New Special Rate Offers | Page 7 | Tangerine Bank | Discussion forum

rfdm4g4g9 said

I got my 2 % extended for 90 days through webchat. But lot of questions were asked.

I had to tell EQ 2.25 % rate, plus was asked lot of questions

1. If that EQ rate is for the entire balance, I said yes
2. Am I planning to move money out, said YES. How much are you planning to move, Said entire balance
3. How did I get the initial 2 % promo from Tangerine ? Told them some agent gave it to me, and if they extend the same I will stay with them, otherwise NO
4. How long the EQ rate is for ? I said NO time limit and its their permanent ongoing rate

All this on Web Chat ! Finally after 10 mins of web chat was given 2 % for 90 more days.

Good for you. I will give it a try in July when my promo rate expires. Have to be a pretty close rate match for me to stay.... 2 vs 2.25 is only 10 bux a month for 50K.... 500K makes the .25% difference not worth keeping it with Tang.

Miron said

rfdm4g4g9 said

I got my 2 % extended for 90 days through webchat. But lot of questions were asked.

I had to tell EQ 2.25 % rate, plus was asked lot of questions

All this on Web Chat ! Finally after 10 mins of web chat was given 2 % for 90 more days.

I would have said: I am already getting 2.25% from EQ with NO time limit and it's their permanent ongoing rate so, if you want me to stay with Tangerine give me at least 2.5%! What is the point to negotiate for a lower rate and for just 3 months? Of course they are happy to give you 2% only...

Based on numerous posters and other forums, their best rate right now for existing clients for entire balance is 2 % for 90 days. They are not matching EQ rate or any other higher rate. Or giving 120 days, 180 days etc.

Even people with $ 500 K are not getting anything more than that when they are calling in. Some have actually moved money out , a large chunk, not just bluffed or threatened to move, but actually moved out and yet they were not given anything more than that .

Some are not even getting their existing 2 % extended and are only being offered 1.6 %..or worse NO more promotion for you ! See Saver-Mom's experience a few posts above.

So knowing all that I knew 2 % is all that I am going to get no matter what I do from Tangerine, heck they might even not give me that and just give me 1.6 %, so right off the bat I asked for my cuurent expiring 2 % for 90 more days (extension). And took it, when I got it.

I can always move it somewhere else later on if I want, but cuurently its better to have it parked at 2 % with Tangerine rather than 0.8 % or 1.6 % with Tangerine.

Miron said

If this is the situation what is the point to negotiate? Move the money to EQ without wasting your time. I am getting 3% until the end of the month and if they don't give me 2.5% I am moving to EQ... although I have very little money available, it is a matter of principle! They should understand they are not doing us a favor by offering this peanuts...

Meanwhile I am opening a Smart Chequing Account with CIBC to get the gift of $300 Good opportunity to see again how hard it is to work with a regular bank... one has to beg them to take your money

EQ doesn't have Joint accounts.

What if you are maxed out at the CDIC 100 K limit with EQ..and don't want to go above it ?

Maybe you need a debit card and cheques.

Maybe you need things consolidated and streamlined, and don't want 10 accounts with 10 different banks for a few points more. Lot of time can be wasted in opening, closing, monitoring and managing different accounts at different places.

So if Tangerine comes very close to EQ's rate, its worth staying in one place for the convenience. Ofcourse if the difference it too great, its worth it, otherwise not so much atleast for me.

The point of negotiation is ALL the above plus getting 2 % as oppossed to their paltry 0.8 % which becomes your default rate if you don't negotiate.

rfdm4g4g9 said

EQ doesn't have Joint accounts.
What if you are maxed out at the CDIC 100 K limit with EQ..and don't want to go above it ?
Maybe you need things consolidated and streamlined, and don't want 10 accounts with 10 different banks for a few points more. Lot of time can be wasted in opening, closing, monitoring and managing different accounts at different places.

All of the above are legitimate reasons... unfortunately I never had the problem of too much money above 100k.

rfdm4g4g9 said Maybe you need a debit card and cheques.So if Tangerine comes very close to EQ's rate, its worth staying in one place for the convenience.

I never thought to use ING or Tangerine for my daily banking... they did not have chequing accounts or billing payments until a few years ago. Speaking about convenience... they just have a few ATMs and their cheques are not free! I think the best daily virtual bank is President's Choice... I use them since 2001... too bad their rates are so low most of the time.

I just tried the web-chat approach with Tangerine. I am currently getting 3% untill June 30. I asked for 2% for an additional 90 days but was told that I could only get 2% if I agreed to take it effective IMMEDIATELY. In other words, I have to give up the 3% rate for the last three days of the earlier promo, and switch now to 2% until Sept 25. Which I did, but not until first asking why they would not keep to their earlier committment of 3% to June 30 - he said it just could not be done! So I gave up about $8 in interest over those three days, in dropping by 1%.

The agent told me this was the only way they can do a new offer. Seems dodgy to me.

Suggest that others who wish to try this approach wait until the last day of their current promo to try for an extension.

Long time ING/Tangerine client. My 2%/90 days promo ended this week. Called and asked if they could offer me something. 5 minutes on hold, told me there wasn't any promo available for me.

Said thanks and mentioned politely I would me moving my savings elsewhere. Rep sounded surprised/hurt , asked me to wait again to talk the a superior. Came back and offered me... 2%/90 days/entire amount.

I'll keep on doing it but this game is getting to be tiresome...

Rick said

I'll wait till the 30th. Never occurred to just move it to my tang chequing, but if I am not mistaken, it is not one of the accounts eligible for bonus rates, so moving it back into HISA from Tang chequing should count as "new" funds come July?

Depends on their promo. Their last promo for " New Deposits " the Tangerine Chequing account qualified for New Deposits, so any money transfereed from that to Savings were considered to be new deposits for the promo interest. GIC, TFSA, RRSP , RRIF as usual didn't qualify, but I was surprised Checking qualified !

But the promo before that Checking account also didn't count ! So they slightly reword their promos, even though they look almost identical.

The key is to take the 2 % at 90 days from Tangerine anyways and not to decline it, as they might not even have that in future !

Then to move the money to EQ at 2.25 % anyways. So if tomorrow EQ reduces the rate less than 2 % , you can move it back to Tangerine.

Or if Tangerine has something better than 2.25 % for New deposits or entire balance to move it back from EQ

My mom's 3% rate expired, I called in with her requesting an extension or better rate on her sizeable account. Three times sorry, no, so I said, "Well I guess we will have to move the money out then". Suddenly told to hold on, and after a short wait the response changed to, "Yes OK we can give you 2% for three months". I then asked if it could be extended to my account and after a longer wait was pleasantly surprised they said yes. This after two prior calls and an on-line chat had refused me. Strange, random decisions going on there. My kids were given 1.6% when they called, it was No to extending their 2%.

Same here, I called them and was offered right away the 2% which I accepted but I decided to move out half of the money to ZAG TFSA because I think that 1.65% tax free is better than 2%!

I still don't understand who on earth needs all these phone/chat 'games'? Give one rate to all customers and be done with it! How much are they paying these people to answer thousands of useless phone calls?