Tangerine Retention Rates Q4 (Oct 4) 2017 | Page 2 | Tangerine Bank | Discussion forum

I just called in and was given the 2.5% to Dec. 24, 2017. My experience is that you do not get the best rate in all the quarters. I've had 2 out of the first three with the best interest rate. At that rate, I figure I would not get a good offer for the last quarter. I think it was the second quarter that the offered only 1.6% if you didn't get the high offer.
Anyway, I took the bird in the hand offer.

After reading that threeoakwest called in and got 2.5%, I called today and got the same offer. I was only getting 2% with an expiry date of October 9th. Because my offer end dates did not line up with Tangerine's quarterly roulette wheel offers, I never got an email offer all year. My new offer ends December 25th and that should give me ample time to move everything out to chequing so that I hopefully get an email offer come the new year. I am quite satisfied with my 2.5%. Best of luck to all!

Loonie said
The 25K transfer restriction only applies to external transfers.
Spouse had no trouble transferring to chequing online - and the computer doesn't ask you why or make counteroffers!  

Question: Once you have the money in your chequing account, can you then simply make yourself a "big cheque" and make the deposit at any FI ? This would bypass the limit that many people talk about. (any restrictions I don't see ? something in my blind spot ?)

Transfers out initiated on-line have a limit of $25,000 per day. If you phone them, they will transfer out larger amounts.

Hello all, phoned Tangerine to request a retention rate and was offered 1.6% which I declined. I then requested a balance transfer and they immediately obliged and transferred all funds in my account, my wife's account as well as our joint account. My question, is there any point keeping the funds available should I get an offer or is this a situation where we won't hear from Tangerine anymore?

Thanks

Well, do I feel lucky??

Seems a few are taking the 'bird in the hand', if they were offered a 2.5% retention rate...I am in a gambling mood, I guess, and will be moving monies out. I have PC Financial to fall back on, for a month, and then my HISA to fall back following that, should Tangerine not grace me with a bonus offer.

I am still inclined to move money away from Tangerine entirely, leading up to the expected Oct 5 bonus offer date, instead of 'parking' it in my Tang chequing...somewhat of a hassle, but that's how I roll...

Best wishes to all

theodor said

I had never heard of duca before and I am absolutely astonished at their offer of 2.75%. As an octogenarian I am just too afraid to risk our savings on anything that is not CDIC insured. I think I saw somewhere where you can get a first mortgage for 2.69% and it just makes no sense that a Credit Union would pay a higher rate of interest than what one's borrowing cost might be? Don't know much about these matters and really appreciate all your replies and the chance to learn so much.

Thanks all!  

There are a number of FIs ("financial institutions") that are offering mortgage rates lower than their deposit rates. This has been going on for quite a while from what I have seen. During the current quarter, Tangerine offered many of us savings rates of 3.1%

Some feel that DICO (credit union insurance system in Ontario) may not be as good as CDIC because it has no government back-up. But, when push comes to shove, there is going to be a limit on what CDIC may provide too if the financial catastrophe is large enough. No source can afford to bail out everything.

All of these FIs have a number of ways of making money, not the least of which are credit cards with usurious interest rates, car loans which are always significantly higher than mortgage rates, and investment accounts.

DUCA will cut off this promo when it has reached its target of deposits, whatever that may be. You may be sure that they have a target! They do this with all their promos as far as I can see.

Their real purpose with these promos is likely simply to get new members. Once people deposit the money, some will forget that the good rate expired. Others will notice but won't know where to find a better rate or won't get around to moving the money. There will be a net gain to DUCA in terms of members and their dollars, so, for them, it's a fairly cheap source of productive advertising.

Accordingly, I don't see any significant risk, and think the difference between DICO and CDIC for practical purposes at this time is negligible - especially as you are looking at less than 3 months. And, as longer-term forum members will tell you, I am very conservative.

That's my personal opinion. You have to do what you're comfortable with. There are no absolute answers.