Targeted offer - 5% on new money till June 30, 2023 (extended to September 30) | Page 2 | 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
7:46 pm
Vatox
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I got the offer.

February 2, 2023
8:08 pm
HermanH
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Another household member got it. I called and asked for it under their Same Household policy, but was rejected. CSR said that there are some offers that are specifically restricted from extension to other household members.

At least it is now more certain that a Same Household policy exists. Just too bad that there are further restrictions within it. This offer was exclusive to selected members by e-mail invitation. sf-frown

February 2, 2023
8:54 pm
Bill
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Household policy doesn't apply to targeted email or Insights offers. It does apply, however, if someone calls in and agrees to an offer from the phone CSR, they can pass the phone over to another family member to get the same offer. These offers are usually for a rate lower than the targeted ones. It was explained to me that way.

I also think they've red flagged some people who they just don't want to give offers to, perhaps based on past history they've written some of us off, would be just as happy if we left. Just my sense.

February 2, 2023
9:23 pm
HermanH
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February 2, 2023
9:43 pm
Loonie
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Please provide a link to where this policy can be found.

February 3, 2023
5:58 am
Bill
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Interesting. Wife's Tang GIC matured with instructions to redeem to joint chequing account, it instead went into joint savings account where I'm the primary - ? I'm on the 5% deal, so I get penalized now? Or else they did this so it still qualifies for the 5% as it wasn't part of my promo starting day balance? Will leave it there just to see what the month-end interest calculation ends up showing.

February 3, 2023
10:02 am
Bill
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Very nice and conscientious lady at Tang went and checked and said a maturing GIC into a HISA will get the promo rate. FWIW.

February 3, 2023
12:22 pm
savemoresaveoften
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Bill said
Very nice and conscientious lady at Tang went and checked and said a maturing GIC into a HISA will get the promo rate. FWIW.  

I will be very cautious and wont believe the rep. In the past, they make it clear maturing GIC money flowing back into account does NOT qualify.

The even more controversial debate was that moving the moeny afrom savings to checking, and then move it back to savings when promo shows up also qualifies...

February 3, 2023
12:40 pm
InterestThis
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It says right in their terms that money transferred from a Bank GIC does not get bonus interest. Going to WTD it into chequing, move it out to another bank, and then ETF it back as new money into Tang.

February 3, 2023
2:05 pm
rhvic
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No offer for me yet. My last promo ended Dec 31, at which time my deposits transferred over to the promo at Simplii. If Tang does give me a promo soon, then I would move some monies back to them. Hopefully some offer arrives before the current Apr 30 offer at Simplii expires.

February 3, 2023
6:34 pm
mordko
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savemoresaveoften said

I will be very cautious and wont believe the rep. In the past, they make it clear maturing GIC money flowing back into account does NOT qualify.

The even more controversial debate was that moving the moeny afrom savings to checking, and then move it back to savings when promo shows up also qualifies...  

Right. If the question is somewhat more challenging than “how much is 2x2?”, there is a 50-50 chance the rep will give you the wrong answer. I tend to request a written reference rather than take it based on rep’s words.

February 3, 2023
6:57 pm
Bill
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Either way it is what it is, no big deal to me as right now our effective yield while on the promo is about 4.6% based on the GIC amount earning 1% while the rest earns 5%. And the more we load up the HISAs the closer to 5% we get, still beats comfortably any other HISA options I have right now.

I'll check the interest calculation at the end of the month and confirm what rate the GIC amount is earning. For now I'll assume 1%.

February 5, 2023
5:41 am
InterestThis
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well the GIC paid out into the Tang chequing after being switched from savings. Now will just move it out, and then back in.

Someone should post if they do give the 5% on a GIC that matures into the Savings, or not.

February 5, 2023
7:06 am
Bill
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I'll post in March, I assume it's not eligible for the 5%.

I must have not completed my change of maturity instructions properly, given that you were able to transfer into chequing account, I'm thinking it was probably my mistake.

February 5, 2023
7:16 am
InterestThis
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I just clicked through the process online, and made sure it was going to chequing. And repeated it the next day!
If not for the post in this thread, my GIC would have matured into the Savings, and 5 months of interest would have been lost. So thanks to whoever posted that.

It does make sense in that its not "new money" to Tang.
Maybe they sent this offer to those with Tang GIC's maturing during the offer?
Sounds like classic Scotiabank fine print.
People could lose 4% interest over 5 months, and lose quite a bit of money due to a COUPLE CLICKS. And of course the bank gets that money for 1%, and loans it out for much higher. Pretty clever.

February 5, 2023
7:53 am
mordko
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Maybe they sent this offer to those with Tang GIC's maturing during the offer?

No

February 5, 2023
9:10 am
BlueSky
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mordko said

Maybe they sent this offer to those with Tang GIC's maturing during the offer?

No  

With a random execption of extending an existing promo, in my experience, Tang has been very consistent with their promos. They have two pools of clients who receive a promo offer. Ex. my last promo ended last Nov. 30, now they sent a promo for Feb. They have a "cool off" period of 2 months, sometimes a bit longer, before issuing a new offer. That should be true for both pools.

February 5, 2023
10:01 am
COIN
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Don't know about Tang but Tandia treats GIC maturity proceeds as "old" money.

February 5, 2023
10:06 am
Bill
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My recent experience is the same. So when your promo is ending you have a choice: call them the day after it ends (i.e. when your promo is officially done) and ask if they have anything for you or else your money is (obviously, 1%!) moving and they'll likely (not for sure) offer you something like a 6-month extension for one of their lesser promo rates. Or just empty the account when or before the promo ends and then wait a few months when you'll likely get notification of qualifying for a new promo.

Of course none of this is for sure, it's a guessing game. And the rules can change depending on conditions, e.g. I've read that right now some banks are flush with cash they can't lend out. So the other option if you don't enjoy guessing games is take your money elsewhere.

If you're on the 5% that's a good rate for 2023 TFSA money until the end of June, then you can buy their 180-day TFSA GIC for about 3.6% right now and still be able to withdraw just before year-end for recontribution somewhere in 2024.

June 23, 2023
10:40 am
ertyu
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I have this promo and just got a notice they've extended mine till Sep 30

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