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Email this6:19 pm
December 1, 2016
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Righand said
I still don't follow your logic. You're moving your money back to Tangerine for a .0015 point difference. Most people received a 2.75% offer and 2% was the lowest that anyone received. ISTM that Tangerine is laughing at you and you're willing to move back anyway. Why not try your other option ? Call in and beg. You might get lucky.
My logic is, to answer your original question, yes, it is worth it. As @fbeaulie and I pointed out, if it only takes 2 minutes of contacting them to see if they can improve on the 2% that was offered to me, then why not? and even if they don't offer me better than 2%, and even if Tangerine is laughing at me because they are giving me a paltry increase of 0.15%, I'll take it, because common sense dictates that logically 2%>1.85% then I'll take that $37 and buy a decent bottle of wine. 
I plan to contact Tangerine tomorrow, I'll let you know how it goes!
Cheers!
6:19 pm
April 11, 2017
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All interest paid on "new deposits" under Tang's Special Interest Offers is NOT compounded monthly:
On reading my fine print again, I just noticed that it says interest paid on "new deposits" does NOT qualify as "new deposits". This differs from money left in Savings or other eligible accounts receiving only Tang's posted rate, which is compounded monthly (so today's 1.000% posted rate actually works out to an annual compound rate of 1.007%). The exact wording is:
"Any interest paid into an Applicable Account, including Additional Interest, will not be treated as a new deposit for subsequently calculating Additional Interest payments."
That means, for example, if I had $100,000 in new deposits on Oct 4 and made no deposits or withdrawals, at 2.75%, I would receive $76.71 on Oct 31 and $134.25 on Nov 1, for a Nov 1 balance of $100,210.76. For Nov's interest calculations, I would get the 2.75% on $100,000.00 and no Nov interest on the Oct interest of $210.76.
6:25 pm
April 11, 2017
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Further to my previous post, I do not know whether those who've called in and accepted an offer of 2.500%, without having to move the money out and back again, will be getting monthly compounding (for an annual compounded rate of 2.529%), or only a non-compounded rate of 2.5%.
Perhaps someone who received the 2.5% by calling in could post the fine print for their rate.
6:37 pm
February 16, 2013
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AlainJF said
Right or wrong, I have the impression that this later date disqualify me for the next quarter offer.Alternatively, did anyone request and successfully got the 90days retention offer to be shorten to, for example, 85days to get back in sync with the next quarter offer ?
@AlainJF: I was in the position that my last retention offer (@2%) was scheduled to expire October 9th and so would not get a promo offer. Instead, I called in early (on September 27th) and they gave me a 90 day rate of 2.5% starting that day (without waiting until October 9th), expiring December 25. This way, I can move my money out of savings well in advance of the next "lottery" and hopefully get a promo offer in early January. So, I did not get the 90 day rate "shortened" - I just had it start earlier.
6:50 pm
February 14, 2014
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DavidAlta13 said
"Any interest paid into an Applicable Account, including Additional Interest, will not be treated as a new deposit for subsequently calculating Additional Interest payments."That means, for example, if I had $100,000 in new deposits on Oct 4 and made no deposits or withdrawals, at 2.75%, I would receive $76.71 on Oct 31 and $134.25 on Nov 1, for a Nov 1 balance of $100,210.76. For Nov's interest calculations, I would get the 2.75% on $100,000.00 and no Nov interest on the Oct interest of $210.76.
I disagree. You would get 2.75% on the $100k in November, plus the base interest rate of 1.0% on the $210.76 October interest (and any funds in the account prior to the start of the bonus offer).
7:14 pm
April 11, 2017
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RicksBank said
I disagree. You would get 2.75% on the $100k in November, plus the base interest rate of 1.0% on the $210.76 October interest (and any funds in the account prior to the start of the bonus offer).
Thanks, RicksBank: I misread not getting Additional Interest on previously paid interest as not getting Special Offer Interest (Posted Rate Interest plus Additional Interest). Well caught.
7:37 pm
October 21, 2016
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DavidAlta13 said
JustMe2016: I do not know whether the fine print in all the terms & conditions of everyone's offers is the same as mine. I assume (& therefore caution that I may be wrong) that they are all the same, except for the amount of the "Savings Interest Offer".
Here's a quote from my "fine print":
The following transactions will be considered Eligible Deposits to which Additional Interest will apply:
Money transferred from a Tangerine Chequing Account to an Applicable Account.
Money transferred from another financial institution, including the Eligible Client’s linked account, to an Applicable Account.This says, and as far as I can tell it applies to all the folks here, that transfers from Tang Savings to Tang Chequing and back again, or transfers from Tang Savings to another FI and back again, are eligible - as long as the transfer out of Tang Savings went through by the end of the 2nd business day of the new quarter, any money transferred back into Savings on or after the 3rd business day of the new quarter will be eligible.
Since what the Tang rep you spoke to said apparently contradicted this, I can only guess about why:
Guess #1: she did not know the rules;
Guess #2: she thought she was answering the question "Will transfers out of Savings and back again work AFTER the 2nd business day of the new quarter (as it was when you spoke to her)?", in which case her answer was technically correct but less than helpful.
I only had a quick look at the fine print as I don't have the time right now to go through them words by words.
If you look it says that Tangerine takes a snapshot of the balance of all your various accounts (but do not mention chequing account). And only new money above that total will be considered new money. Of particular interest is article 12 of the fine print.
I'll try to go thru them with a fine comb tomorrow. But you might want to have a second or third and fourth look 
7:40 pm
January 16, 2017
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MG said
@AlainJF: I was in the position that my last retention offer (@2%) was scheduled to expire October 9th and so would not get a promo offer. Instead, I called in early (on September 27th) and they gave me a 90 day rate of 2.5% starting that day (without waiting until October 9th), expiring December 25. This way, I can move my money out of savings well in advance of the next "lottery" and hopefully get a promo offer in early January. So, I did not get the 90 day rate "shortened" - I just had it start earlier.
Thanks for the reply.
I tried exactly that last week with exactly that same intention, but they offered me 2.0% and not the 2.5% that I was expecting (and that you got).
The Tang agent recommended me to wait to the expiration of the current offer before calling back. I'll see what will happen next week.
7:46 pm
November 23, 2016
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Hi all,
My wife and I were on the 3.1% summer promo with 451k and 465k respectively. We both pushed our money out on Oct 2nd, the interest plus promo interest on Oct 3rd. We both were subsequently offered 2.75% until December 31st 2017 for the Fall 2017 promo and the game can continue as we both pulled our money back from Tang and it got back in on Oct 5th. I'm ecstatic even though 2.75% is not as good. This is our 3rd consecutive promo after 2.97% Spring promo and 3.1% Summer promo. Way to go with the Fall promo and off we'll go hopefully in January 2018 to celebrate New Year with the next Winter promo. I love this game and this dance!! 
8:18 pm
April 11, 2017
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JustMe2016 said
I only had a quick look at the fine print as I don't have the time right now to go through them words by words.
If you look it says that Tangerine takes a snapshot of the balance of all your various accounts (but do not mention chequing account). And only new money above that total will be considered new money. Of particular interest is article 12 of the fine print.
I'll try to go thru them with a fine comb tomorrow. But you might want to have a second or third and fourth look
This wording applies to all account types:
"only balances that exceed the sum of the closing Applicable Account Type balances as at October 3, 2017 will be eligible for the Additional Interest."
My article 10 reads, in part:
10. The following transactions will be considered Eligible Deposits to which Additional Interest will apply:
a. Money transferred from a Tangerine Chequing Account to an Applicable Account.
b. Money transferred from another financial institution, including the Eligible Client’s linked account, to an Applicable Account.
My article 12 reads:
12. Additional Interest will not be paid on transfers to external accounts that are subsequently deposited back into one or more Applicable Accounts, unless such deposits increase the sum of Account balances per Applicable Account Type above the sum of these balances as at October 3, 2017. In such case, only the portion of the transfers that puts the sum of these Account balances above their sum on October 3, 2017 may be eligible for Additional Interest.
Wherever it says "as at October 3" (the "snapshot" date in this forum), based on this being one calendar day earlier than the last couple of quarters, I believe the wording could read "as at the 2nd business day of October."
As chequing accounts are not eligible for the Special Interest Offer / Additional Interest, no snapshot is needed.
Second or third and fourth look? I'm up to my fifth or sixth, and counting
8:39 pm
September 11, 2013
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Note that "account types" are aggregated. For example, if you have 2 eligible non-registered savings accounts bonus interest applies only to additional amounts over the total of both accounts added together at snapshot time.
9:45 pm
September 29, 2017
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DavidAlta13 said
JustMe2016: I do not know whether the fine print in all the terms & conditions of everyone's offers is the same as mine. I assume (& therefore caution that I may be wrong) that they are all the same, except for the amount of the "Savings Interest Offer".
Here's a quote from my "fine print":
The following transactions will be considered Eligible Deposits to which Additional Interest will apply:
Money transferred from a Tangerine Chequing Account to an Applicable Account.
Money transferred from another financial institution, including the Eligible Client’s linked account, to an Applicable Account.This says, and as far as I can tell it applies to all the folks here, that transfers from Tang Savings to Tang Chequing and back again, or transfers from Tang Savings to another FI and back again, are eligible - as long as the transfer out of Tang Savings went through by the end of the 2nd business day of the new quarter, any money transferred back into Savings on or after the 3rd business day of the new quarter will be eligible.
Since what the Tang rep you spoke to said apparently contradicted this, I can only guess about why:
Guess #1: she did not know the rules;
Guess #2: she thought she was answering the question "Will transfers out of Savings and back again work AFTER the 2nd business day of the new quarter (as it was when you spoke to her)?", in which case her answer was technically correct but less than helpful.
I can concur...I have the same T&Cs in Ontario, as follows:
The following transactions will be considered Eligible Deposits to which Additional Interest will apply:
Money transferred from a Tangerine Chequing Account to an Applicable Account.
Money transferred from another financial institution, including the Eligible Client's linked account, to an Applicable Account.
Money transferred by Tangerine Email Money Transfer or Interac e-Transfer to an Applicable Account.
Money transferred from a Savings Account into an Applicable TFSA Savings Account.
Money transferred from a US$ Savings Account into an Applicable TFSA Savings Account.
Money transferred from a Tax-Free Savings Account at another financial institution to an Applicable TFSA Savings Account.
Notwithstanding the above, the following are not considered to be Eligible Deposits and will not be eligible for Additional Interest:
Transfers or money deposited into a RSP Savings, RIF Savings, CSA, Business Savings Account, US$ Savings Account or US$ Business Savings Account or TFSA Kick Start Account.
Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.
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.
Money deposited into TFSA Savings Account and then transferred into a TFSA GIC resulting in no change to the total Applicable Account balances in TFSA Savings.
Money transferred from a RSP, TFSA or RIF Account to any Applicable Account.
Money transferred from a CSA to an Applicable Account.
Direct or Indirect transfers from Tangerine Business Savings Accounts and Tangerine US$ Business Savings Accounts to Applicable Accounts.
HTH.
9:47 pm
September 29, 2017
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JustMe2016 said
I only had a quick look at the fine print as I don't have the time right now to go through them words by words.
If you look it says that Tangerine takes a snapshot of the balance of all your various accounts (but do not mention chequing account). And only new money above that total will be considered new money. Of particular interest is article 12 of the fine print.
I'll try to go thru them with a fine comb tomorrow. But you might want to have a second or third and fourth look
Yes, it only applies to what is considered NEW $ after the snapshot date.
9:52 pm
September 29, 2017
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DavidAlta13 said
All interest paid on "new deposits" under Tang's Special Interest Offers is NOT compounded monthly:On reading my fine print again, I just noticed that it says interest paid on "new deposits" does NOT qualify as "new deposits". This differs from money left in Savings or other eligible accounts receiving only Tang's posted rate, which is compounded monthly (so today's 1.000% posted rate actually works out to an annual compound rate of 1.007%). The exact wording is:
"Any interest paid into an Applicable Account, including Additional Interest, will not be treated as a new deposit for subsequently calculating Additional Interest payments."
That means, for example, if I had $100,000 in new deposits on Oct 4 and made no deposits or withdrawals, at 2.75%, I would receive $76.71 on Oct 31 and $134.25 on Nov 1, for a Nov 1 balance of $100,210.76. For Nov's interest calculations, I would get the 2.75% on $100,000.00 and no Nov interest on the Oct interest of $210.76.
My T&Cs says:
Interest is calculated daily and paid monthly for both the Posted Rate interest payments and the Additional Interest payments. Additional Interest will not be paid and will not be payable until the start of the month following the month in which it was calculated, and the calculation for that month will not include interest on top of Posted Rate interest for the previous day (Example: If the month ends on July 31 the Bank's applicable Posted Rate of interest will be paid to that Applicable Account on July 31, and any Additional Interest will be paid to that Applicable Account the next day on August 1. Both Additional Interest and Posted Rate interest payments will be calculated based on the same balance for the month of July, despite the fact that the Posted Rate interest is paid on July 31, one day before the Additional Interest is paid.).
Looks like compounded interest to me.
10:02 pm
September 29, 2017
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smayer97 said
Seems too bad for me as this is the first time I have NOT received ANY offer. Always received them in the past, and usually the highest rates offered (in Ontario). So sad.Good thing I removed my $, though they did offer a retention rate of 2.5% when I had to call in. Oh well...not a big loss.
So after NOT receiving ANY automatic offers (first time in many yrs 
) and rejecting the phone offer when I moved my $ out, I decided to call in again to see if they would still offer me something. I WAS offered 2.5% for ALL funds, existing AND new deposits on ALL my Savings accounts. So calling back and asking paid off.
Also for those asking, the offer is valid from Oct 5 until Jan 2, 2018 only, or 90 days exactly.
YMMV
10:07 pm
September 29, 2017
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I am curious...for all those that received an offer of 2.75%, does anyone NOT have a linked account with DUCA Financial, who is also currently offering 2.75% on deposits until Dec 31, or ANY OTHER bank that is offering the same rate?
What I am trying to see if the reason that you received this highest offer is because they can see that you could take your $ there. If someone does NOT have a link with a bank that is offering 2.75% then I can conclude that this is NOT a factor. BUT if ALL have such a link, this may be a factor.
10:27 pm
February 14, 2014
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I don't have a link to another bank with an interest rate of 2.75%. My highest is EQ at 2.3%. My wife and daughter both got 2.75% offers and they both have only links to TD, which pays 0.8% last time I looked.
So, it doesn't seem your link is a factor.
10:35 pm
September 29, 2017
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RicksBank said
I don't have a link to another bank with an interest rate of 2.75%. My highest is EQ at 2.3%. My wife and daughter both got 2.75% offers and they both have only links to TD, which pays 0.8% last time I looked.So, it doesn't seem your link is a factor.
Thx for confirming!
2:11 am
October 21, 2013
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Many of us on this forum have tried to figure out a pattern over the last couple of years and every analysis has been found wanting. There is no consistent reliable pattern. So, my suggestion is not to waste your time on it. Either you're willing to play the game every quarter or you're not. If you're going to play, be prepared to move your money around regularly.
It's like a quizz show. You spin the wheel and you don't know what you'll get. At least one experienced forum member thinks it's completely arbitrary, a lottery. Maybe.
Think of it this way. There have been 179 posts so far on this thread, plus another thread, and there will probably be more. And this happens every quarter. Even though not all are favourable, they all create a buzz and raise the possibility for the reader to think that they might get lucky if they open an account with Tangerine. If I were the marketing manager at Tangerine (which Rideout used to be), I might think this was terrific free publicity, well worth the extra basis points I give to a minority of clients. I would be having a good laugh watching people trying to game the system and figure it out on this site. I might have a threshold in mind of how much I was willing to give away. When I reach it, I would shut down the show for a while, but I would keep everyone guessing.
4:33 am
December 12, 2015
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Agreed. I think there is a high liklihood of arbitrary offers, with a few minor trends thrown in, such as members of an immediate family usually get the same rate (but arbitrarily not always). Studies show that arbitrary rewards are highly reinforcing. That is why gambling is so addictive. So perhaps this is the price they are willing to pay to keep us addicted to Tang, rather than let us leave for a more steady rate elsewhere. I think we players who move money are a small minoruty.
Please write your comments in the forum.