Tangerine Retention Rates/Winter Promo Q1(Jan) 2018 | Page 4 | Tangerine Bank | Discussion forum

NorthernRaven said
Right now they probably prefer to keep the money from going out of Tangerine, and also spur people to add chequing accounts. If they ever feel out-transfer gaming is actually messing up their plans, they can always include chequing balances as old money. But they could also just give some of the chequing transfer people lousy promo rates if they want to try things out. Without knowing their goals and actual customer behaviour, there's no real way to guess at any changes they might make.  

I figure they don't count the chequing and likely never will because it is not necessarily there. You could have written cheques on all of it which are outstanding and won't be stale for six months. They will never have any way of knowing how much is outstanding.

toto said
I called in to bug them as to why I haven't had a promotion for a year, and they said it's because I'm a rate chaser, I take my money out right after the promotion.
I told the csr that I would leave it if there was gic promotions, it is always about the rate.
I don't think I'll be getting any targets in future.  

Interesting a CSR would say that. I've been chasing rates since Ally started up. Balance at Tang has been going up and down like a yo-yo for a few years now, and I've received all but one offer at the higher end of the spectrum of the promo rates they've offered. Stupidly assumed the snapshot day would be the same as other promos and moved it to checking on the 3rd, so missed the deadline and will not be utilizing the promo, even though I did activate it at Tang. Money is already in EQ. Guess I wait until June to see if they want it back badly enough.

Same for me from Tang - 2.5% till end of May. No better than what Ideal has offered me till end of 2018. Ideal's rate will be my fall back position if Tang and Simplii drop below 2.5% this year.

fbeaulie said
I was planning on moving everything out on January 1st but I was away and I came back later than expected 🙁

I moved everything out to my Tangerine Checking account very early January 2nd.

I recall seeing questions as to whether or not it was "end of day" but I don't recall if someone had a definitive answer?

Thanks  

Web Chat with them and confirm in writing. They also email the transcript of the chat to you via their official email id for your record. So no need to copy paste the web chat or print the web chat for your record, but better to print it anyway.

Specifically ask them if they take the snap shot of the balance early in the morning on Jan 2 @ 12.01 AM or late at night on Jan 2 @ 11.59 PM.

Then let us know what happens at the end of the month, Jan 31/ Feb 1 , if you got the promotional bonus interest of 1.5 % or not. So going forward we know what the rule is.

Regular 1 % will be paid on Jan 31 & promotional 1.5 % on Feb 1 . They always pay them on 2 different lines on end of month & first day of the month after that.

On another forum when a member contacted Tangerine regarding this, One rep told him early morning & another rep told him late evening . So even the reps are giving contradictory information on this

Maybe Tangerine should just put that in their Terms & Conditions - they just mention the date but not necessarily if its closing or opening balance for that day.

Just 2.5% for me. Activated nonetheless, but will keep money at Simplii until that 3% offer ends.

toto said
I called in to bug them as to why I haven't had a promotion for a year, and they said it's because I'm a rate chaser, I take my money out right after the promotion.
I told the csr that I would leave it if there was gic promotions, it is always about the rate.
I don't think I'll be getting any targets in future.  

Just in case someone from Tangerine reads that:

We are all rate chasers! We are not stupid enough to leave all our money in a Tangerine Savings account when your interest rate is only 1%! Anyone in Canada (including Québec) can easily get at least 1.95% with Alterna Bank (without having to remember to move their money out of their Savings Account on January 1st while drinking Margaritas in Mexico waiting for their delayed flight!).

Rick said

Stupidly assumed the snapshot day would be the same as other promos and moved it to checking on the 3rd, so missed the deadline and will not be utilizing the promo, even though I did activate it at Tang. Money is already in EQ. Guess I wait until June to see if they want it back badly enough.  

I'm sorry you missed out, Rick. I did my best to warn everyone that something like this could happen - #4 above. Tang remains unpredictable.

However, the others are also unpredictable, so something better may yet come along. June 1 is a long way off.
Bank rate may rise before then. - this may be why Tang wants us to stay put for five months this time.

Good luck!

fbeaulie said

Just in case someone from Tangerine reads that:

We are all rate chasers! We are not stupid enough to leave all our money in a Tangerine Savings account when your interest rate is only 1%! Anyone in Canada (including Québec) can easily get at least 1.95% with Alterna Bank (without having to remember to move their money out of their Savings Account on January 1st while drinking Margaritas in Mexico waiting for their delayed flight!).  

Most people on this site may be rate chasers, each with their own standards about how willing they are to be inconvenienced for the sake of a few more bsp. but most Canadians are content to let their money rot in regular chequing and savings accounts and are allergic to negotiating terms of their accounts. A lot of them also hold costly mutual funds that don't outperform the market!

I remember reading a newspaper article, around the time that EQ started, saying that the estimated market for these off-brand higher interest accounts was no more than about 5% of the total, and it could have been as low as 3%. Canadians are fundamentally rather conservative when it comes to banking, and have an innate distrust of banks-we-never-heard-of-before.
We must have all had our DNA altered in our youth by reading Stephen Leacock's famous comic short story of opening a bank account!

I expect most of us here have had the experience of trying to explain to friends or family members that they could do much better for themselves and offering to show them the ropes, to no avail.

bhuc said
I just got an email this morning for a rate of 2.5% from Tang.
"New deposits to these Accounts from January 3, 2018 to May 31, 2018 will earn your special rate of 2.50%."
I was getting 2.75% for their fall promo that just ended, even though I only kept a small amount in the savings acct.
I'm wondering what others have received as a promo rate?
 

This time, it looks like there is only one promo rate: 2.5%

savemoresaveoften said

To give an update, even tho I still have not received any email offer, I actually saw rates promotion under the "Insight" tab after I log in. Like others mine is also 2.5% until May31 and looks like they decided to just standardize the rate offer.
… 

Thanks for sharing that discovery.

No e-mail notification yet for me as well. I logged into online banking and checked. There was a 2½%-on-new-deposits offer for me under the "Insights" tab. I clicked on the "Activate" button and received a confirmation in the Inbox of the Tangerine online banking site.