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

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Targeted offer: 2% on new deposit Nov 4, 2020 to Mar 31, 2021
January 2, 2021
9:00 am
canadian.100
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pooreva said

canadian.100 said
Tangerine's special rate on their "Savings Acct" (I do not use HISA anymore) is now 1.3% for 5 months to May 31st. 

Is this a 'special offer' or their offer when you call them to negotiate rate?  

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.

January 2, 2021
9:08 am
pooreva
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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...

January 2, 2021
9:46 am
canadian.100
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pooreva said

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...  

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.

January 2, 2021
10:36 am
Kidd
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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.

January 2, 2021
10:43 am
Kidd
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January 2, 2021
12:46 pm
Bill
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Kidd, can you provide a link for Simplii's 2.5% GIC? I can't find it on their site.

January 2, 2021
1:20 pm
topgun
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topgun said
I called Simplii to activate the 2% deal until the end of March. You have to wait until April to get the bonus. Until that happens you collect .10%. The maximum is $500,000. The other 1.9% will probably be paid by April 15th. I can wait until April 30th.

https://www.simplii.com/en/special-offers/high-interest-savings.html?utrc=s226:28&&msclkid=542fda892c6313b7ddad8563b914b9fe&utm_source=bing&utm_medium=cpc&utm_campaign=Simplii%20Financial%20%7C%20SEM_AW_EN_BR_Simplii%20Financial%20-%20Exact%20-%20HISA%20-%20Simplii%20Core&utm_term=simplii%20financial%20online%20banking&utm_content=Brand&gclid=542fda892c6313b7ddad8563b914b9fe&gclsrc=3p.ds

Hopefully this very long link works.  

This is the deal I accepted at Simplii. I did not see any offer above 2%.

Have a Great Day

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