Tangerine Retention Rates Q4 (Oct 4) 2017 | Page 3 | Tangerine Bank | Discussion forum

Bill said
If I recall from my reading here, seems to me the quarterly-moving-money-out tactic works for most though not all folks. So, on a random (or at least undecipherable to us here) basis, some end up getting nothing at all.

My experience with the leave-your-money-there-and-call-them-on-the-day-your-promo-expires tactic has always resulted (assuming the balance in the preceding 90 days has stayed pretty much the same or increased) in a promo offer of some kind.  

For the first time this June, the quarterly-moving-money-out stopped working for me. I didn't get any offer like I used to. And they better offer me something this October; I already opened an account with EQ in July.

BTW, Tangerine's new web interface now showed you all your past offerings in your profile page.

DavidAlta13 said

Great handle, GoHabs. Many would say they can get 2.3% at EQ Bank (or whichever competitors' rate is the highest at the time).
Perhaps Tang's been making phone offers of 2.5% as it's just high enough to keep the deposits. With their variable mortgage rates at 2.9%, that 0.4% interest rate spread (lending rate - deposit rate) probably just covers their costs & leaves no profit, which is why they cannot offer to pay 2.5% on all Savings deposits. I have no idea how they can afford to offer more than the 2.9% they receive in variable rate mortgage interest.
EQ Bank's 1 yr fixed mtge rate is 3.09%, just 0.79% more than the 2.3% paid on savings deposits.
For context, Canadian banks' average interest rate spreads ranged between about 2.75% and 4.25% from 1980-2008, dropped to 2.3% after the 2008 financial crisis and have since crept up to 2.6%, still about 1% lower than the longer term average.  

Thanks, David. I'm in Quebec, as you might guess from my username (although I know there are Habs fans all across Canada and the US) so we don't have as many financial options, e.g. we don't have PC Financial here. I think Tangerine takes that into consideration when giving us rates here - generally they seem to be lower than those in other provinces get, although this last promo I did get 3.1%.

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!  

Actually, the limit was decreased from $50K to $25K about a month ago. BUT in the past, the $50K limit was not a daily limit but rather a limit per transaction, even though the error message that comes up suggests this. I know because to get around this I simply broke up my transfers in multiple of $50K ON THE SAME DAY and they all went through THE SAME DAY.

I have not tried with the new $25K limit but I suspect it is still the same...
Someone willing to venture a try?

semi-retired
did you need to talk to a rep to shift eg over 150 k from savings to checking? Or just do it online? tks

I am waiting tomorrow to transfer everything from saving to checking. I already had 2 good rates on the last 2 quarters: 3.21 and 3.22. What are the chance to get a third one in a row?

smayer97 said

Actually, the limit was decreased from $50K to $25K about a month ago. BUT in the past, the $50K limit was not a daily limit but rather a limit per transaction, even though the error message that comes up suggests this. I know because to get around this I simply broke up my transfers in multiple of $50K ON THE SAME DAY and they all went through THE SAME DAY.

I have not tried with the new $25K limit but I suspect it is still the same...
Someone willing to venture a try?  

BTW, I did get confirmation yesterday by an agent that the limit has changed from $50K/transaction to $25K/DAY...BIG change...I even decided to give it a try and sure enough, the $25K/DAY limit is in force. The system even adds up all multiple scheduled transactions for the same day to apply this limit. So they only way to withdraw > $25K is to call in.
They are saying the reason for this change is for security due to increased account hacking (with all banks).

smayer97 said

BTW, I did get confirmation yesterday by an agent that the limit has changed from $50K/transaction to $25K/DAY...BIG change...I even decided to give it a try and sure enough, the $25K/DAY limit is in force. The system even adds up all multiple scheduled transactions for the same day to apply this limit. So they only way to withdraw > $25K is to call in.
They are saying the reason for this change is for security due to increased account hacking (with all banks).  

Curiously I just hit this, but it was $25k/transaction and $50k/day.

ertyu said

Curiously I just hit this, but it was $25k/transaction and $50k/day.  

Interesting...so just to confirm, you just tried this recently and successful in creating more than one transaction in the same day adding up to more than $25K in one day?

jgsbrown said
I don't receive promo interest offer's from Tangerine anymore as I told them to go "pound salt" after putting holds on money transfers to my wife's Tangerine account due some algorithm that has determined the transactions to be potentially fraudulent.

Do yourselves a favour? Move your money out and stop playing the promo game. After tax on a savings account, is it really worth it?  

Yes.

Not sure how it does any of us a favour to forgo bonus interest because you've got your nose out of joint?

Called in this a.m. to request transferring out all funds to my "home" bank CIBC, with plans to move it to 90-day GIC at Meridian. Nice lady on call centre from Monction said they would match the offer 2.5% until Dec. 30. Ditto for wife's account. No problem other than the waiting for a live person.