Tangerine Retention Rates/Winter Promo Q1(Jan) 2018 | Page 2 | Tangerine Bank | Discussion forum

howiemandel said

I have to call in, in order to move my funds out. anything over 50k and you need to do it over the phone where they can verify with further security questions + give themselves an opportunity to retain your cash.  

Exactly right, I had to do the same thing and call in. When I attempted to do it online, it prompted me to call in, so next day I did.

Interestingly, the CSR didn't even ask why, or offer anything and I didn't bother inquiring.

smayer97 said

I presume you mean instead of pushing money out, you initiate transfer from the other destination bank instead? Or some other way?

Since this is a new thread, please describe (especially for anyone new coming here).  

Agreed. I can guarantee the search tool here is pretty useless because I couldn't find his details.
I think in the Simplii thread the way to do it with them is to do multiple $ 50k transfers online to your linked chequing account. What I'm reading in the two retention rate threads is this doesn't work the same with Tangerine, but its confusing and insufficiently explained anyway. Of course initiating a transfer from a linked chequing account is impossible, and even if it was, would have a hold funds.

dougjp said

Of course initiating a transfer from a linked chequing account is impossible, and even if it was, would have a hold funds.  

Initiating transfers from linked accounts is possible,
Holds are not always placed on the transferred funds, and
There are no limits on transfers from TD, Hubert or EQ Bank:

I initiate transfers to & from Tang from both Hubert and EQ Bank, without limit.
TD does NOT put a hold on funds transferred into my TD chequing account from any of Tang, Hubert or EQ Bank.

My Tang Savings is linked to my TD chequing account and to my EQ Bank account. Tang puts a 5 day hold on my deposits.
My Hubert account is linked to my Tang Savings account and to my TD chequing account. Hubert puts a 4 day hold on my deposits.
My EQ Bank account is linked to my TD chequing account and to my Tang Savings account. EQ puts a hold on deposits.
TD does not put a hold on my deposits that are electronically transferred in from Tang, Hubert or EQ Bank.

On Dec 21, 2017, I used the Hubert site to transfer > $100K from my Tang Savings. Hubert put a 4 day hold on the funds: Dec 22, 27, 28 & 29, so the funds could be withdrawn Jan 2, 2018. Hubert started paying me interest on Dec 21.

On Jan 3, I will move the funds from Hubert to TD chequing, with no hold.

On Jan 4, I will move the funds from TD chequing to Tang Savings; Tang will put on a 5 day hold but will start paying interest on Jan 4.

Hubert submits transactions to the interbank settlement system twice a day, around noon and 5 PM eastern.
Both result in same day postings to my Hubert account.

The earlier one results in next day postings to the linked account:
if I move the funds to TD chequing before noon eastern on Jan 3, they will post to my TD chequing on Jan 4.

If I wait until after noon eastern to do a Hubert transaction, it does not get posted to the linked account for 2 days:
My Dec 21 transfer into Hubert from Tang was done after noon eastern.
It was posted to Tang 2 days later on Dec 27 (Dec 22 was day 1, then 4 days of weekends & stat holidays, so Dec 27 was day 2).

Tang paid me my 2017 Q4 2.75% interest for Dec 21 - 26, and Hubert also paid me 1.85% for those same days. That was 6 days worth of double interest, helping to offset the "lost" interest for not getting any Tang interest for Dec 27-31.
Hubert will pay me 1.85% for Jan 1-2, better than the 1% Tang would have paid.
Tang will pay me 1% on the 2017 Q4 interest deposited to my account on Dec 31 (1%) and Jan 1 (1.75%) for Jan 1-2 - I will withdraw it on Jan 3.
I will not get any interest for Jan 3.
Tang will start paying me interest on Jan 4.

The Dec 21-Jan 3 net interest will be:
Dec 21-26: 2.75% + 1.85% = 4.60%;
Dec 27-Jan 2 = 1.85%
Jan 3 = 0.00%
14 day Average = 2.90%.
If I had left the funds in Tang Savings until Jan 3, their 14 day average would have been 2.60%, so this approach made me $22.74 / $100K more.

If Tang has not made me a Jan 4 - Mar 31 special offer by Jan 5, I will call and see if I can still get 2.5% for the 90 days Jan 5 - Apr 4.
This is important as any 2018 Q2 special offer would start Apr 5, but would only be made if there was no 2.5% promo rate on my Tang Savings on Apr 5.

Rick said

dougjp said

Agreed. I can guarantee the search tool here is pretty useless because I couldn't find his details.

Wasn't that difficult to find the posts:

SavingIsGood said
July 12 2016 EFT Withdrawal to Hubert transfer $xx0,000.00
Uncategorized

March 31 2017 EFT Withdrawal to Hubert transfer $x00,000.00
https://www.highinterestsavings.ca/forum/luminus-financial/caution-about-luminus-fees/#p27327Uncategorized

In both cases transfer was initialized at Huber's side to take money from Tang account.

  

So where is that post? The link you provided does not go there.

Also, how did you find it anyway?

Rick said

Sorry...link shouldn't have posted...my bad.
I clicked on posters name to the left of post #25 in this topic.
When his/her profile opened, I clicked on the "Topics posted in" button then I gambled from the list of topics he posted in that it would probably be in the
"PUSH & PULL Limits from Tangerine - Questions" topic
https://www.highinterestsavings.ca/forum/tangerine-bank/push-pull-limits-from-tangerine-questions/
clicked on it, scrolled down to poster's post, and there it was.  

Ok, so with a bit of deductive reasoning you got lucky 😉 not as a result of the searching "capabilities" of this site.

Anyway, thanks for sharing...this confirms that the way around Tang's limits is to do a pull instead of a push.

2.5 for 5 months. Disappointing. Rather keep it in EQ. Moved the snapshot day from the 3rd to the 2nd. Sneaky.

Yup - 2 Accounts and the exact same offer of 2.5 % . Money will stay in Simplii at 3 %. Hopefully after Feb 28, Simplii extends the 3 %

But I think this time TFSA are included for the promo rate, not sure if they were included last time or maybe they were

Sneaky -
1.Snap shot date moved 1-2 days before than normal ,
2.Plus you have to activate the offer, its no longer automatic.
3. No email received at least so far regarding the activate offer.

So lot of people who don't check their account often, might actually move NEW money there & NOT get the 2.5 % as they didn't activate the offer, although they are eligible for it & were offered it.
------------------------------------------------------

You’re Eligible for a Special Interest Rate on Your Savings

Here’s how you can start earning 2.50% interest* on new deposits made to your Tangerine Savings Account(s), Tax-Free Savings Account(s) and RSP Savings Account(s):

Click the ‘Activate Now’ button below by January 31st
New deposits made to your Applicable Accounts from January 3, 2018 to May 31, 2018 will earn your special rate of 2.50%

Once You’ve Activated, Here’s How It Will Work:

We’ll total up the balances of your eligible Savings, TFSA and RSP Savings Account(s) as they were on January 2, 2018 to get your total balances per Account type
From January 3, 2018 to May 31, 2018, you’ll earn your special interest rate on new deposits over your total balances calculated on January 2, 2018 (up to $500,000 per Account Type)
The rest of your Account balance will earn the current posted rate

Activate now and help your savings grow at your special rate. Remember, if you don't Activate, you won't receive this rate.

howiemandel said

completely agree but i took a conservative approach to clear out a couple days earlier given the holidays etc. not trying to be perfect, trying to be complete  

You were right
Being conservative paid off. This time the snap shot for the balance is January 2.

Your money went out before that.