Tangerine Sure Takes Advantage of Their Customers - It's no ING! | Tangerine Bank | Discussion forum

Yes it is true to presume that anyone who leaves a lot of cash in Tangerine for long periods of time is not getting the interest rates they could. But then companies like Tangerine hope that most of their customers do not shop around for better rates. Fortunately for them, this is the case.

I am one of those who moves my money to the best rate possible. Sometimes that is Tangerine, or PCF, during one of their promotions. I see no hardship is moving money around and parking it there for a month or three. I will take advantage of any promotion I can that pays better than the competition. Meanwhile, I will park my cash in a high rate account such as Hubert, waiting for the next promotion.

YOU ARE RIGHT IT IN NOT ING ANY MORE look at that:
Copy of the letter to Tangerine:
I am very disappointed that your institution is misleading clients with new 2.5% promo for saving accounts.
I spoke over the phone twice with two service representatives asking for more info and was misled to think that I will earn 2.5% on whole balances.
The second representative after me pointing out, that account info on the banking site states (Special offer: Earn 2.5% interest on new deposits up to $500,000 to your Tangerine Savings Account(s), RSP Savings Account(s) and Tax-Free Savings Account(s), until Mar 31, 2016.) had to put me on hold to get clarification and after actually admitted his first claim was misleading.
That was very disappointing.
We have been clients of Tangerine and before ING Direct for years and nobody tried to trick us before till now.
We are going to move our savings somewhere else.
Yours
So that is what happened to me...bewaresf-yell

PS. They never got back to me with any response to that email. Sending hard copy to their headquarters. Will keep you posted.

For at least the last year and a half spouse and I have been getting the best available rate on savings accounts at Tangerine by taking advantage of phone-in promotions. There is no significant delay between promos and no need to move the money elsewhere in between promos. I could do better for short term, usually 3 months,elsewhere, but the hassle of moving it in and out and setting up new accounts usually makes me want to take a nap instead - not to mention the unique hassles that have been reported with banks like Zag..

I have no problem with Tangerine CS except this annoying feature where you have to phone them every 6 months or so to make sure you get the preferred rate. But it's only 2 or 3 times a year and I can put up with it.

When you make an internal transfer at Tang, it's done, and you can count on it. They are so efficient, actually, that they somehow managed to deposit spouse's pension before it was authorized by the pension fund recently.

There is fine print, but you won't get a better rate anywhere without fine print. As fine print goes, it's fairly clear.

So, I don't have any problem understanding why someone would choose Tang - especially over PC! That said, I can see why some people might choose to chase rates more aggressively. More power to them!

I swear, National Bank is the worst of any of them! My money is now all out of there as of last month.

P.S. What happened to the excess in the kickstart? Just wondering what they did with it, and whether you can get it back or do you have to wait til 2017 for next TFSA deposit?

P.S. What happened to the excess in the kickstart? Just wondering what they did with it, and whether you can get it back or do you have to wait til 2017 for next TFSA deposit?

The excess was transferred into my Tangerine savings account which I immediately transferred out to Zag where I'm getting 2.5% until March 20th. That's where the majority of my funds have been since the 3% ended at Tangerine. I had to laugh at Tangerine when I called about the TFSA 2.34%, I was of course told that I could not have that as the money was already there, but they said why don't I transfer new money into my Tangerine savings as that would qualify for the 2.34%. I told no thanks, getting a better rate elsewhere and maybe if they showed a little more loyalty to their long time customers they would not keep moving their funds out.

Ripping mad at Tang for making me waste an hour of my life waiting on the phone for the minion to refer back to his supervisor multiple times and again twice more when I insisted on speaking with said supervisor, until he finally got on the line. They were unwilling to correct their mistake in the amount of RRSP money transferred out and demanded I fill in a new T 2033 form, despite THEIR error. It isn't your father's ING, for sure! It's all coming out now!

I'm new to the forum and read that people were paying $45 to transfer out registered products from Tangerine. I recently moved three and told them as I'd had them before their new policy came into effect I shouldn't be charged. It needed a supervisor's intervention but I was successful! It pays to be persistent!

It wasn't that long ago, probably within the past year. There is a post about it here somewhere.

fabafter50 said

I absolutely despise Tangerine and am presently getting EVERYTHING out of there.
Does anyone know when the policy to charge $45 to transfer out came into effect?
Thanks in advance.

'Message Board' December 19, 2014:
Tangerine is committed to ensuring that any fees we need to charge our Clients are fair. Effective January 19, 2015, there will be a $45 charge if you decide to move your RSP, TFSA or RIF from Tangerine to another financial institution