Targeted 5½% on new money, from Dec. 5, 2023 to Apr. 30, 2024 | Tangerine Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Targeted 5½% on new money, from Dec. 5, 2023 to Apr. 30, 2024
December 5, 2023
7:12 am
Norman1
Member
Members
Forum Posts: 6623
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Saw this new-money offer when I signed onto Tangerine online banking:

The Tangerine Savings Interest Offer of 5.50% (the “Offer”) is only available to existing Tangerine Clients who have received this communication directly from Tangerine and who activate the Offer online by December 31, 2023. The 5.50% promotional interest rate (the “Promotional Interest Rate”) is only available on Eligible Deposits made between December 5, 2023 and April 30, 2024 of up to $1,000,000 per Applicable Account Type (in the currency of the Applicable Account). However, deposits made to registered Applicable Accounts through a T2033 form will not begin to earn the Promotional Interest Rate until the funds are actually received by Tangerine, and will earn interest at the applicable Posted Rate before then. The Promotional Interest Rate is an annualized rate, calculated daily and paid monthly. This Offer can’t be combined with any other offers. This Offer, including interest rates, may change, be extended or cancelled without notice.

Good thing I transferred most of my money out by December 1 after my previous targeted offer ended!

RIF Savings accounts not eligible:

The Offer is only applicable to Tangerine Savings Accounts (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”), Tangerine RSP Savings Accounts (“RSP Savings”), and Tangerine US$ Savings Accounts (“US$ Savings) (referred to collectively as “Applicable Accounts”) where the Eligible Client is the Primary Account Holder as described in Section 13 below. … The Offer is not applicable to any other Accounts, including (but not limited to) Tangerine RIF Savings Accounts (“RIF Savings”), Tangerine Business Savings Accounts, Tangerine US$ Business Savings Accounts, or Tangerine Children’s Savings Accounts (“CSA”).

Some others received a targeted offer of 6% for the same period.

December 5, 2023
9:45 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 1872
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

.
Hmmm ... different folks get different offers. I wonder how they decide who gets what.

And then some others (like me) get Nada.

As the stomach turns ... sf-wink

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 5, 2023
10:18 am
Norman1
Member
Members
Forum Posts: 6623
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

There is randomness.

Someone filed a complaint with the Tangerine ombudsman a while back about the diversity in the offers. The ombudsman looked into it and said it wasn't discriminatory because of the randomness in how they offers were assigned.

I suspect Tangerine selects a broad group of clients to give an offer to. There isn't the marketing budget for everyone in the group to get an "exciting" 5%, 5½%, or 6% offer. Instead of giving all the clients an underwhelming 4% offer that is within the budget, Tangerine gives out 5%, 5½%, or 6% offers to a random subset of the clients in the group.

December 5, 2023
12:42 pm
rhvic
Victoria, BC
Member
Members
Forum Posts: 465
Member Since:
May 28, 2013
sp_UserOnlineSmall Online

I seem to be one of the lucky ones who is offered 6% on this latest promotion.

Good thing I moved my funds from savings to chequing last week. If I read things correctly, moving them back to savings will get me 6% on what I transfer. Item 9(a) states
"The following transactions are examples of what will qualify as Eligible Deposits for which Promotional Interest will apply:

(a) Money transferred from a Tangerine Chequing Account to an Applicable Account."

Whoopee!

December 5, 2023
12:53 pm
bryguy
Member
Members
Forum Posts: 5
Member Since:
August 10, 2022
sp_UserOfflineSmall Offline

Good thing I checked this website for offers as I just received the 5.50% offer from Dec 5'23 to April 30'24. I had just cleared out my balances after my last Tangerine offer expired at the end of November (same 5.50% rate offer). Surprised that they would send out a quick follow-up offer.

December 5, 2023
5:22 pm
suburbs4life
Member
Members
Forum Posts: 159
Member Since:
April 20, 2019
sp_UserOfflineSmall Offline

Yeah I am in the same situation as you bryguy. My 5.5% offer just ended Nov 30th and the same rate just appeared in a new promo today. Good thing I had no funds in there for most of the last promo.

Looks like we have finally hit the peak for interest rates. They should have given me 6% and I’d consider using it. Oh well.

December 5, 2023
7:40 pm
althisa
Member
Members
Forum Posts: 103
Member Since:
September 5, 2023
sp_UserOfflineSmall Offline

Norman1 said
There is randomness.

Someone filed a complaint with the Tangerine ombudsman a while back about the diversity in the offers. The ombudsman looked into it and said it wasn't discriminatory because of the randomness in how they offers were assigned.

I suspect Tangerine selects a broad group of clients to give an offer to. There isn't the marketing budget for everyone in the group to get an "exciting" 5%, 5½%, or 6% offer. Instead of giving all the clients an underwhelming 4% offer that is within the budget, Tangerine gives out 5%, 5½%, or 6% offers to a random subset of the clients in the group.  

I dont subscribe to the randomness of offers theory.
FIs have sophisticated matching and marketing algorithms to maximize profits, particularly FIs like Tangerine which are backed up by a large bank with the expertise to develop and maximize the utility of these algorithms. Most of us use multiple social media sites and I assume most of us are aware that what we see in our feeds is algorithm dependent. NO ONE can figure out the 1000s of data points the social media algorithms use to determine your feed, not even when social media orgs like Twitter/X open source their code. Just because you cant figure out the data points used to show you certain offers, does not mean its random.

Also just because people post here saying I got the offer because X, I didn't get the offer under similar conditions Y, thats one or two data points, you dont know the 999 other data points the algorithm is using (including perhaps your social feeds sf-wink)

December 5, 2023
8:31 pm
Loonie
Member
Members
Forum Posts: 9182
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

To our surprise, spouse got the 6% offer on Dec 5. New money, to Apr 30.
This followed previous offer of 5.85 and one immediately before that which i think was 5.75 (not certain what it was).
During the most recent offer, we withdrew most of the money in two spaced lumps. We also bought one of their 6% GICs for a smaller amount, thinking that might help elicit another offer. (Maybe it did, but who knows?)
Offer accepted.

December 5, 2023
8:57 pm
davidgeorge
Member
Members
Forum Posts: 284
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

Spouse got 5% offer on November 6, (didn't accept) and got 5.5% offer today. I am on 6% offer until Feb. 29, 0224.

December 5, 2023
9:36 pm
moneyhelp
Member
Members
Forum Posts: 273
Member Since:
December 1, 2016
sp_UserOfflineSmall Offline

suburbs4life said
Yeah I am in the same situation as you bryguy. My 5.5% offer just ended Nov 30th and the same rate just appeared in a new promo today. Good thing I had no funds in there for most of the last promo.  

Same here, my 5.5% end Nov 30th and just today I received email offer for the same rate, EXCEPT, I never moved my money out of my account, which surprised me because in the past I did, I would transfer out all my funds and wait for an offer, this time I didn't just because I dreaded having to wait long on the phone, but I had planned on doing so in next couple days when I was off work, but then this morning I got that surprise! I'm happy. 🙂

December 6, 2023
3:46 am
implode
Member
Members
Forum Posts: 167
Member Since:
April 2, 2015
sp_UserOfflineSmall Offline

My previous offer ended Nov 30 and I forgot to empty out. Then I got this 5.5% offer for new money. Since it's not new money, I'll earn at the base rate of 0.7%. I guess I'll accept the offer and still empty out.

December 6, 2023
3:52 am
Norman1
Member
Members
Forum Posts: 6623
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I wouldn't accept the offer before emptying out. Accepting the 5½% offer would mean no possibility of another offer until the accepted offer expires at the end of April 2024.

If one does not accept the 5½% offer, there is the possibility of another offer after the end of this month, when the 5½% offer needs to be activated/accepted.

Another possibility is to call Tangerine and ask if the 5½% new-money offer could be swapped for a lower all-money offer. Tangerine did that for me years ago when I did not transfer out in time after an offer ended and they sent me subsequent new-money offer.

Otherwise, there are lots of ways to earn 4½ to 5% elsewhere (ISA's at discount brokers and cashable variable rate GIC's from RBC, CIBC, BMO, and Canadian Western Bank) until the next Tangerine offer.

December 6, 2023
4:20 am
savemoresaveoften
Member
Members
Forum Posts: 2647
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Too many people accepting their subpar offer is the reason why Tang can continue to do it.
If depositors are more united and don’t call in nor accept unless it’s the highest offer (which can be easily found out these days), every body wins at the end.

December 6, 2023
5:30 am
Norman1
Member
Members
Forum Posts: 6623
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Doesn't matter to Tangerine Bank. These offers are marketing exercises to generate marketing buzz and not funding exercises to raise funds needed to lend.

If they actually were trying to raise money, Tangerine Bank would set the savings account rate to 5½% or 6%. No need to spend effort sending targeted offers out and keep track of who accepts and who did not. No need to run a second job every month to calculate and credit the bonus interest to top up some accounts to 5%, some to 5½%, and some to 6%.

December 6, 2023
6:49 am
savemoresaveoften
Member
Members
Forum Posts: 2647
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Norman1 said

If they actually were trying to raise money, Tangerine Bank would set the savings account rate to 5½% or 6%. 

From a Tangerine stand point, that would be a dumb move.
Why would Tang do that when the sticky deposit that is already there are only costing them 0.7% or whatever the non promo rate is.
I see the promo rate as a way to fish for more sticky deposit over time, or for those who just forgot. Rate chasers may be a norm on this forum, but not the majority.

December 6, 2023
7:10 am
Itellyouwutt
Member
Members
Forum Posts: 106
Member Since:
November 22, 2023
sp_UserOfflineSmall Offline

savemoresaveoften said

Norman1 said

If they actually were trying to raise money, Tangerine Bank would set the savings account rate to 5½% or 6%. 

From a Tangerine stand point, that would be a dumb move.
Why would Tang do that when the sticky deposit that is already there are only costing them 0.7% or whatever the non promo rate is.
I see the promo rate as a way to fish for more sticky deposit over time, or for those who just forgot. Rate chasers may be a norm on this forum, but not the majority.  

I wouldn't use the label "rate chaser" -- more like "smart shopper" sf-smile

But I agree with your point (and Norman was making the same point). These promos are part of a strategy that has proven to be profitable, which is why they keep doing it.

Also remember that while many people here deposit 6 and sometimes 7 figures to take advantage of promos, most Tang customers don't. And once they have them in their orbit, the likelihood of Tang being able to upsell them on other highly profitable products is much greater. I wouldn't even call it a true loss leader, because Tang is still generating profit during these campaigns (just not as much).

December 6, 2023
8:21 am
moneyhelp
Member
Members
Forum Posts: 273
Member Since:
December 1, 2016
sp_UserOfflineSmall Offline

moneyhelp said

suburbs4life said
Yeah I am in the same situation as you bryguy. My 5.5% offer just ended Nov 30th and the same rate just appeared in a new promo today. Good thing I had no funds in there for most of the last promo.  

Same here, my 5.5% end Nov 30th and just today I received email offer for the same rate, EXCEPT, I never moved my money out of my account, which surprised me because in the past I did, I would transfer out all my funds and wait for an offer, this time I didn't just because I dreaded having to wait long on the phone, but I had planned on doing so in next couple days when I was off work, but then this morning I got that surprise! I'm happy. 🙂  

After reading some of these comments, it got me thinking I won't be getting the new (same rate) with all my current funds total, it turns out after calling Tangerine, everyone here was correct, I wouldn't be getting the 5.5%.

As such, I advised to move my money out to Achieva (3.6%) and they placed me on hold, and came back and offered me 4.75% on current balance for next 5 months, so I said yes.

It is less, but beats Achieva's rate, so I'll take it.

December 6, 2023
9:14 am
bpwest
Member
Members
Forum Posts: 83
Member Since:
June 8, 2016
sp_UserOfflineSmall Offline

I got 6%; my 5.85 just ended, and my $'s scooted to some 6% Oaken anniversary GIC's, and elsewhere...most coming back to Tang now.
Tiresome, but necessary (this time) to transfer out and back. Thanks to all those who post here and elsewhere...it's good to know what Tang and others are doing...

December 6, 2023
3:09 pm
rk
Member
Members
Forum Posts: 67
Member Since:
February 6, 2019
sp_UserOfflineSmall Offline

Same here. After my 5.85% ended on Nov. 30th, I have got the 6% offer the other day.

Please write your comments in the forum.