2.75 % for 270 days on ENTIRE BALANCE - NEW Targeted Offer from Tangerine Marketing Department | Page 2 | Tangerine Bank | Discussion forum

Just an FYI. I got the 2.75% for 270 days. I wrote an email to tangerine ombudsman saying; I was felt it unfair why some clients ie a family member in this case, whom was a newer member with a smaller balance, was granted this rate and not myself.
I just received a call from a supervisor whom was unable to tell me how the clients are chosen by the marketing team. I than asked for marketing to call. Supervisor put me on hold, and came back with the 270 days at 2.75% starting today.

When in doubt don't take no for an answer

Yes, a new twist in this old game. I am still waiting for the phone call / account offer, as I have moved out all my funds. So it doesn't matter to me whether it is all funds or new funds.

I got the call and I asked if it applies to the whole balance and not just new money. I was told it was on the whole balance and it was not simply an extra .25% on top of the 2.5% promo rate which would expire soon for me. So I should be getting 2.75% on the whole balance for 270 days. If they play any games then I move my money out and of course you never have more than the 100k CDIC limit

bhuc said

…Even Home Capital didn't close shop when they had money issues.

Home Trust was actually hours away from not being able to open for business one morning!

I would say that money over 100K is pretty safe with Tang they are backed by Bank of Nova Scotia.

Careful with that! Tangerine Bank is owned by Bank of Nova Scotia. But, I've never found any statement by Bank of Nova Scotia that they back all the obligations of Tangerine Bank.

Let's not forget that part of CDIC's mandate is to ensure that, if at all possible, one way or another, FIs do stay open. CDIC arranges deals to make this possible. Closing is a last resort, which would cost CDIC a lot of money.

That said, I too would not assume that BNS would back Tang, although they might sell it off. What would you who hold bank stocks expect them to do? - whatever it is, that's probably what they'd do.
I do sometimes hold more than CDIC limits there and in some other FIs. never more than 10K, and usually temporarily (a few months). I don't think it's a good practice, but I do it. Other Forum members have reporting maxing out at 500K for promos. At a certain point, if you have a few million dollars and aren't interested in other kinds of investments, you can't find enough FIs to cover all the money under CDIC except for miserable interest rates at various incarnations of large banks.

Even if you are less well endowed, having your money parked in a number of FIs makes a certain amount of sense. But, for other reasons, such as ease of management, consideration of cognitive decline, POAs and estates etc., it makes sense to pare down the number of FIs. A dilemma!

Online banks are already limiting our access to our money using withdrawal limits - notwithstanding that some of this may indeed be for our own protection. Expect more of that in future.
And it's already difficult to get through to some of them on the phone - e.g. Tangerine.
However, bricks and mortar can also limit access if necessary. We just haven't seen that, probably since the Great Depression, in this country. They too can close their doors, just as the stock market occasionally closes down.

There's always a new way to separate us from our money!

Bill said
The HISA chart shows 9 FI's paying 2% or more so a couple using individual and joint accounts, particularly using too the 6 credit unions (higher coverage limits), could have several millions insured with still a decent relative return for money they want to keep liquid.  

As I read that chart, there are only 3 CDIC-insured banks offering 2.0+ on HISAs: EQ, AlternaBank, and WealthOne. That would give you a maximum of 800K coverage for a couple, since EQ doesn't offer joint accounts - less than a million.

I would prefer to use FIs that are resident in my own province, which are subject to local laws and easier to approach for myself and POA/heirs. That is difficult to do precisely because there aren't enough of them offering good enough rates.

It's high time the CDIC coverage was increased.

With my Simplii promotion ending today, I called Tangerine and they gave me 2.5% for 180 days or until end of the year.

I asked and got 2.5 for 6 months also.

I got a call and they offered me 3.15% for the remaining (4 months) months of the 2.75% offer