer only mentioned non-registered account(s) & people had different notions on how it works ...back up to entry #22 & follow Peter's link

Sometimes offers come with an acceptance deadline. Is there one mentioned in the March one? ... ok I checked again, it does.

March 22, 2022
11:44 am
Canuck
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Loonie said
I think you'd better phone for clarification about the numbering. My opinion is that you would use the TFSA savings number. GICs are never transferred, so that might confuse someone. But it would be safer to ask them than to rely on my opinion.

In related news, I am pleased to report that an RIF transfer from Oaken arrived on time today at Hubert, with no loss of interest.  

I checked with both banks for good measure - you were right: TFSA savings account number.

hwyc said
Canuck, in reply to your entry post #23. Even if you got the April offer again, I think the pre-offer only mentioned non-registered account(s) & people had different notions on how it works ...back up to entry #22 & follow Peter's link

Sometimes offers come with an acceptance deadline. Is there one mentioned in the March one? ... ok I checked again, it does.  

Yeah, March 31 is the acceptance deadline. The other offer ("pre-offer") seems to be similar to Tang's retention offers in that it does not apply to registered accounts. I was thinking that it still could be possible that they will send out "new money" offers around the beginning of next month. But yeah, it's probably unlikely that I'd get two different new money offers two months in a row, so I just accepted the current one. Bird in hand, and all of that. Thanks for the response.

March 29, 2022
11:27 am
penniesfromheaven
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I called Tangerine this morning to ask for more details, specifically if the 2.8% rate was for all funds or for new money only. Was told that the current proposed terms ALL funds.

March 29, 2022
10:13 pm
HermanH
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I think that you may have gotten incorrect information. A family member got the 2.8% targeted promo offer for March 8 - July31. I called and ask for the same offer to be applied to me, since I was in the same household. Under the terms and conditions of the offer:

Promotional Interest

5. ... "Eligible Deposits" for any day during the Offer Period is the excess of (i) the sum of end-of-day balances in all Applicable Accounts per Applicable Account Type (excluding Promotional Interest) over (ii) the sum of end-of-day balances in all Applicable Accounts per applicable Account Type as at March 7, 2022 to a maximum of $1,000,000 ...

Emphasis mine.

I think that means only new money after March 7 balances.

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