Targeted offer: 2% on new deposit Oct 7, 2020 to Feb 28, 2021 | Page 2 | Tangerine Bank | Discussion forum

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Targeted offer: 2% on new deposit Oct 7, 2020 to Feb 28, 2021
October 7, 2020
5:25 pm
Kidd
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Another question... those who just activated the 1.6, 1.7 and 1.8 percentage offers, are we going to ask for the 2%?

We are NOT locked into any sort of commitment or agreement on our end of their saving's offers and as we all know this is the sort of game tangerine loves to play with us. So why not return their volley and even the score at 15-ALL instead of 15-Love.

October 7, 2020
5:45 pm
fbeaulie
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Kidd said
Another question... those who just activated the 1.6, 1.7 and 1.8 percentage offers, are we going to ask for the 2%

I have accepted the fact that I might not always be amongst those getting the best offer from them. If they offer less than what I can get elsewhere, I simply move my money elsewhere. If their offer is better than what I can get elsewhere but they made better offers to other people, I still accept their offer and move my money back.

October 7, 2020
6:09 pm
Save2Retire@55
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I have never had this feeling before .. but I kind of want to keep the money in EQ even though it is 0.3% less than Tangerine's offer. I feel EQ has been really nice keeping their rate on top. Am I going crazy? Also we have less than $200K in saving combined in EQ. The total gain will be around $260 more in Tangerine interest than EQ. Do I move it? Do I keep it?

I basically not liking Tangerine's practice fundamentally. Weird debate inside!!

October 7, 2020
6:18 pm
Norman1
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fbeaulie said

Can I open a Joint Account with this lady as well (even if she doesn't have a SIN)?
IMG_20201007_201859258.jpg

Not directly as she is considered to be legally livestock or property and not a legal person who can own assets.

The closest is to form a trust for her care and open an account for the trust. sf-laugh

October 7, 2020
6:22 pm
Norman1
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Save2Retire@55 said
I have never had this feeling before .. but I kind of want to keep the money in EQ even though it is 0.3% less than Tangerine's offer. I feel EQ has been really nice keeping their rate on top. Am I going crazy? Also we have less than $200K in saving combined in EQ. The total gain will be around $260 more in Tangerine interest than EQ. Do I move it? Do I keep it?

I basically not liking Tangerine's practice fundamentally. Weird debate inside!!

One could divide it up between EQ Bank and Tangerine. Maybe something like 75% EQ Bank and 25% Tangerine Bank since you like EQ Bank better?

October 7, 2020
6:28 pm
Norman1
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Kidd said
Another question... those who just activated the 1.6, 1.7 and 1.8 percentage offers, are we going to ask for the 2%

fbeaulie said
I have accepted the fact that I might not always be amongst those getting the best offer from them. If they offer less than what I can get elsewhere, I simply move my money elsewhere.…

Not sure if it would make sense for me to try to swap my 1.7% entire balance offer for their 2% new money offer.

I had one of their immediately preceding offers and had a significant balance on the day the 2% new money offer started.

October 7, 2020
6:58 pm
Bill
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They offered a rate to me for a certain time, I accepted, it would not be right for me to renege on our agreement. Offer, acceptance, contract. Same as if they offered me a rate, I accepted, and then rates went down, they would be bound to our agreement (unless, of course, the agreement gave them the right to reduce it).

October 7, 2020
10:31 pm
gta_905
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Got the email for 2% yesterday. Happy because I went a few months without an offer. I was actually in the market for looking for an alternative to compliment DUCA's 2.5% until the end of March 2021 when it was offered a few months back but nothing beyond a few months promo and then a low rate after. This will be a good secondary account to use while waiting for the next promo which might be difficult to find right now.

October 7, 2020
10:32 pm
Vatox
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Save2Retire@55 said
I have never had this feeling before .. but I kind of want to keep the money in EQ even though it is 0.3% less than Tangerine's offer. I feel EQ has been really nice keeping their rate on top. Am I going crazy? Also we have less than $200K in saving combined in EQ. The total gain will be around $260 more in Tangerine interest than EQ. Do I move it? Do I keep it?

I basically not liking Tangerine's practice fundamentally. Weird debate inside!!  

I’m the same way. I prefer to be loyal and reward better behaviour. Back when EQ was 2.45%, Tang offered me 2.5% and I activated the rate but didn’t move my money over.sf-cool

October 7, 2020
11:27 pm
Rick
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Finally got my email today.

Earn 2.00% interest* on deposits to your Savings Account(s) until February 28, 2021.
Dismiss to 'Insights'

Now I'm wondering if $120 extra interest on 100K is worth it. I've always said I could be bought.....but I'm worth more than that. Probably take advantage of it anyway....no guarantees on Motive's rate staying at 1.75 in this market.

October 7, 2020
11:45 pm
Roy06
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I activated my 2% offer today. The available account is my Saving account and TFSA.

When I wired external money, it goes in my tangerine chequing account first. Afterward, I am doing the transfer to the saving account. Does it will count as a new deposit?

October 8, 2020
4:51 am
topgun
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Rick said
Finally got my email today.

Earn 2.00% interest* on deposits to your Savings Account(s) until February 28, 2021.
Dismiss to 'Insights'

Now I'm wondering if $120 extra interest on 100K is worth it. I've always said I could be bought.....but I'm worth more than that. Probably take advantage of it anyway....no guarantees on Motive's rate staying at 1.75 in this market.  

I agree with you. It is not worth it. Even if your 1.75 drops. Do it once. Never again. Have fun.

Have a Great Day

October 8, 2020
5:32 am
Loonie
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Rick, I'd say "do it". A guaranteed rate of 2% is better than a lower variable rate which will likely fall. (I'm not sure if your offer has a rate escape clause.)

I know it's not very inspiring, but it may look good come December - or even next week. It only takes a moment of your time. If it meant opening up a new account at a new FI, I might not get around to it, but this is easy. I'm sure you know all this!

October 8, 2020
5:49 am
hwyc
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I got the offer.
I have no TFSA contribution room.
Existing TFSA balance earns no promo interest.

I think it may be time for me to move up the "TFSA year-end withdraw" & "launder" the money (indirectly) back to my non-registered Savings.
Got nothing to lose here anyway.

We totalled up the balances of your eligible Savings, TFSA, RSP Savings, and US$ Savings Account(s) as they were on October 6, 2020 to get your total balances per Account Type
From October 7, 2020 to February 28, 2021, you’ll earn your special interest rate on new deposits over your total balances calculated on October 6, 2020 (up to $1,000,000† per Account Type)
The rest of your Account balance will earn the current posted rate

October 8, 2020
6:08 am
Heddie
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As with the last Tangerine offer, this one includes the USD account which represents a large interest increase over what I am getting now.

October 8, 2020
6:18 am
pwr1019
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Save2Retire@55 said
I have never had this feeling before .. but I kind of want to keep the money in EQ even though it is 0.3% less than Tangerine's offer. I feel EQ has been really nice keeping their rate on top. Am I going crazy? Also we have less than $200K in saving combined in EQ. The total gain will be around $260 more in Tangerine interest than EQ. Do I move it? Do I keep it?

I basically not liking Tangerine's practice fundamentally. Weird debate inside!!  

Except its not .3% its at .5% difference in the rate (EQ is now 1.5%) so it would be ~$400 more interest. I know because for me its enough to act I'm moving my EQ balance to Tangerine today 🙂

October 8, 2020
6:34 am
3oakwest
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I agree with Save2retire and Vatox. I think EQ has been more than fair with their interest changes, and I will stay with them.

October 8, 2020
6:58 am
Patch002
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3oakwest said
I agree with Save2retire and Vatox. I think EQ has been more than fair with their interest changes, and I will stay with them.  

Sorry, but I may have to partly disagree with you there.

You can be loyal to EQ but will they (or any FI) be loyal to you?

It's a competitive market out there. If EQ sees deposits leaving, then they'll act. (and I like EQ and I don't like Tangerine because of their game-playing).

October 8, 2020
7:46 am
Patch002
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pwr1019 said

Except its not .3% its at .5% difference in the rate (EQ is now 1.5%) so it would be ~$400 more interest. I know because for me its enough to act I'm moving my EQ balance to Tangerine today 🙂  

Back when I was in University, Economics class, we had a banker for a guest speaker and talked about the "Reserve requirement"

Many folks are taught that the Reserve requirement is the amount that is retained by the bank from deposits. The other amount is presumably loaned out.

e.g. Customer (A) deposits $100,000 in bank (B), B reserves $6,000 and loans out $94,000. B earns say 5% on 94,000 or $4,700 while paying out 2% or $2,000. B has a profit of $2,700.

ok, so far, so good....now it gets interesting.

B figured out that if they retained the $100,000 as the 6% reserve, theoretically they could lend out $1,666,667 (this is 100,000 / 6%). Now, they can theoretically earn $83,333 (calculated as 5% times $1,666,667) while retaining A's $100,000. The new profit for B is $81,333 ($83,333 - $2,000). Actual amounts vary due to uncertainty of A withdrawing funds at any time, hence, more A's are needed for the banks (also why banks love GICs).

It helps explain why FI's are so anxious to get depositors.

Note: I believe that the reserve requirement is for chartered banks, not tier II FI's, but I could be wrong.

When I graduated (1988) and started investing in bank stocks, I can say that I am a very happy camper.

October 8, 2020
8:20 am
lancedragons
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Got it on my wife's account, already transferred to Simplii, so I gotta shuffle it back.
Left the TFSA with Simplii though, since I don't want to affect my wife's contribution room.

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