Very specifically targeted offers? | Page 4 | Tangerine Bank | Discussion forum

GoJetsGo said

Us Winnipeggers don't need to "Treasure Hunt". We simply pull up the local lady's blog each Monday at 10:30am and all the "hidden deals" are there. Combine those with the weekly flyer, make our list & off to Costco we go. No one does bargain hunting like Winnipeggers.
 

In the west they have something similar except they dude running it is scum. He charges a subscription fee of $20 for the privilege of seeing the “treasure” items sometime during Monday evening. He’ll never post as early your Winnipeg lady.

tangerine also just offered 1.8% 150days for me. had to contact them

I forgot to mention that the csr asked me if I got targeted by any other financial institutions.

sylviego said
Called August 26, but was offered 1.6 and I declined. Should I call again?  

It depends on how much you value your time.
I would say there is little chance of a better offer. I would leave it for a few months before trying again. But that's me. Others may feel differently. Nobody really knows.

I haven't talked to them for about a year. I used to get good offers from them, but those all dried up after I refused an offer that required a minimum balance of 250K. I simply won't go that far over CDIC limits and told them so. I thought it was an unreasonable request. If that is their ultimate game, I'm out. Apparently it is as I've not heard from them since.

I too got the 1.5% offer yesterday.

AltaRed said
So Tangerine is still playing the promo game with 1.5% getting close to the mid-point of what the online banks in general are offering. Have to wonder though why they keep doing this other than Scotia wanting to have a 'finger' into the online banking business. It can't be putting much profit into Scotia's financials.  

Tangerine Financials (Source OSFI site) show
Fiscal 2019 Profit of $115 Million
Fiscal 2020 (1st 2 quarters) Profit of $67 Million

Would you have expected Tangerine's profits to be considerably more going into Scotia's financials? Guess the advantage to Scotia is still that Tangerine is a source of funds which Scotia can loan out at much higher rates to Scotia customers.

AltaRed said

I have no reference point as to what level of profit Scotia might expect from their investment in Tangerine but I suspect more than those numbers. How many billions did Scotia pay ING?  

Scotia bought ING Bank of Canada for a net cost of $1.9 Billion.
While the gross purchase price was $3.1 Billion, the company came with lots of cash on its books to bring the net cost to $1.9 Billion. Yes, profits could be higher (perhaps profits might even increase if Tangerine keeps dropping its promo rates); in any case, Scotia is making money on its investment even if only a meagre $115M annually on that $1.9 Billion investment.

Also just logged in today, offer 1.7% until Jan 31 on all money, not new deposits.

I received 1.7% to Jan 31. It seems like the people that jumped the gun and phoned in early were only offered 1.5%.

What to make of this ? Tangerine finding even more ways to piss customers off ?