Data Point: Sept 16 retention offer | Page 2 | Tangerine Bank | Discussion forum

My 2% @ Tangerine expired Saturday. Called them yesterday for a "new" rate. The rep said there were no promotions going on right now. I basically asked her to stop the rhetoric and give me the 2.50% that others were being offered. She asked me if I was going to withdraw my money and where else I could get 2.5%. I said I would remove my money and that Duca Financial was giving the higher rate. I also said PC was giving 2.25%. She said "wait a minute while I ask about this". A minute later I had my 2.50% rate for 3 months. Really getting tired of playing the game. Tangerine (ING) started out a a low overhead virtual bank with great rates, but since being acquired by Scotia Bank, has been operating as a regular "Big 5" bank, and I told the rep this. She was not happy. Anyways, got my rate and looking forward to the next installment of "Break the Bank" in another 3 months.

I called in today as my current 2% rate was ending on Sept. 25. They gave me the new 2.5% rate immediately till Dec. 17, but only after I threatened to move my money to PCF at 2.25%.

So, I guess I'll have to play this game again come December.

Tangerine's offer is now on the web site, when you look at your account details:
"Special offer: Earn 2.5% interest on your Account until Dec 17, 2016. Learn more"
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Tangerine Limited Time Interest Offer Terms & Conditions

General:

The Tangerine Bank (the "Bank") Limited Time Interest Offer of 2.50% (the "Offer") has been calculated based on interest rates current as of September 19, 2016 and is available to existing Tangerine Clients who receive notification that they are eligible for the Offer from a Tangerine Contact Centre Associate and who verbally accept the Offer ("Eligible Clients"). The Offer is available to Eligible Clients on all eligible deposits for a period of 90 days from the date they accept the Offer (the "Promotion Period") to a maximum of $500,000 in deposits to all Tangerine Savings Accounts combined (CDN dollar, non-registered Accounts only; herein referred to as "Applicable Accounts"). It is not applicable on any other Account types, including (but not limited to) the Tangerine RSP Savings Account ("RSP Savings"), Tangerine Tax-Free Savings Account ("TFSA Savings"), Tangerine RIF Savings Account ("RIF Savings"), Tangerine US$ Savings Account, Tangerine Business Savings Account, Tangerine US$ Business Savings Account, or Tangerine Children's Savings Account ("CSA").

Additional Interest:

"Additional Interest" is 1.70%. Additional Interest is added to the applicable posted rate of interest listed on the Bank's website (the "Posted Rate") to calculate the total amount of interest payable under this Offer. (For example, if the Posted Rate were 1.05% and the Additional Interest were 0.45% then: Posted Rate of 1.05% + Additional Interest of 0.45% = Offer of 1.50%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate.

Subject to the limits and qualifications outlined in these Terms and Conditions, Additional Interest will be calculated daily and paid monthly during the Promotion Period in Applicable Accounts.

After the 90 day Promotion Period ends, all balances will earn interest at the Posted Rate payable on the Applicable Account(s).

The Offer will be automatically applied to all existing Applicable Accounts that the Eligible Client has when the Promotion Period begins, and any subsequent Applicable Accounts opened by the Eligible Client during the Promotion Period will also earn Additional Interest. The Offer will end on the same date for all Applicable Accounts.

Additional Interest will be paid on the first $500,000 of deposits in Applicable Accounts. This is a combined total across all of the Client's Applicable Accounts. Any balances greater than $500,000 will earn interest at the applicable Posted Rate of interest payable.

Interest is calculated daily and paid monthly for both the Posted Rate interest payments and the Additional Interest payments. Additional Interest will not be paid and will not be payable until the start of the month following the month in which it was calculated, and the calculation for that month will not include interest on top of Posted Rate interest for the previous day (Example: If the month ends on July 31, 2015, the Bank's applicable Posted Rate of interest will be paid to that Applicable Account on July 31, 2015 and any Additional Interest will be paid to that Account on August 1, 2015. Both Additional Interest and Posted Rate interest payments will be calculated based on the same balance for the month of July, despite the fact that the Posted Rate interest is paid on July 31, 2015, one day before the Additional Interest is paid.). Any Applicable Account closed prior to the payment of Additional Interest will forfeit any Additional Interest calculated during the month in which the Applicable Account is closed.

Eligibility:

This Offer is non-transferable and only for Eligible Clients. Clients who receive the Offer and/or these Terms and Conditions from any source other than the Bank, and who are not Eligible Clients as described in Section 1 above, will not be eligible for this Offer.

The Offer is only applicable to Applicable Accounts where the Eligible Client is the person whose name appears first on the Bank statement (the "Primary Account Holder"). For Applicable Accounts where an Eligible Client is not the Primary Account Holder (Example: the Eligible Client is not the Primary Account Holder on a joint Account and is listed second on the statement for that Account), the Offer will not be applied to that particular Applicable Account. Where money is transferred by a Client who is listed second on the statement to an Applicable Account where the Eligible Client is the Primary Account Holder, that Account will be eligible for Additional Interest.

Limitations:

This Offer cannot be combined with other promotional rate offers. Where an Eligible Client qualifies for more than one promotional rate offer from the Bank, and the Eligible Client accepts this Offer, this Offer will be applied to the Eligible Client's Applicable Account(s) to the exclusion of any other promotional rate offer unless otherwise arranged.

The Bank reserves the right at its absolute discretion to vary, delete or add to any of these Terms and Conditions from time to time without prior notice.

If the Bank is unable to run the Offer as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of the Bank which corrupt or affect the administration, security or proper conduct of this Offer, the Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

The Bank reserves the right to withdraw the Offer in whole or in part, or to vary any of these Terms and Conditions at any time and from time to time without notice at its absolute discretion. The Bank reserves the right to end the Offer earlier or to extend the Promotion Period further at its absolute discretion.

The Bank reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offer.

This Offer may be suspended, modified or withdrawn at any time without notice.

To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, promotional material or statement, whether written or oral, (collectively a "Message") from the Bank, these Terms and Conditions will supersede all other Messages.

You agree that you have read and understood these Terms and Conditions and agree to be bound by them. Any notice offered by us with respect to this Offer is deemed to be provided on the day it is posted on our website.
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My 3.25% summer rate doesn't end until Sept 30th, so I don't want a downgrade of say 0.75% to the 2.5% that some people are getting offered just yet. I'll be calling next week.

implode said

My 3.25% summer rate doesn't end until Sept 30th, so I don't want a downgrade of say 0.75% to the 2.5% that some people are getting offered just yet. I'll be calling next week.

Yes, I should think a great many with the targeted 2.37-3.25% 'summer rate' will all be expiring on Sept 30...rhvic 's post (#26) in this thread is undoubtedly 'targeted'?; certainly I have not received this 2.5% offer yet...I will have to decide whether to phone Tanga CSR next week, or simply transfer to PCF, as I have done in the past...

I know this should be posted in the TD bonus offer but I can't find a separate topic on it. It's been mentioned here that TD has a 2.2% offer till Jan 2017. Can anyone share a posting of that email from TD?
I was told that if I can show it and they verify it I can get it.
Thanks

I am wondering if anyone who has the targeted 'summer rate' (new money only) varying between 2.37-3.25% expiring Sept 30 has received a 'retention' offer...It appears some in this thread have had various rates that were expiring mid month, and not specifically the summer rate that was in effect July 5- Sept 30...Thanks in advance...

moneyman said

I know this should be posted in the TD bonus offer but I can't find a separate topic on it. It's been mentioned here that TD has a 2.2% offer till Jan 2017. Can anyone share a posting of that email from TD?
I was told that if I can show it and they verify it I can get it.
Thanks

JenE said

Moneyman, perhaps this helps, its at the bottom of page 1 and top of page 2 in this post.

By Mark Fog:, I re-read the e-mail and I can confirm that it says interest rate from September 1 until Jan. 31, 2017. Have to open a TD High Interest Savings Account by Oct 31, 2016. This does not include in any month in which an account was closed. The e-mail stated that the interest rates will commence on the fifth business day after the account opening for balances from $5,000 up to $5,000,000. The posted rate and the bonus rate to be paid monthly.
I opened the account online and deposited a cheque at the bank branch.

Moneyman is right. Unless Mark Fog provides the text of the actual email for TD to verify, there isn't much that can be done. The same promotion was offered last year and only after the email was provided on this forum was TD able to match the offer to anyone who opened a new HISA.

I think moneyman's analysis is correct. Overall, the rates they pay average out to less than what the promos would average out to because people usually miss a day or 10 or a month or several. In some cases, this is because it's such a PITA to have to phone them all the time - and they count on that.

Poor, helpless TD. Can't even figure out what it's own promos are unless someone sends them back word-for-word. How do they ever manage to run a multi-billion dollar operation, I wonder...