Tang promo | Page 3 | Tangerine Bank | Discussion forum

moneyhelp, I wouldn't accept this offer in your situation. You would just be worrying all the time about going below the minimum, and who needs that? You have enough on your hands helping your mom out.

I imagine that if you fell below the minimum, that the rate would revert to 1.25? If you are considering it, you should check to see exactly what the conditions are. Could it be retroactive for the period in question?

This may be where Tang is headed next. Didn't somebody else get a deal that only kicked in at 80K or something like that? They may be calibrating the minimum according to your deposit history.

Perhaps you'd be better off with the Motive Savvy account, even though it pays less. Or the Simplii offer? (I am not sure about he conditions of the latter as I don't deal with them at all.)

You might also consider dividing your funds between, say, Motive, for easy access, and a short term GIC such as the 3 month at EQ, 150 days at Ideal, or 9 months at First Ontario (if you live in the area). You would need to confirm these offers are still available etc.

So I got the callback from Tangerine ending the voicemail tag. The Tangerine representative offered me 3.15% for balance for 120 days up to $1M, matching Simpli's 3.15% rate. I didn't have to ask for anything. I was on an existing 2.75% ending Dec 30 2018. My upgraded rate should come into effect in a day or two.

Vatox said
I agree with Loonie about Moneyhelp's situation. One year on 2.75 or even 3% is too low considering what else is available. Put a portion in the EQ 3 month GIC and the rest in some other HISA, then see what rates are available in 3 months. If opening other accounts is too burdensome, then I suppose the rate is good enough, because you aren't required to leave the money in Tang if great deals come later or if you need the cash and must go below the minimum. You can always get at the money.  

Appreciate everyone's advice. I do have a question. I have noticed some people who have been given different offers sometimes were offered before their current promo ends (some even a few months before).

So, my question is, should I decide to take this promo at 2.75% for 1 year and lets say 3 or 4 months from now Tangerine has another rate which is better, am I stuck with the 2.75% for the year because I accepted it? OR can I too switch to the better rate (assuming Tangerine allows it)?

Thanks for everyone's concern, really appreciate it.

I basically agree with Vatox on this.

In the past, Tangerine has been inflexible about renegotiating special rates during their effective period. But that has recently changed, as we've seen.

Bottom line is that Tangerine is notoriously unpredictable. There is no way to know for sure what you might be able to arrange with them in future. Thus, you want to give yourself leeway.

So, just called Tangerine and here's what happened:

I asked if there was a better rate Tangerine can offer than my current 2.5% and ensured I mentioned Simplii's promo rate of 3.15%. The CSR stated she cannot match that rate. I said, OK what can Tangerine offer me? She put me on brief hold, and came back and offered me the 1 year GIC rate.

I had to explain my situation where I cannot keep my money locked in and have to have access to it. She then offered me the "best" rate possible which is 1.6%.

I asked if there is anything better that Tangerine can offer considering Simplii rate is much better than 1.6%. She said no, I thanked her and hung up.

After hanging up, I decided to call back considering that she said the "best" she can offer is 1.6% and I received the promo email of 2.75%. This time spoke with a different CSR and she again offered the GIC, which case I re-explained my situation, and she said unfortunately the 2.75% is the best rate that she can offer.

I told her that I am aware that some people have been getting 3%, can Tangerine offer me this? She confirmed the emails that are sent out are targeted to some customers, and the 3% is targeted to those who have a minimum balance of $80K+ and thus she cannot offer me that rate.

I thanked her and ended the call.

Strange how the "best" rate keeps changing everytime I call in.

I don't want to bother making another account at Simpii, I think I'm just going to take this 2.75% rate and live with it and hope that in a few months a better rate is offered from monitoring these threads and go back to the old Tangerine game (move $ out, then move $in).

This made me just realize, in the past we would move the $ out, then Tangerine take a Snapshot of the account and we believed that if the account was at $0 then you may be offered a better rate (so far, this has worked for me). I have an account with Hubert which offers 2.5% (so I won't lose $), I was thinking of moving my money out and see if at the end of this month a different offer might come my way and if it does, move the money back and if it doesn't, well I can at least take advantage of the 2.75%.

Thoughts?

Vatox said
if your balance falls below the minimum, you can move it all to Hubert.

Good point.

Vatox said It sounds like Tang isn't going to give you a higher rate unless you can scrounge up a total of 80k. Moving your money to Hubert isn't likely to work, however, if you want to try, go for it. I probably wouldn't try it, because they may see the move and revoke the 2.75 offer and then you are stuck with 2.5.  

I'd be stuck with 1.6%, the 2.5% ends this Friday (30th).

Loonie said
To be honest, I doubt you helped your case by explaining why you couldn't lock in. They won't be motivated by hearing that you might be going to make a large withdrawal.

yea I thought the same, but figured if I was honest that might influence their decision. As it turns out, not really.