Tangerine Retention Rates/Winter Promo Q1(Jan) 2018 | Page 6 | Tangerine Bank | Discussion forum

2of3aintbad, Simplii used to be PC Financial, and I've been with them since day one almost, keep nothing there usually, but sometimes an offer comes along and I load up and then move it out after the offer expires as they don't usually seem to follow-up with another promo, if I remember right. I did call once and was just told that the promo is over. Also a couple of times my wife got offers and I didn't, again no rhyme or reason to it as far as I could tell. For me they've not established a pattern, as far as I can tell anyway.

As far as Tangerine being sneaky this time, I congratulate them for using whatever tactics they can to improve profits - as a big bank shareholder I've always appreciated when my companies attend to the details of making money, just as I appreciate those here who use whatever tactics they can (e.g. emptying out accounts before a certain day in anticipation of getting a promo offer, or figuring out how to overlap funds over long weekends and holidays to get interest on the same dollar from two banks!) to squeeze every last dollar out of their savings monies. Seems like both sides are trying to do the same thing, maximize their dough.

My wife and daughter also have savings accounts. None of us got a phone call prior to this latest promo, and for the first time all 3 of us received the promo. I've always gotten them in the past.

I moved my money to Tang chequing late Fri the 29th, and then the last pair of interest deposits (from the 31st and 1st) on the 1st. My wife and daughter have less than $5k each and have never actually taken advantage of any promo (until now).

SavingIsGood said
Exactly like that: We totalled 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

At any 'normal' week if you initiated pull from other bank on Thursday, money from Tang will be gone on Saturday morning.
For this 'promotion' they did not process transfer from THEIR account until Jan 2 and automatically you are screwed if you had a lot of $ on account.
Meaning: if you enjoyed 2.75% in Oct-Dec and had, lets say $400K, to 'enjoy' 2.5% you will have to put back $400K (earning 1%) and only additional $ would earn 2.5%.
Knowing that most 'rate chasers' will wait until last moment to pull money they applied little patch to their code:
if balance >100
then
delay transfer until Jan 2
else
who cares, let them move...
end-if  

Possibly, but I don't think it's exactly that way. Do you have screenshot proof of your transfer that you initiated on Thursday did not go through on Friday (assuming you "pushed" funds out to your other FI)? Tangerine always processes outgoing "pushed" and incoming "pulled" fund transfers next business day. If you made the request after, probably 3-6 pm Pacific time Thursday, then yes, it might've been considered "after cut-off time" for the transfer and scheduled, then, for Jan. 2nd, being the next business day. On a "pulled" transfer from another FI, that's subject to Tangerine's processing times at the back office when it posts to your account. However, while the cheque clearing times have decreased at Tangerine from 3-4 business days, it's generally still 2 business days.

Personally, in this instance, I would've written a cheque, deposited it to my other FI account at an ATM or via mobile cheque deposit on Dec. 29th and then moved the funds to my Tangerine Chequing account at 9:01 pm Dec. 31st, to capture those three days interest at the end of the the month, and that way the cheque would clear on Tuesday or Wednesday but the funds would be in "chequing" account for Jan. 1st or 2nd, whenever the "deposit capture date" was set.

For extra "safety," I might've transferred to Chequing earlier on Dec. 31st and forgone the one day of promo interest (besides, I'd still have earned "double interest" for two days anyway!), in case they took the start of day balance Jan. 1st.

Implicity Financial doesn't give you many cheques but perhaps this is "proof positive" of investing ~$35 all in including shipping+taxes for 200 cheques (8 books), cheapest rate in Canada. D+H charges $35-40 for 50 cheques, at best. 🙂

Cheers,
Doug

Doug said

I'm not certain about that. Although deposit balances are totaled end of day, you cannot be certain that the "net new money" promo doesn't actually use the end of day balances from Jan. 1st, 2018. The wording is specifically vague such that they could be accurately saying they are using the Jan. 2nd, 2018 deposit balances if they are going by the Jan. 2nd balance at the start of the day. I would not, personally, risk of earning only "posted rates" for a month (or more) with transfers in and out the same day.

Forum readers: use caution in taking the above advice from Slybanking in terms of deposit capture dates. For comfort, I would check your Jan. 1st deposit balance before deciding if you will earn promo interest. 🙂

Cheers,
Doug  

Rule 19 quote from the small print offer term of the winter saving 2018:

Applicable Accounts opened prior to January 2, 2018 are eligible for Additional Interest on the sum of daily Applicable Account Type balances that exceeds the sum of closing Applicable Account Type balances as at January 2, 2018.

Its only my understanding of the wording, will see on Feb 1st.

I'm confused, I've read some posts and some people have said they already received the Winter 2018 (2.5%) offer, is this correct?

It was my understanding that we typically find out either via email or when logging into our accounts on the 5th of the promo month, ie. tomorrow?

Does this mean I will not get a promo offer if it hasn't been offered by now? If that's the case, I will be really disappointed.

Slybanking said
  

Thank you I found it exactly where you (and Peter) said it would be. I did receive the 2.5% offer, but this makes me curious now, does that mean that tomorrow this will still be the only offer available, or can there possibly be another?

I asked because this is a 5 month offer, when typically it only runs for 3 months. I think I'll wait until tomorrow and see.

moneyhelp said

Thank you I found it exactly where you (and Peter) said it would be. I did receive the 2.5% offer, but this makes me curious now, does that mean that tomorrow this will still be the only offer available, or can there possibly be another?

I asked because this is a 5 month offer, when typically it only runs for 3 months. I think I'll wait until tomorrow and see.  

I highly doubt there will be another offer next few days. Looks like Tang changed their strategies as follows:
1) 2.5% offer standardized for all those who received an offer, rate lottery is gone. This addresses people complaining about some rec higher offer and unfair
2) I think everyone receive this offer. So far hit rate for people I know are 5/5. Log in and check under insight is only way to know for sure if u rec offer or not. I still did not rec any email but offer is there and I already activate it. Not saying you did rec an offer, but my gut feel is most receive an offer this time around
3) Duration of 5 months instead of 3 months so they can better manage funding, who knows. They prob testing water.
4) Expect they will do more phone call in end of April to offer retention rate. As long as most dont blindly accept retention rate, they will continue to offer "reasonable" rates under new round starting Jun. Obv depends on what Simplii does as well.

Despite what some here say, and not that it affects me, but when I read the T&C carefully in their entirety I'm confident that the promo interest applies to amounts exceeding the Jan 2 day-end balance.

First, originally I did not get the offer when it first came out, though it turns out my son did. Today I did get the offer. I had another offer in effect until Jan 3 (called in retention rate effective for 90 days), so I guess as soon as that expired, the new offer showed up, in the Insights section too (thanks all who pointed this out).

BUT it seems that NOT everyone gets this offer as my wife did not, and she had no previous offers either. Fortunately, we have a joint account, so that qualifies under my accounts.

To others, I suggest you save yourself a lot of extra effort and get a Chequing acct with Tang...4 benefits...
1. $ in chqing tranferred to savings qualifies for promos,
2. transfers are instantaneous, so much easier to time
3. no lost time with transfers outside Tang (I used to do that)
4. you can schedule a transfer and it is processed NOT on the NEXT BUSINESS day but on the ACTUAL day you scheduled it. In my case, I scheduled my transfer on Jan 1, and the transfer was processed on Jan 1 at 3 AM AND my account reflects this.
Just food for thought.

Just to resume. So far it is either 2.5% till May 31st or no offer at all. Nobody got another rate than 2.5% or a different maturity date?