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Targeted 2% new money offer, Feb 4, 2022 - June 30
February 9, 2022
11:16 am
HermanH
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bhuc said
My wife and I have a joint HISA with Tangerine and I am the primary account holder.
Yesterday she received an email offer of 2% for 5 months for new money and she accepted , thinking that our joint would get the bonus rate offer.
But NO, after talking to a CSR it turns out the offer does not apply to the joint HISA because she is not a primary account holder.

You can just demand the same rate offer from Tang for yourself. Their policy is that an offer to a household address is available to all residents at the same household. Call and ask for it.

February 9, 2022
12:37 pm
Loonie
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HermanH said

bhuc said
My wife and I have a joint HISA with Tangerine and I am the primary account holder.
Yesterday she received an email offer of 2% for 5 months for new money and she accepted , thinking that our joint would get the bonus rate offer.
But NO, after talking to a CSR it turns out the offer does not apply to the joint HISA because she is not a primary account holder.

You can just demand the same rate offer from Tang for yourself. Their policy is that an offer to a household address is available to all residents at the same household. Call and ask for it.  

Unfortunately, that "policy" of Tangerine's, to offer same to spouse etc, is not reliable. Sometimes they will; sometimes they pretend there never was such a policy.

Don't forget too that CDIC only insures 100K of jointly held money, no matter who is primary. In other words you can't get 200K insurance for the two joint accounts held by same people.

February 19, 2022
5:19 pm
ExtraSauce
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I too received the 2% new money offer, Feb 4 - June 30

For over 5 years I kept $100 in the Tangerine account (after moving most money out) and never received any decent offers.

After calling a customer service rep she told me NO I didn't have the 2% offer. After I showed them the emails offering me the rate and the email where I confirmed, they all of a sudden found that YES I did qualify! Poor Customer service reps must be struggling to keep up with Tang's shenanigans.

I'll likely be gone July 1 as I see EQ now has a 3 or 6 month 2.05% offer and rates should be looking even better elsewhere soon.

Only thing missing from Tangerine is the flashing bow tie 😐

February 20, 2022
8:23 am
Norman1
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If one is interested in the short-term 2.05% rate from EQ Bank, one should act now. EQ Bank indicates that it is a limited time rate:

Lift-off, guaranteed.
Earn 2.05%* on a
3 or 6-month GIC.

On for a limited time.

Separate thread: https://www.highinterestsavings.ca/forum/eq-bank/eq-bank-2-05-for-a-90-day-or-180-day-gic-registered-or-non-registered/

February 23, 2022
9:23 am
maGIC
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This could be a new low for Tangerine manipulation… My wife and I have a joint account and I am the primary. In December, I accepted a 2% rate until April 30. Today, my wife logged in and on the banner she is offered a 2% rate until June 30. First time we have seen an offer for her (secondary holder). When we read the conditions, it is for new money as of Feb 3. We did not accept the offer. I am thinking that if we did accept, it may drop the rate to .1% on the current balance, which is just shy of CDIC limit. Or at very least would drop the interest as of April 30 on existing balance. So from May 1 to end of June … .1% on current and 2% over current, which in our case would be monies over CDIC limit. Anybody else see this scenario?

February 23, 2022
9:36 am
cgouimet
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I'm no expert but ...

Your 2% thru Apr is for the Savings accounts for which you are the primary: your Individual Savings and your Joint Savings.

Her 2% thru Jun is for the accounts for which she is primary: her Individual Savings.

I am of the opinion that transfers from your Primary account to her Primary account will be new money.

My suggestion would be to accept the offer and transfer $100 from your joint to her personal and see if she gets a bonus/promotional interest credit at the end of Feb ...

Thoughts from anyone else?

CGO
February 23, 2022
9:56 am
cgouimet
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My wife and I each have a Tangerine Savings Account. We also have a Joint Savings with me as Primary. Since 2006. My wife has never had any offers ...

CGO
February 23, 2022
10:34 am
Bill
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post #26 is my understanding too.

February 23, 2022
12:24 pm
cgouimet
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The other thing you can do maGIC is once you accept your wife's 2% offer, open her savings account and select "Account Details". On the right, there should be a frame that contains a section that reads something like:

"Your special rate is active! Nice! You're earning a special interest rate of 2.00% on new deposits to this Account until June 30, 2022."

Then you log in, open each of the two savings accounts you are the primary for and repeat the above process. You should see:

"Your special rate is active! Nice! You're earning a special interest rate of 2.00% on new deposits to this Account until April 30, 2022."

If all is good, you won't have to wait till month end this weekend to verify you have the 2% rate on all your accounts ...

CGO
February 23, 2022
1:17 pm
maGIC
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cgouimet said
I'm no expert but ...

Your 2% thru Apr is for the Savings accounts for which you are the primary: your Individual Savings and your Joint Savings.

Her 2% thru Jun is for the accounts for which she is primary: her Individual Savings.

I am of the opinion that transfers from your Primary account to her Primary account will be new money.

My suggestion would be to accept the offer and transfer $100 from your joint to her personal and see if she gets a bonus/promotional interest credit at the end of Feb ...

Thoughts from anyone else?  

Maybe I wasn’t clear enough. My wife and I only have one account and that one account is a joint account. We each have separate log ins to that same one account. I am primary and she is secondary. She does not have another account. The offer she has, is for the same account. Tangerine is offering contradictory promos for the same account

February 23, 2022
1:37 pm
cgouimet
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maGIC said

Maybe I wasn’t clear enough. My wife and I only have one account and that one account is a joint account. We each have separate log ins to that same one account. I am primary and she is secondary. She does not have another account. The offer she has, is for the same account. Tangerine is offering contradictory promos for the same account  

I didn't realize you could open a TNG "membership" with at least a Savings Account.

So, I would suggest that each of you have an individual TNG savings account. This way you could take advantage of your offers on each your account and the joint account and she could take advantage of her offers on her account.

From a CDIC perspective, you each would have $100k on your individual cash and GIC accounts and then $100k on the joint cash for a total of $300k at TNG. Or perhaps you are already using that $300k CDIC with individual GIC's.

CGO
February 23, 2022
2:03 pm
Bill
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maGIC, if you read the fine print of your wife's offer I believe you'll find it's good for accounts on which your wife is primary, i.e. in her case , none. So they've given her an offer that's no good to her as of now, and won't affect your existing offer, from what I can tell.

February 23, 2022
2:16 pm
Loonie
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It sounds to me like maGIC and wife don't want individual accounts, and there are good reasons why they might not.

Here's what I would do.
Accept the wife's offer; transfer funds out temporarily to external account from the husband-primary account; wife opens new joint account with her as primary; when cleared, transfer the money back into this new joint account; check to see what rate she is getting. If it's not the desired rate, try switching to a personal account for her. Maybe you could put up with that for a few months although not your preferred method. It may not even be necessary to transfer out to external, but it's an extra precaution.

I have in the past transferred money between joint accounts at Tang in order to take advantage of new offer and it has worked, but I can't remember if it required "new" money.

I suspect their algorithms don't really look at secondary account holders when they dish out promo rates.

But, honestly, I'd look around for a better bank or CU. Who needs all these shenanigans?
The following options might apply: DUCA at 2% to July 31; Hubert one year tiered gic cashable at 2%; EQ 2.05% for 3 months. You'd need to check the details of each I wouldn't feel bound to Tang. There are new offers coming out regularly.

February 23, 2022
2:33 pm
Norman1
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Bill said
maGIC, if you read the fine print of your wife's offer I believe you'll find it's good for accounts on which your wife is primary, i.e. in her case , none. So they've given her an offer that's no good to her as of now, and won't affect your existing offer, from what I can tell.

That's what paragraph 13 off my 1.4% offer says. Offer is for the Tangerine client and not any particular account:

13. The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the “Primary Account Holder”). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Account. Where money is transferred from an Account where the Eligible Client is listed second on the statement to an Applicable Account where the Eligible Client is the Primary Account Holder, that transfer will be eligible for Promotional Interest.

February 23, 2022
5:20 pm
maGIC
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Yes, Bill and Norman 1 you are correct. When you click on legal stuff I see only eligible for primary account holder. I am not interested in other than joint accounts and setting up my spouse with another joint account with her as primary does not increase CDIC coverage. What I was saying is that Tang is pulling another shenanigan. This is the first time we have seen a promo directed at the secondary holder (even though the secondary holder is not eligible for the directed promo offer). Tired of playing games with Tang.
We have accounts at DUCA and EQ as well as several others. I set up transfer connections from Tang to DUCA and when end of April arrives I will likely move to DUCA. Thanks to all for the input.
maGIC

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