New Special Rate Offers | Page 5 | Tangerine Bank | Discussion forum

Hmm, maybe I should call in to ask for this 2.4% new client rate too or at least something better than the 2% I'm currently getting that will expire in less than 2 weeks. I skirted around the max transfer out daily by scheduling transfer outs over multiple days to avoid the call in.

So I called in and inquired about promo rates cuz my current promo ends in less than 2 weeks. I was told there wasn't any, so I asked them to initiate a transfer out which they did without trying to get me to keep the money parked at Tangerine. I moved just a bit under 100k to keep under the CDIC protection limit and give a bit of room for interest to grow as I haven't dealt with nor am too yet comfortable with EQ Bank. This money is going to EQ Bank (with their current 2.25% rate) via TD as I don't have a direct link from Tangerine to EQ Bank which has a maximum of 3 external links.

So is a bird in the hand.....????
Do I keep the money at Tanga @ 2% till july 4th, or move to PC @ 2.25 till Aug 31st?? I called Tanga and they won't raise my existing rate or let me know what the rate will be after July 4th....
as far as i know, it's daily interest and i can pull it anytime....
(truthfully the 0.25% difference on the 1 month won't make a huge difference, so i don't want to jeopardize anything)
i suppose that it's possible that tanga will go higher after july 4th (but i doubt it!)

The thing is, we don't know, and will never know, their thinking or what algorithms interest them.

It could be, and I think it's even likely (just my personal opinion) that they (or their 'system") will get weary of people who move large amounts frequently, and will slow down on good offers to them. This may be what Bill was reporting a few days ago (although I can't remember if he was talking about PC or Tang).

The bottom line probably has a lot to do with it, maybe everything. They need a certain amount on deposit to keep functioning. What they need and what they have will always be in flux. When they really need your money, they will offer you a better rate. Criteria will always be changing. Over the long haul, it's probably cheaper for them to offer 6 months at a high rate to new customers than it is to offer more to existing clients, because a large proportion of the former will leave it there and may never ask for a better rate later. But they also need to hang on to our money. And that's the problem they have to address with fluctuating rates.
When the stock market starts to go up, they will have to work harder to get your cash, so they might be more accommodating since a lot of people will then start chasing the market. Yesterday's news was that this was starting to happen, but I don't know much about that.

I can only report that, so far, I have never removed large chunks from Tang, and, so far, they have always given me their best going rate or close to it. The fact that I haven't moved the money, but have always had answers for the question they ask about where I can get a better rate, showing that I could move the money if they don't treat me well, has worked so far.

I don't think it's reasonable to expect that they will consistently give any of us their top rate. In 2015, I averaged well over 2% with them. I forget the number, but think it was over 2.5%. For a savings account, that was certainly the best I could have gotten last year.

I had thought I would move the money out before the current deal I have expires on June 19, but I think now that I won't. Ass I said, they have treated me well in the past, so I don't yet have a reason to expect a poor deal in future. I am well aware that this could change, however, and when it does I will be just as disloyal as others. They will only get one chance on that!

Thanks for everyone's response.
A number of months ago I tried moving my money out about a month before the end of the promotion, so that i would be able to give "new money" before the snapshot is taken of the account. Unfortunately, this backfired and they never made me a good offer:(
Perhaps Loonie has it right--be loyal and never move it???

Yep, 2.25% is better than 2%, so I have moved some out to EQ Bank, but keeping it below CDIC protection limit as EQ Bank is just too new to me. 1.75% at PCF is worse than the soon to expire 2% at Tangerine, but when my existing promo ends, if Tangerine has nothing to offer to me, 1.75% is better than 0.8%.

My most recent promo expired June 4 and I called yesterday on June 9 to see if anything could be done. I was asked where I had a better offer and so mentioned EQ Bank. The Tangerine rep then responded with "but isn't there a limit as to how much you can deposit there?". I responded vaguely. Bottom line, after reviewing with her supervisor, my 2% rate was reinstated for another 90 days.

It appears that they have a list of potential "objections" in front of them when they talk to you on the phone. Good luck to all!

I'm not surprised that they would offer less for your children's accounts, since they will assume that the children won't pay income tax. Not that it's my business, but if they are minor children, you may have some difficulties in convincing CRA that it is their money, not yours. Hopefully you have that covered.

2of3: my "kids" are both over 18. Chronologically.

So is your name a reference to you wanting money, and needing money, but never loving money?

My 2% ended today, I called and, after my usual charming banter, pointed that out and said what happens now? She went away to check and then said because I'm a long-standing loyal customer came back with 2% for 90 days on whatever's in there, I said you're awesome, thank you very much. My partner got the same deal. I've kept money in there now for a while, the old strategy of yanking it out just when your old deal ends doesn't seem to be the way to go any more.