Special Rate | Page 2 | Tangerine Bank | Discussion forum

I had tried to post a longer reply yesterday and the "highinterestsavings.ca" forum software was showing me as logged in, but when I went to post it, it redirected me to a generic WordPress login page (any idea, Peter?) bearing only the WordPress logo in large format and it was for naught as my post was lost.

Suffice it to say, the gist of it was that I think some of you may have been a little bit preemptive in not waiting for their targeted, seasonal promotional offer (of which the "fall season" is generally their best, after maybe only the spring or summer sometimes) in going for the competitor "rate match" offer as, once you've opted into that, you're essentially committed to that rate as Tangerine would have no interest in offering you the higher, targeted promo rate as they've already given you a higher rate than the competition.

At any rate, I noticed the O.P.'s link had reappeared and that the Applicable Account Type average deposit balance capture/"snapshot" date was Oct 4, 2016. Other point(s) include: (1) "net new deposits" from Oct. 5th thru Dec 31st, 2016, inclusive, are included, not just for the first month like they do in the summer time usually and (2) rate is inclusive of posted rate 0.80% and additional interest rate of 2.15% for combined total of 2.95% and may change this quarter as "chatter" is increasingly indicating that with the latest, more drastic changes announced by the Finance Department to cool/temper the housing market, the Bank of Canada has more flexibility now in cutting its benchmark overnight lending rate by 0.25% to up to 0.50% at a future meeting without "further stoking the housing market" and it may do so given the lacklustre economic growth and increasing likelihood of re-entering our third recession since 2008 (second was the first half of 2015).

I received the targeted promotion upon login today, but will have to wait until Oct 10th or 11th to transfer everything back to Tangerine. The funds are still in my Chequing account at Tangerine but already have a cheque in the clearing system pending clearing from my Tangerine account so I have to wait it out.

One other interesting thing: under "My Bonuses and Contest Entries" under "My Info & Options," Tangerine has historically linked to a publicly-available promo offer - until now. This time, it's only available to logged in users.

I have a fix for that though: see this PDF of the Terms and Conditions I printed:

https://drive.google.com/file/d/0B6uC9j7HAwRQSmhSdnljbkR6c2s/view?usp=sharing

Cheers,
Doug

DH got 3%, my mom got 2.95%, I apparently got the middle finger.

Loonie said

Perhaps they are working towards eliminating the phone-in nuisance? I didn't notice any mention of a phone call in the link you have posted, Doug. Did you have to phone in to accept, or could you accept online?

It seems strange that you would have gotten T&C with the percentage stated within when other people are getting only 2%, at least based on what has been reported,

Mine was a "pardon the interruption" Web intercept message. No banner on the public website at all. I expect I'll get a follow-up e-mail offer in a few days followed by a postcard offer in the postal mail a couple weeks later.

Sounds the "Terms & Conditions" PDF document was viewable OK? At any rate, worth pointing out I still had to click through a view links to get that document and it's only available while logged in. In my Savings account, in the "Account Info" portion at the top, it talks about the promo offer and clicking through to a "landing page" with a banner offering 2.95% interest and to "move my money".

Anyone get anything else higher than 2.95%?

Cheers,
Doug

P.S. I've never had to call in to get a promo rate. I suspect that's for people that don't receive a promo offer and who call in threatening to move money out so they're offered a "retention offer," which isn't the same as a promo offer.

Spouse's offer, by email, from Tang, was 2%. It says the accounts "will earn" this, so we presume no phone call is required to "accept" the offer. Therefore it would seem that there is nothing to lose by phoning in and begging for more, if willing to do so. With some of their earlier schemes, you had to "accept" an offer on the spot or lose it. So, it may be that they have heard come of our complaints.
Spouse's accounts have next to zero in them. Almost all was removed shortly after the previous offer was received, afew months ago, in order to accept a better offer elsewhere.

The email included the following:
"A Bonus for transferring your TFSA or RSP to Tangerine
If you currently have an RSP or TFSA at another bank, why not transfer it to a Tangerine RSP or TFSA where your money can earn a great interest rate? We'll give you a $100 Bonus† to help cover any transfer fees your other bank might charge.
† Limit of one $100 Cash Bonus per Client for TFSA or RSP transfers of at least $10,000 made between October 5, 2016 and December 31, 2016. Maximum of $100 Bonus across all Accounts. Bonus will be deposited to your Tangerine Tax-Free Savings Account or RSP Savings Account within 30 days of the offer expiry date, provided that your contributions are still in place at the time of payout. TFSA or RSP Direct Transfer requests must be completed by December 31, 2016 and must be submitted on a T2033 Direct Transfer Form. The financial institution where your funds are being transferred from must deliver the funds to Tangerine within a period of 60 days. $100 Bonus will be forfeited if funds are not delivered within 60 days. Please note that transferring a portion or all of your TFSA or RSP to Tangerine may result in your current financial institution charging you a fee."

Both TFSA and RSP have already been transferred out of Tang, and will remain where they are.

Joe said

We should not be using Tangerine employee's names on this forum.....ie/Rick's post.

As long as it is not used in a derogatory or slanderous manner, I don't see a problem. As far as we know Erik is not his real name. I'm sure Randal is not his real name when we call countless tech support numbers in India for other companies either. And if Erik mis-informed me on any matter, he should be held accountable by his superiors. By the same token, if he goes above and beyond and supplies exceptional service, mannerism and/or attitude, should be commended. I am not aware of any rule or policy on this forum that prevents me from using first names. If I am wrong, accept my apologies and report the post for the admins to deal with. Otherwise, I and the others in this forum know what to expect when they talk to Erik at Tangerine. I'm sure he was just going by Tan****ne's playbook anyway.

Joe said

We should not be using Tangerine employee's names on this forum.....ie/Rick's post.

I don't see a problem with using first name only, so as to authenticate the conversation; however, in Rick's case, since it took place on the phone, he can only paraphrase what the customer service agent told him and should probably just say, "the Tangerine contact centre representative, based in either its Moncton or Toronto contact centre," instead. Where it's OK to post a first name is in "online chats" or e-mails with Tangerine.

Tip: when speaking via phone, to authenticate the conversation a bit more, ask the Tangerine rep which contact centre he or she is based in.

Cheers,
Doug

I don't see why there should be any concern about giving the first name of the CSR. It does not identify the person to the public. Tang protects their staff by not giving out their full names.
If Tangerine should become concerned that some employee said something that they ought not to have, let them go back and review all their recordings. Anyhting posted here amounts to little more than hearsay, as our identities are also hidden.
To my mind, it's really no different from reporting on any other conversation with a CSR, which is fair game. They all know they're being monitored with more sophisticated systems than anonymous posts on this forum.

That said, I also don't think it really adds anything to give the person's forename. They have a zillion CSRs anyway, and, as Doug suggested, they are required to be slaves to the script. It's a crappy job, generally only held by people who can't get a better one.

It's hard to believe anyone would complain about BNS's performance. Profits are up and common share dividend has just been increased once again. Shareholders are not supposed to be micromanagers, but can make their voices heard at AGMs or vote with their feet. But why would you want to when everything is already going in your favour?
Personally, while I find Tang's practices annoying to the point of avoidance, I think it's definitely well past the time that depositors should be getting a better bang for their buck.

AltaRed said
Added later: The point I am really trying to make is that the current Tangerine business model is unstable and thus the current situation cannot last much longer. There is no business reason why they should be an outlier when it comes to deposit rates and thus they will regress towards the mean. Their scale may allow them to compete 10bp or better than most of their competition and still maintain competitive margines, but only time will tell.

The business reason they are an oulier for deposit rates is that they are owned by Scotiabank and Scotiabank won't make a subsidiary a competitor by letting them offer better rates than the mothership offers.

Scotiabank® Momentum Savings Account :Higher rate will be paid on the entire balance if the balance exceeds $5,000
Regular Interest Rate Momentum Savings Premium‡ Total Annual Interest Rate
$5,000 or more 0.750% 0.750% 1.500%
$0 - $4,999 0.050% Not eligible 0.050%

Scotiabank® Savings Accelerator Account

Highest rate will be paid on the entire balance as it increases.
Annual Interest Rate*
$250,000 or more 1.000%
$5,000 - $249,999 0.800%
$0 - $4,999 0.050%

I miss ING

Do you know how much of Tang deposits are at 0.8 versus the various promo rates?
I don't, and doubt any of us do.
It could be they're laughing all the way home to the bank by paying an average rate per dollar deposited which is significantly LESS than that paid by EQ Oaken etc. If that is the case, they can have their cake and eat it too by paying everyone whatever is needed to retain their deposits.
I would wager that they are not paying more than they need to in order to maintain the niche they have carved for themselves.

Perhaps what they really need to be doing is communicating better with their shareholders as to what their plans and strategies are, so as to reassure them that they know what they're doing.

A further question is how much of the rate bazaar exists in order to research various carrots offered. We don't know the answer to this question either. They are learning a lot from our responsive behaviours and no doubt plan to use it in future, and it will not be in order to give us freebies. They may attribute any losses, should there be any, to their research or publicity budgets as money well spent.
They also clearly spend a lot of money on advertising. Are you opposed to that too?

As for being an outlier, they are all trying to be "different" and thus grow their coffers and profits. To the extent that Tang may be considered an outlier, they are at least in the tradition of ING. It was always an outlier. When ING first started, a lot of people had trouble believing they were for real.