Negotiating with Tangerine on rates | Page 4 | Tangerine Bank | Discussion forum

Bill said

Maybe it's time of day you call, maybe they have daily total promo dollar limits so if you call after the limit's been hit that day too bad.

It doesn't matter what time of the day that you call in, if they won't offer you anything, then move your money elsewhere.

It's bad enough having to call in and grovel every 90 days, but if a regular client does bother doing just that , imo, they should be treated fairly.

Someday, perhaps, they may appreciate a loyal long time client over a random new one.

Just finished my call with Tangerine, my 2.5% offer was ending tomorrow. Asked for a new offer, they told me my next rate would be 0.8%. I said i knew that but was looking for a special offer like every 3 months. They asked if I had received an offer login in to my account, I said no. They told me that my rate then would be 0.8%.

So I asked for a full transfer out and that's when she put me on old to go ask her "supervisor" and finally came back with 2% for 3 months. She said it was valid for now only and that I had to say yes now cause she did not know if she could make the same offer another day. So I took the 2% but like most of us now, I am getting really tired of this.

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.

Loonie said

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. …

Tangerine Bank can adjust the offers after the initial assignments.

A few people declining their assigned 1.6% offer may free enough budget for one additional 2% offer.

Those assigned the 2% offer may not transfer as much in as expected. More 2% offers could be handed out.

Perhaps the Tangerine MasterCard usage turns out to be higher than expected, especially this month with Christmas. Commission is around 2%. Subtract 1½% average for the cashback. The net ½% which could cover the extra (2% - 0.8%) * 90/365 = 0.296% cost of additional 2% offers, on up to 1.69X the extra usage.

I had similar conversation with Tangerine as malquin (preceding post), but I was offered only 1.6%, so am on my way to Alterna...would have stayed with Tanga for their 2%...

My wife and I have already scheduled a transfer of our tfsa's to our savings account on December 31 and a further transfer to Hubert. We are done with the non-sense. Tangerine just lost $90K+. Not interested in the targeted marketing and continual games. We are one class citizens..Tangerine needs to stop treating us like second class.
I would suggest we all stand up to them and withdraw your money. It's the only way they will get the message.

Winnie said

Excellent suggestion!
I personally already for almost a year now keeping my Tangerine savings account with $0 balance.
During that time I did received the following promotional offers automatically without phone calls or any inputs from my side: 3.00%, 3.50% and 2.95% until December 31, 2016.
My balance still remain $0, I do not play Tangerine games anymore.

But do you have any other products with Tangerine aside from your Savings account?

NorthernRaven said

BSGJ said

My wife and I have already scheduled a transfer of our tfsa's to our savings account on December 31 and a further transfer to Hubert. We are done with the non-sense. Tangerine just lost $90K+. Not interested in the targeted marketing and continual games. We are one class citizens..Tangerine needs to stop treating us like second class.
I would suggest we all stand up to them and withdraw your money. It's the only way they will get the message.

Yes, keep going. What happens then?

Time will tell!

malquin said

bpwest said

I had similar conversation with Tangerine as malquin (preceding post), but I was offered only 1.6%, so am on my way to Alterna...would have stayed with Tanga for their 2%...

I don't understand what is it they're using to determine who gets what rate. As others here, I'm a polite long time ING/Tangerine client with other Tangerine products and a substantial amount with them, who's ready to move the money somewhere else but I never had to.

I think that if ever we figure it out, they'll probably change the criteria the next day

I would have done the same thing you did if I was offered 1.6%. I even opened an account with Alterna with that in mind but didn't have to pull the trigger.

Who knows, maybe they'll offer you something better once you moved out your money...

I am going to try two different things in the 3 family accounts this week, and not call in until after first week in January, when some people think the next promotion will start:
1. Clear the savings accounts by paying bills and transferring out.
2. Leave a fairly large balance, but transfer out enough for next year's TFSA.

portfoliostrat said

Hi folks: I don't usually find time to contribute to online forums, but over holiday season markets are slow! Also, apologies in advance if my formating sucks, I just joined.Thought I could contribute my 2 cents on Tangerine, it may help some of you.

My strategy is simply to empty my Tangerine savings account in the last couple of days of each quarter, ( Mar, June, Sept, and Dec). Actually I leave the leftover few dollars after transferring even thousands. Within a few days of the start of the next month, Tangerine e-mails me the rate for ' new transfers' for the next three months. I have been getting in the 3% to 4% range, so better than comparable and most term deposit rates.

Many people have reported after trying this strategy. You are the first that has posted that Tangerine has emailed you with an offer of 4%