Targeted offer - 5% on new money till June 30, 2023 (extended to September 30) | Tangerine Bank | Discussion forum

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Targeted offer - 5% on new money till June 30, 2023 (extended to September 30)
February 2, 2023
5:27 am
Alexandre
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An offer just came to my Insights: 5% from February 2 till June 30. As this is slightly different offer from those reported previously, adding it as a new topic. Also, as a reminder to check your Tangerine insights.

Start earning 5.00% interest* on new deposits to your Tangerine Savings Account(s), Tax-Free Savings Account(s), RSP Savings Account(s) and now, US$ Savings Account(s)

Screenshot-2023-02-02-081756.jpg

February 2, 2023
5:39 am
savemoresaveoften
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With ISA at 4.35% and MM funds high 4%s, I no longer care for the tangerine handout. Will continue to boycott them personally.

And to make it worse, I have some $ in transition in the Tang account, and of course that is good enuf for them to also send me this new 5% offer on new money only. Worst timing... continue to hate them.

February 2, 2023
6:54 am
mordko
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Thanks. Got the offer and will use it. I am not proud. Two months longer than the Simplii offer and Tang is nicer to deal with.

February 2, 2023
7:35 am
Alexandre
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Same here: I don't take banking personally. Whoever offers better deal - I am in. Moved just over $90K to Tangerine today.

February 2, 2023
8:23 am
COIN
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No 5% for me. I'm still on the old 4.75% (although I heard some people got 5%) promo until end of May.

February 2, 2023
8:31 am
pwr1019
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Perfect I logged in and got the same offer. Surprised that they sent no email though (at least so far). 5% for the next 4 months is great, thanks OP

February 2, 2023
10:12 am
HermanH
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Didn't get the offer. Called and was offered 3.75% for 150 days. I turned them down.

February 2, 2023
10:35 am
Bill
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I refused a similar offer when I called a few weeks ago, as I expected (my last offer expired Dec 31) I got today's 5% offer.

February 2, 2023
11:18 am
Dean
Valhalla Mountains, British Columbia
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.
I got that offer too, but I'm holding off on pulling the trigger just yet . . .

    I can go for this short-term 5% SA offer, or ... I can go Long-term and lock-in that same 5% (or more) by investing in another GIC. Given that it looks like GIC rates have probably peaked, I'm leaning towards the Long-term option.

My future self may thank me sf-wink

    Dean

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

February 2, 2023
12:06 pm
Gogie
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I got the 5.0% offer today. Time to move back to Tangerine. sf-laugh

February 2, 2023
12:17 pm
InterestThis
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Also got this one. Sorta looks like a person gets every 2nd offer or so. They would not give the last offer over the phone, and said it was a random selection. But maybe after you call in, then the next offer might come in?

February 2, 2023
12:34 pm
sothisistheinternet
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InterestThis said
Also got this one. Sorta looks like a person gets every 2nd offer or so. They would not give the last offer over the phone, and said it was a random selection. But maybe after you call in, then the next offer might come in?  

I'll sooner discover the formula for Coke than understand what Tang uses. I go back to the ING days, and have been every possible use case -- including being super friendly. There appears to be no pattern. And they could not care less if you don't like it. They welcome HISA money -- especially if they can turn it into a term -- but they don't need it.

February 2, 2023
12:59 pm
Bill
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There are two kinds of offers, one by the phone folks when you call in and then those, like this 5% one, that are sent to selected clients by their marketing dept. Totally separate operations. The latter are usually their best rates.

I find if you call in and say you'd like to have money there but clearly their regular rate is not nearly competitive (they are forced to agree with you, good to start in agreement), do you have anything better?, then the phone folks usually give you some kind of offer, not usually near as good as the current marketing promo for targeted clients. So if you're super positive and grateful for whatever they offer you on the phone, and you make use of it, and you make no complaint about the top promo rate others might be getting, it seems to me you're in their good books and that seems to avoid the longs stretches of no offer of any kind for years that some folks on here refer to. I do think they red flag those who are only interested in being there if they're getting the absolute top rate, that's soon easily identified. Being in their good books gets you sporadic marketing promo offers assuming you're not already on another offer.

That's my best guess today, based on personal experience and reading what others here have said over the years.

February 2, 2023
1:30 pm
Dean
Valhalla Mountains, British Columbia
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.
This one's fer Bill (Post #13 ) . . .
.

.

    Dean sf-wink

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

February 2, 2023
1:33 pm
HermanH
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I called for a promo rate and was only offered 3.75% for 150 days. My family member checked and got the 5% rate. So, I won't even bother asking for the same household rate. I'll just put it in a joint with my family member. What clowns.

February 2, 2023
1:35 pm
InterestThis
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I called in for their last offer, and they said to do a GIC. Just told them the term was too long, and was disappointed they could not help me move money into their bank.
But I suspect its random and based on automatic internal algorithms from your banking transaction history. I know a PhD mathematician who writes those kind of equations for a living for banks. Its not personal.

February 2, 2023
1:55 pm
Bill
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I don't know this Ted Lasso fellow, is it good to be compared to him?

Question: Spouse has a Tang GIC maturing, her 5% offer legalese says "Money transferred from a Bank GIC.........to an Applicable Account" will not qualify for her 5% rate. A savings account is an Applicable Account. But legalese also says money transferred from a Tang chequing account does qualify. So if her GIC maturity instructions say to deposit the GIC funds into the chequing account, not her savings account, and then from chequing it's transferred into her savings account she should then get her 5% on the matured GIC amount. Does that sound right?

February 2, 2023
2:03 pm
InterestThis
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Wow good catch, it does appear to say a maturing GIC won't count for the 5% rate!!
Just switched the GIC to mature to the checking acct.
Can anyone else look into the details of this? I will look into it later today.

February 2, 2023
3:52 pm
Warwick111
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Yes, I think interest from a maturing GIC in a checking account is eligible. It is in the checking account and it is new money.

February 2, 2023
4:33 pm
InterestThis
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So I read the entire thing, and a GIC to savings is excluded. So just mature the GIC into the checking account, and probably WTD it, and transfer it back in with other transactions, just to make sure.
The lesson banks are teaching customers, is to never leave money with banks at the standard rates!
Probably a lot of people with a maturing GIC into savings won't notice they are getting 1% and not 5%.

----QUOTE---------
The following transactions are examples of what will qualify as Eligible Deposits for which Promotional Interest will apply:
- Money transferred from a Tangerine Chequing Account to an Applicable Account.
- Money transferred from another financial institution, including the Eligible Client’s linked account, Tangerine email Money Transfer, or Interac e-Transfer®, to an Applicable Account.

Exclusions
Notwithstanding the above, the following are examples of the types of transactions that won’t qualify as Eligible Deposits and therefore won’t earn Promotional Interest:
- Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.

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