Targeted offer for existing clients: 1.75% on new deposits until May 31, 2021 | Page 3 | Tangerine Bank | Discussion forum

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Targeted offer for existing clients: 1.75% on new deposits until May 31, 2021
May 26, 2021
10:06 am
Dean
Valhalla Mountains, British Columbia
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COIN said

My 1.75% promotion ends on May 31, 2021.

I called Tangerine earlier this morning and short story shorter.

"No extension for you."  

Similar story here . . .

Tang hasn't offered me a special promotion for well over two months now. Consequently, my Total balance with them remains @ $1.14 sf-smile

    Dean

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

May 26, 2021
10:22 am
COIN
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When I logged into my Tangerine account yesterday, there was a short survey asking me what I thought of Tangerine. So, I replied to the survey and told them exactly what I thought (in diplomatic language of course).

May 26, 2021
11:28 am
Bill
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Don't call them before your promo is up, seems they don't like that is my experience.

I'm on a 150-day promo, less than the 1.75%, ends tomorrow so I looked it up to make sure and noticed end date is now July 11, 45 days more tacked on, it appears. No notification received.

May 26, 2021
1:32 pm
COIN
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Bill said
Don't call them before your promo is up, seems they don't like that is my experience.

I'm on a 150-day promo, less than the 1.75%, ends tomorrow so I looked it up to make sure and noticed end date is now July 11, 45 days more tacked on, it appears. No notification received.  

Interesting. The other members said they received an email. I called Tang when I didn't receive an email by Monday. That was when they said "no extension for you". Tangerine is getting weirder and weirder.

May 26, 2021
4:35 pm
Righand
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Bill said
Don't call them before your promo is up, seems they don't like that is my experience.

I'm on a 150-day promo, less than the 1.75%, ends tomorrow so I looked it up to make sure and noticed end date is now July 11, 45 days more tacked on, it appears. No notification received.  

It seems quite obvious that Tangerine is moving many clients from a promo expiry date that was previously at the end of a month to close to the middle of the month.
Why 45 days ? Because if they only extended our present rate by only 15 days it would even more obvious of their plan.

The plan ? JMO, but it's probably the end of what people used to call the lottery which was usually at the beginning of a month. There were probably just too many people that had a promo ending at the end of a month and would move their funds out and wait.
Of course I could be wrong, let's wait and see what happens in the coming months.sf-wink

May 26, 2021
5:00 pm
Kidd
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Righand said

It seems quite obvious that Tangerine is moving many clients from a promo expiry date that was previously at the end of a month to close to the middle of the month.
Why 45 days ? Because if they only extended our present rate by only 15 days it would even more obvious of their plan.

The plan ? JMO, but it's probably the end of what people used to call the lottery which was usually at the beginning of a month. There were probably just too many people that had a promo ending at the end of a month and would move their funds out and wait.
Of course I could be wrong, let's wait and see what happens in the coming months.sf-wink  

Right Hand, to add to your theory.

March 2021. GIC's bought in march 2020 paying 2.8%, matured. Tangerine lost a fortune in deposits in march 2021, as clients fled, because they were not offered a competitive retaining rate.

Jan 2021. A 45 day (paying 1.8%) extension was offered to march 2021. Again, a fortune moved from tangerine, to greener pastures because tangerine offered no retainer.

I personally was caught in both of the above. Tangerine, in my opinion want out of the banking business. I am curious... what does your Left Hand think?Screenshot_20210526-201129.png

May 28, 2021
5:31 pm
topgun
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I took ALL my funds out of Tangerines savings account with promo 1.75% on NEW money. With merged rate of .10% on OLD money the combined rate is not very much. I will remove the May interest next week as well. I do not expect a promo for a LONG time.

Have a Great Day

May 28, 2021
5:38 pm
Kidd
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Righand, i may owe you an apology.

I'm sorry, i read your name as Right hand instead of Righand.

May 28, 2021
7:11 pm
implode
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My dancing around will take place next month. This 1.75% was great for my USD balance. Better than anything else I've seen.

Current Interest Rate 0.1%

Your special rate is active! Nice! You're earning a special interest rate of 1.75% on new deposits to this Account until June 30, 2021.

May 31, 2021
1:16 pm
Righand
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Kidd said
Righand, i may owe you an apology.

I'm sorry, i read your name as Right hand instead of Righand.  

Honest mistake, no apology needed. But what does my left hand think ?
FWIW, I think that it's only a question of time before Scotiabank pulls the plug on the whole thing.
Back when it was ING, because they had no brick and mortar branches their model paid everyone a fair rate without playing all of the silly games that Tangerine got caught up in. Now Tangerine's base rate is something like 0.10 % and AFAIK they still don't have many , if any fully staffed branches. I don't ever remember ING being so stingy but I could be wrong.

May 31, 2021
1:31 pm
Righand
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implode said
My dancing around will take place next month. This 1.75% was great for my USD balance. Better than anything else I've seen.

Current Interest Rate 0.1%

Your special rate is active! Nice! You're earning a special interest rate of 1.75% on new deposits to this Account until June 30, 2021.  

Just curious, but how can this offer be great for your existing USD balance if the offer stipulates "on new deposits" ?? Unless of course you had almost zero in the account .sf-confused

May 31, 2021
3:09 pm
RetirEd
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We have a Tangerine Branch in downtown Vancouver. Before I pulled out of Tangerine because of the statement fee, I tried using the branch - and was told they would do no transactions and set up no new GICs or TFSAs. They just offered terminals for online banking and the staff were limited to hand-holding at the terminals! When I tried to make a deposit, they said I could drop it in their mailbox and it would be MAILED to Toronto but probably not credited for a few days.

Back to Direct Deposit/Direct Debit I went. And I mailed my own forms and applications after that.
RetirEd

RetirEd

May 31, 2021
4:25 pm
COIN
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Righand said is something like 0.10 %

They should stop dancing around and simply make it 0% (or negative) for old money.

May 31, 2021
5:28 pm
topgun
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Action speaks louder than words. If not competitive rate simply take it out.

Have a Great Day

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