Targeted offer - 5% on new money till June 30, 2023 (extended to September 30) | Page 2 | Tangerine Bank | Discussion forum

I got the offer.

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.

Please provide a link to where this policy can be found.

Very nice and conscientious lady at Tang went and checked and said a maturing GIC into a HISA will get the promo rate. FWIW.

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.

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.

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.

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.

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.

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.