February 27, 2018
When tangerine offered me a similar (not the same) proposal, i turned it down because.
The rate they offered me was 2.5% on NEW money, with a minimum of $50,000. Tangerine were offering "new clients" 2.75% with no minimum deposit amount.
I would have accepted the same terms and conditions they were offering their "new clients".
October 21, 2013
I have no worries about the cdic.... when or if we need it, it will NOT be there for us. The Canadian courts are the most lax in the world when it comes to holding corporations accountable.
As for the 2.75% on a minimum deposit of $250,000. I would try to tweak the terms a little before accepting that offer.
A) on ALL money, not just NEW money.
B) for 365 days, NOT 180 days.
Then, unlike a gic your money remains liquid.
I appreciate the strategy, but it's not for me as I won't deposit that much with them.
I don't think it would be very liquid though if you were required to keep 250K on deposit. It's more like a cashable GIC, with 1.15% interest if cashed. I don't know if or how they could go about retrieving interest already paid to you when you blew the deal, but you'd probably never get another offer from them! It's not a bad rate though for a one year GIC under present circumstances if you look at it that way.
December 12, 2015
I was not offered any rate when my 2.75% recently expired. I called and was told twice there was no offer for me. I asked to speak to someone else about a better rate, so the CSR finally consented to a call back. The offer was then 2.5% for 6 months if I maintain $50,000 in the account, and only on non registered funds. I will keep hopping around and hoping for better GIC rates in the future.
December 12, 2009
Tangerine hit a new low with me today.
I was offered 2% on existing or 2.75% on new.
However, here's the kicker: They would give me 2.75 on existing IF I would carry a balance of $250,000!!! (yes, that's two hundred and fifty thousand.) This is asking me to deposit beyond CDIC limits! I just about spilled the proverbial coffee all over myself (I don't actually drink coffee.) I never have, and I never will give them 250K. For $250,001, I can get 2.85% at Steinbach CU and have it ALL insured, although I'm not planning on doing that either. I can also get 2.85 at Luminus for six months if I wish, but not keen on Luminus based on past experience; or 2.8 at Motive. The Tangerine money will go to one of these, I think.
Consequently, I moved ALL my personal money out of Tangerine as there are endless places where I can get a better rate than 2.0%! I've never done this before. Spouse is getting 2.75, so I moved my joint account deposits to spouse's joint account, total still within CDIC.
It will be interesting to see if and when I ever get another offer. In the meanwhile, I will be relieved of the huge nuisance of talking to them.
Even this much took two phone calls, about a half hour on hold, and neither of the people I spoke to spoke clear English, plus they both made several errors in what they told me. I had to ask them to repeat things more times than I could count.
As an aside, some of us have noted that the mortgage business seems to be pleading for customers and that the banks are awash in deposits. That being the case, (presumably), why are Steinbach and Tangerine offering top rates only for very large deposits? Surely they wouldn't need to offer this incentive if they had enough of our cash; I would expect, instead, that they would offer a consistent rate or even a lower rate for higher amounts, which would not be unprecedented.
I did activate the offer, but did the math. On the $5,000 I could transfer in from Hubert, that equates to an extra $13 over the six months (technically it's closer to 5 months) it'd be at Tangerine. I'm happy to "forfeit" an extra $13 to Hubert.
Nice to see, though, this offer is applicable to USD accounts. I noted, though, that their RIF, Children's Savings, and Business Savings/Business USD Savings accounts aren't eligible. So, on USD deposits, that's a market-leading rate.
Here's a printable PDF of the July 10-December 31, 2019, Offer I received from Tangerine:
I had to chuckle at section 9(b) where they spell Interac as "Interact". Looks like their exodus of staff includes their Marketing and Legal departments! 😉
July 21, 2019
I believe the better offers exist out there, eg you can still get promotion rate from Manulife email@example.com for 6 months, and Peoplestrust 3% GIC for 15 months
I wish you guys had a like button
This post is top notch and I agree the Manulife rate is very attractive.
December 26, 2018
December 12, 2009
I open a new account with tangerine without using their promo code. Will they still pay me bonus money = $100?
Probably not, but you could e-mail Tangerine and let them know and they may provide you with a goodwill gesture equivalent to the new customer sign-up bonus. If they decline initially, tell them you're just looking to establish a positive relationship and for some goodwill from them on their part. Further, stress that this would be a one-time gesture of good faith, never to be repeated. If they still declined, then use the "nuclear" option by threatening to go to the media and making negative publicity for them. Don't go this route, though, till, you've exhausted at least 2-3 contact attempts.