Tangerine Rate Increase to 0.9% | Tangerine Bank | Discussion forum

Calan said
Tangerine has increased their savings account rates to 0.9% - not sure when this happened, I noticed it today.

https://www.tangerine.ca/en/saving/savings-accounts/savings-account/index.html  

Oops, nevermind, Tangerine was removed from the "chart," partially at my suggestion, as they weren't all that meaningful in terms of rates so no need to update it Peter. 🙂

Cheers,
Doug

Now, does this increase of 0.1% to the base rate imply that the recent special "Summer Savings 2017" rates offered to people will also be increased by 0.1%? After all, the bonus notification says that it is on top of the base rate, which used to be 0.8%.

Does my offer of 3.22% now increase to 3.32%?

As they have consistently stated in their Terms and Conditions for these "net new money promo offers," and I've read every one "cover to cover," since inception, they said that a change to their Posted Rate would change the amount of interest including Regular plus Additional Interest paid under the offer. As such, if their Posted Rate changed mid-offer, they'd adjust the total amount of interest paid under the offer downward accordingly (makes sense ), such that if their Posted Rate was 0.90% and their Additional Interest Rate was 1.10%, you'd receive 2% Total Interest. If they cut that Posted Rate to 0.80%, the Additional Interest Rate would stay constant but your Total Interest Rate would now be 1.90% instead of 2%. That's fine - it's working as designed. I expect and respect that.

Contrast that today when they they raise their Posted Rate to 0.90%, one's Additional Interest Rate should stay the same for the duration for the Offer, at least that's what they've done historically, such that if your Additional Interest Rate was 1.65%, with the higher Posted Rate, your Total Interest Rate is now 2.55% instead of 2.45%. The end result? We're being punished on the downside in Posted Rates but their Terms are manipulated and changed to cheat us out of an extra 10 bps. 🙁

Yes, they have a "catch all" clause in the Terms that lets them change any Terms under the Offer for any reason at any time without prior notice, but it's not right. 🙁

Fundamentally, they're not honouring the spirit of their own rules and that's unfair.

If Ms. Rideout is listening, quit this interest rate Offer gerrymandering, customer trickery and general business skullduggery. You, evil tram... err... "ma'am," are NO CEO that your highly respected (and liked!) predecessor Mr. Aceto was and Scotiabank made a huge error in your appointment (it should've named Chief Operating Officer Ian Cunningham to the role). You have NO customer accountability, and if you don't resign, in my view, you're breaching your fiduciary responsibility to your shareholder, Scotiabank, as your actions here, on the Money-Bank Credit Card scandal and on a number of bank-friendly initiatives, you will see customer defections (namely to credit unions but also to PC Financial) and your customer growth and deposits plateau. (You're already seeing that.)

There. That felt better.

Cheers,
Doug