Negotiating with Tangerine on rates | Page 3 | Tangerine Bank | Discussion forum

Tang gave me 2% today for 90 days after first saying I would only get .08, but when I said I would move my money, checked with someone and came back with the 2%. I said I'd leave it there for the time being.

The rep was quite matter of fact - I might be eligible in the future for a bonus offer, but not now - until I said, ok, well I'll have to move my money. Then he said he'd check. When he told me 2% I tried for 2.25% but he was very firm that wasn't possible. That's when I told him I'd accept the offer, for now. And no, it isn't 6 digits.

Did my quarterly "thing" with Tangerine today. My 2.5% expired Friday, so today I called and asked for a new rate. They gave me 2.00% without too much stress. It seems that as long as you know another place that will give you a better rate, they will try to match it. Sometimes you just have to be a little more persistent in requesting a better rate than the .8% they are offering.

Promo expired yesterday, called today and spouse and I each got 2% for another 90 days, easy peasy. We've been on promo rates since June 2015 with Tangerine (though not always the highest rate, we didn't get the 3% deal others got for example), this is the 5th consecutive one. Just leave fairly large amounts in each of our 3 accounts with them, hardly any in or out activity, and they seem to like that in our case. We remain buds for at least 3 more months.

rhvic said

My last Tangerine bonus rate (2.5%) ended this past weekend. Today I contacted Tangerine by their chat system on the web, and they offered me 2% for the next 90 days. This after I mentioned possible moves of my cash to Ideal at 2.5%, EQ at 2%, and many others at 1.7%.

So I will leave a bit there at 2%, but plan to move most to Ideal at 2.5% (I am one of those who applied early enough to Ideal to get this rate on all deposits till the end of 2017)

BTW, I have been an ING/Tang customer for some decades.

This just makes me think of those that are lucky enough to be getting an increased rate, it may be because you have been a long standing ING/Tang customer, and understandably of course, but kinda disappointing for me (<1 year customer, my 2.4% ends mid-February).

I think that Tang is attempting to bring in new clients with the promotional rates of 2.4% if you open both a saving account and a chequing account in the hopes that you acquire debt. In my case I have no need for debt and being a long term customer with only a savings account Tang may see no growth potential for them in having my business.

Keith1, I'm also a long-term customer with only a savings account (though there were a number of years where I kept nothing there due to their low rates) with no need of debt either and they're being good to me. About 6 months ago I got their credit card, which I use for some of my purchases and pay off in full out of my Tangerine account every month, because like you I suspected they wanted some "growth potential", but they were treating me well before then already. I also have had a Tangerine TFSA for many years but removed pretty much all of it a few years ago, so maybe they see some future potential there too. Who knows?

Perhaps Tangerine Bank only has budget to give about 2/3 of the "qualifying" customers the 2% offer.

Rather than finding some irrelevant trait to disqualify 1/3 of the otherwise-qualifying customers, they are randomly giving the 2% offer to 2/3 of them and an 1.6% offer to the remaining 1/3.

Norman1 said

Perhaps Tangerine Bank only has budget to give about 2/3 of the "qualifying" customers the 2% offer.

Rather than finding some irrelevant trait to disqualify 1/3 of the otherwise-qualifying customers, they are randomly giving the 2% offer to 2/3 of them and an 1.6% offer to the remaining 1/3.

I don't think this would explain their reversals though. Sometimes they say "no", then later (minutes /days/ weeks), they say "yes".

I doubt that budget per se is the driver. From what I can see, rates (on deposits and loans) can always be changed (and frequently are) in order to arrange their accounts so that they meet their reserve needs and also maximize their profits. I think it makes more sense, with these kinds of goals, for them to look at us rationally in terms of our potential for improving Scotia's bottom line. In the end, that's pretty much their only interest. Credit card is one good way for them to do this and may account for Tang's continued interest in Bill. If we keep our money there long term, that too may make us worth their while, but it depends on what else they have going on at the time, and which accounting lines need a boost to look good for the next quarterly report.