Targeted offer: 2% on new deposit Nov 4, 2020 to Mar 31, 2021 | Page 3 | Tangerine Bank | Discussion forum

canadian.100 said

it is when you call them - I think they call it "retention rate" if you are already a Tang client ---but I don't think there is any "negotiation" other than take it or leave it.  

Yeah... I was expecting something around 1.5% 'retention rate' 🙁
This is two edged sword:
- if you accept 'retention rate' you might have slightly better rate for a while than other FI; but you for sure will not receive 'promotional rate' or you will not have enough money to deposit if you receive it.
- if you do not accept 'retention rate' you will have to park money with lower interest but you might get lucky and receive 'promo rate' in a few months...

canadian.100 said

With the pandemic numbers increasing plus the new variant which is said to be more contagious, I don't see higher interest rates for 2021 - I see more lockdowns, more govt aid/handouts in 2021 - I would not be surprised to see Tang and others offering not much more than 1% (as the retention rate) this summer. Maybe less than 1% if things "go south" quickly in 2021. The vaccine rollout is going too slowly right now in Canada.  

It might just be me but i see the opposite occurring. I think rates will be inching up over the next few months. A few FI's are already poking their toes into the water for nibbles.

Oaken 1.6% for 18 months
EQ - rrsp and tfsa 2.3%
Simplii - tfsa 2.3% or 2.5% for a 90 day gic

I without doubt will be saying NO to tangerine's 1.3% offer. This upcoming march, those who bought into tangerine's 1 year gic at 2.8%, their money comes due and that amounts to millions and millions of dollars tangerine risks losing.