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Email this8:06 am
February 7, 2019
Online
LK said
Four month GIC is currently 3.20% at Saven.
https://savenfinancial.ca/en/o.....-rates
This would a good alternative to Hubert's 1Yr Quarterly GIC.
If only they had joint accounts ...
| CGO |
7:25 am
March 15, 2019
Offline
One of the many good things about this chatroom is that I find other members are aslo p--off with Tang. I am not alone. Maybe we should forward this thread to Tang. On the other hand maybe Tang doesn't give a ------.
7:37 am
February 7, 2019
Online
COIN said
One of the many good things about this chatroom is that I find other members are aslo p--off with Tang. I am not alone. Maybe we should forward this thread to Tang. On the other hand maybe Tang doesn't give a ------.
What most businesses react to is business results, not emails and chat rooms. $ leaving TNG to other pastures reducing TNG's profitability is what can drive change.
| CGO |
12:09 pm
September 11, 2013
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Your money leaving is actually what Tangerine wants you to do, that's precisely the reason for no offer for some people. Tangerine actually doesn't want all the deposits available in the world, their inflows and outflows of money are carefully monitored and curated. Just like every other financial institution that wants to stay around for a while.
5:43 pm
April 6, 2013
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Tangerine Bank doesn't really care.
Their December 2025 OSFI consolidated balance sheet shows only $5.3 billion of their $44 billion of deposits has been loaned out.
The remaining $38.7 billion is parked in cash and cash equivalents. No pressing need for more deposits.
2:40 am
January 1, 2018
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Norman1 said
Tangerine Bank doesn't really care.Their December 2025 OSFI consolidated balance sheet shows only $5.3 billion of their $44 billion of deposits has been loaned out.
The remaining $38.7 billion is parked in cash and cash equivalents. No pressing need for more deposits.
which begs the question ... then why did THIS https://www.highinterestsaving.....y-31-2026/ just come out ?
8:26 am
April 6, 2013
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Jim Sherat said
which begs the question ... then why did THIS https://www.highinterestsaving.....y-31-2026/ just come out ?
That is a marketing exercise, like paying millions of dollars for naming rights on a stadium.
Bank of Nova Scotia has a AA debt rating and doesn't need to pay junk bond rates, like 4¼%, through their wholly-owned Tangerine Bank for short term funds.
8:29 am
September 11, 2013
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Good question, Jim.
But they make money off their credit cards, mutual funds, mortgages, etc, so maybe it's targeted to customers, or not-yet customers, who their computer thinks have potential to contribute to other Tangerine revenue streams now or down the road. People who do nothing but chase highest interest rates on their deposits might not really be desirable to Tangerine. Or any bank, for that matter.
Also having promos of various kinds just kinds of adds to the buzz about your bank, people see the ads, etc, so it's just another form of marketing.
5:20 am
January 1, 2018
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Good points, Norman1 and Bill.
... and I guess you can put me down as one of those 'undesireables'.
In any case, it comes at a good time, as my current Meridian promo @ 4.70% will be expiring in early April. I just wish the Tang promo duration period was longer. However, since this is my First Tang targeted offer, probably best to accept and use it to some extent.
12:01 pm
April 6, 2013
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A reality of the business is that money lenders, like the banks, only need a certain amount of deposits to lend out. There is no benefit taking on more deposit liabilities than that.
It is quite easy to attract deposits once a lender can offer insured deposits. Just offer a leading rate on the deposits and the money will pour in.
Equitable Bank did that years ago through EQ Bank and they couldn't onboard new depositors fast enough! New EQ Bank clients were issued reservations on a list and had to wait weeks on the list before their staff could onboard them.
However, it is not as easy find borrowers for the deposited money who will likely repay what they borrow as agreed.
