Tangerine Retention Rates Q4 (Oct 4) 2017 | Page 12 | Tangerine Bank | Discussion forum

Got too busy, and missed pulling my Tang moolah out before the Oct. 6th promo end date. Called today, and all Tang would offer was 2% until Jan. 15th, which miffs me a little, as others here have gotten significantly better with similar deposit levels.

So, as alerted to earlier in this post, (thank you, post-ers) I added PC to my list of linked external accounts and stand poised to pounce on whatever Simplii baits its hook with on November 1st. Since PC is at 2.5% at the moment, my hazard is that Simplii will better that, just for the marketing value of a shiny number. But, next time, I'll be more careful about when I plan to pull from Tang.

Well I got 2.5%. Did not have to offer my kidney either...So not sure what you are going on about. ;-p

Bill said
smayer97, I agree, lots of folks getting good offers. One of my sons, who pays no attention to these things and just leaves his extra non-invested money in his Tangerine savings account, got notified by mail he's getting 2.75% for his existing and any new money.  

Spouse and I also got these letters Friday. Last quarter, only I got the letter. Ours only apply to new money though.

Makes you wonder... are they trying to snuff out the competition by causing short term havoc?

smayer97 said
Well I got 2.5%. Did not have to offer my kidney either...So not sure what you are going on about. ;-p  

Thanks for your reply. Many people shared that they got 2.5% by calling Tang this quarter. I did not get it, but I do appreciate the experience sharing (good or bad) on this forum. As a result, I am now getting either 2.5% or 2.75% this quarter at other places than Tang. There is "Soup" available at other places...

To add something new to the twist, know someone who has current offer expiring in Nov, offer got extended to Feb when she called and want to transfer money out. Offer at 2.5% on existing and new deposit. Even tho in the past they always ask you to call back when current offer expires, its no longer the case. It is totally random what and how its determined, and new offer now stretches out over time which makes a lot of sense in the first place anyway.

I believe they are using this new technique to smooth out their balance over time, while reducing the need to offer "high rates"

Interest said
Hi - I'm new here and what lead me to his forum is that I was just wondering... Say I have $25 000 existing in a Tangerine TFSA and $5 000 in Savings and receive a 2.4% offer on new money into either of these accounts until Dec. 31. Can I transfer the $25 000 into my Tangerine chequing account and then immediately back into my Savings to take advantage of the rate? Then place the whole amount back into chequing again at the end and wait for a new promo to put back into the TFSA in January?

Thanks  

If your Terms and Conditions are the same as those in post #127 above, but at a different rate, then it would seem to me that you could do this. There appears to be no overlap in how they view the base amounts in the different kinds of "Applicable Accounts".

But I could be wrong.

You would lose the tax protection on the interest while the money was out of the TFSA. On 25K, the savings net of taxes for such a short time would be minimal. To me, it doesn't seem worth the experiment. Why not just move the TFSA to another FI that pays better and is more reliable in terms of rate? Hubert pays 1.85, for instance, and no transfer-out or withdrawal fees. They also have a one-year cashable at 2.05, with conditions. When you work this out, including what you would lose from taxes by withdrawing the money from the TFSA for a couple of months, I think you'd be better off just going somewhere else and not dickering around.

Thank-you Loonie and also Bill for responding and pointing out post 127. I probably got to page 4 or 5 before skipping ahead and posting my own question.

I got an email earlier this month for 2.4% on new deposits to TFSA or Savings. Since it's close to the end of the year and have a bigger TFSA balance I thought why not throw all of my TFSA into Savings for that rate and then put it back in January since I don't need the funds for anything. However the wording clearly stated that transferring from a TFSA, Savings (and one other account, I forget the name) into an Applicable account was ineligible but said nothing about being transferred in from a chequing account so I wondered if it could be as simple as saying ok then, I'll just take 2 seconds to transfer TFSA to chequing then 2 more seconds to transfer it again from chequing to Savings. The simplicity of it made me unsure, lol.

After humming and hawing I just phoned early this morning and simply asked. The CSR said he understands what I'm saying but that he really shouldn't give advice on how to "play" the system. I politely said what do you mean? The bank is making an offer and I'm simply looking at a way to maximize a return for myself while the bank at the same time benefits however they do. That's why I'm asking - is it ok to transfer TFSA to chequing then back to Savings. I don't see any wording restricting that manoeuvre. He went so far as to say well there you go, sounds like you answered your own question (was nice about it) and we left it at that. However, he initially stated that the TNG snapshot included my total balance across all accounts implying that depositing that way might not count as new! Since I wasn't exactly getting a straight answer I said that I guess I can experiment one month and find out but would have preferred getting a direct yes it counts or no it doesn't.

So finally I mentioned that CIBC is offering 2.3% on a full balance in an eAdvantage account until March '18 and that I could easily slide into there for awhile but would rather stay parked at Tangerine. So I asked if he could find me any comparable offer to that instead of the 2.4% on new deposits (since I was still uncertain if the snapshot included TFSA/Savings combined). He came back with 2.5% for 90 days on everything put into my Savings account (late January '18). So I took that offer and transferred my entire TFSA directly to Savings at 2.5% and transferred in some new money from CIBC as well.

Phoning in, being straight up about my intentions definitely helped this time but otherwise I guess I would have experimented with TFSA -> chequing -> Savings (or vice versa) to see if that would work (keep in mind I'm talking about after a promo has already started).

The only other thing now is wondering if I should dump the 2.5% and transfer everything back into chequing on Jan. 1 to try and sync up with a new quarterly offer or ride it out until the end in late January and phone in again during a promo already in progress. Anyway, those are some of my thoughts for now,

Thanks

p.s. the original offer of 2.4% on new deposits no longer appears when I log in to my account.

Also while looking around, came across this nifty Bank account selector/ comparison tool for all banks listed on the Gov't of Canada's website..

https://itools-ioutils.fcac-acfc.gc.ca/STCV-OSVC/acst-osco-eng.aspx?f1=1&f2=1&f4=S6

Bill said
Interest, you say "the wording clearly stated that transferring from a TFSA, Savings (and one other account, I forget the name) into an Applicable account was ineligible" (and so you were going via chequing account). Based on the wording in post #127 I don't see that - help me out, where does it clearly state that?  

Hi, I actually went to cut and paste that very wording to put on here but the offer was gone when I logged back in today after the call (I guess because of the new offer I took) but I remember reading the small print of what was ineligible when I opened the full details link. It was right after the 3 examples they gave outlining how interest would be paid if any.

(The original 2.4% offer with the full details link appeared in the top banner before when I logged in to my account)

Here's the original email text that lead me to read the full offer..

* 2.40% interest rate Offer is calculated by adding the Bank's current applicable Posted Rate with the Additional Interest rate of 1.40%. The Offer is only applicable to Tangerine Savings Accounts, RSP Savings Accounts and Tangerine Tax-Free Savings Accounts ("Applicable Accounts") from October 4, 2017 to December 31, 2017. A number of the same type of Applicable Accounts is defined as an "Applicable Account Type". Additional Interest will apply to net new Eligible Deposits made between October 4, 2017 and December 31, 2017 of up to $500,000 per Applicable Account Type for Clients who have received this communication about the Offer directly from Tangerine. Clients must be the Primary Account Holder on the Applicable Account. The Offer does not apply to certain Account types, as outlined in the full Offer Terms and Conditions. The applicable Posted Rate and the Additional Interest rate are annualized rates, calculated daily and paid monthly. Any Applicable Account closed prior to the payment of Additional Interest will forfeit any Additional Interest calculated during the month in which the Applicable Account is closed. This Offer and interest rates are subject to change without notice. Full Offer Terms and Conditions can be viewed by logging in online at tangerine.ca.

The Tangerine offer I received has this excluded item #11 (g) that seems to exclude money transferred from TFSA, RSP, or RIF:

11. Notwithstanding the above, the following are not considered to be Eligible Deposits and will not be eligible for Additional Interest:

1. Transfers or money deposited into RIF Savings, CSA, Business Savings Account, US$ Savings Account or US$ Business Savings Account or TFSA Kick Start Account.
2. Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.
3. Transfers made to any new RSP Savings Account from an existing RSP Savings Account or RSP GIC resulting in no change to the total Applicable Account balances in RSP Savings from October 3, 2017.
4. Money deposited into an RSP Savings Account and then transferred into a RSP GIC resulting in no change to the total Applicable Account balances in RSP Savings from October 3, 2017.
5. Transfers made to any new TFSA Savings Account from an existing TFSA Savings Account or TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from October 3, 2017.
6. Money deposited into a TFSA Savings Account and then transferred into a TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings from October 3, 2017.
7. Money transferred from an RSP, TFSA or RIF Account to any Applicable Account.
8. Money transferred from a CSA to an Applicable Account.
9. Direct or Indirect transfers from Tangerine Business Savings Accounts and Tangerine US$ Business Savings Accounts to Applicable Accounts.

Norman's post is obviously relevant but still does not make things crystal clear with regard to the chequing account. Sorry, I did not have access to that earlier.
I would say though that it is probable that this clause would disqualify your transfer from the promo. They would probably say, quite rightly, that the money came from an existing TFSA. They are really stingy with their TFSAs!

I think though that the CSR did not give you a suitable response. It's up to them to simply tell you the facts. Obviously he thought you probably could get around the rules this way but didn't feel comfortable saying so. He probably didn't know for sure. He should have referred the question to someone who knew the answer or could find out.

Interesting question, but I find Tang such a PITA when it comes to registered plans that I can't be bothered with them. We had a fair bit there in RSPs and TFSAs at one point, but almost all of it is out now, and the rest will be by the end of this year. They put in the transfer fee to stem the tide but I doubt that has done the trick as their rates are so poor. There are tons of places where you can do better, even for a simple registered savings acct.