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Email this1:17 pm
November 3, 2022
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Tang's promotion algorithm must be quite unique! I have been a customer since the 1990s, with ING Direct. I've never gotten a single promotional offer, ever! Not when I had five figures in savings, not when I had accounts that were down to $1.13, and not now since I've been stocking up on their 5.6% GICs.
And yes, I do have my settings set for email bulletins from Tang. I get them when I make a deposit, buy a GIC, etc. Just no promos, ever.
2:21 pm
March 30, 2017
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mordko said
savemoresaveoften said
Tangerine runs their promo rate just like a telecom runs amazing promo rates to attract new customers.
Nope. I’ve been with Tangerine for years and keep getting promo rates.
That’s only because you empty out ur account when you don’t get offered a promo rate. So by doing that, you are eligible to receive their promo here and there, chances are may not be the highest rate and not all the time either. They label you as a ‘new’ customer.
In my case, I get included more or less every other promo. And I was from the ING days too.
Think of it, their algos are meant to capture customer behavior, to offer promo rates selectively, so they end up having a reliable deposit balance over time. Pay out all the highest rate to everyone ALL the time will achieve that too, but they are a for profit corporation and not a charity,
3:14 pm
September 11, 2013
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Rail Baron, it might be because they know that you buy their GICs, that's preferable to them. I noticed when I used to call them about promos they would try to get me into a GIC first, or after a HISA promo ended a GIC promo would pop up, they seem to want to nudge me that way, though I've rarely bought Tangerine GICs.
It's odd that you've never gotten a promo offer, did you check you promo history under Profiles when you log in, maybe you had some you were unaware of? I don't get email notification when I'm offered a promo, usually in my Insights is where it shows up.
In any event it's worth a call to them, say you know lots of people who get promos, you've never had one, can you have one now? Once you're on you might be in their promo rotation.
3:41 pm
March 30, 2017
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Bill said
Rail Baron, it might be because they know that you buy their GICs, that's preferable to them. I noticed when I used to call them about promos they would try to get me into a GIC first, or after a HISA promo ended a GIC promo would pop up, they seem to want to nudge me that way, though I've rarely bought Tangerine GICs.It's odd that you've never gotten a promo offer, did you check you promo history under Profiles when you log in, maybe you had some you were unaware of? I don't get email notification when I'm offered a promo, usually in my Insights is where it shows up.
In any event it's worth a call to them, say you know lots of people who get promos, you've never had one, can you have one now? Once you're on you might be in their promo rotation.
I used to think GIC negatively affects the chance of receiving a promo too. But after I complained about not getting promos for while and turn down one of their mediocre offer, I got the 5.25% back in April and then extend to oct31.
6:10 pm
December 21, 2022
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Norman1 said
moveyourmoney said
… If they don’t get enough deposits, they have to go to their competition to borrow…and that’s going to cost them more than 5.7%. …No, it doesn't. The current overnight lending rate between banks is 5¼% right now. The current rate for 30-day and 90-day bankers' acceptances is around 5.1%.
… Tang could keep my wife happy at 5.25% for as long as the boc rates are at current level. Their algorithm is blocking sensible moves to secure cash. And if the lending opportunities weren’t there, the promos would disappear.
Why would Tangerine Bank pay anyone 5.25% to 5.70% for savings account deposits when they can issue 30-day and 90-day bankers' acceptances to investors that only cost them 5.1% per annum? Furthermore, the acceptances are locked in until maturity, don't have CDIC deposit insurance premimus, and don't have any account servicing costs.
As I said previously, the offers are marketing promotions and not exercises to raise money to lend out. Banks don't raise deposits for lending through savings accounts because most loans are not repayable on demand to match the lack of commitment of savings account deposits.
You don’t have to repeat yourself. I understand what your opinion is…I just think you are incorrect.
10:56 pm
April 6, 2013
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Rail Baron said
… I have been a customer since the 1990s, with ING Direct. I've never gotten a single promotional offer, ever! …
Do what Saver-Mom's Mom did. Call to indicate interest in receiving the offers. Withdraw funds when there is not an offer to show you mean business:
Saver-Mom said
So my poor beleagered mom who was refused the 2% for 6 months (so immediately transferred out a large chunk of change) just received the 2.5%-on-new-money-till-end-of-March promo, by email. Sorry for that sentence structure! She has never received any email promo in the past, and had always left money in the account at whatever was the rate on offer. Hence, I suspect this new account activity (withdrawal) triggered the promo. …
It is a kind of a lottery. So, one won't always have an offer for every month of the year.
9:52 pm
December 21, 2022
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Norman1 said
moveyourmoney said
… If they don’t get enough deposits, they have to go to their competition to borrow…and that’s going to cost them more than 5.7%. …No, it doesn't. The current overnight lending rate between banks is 5¼% right now. The current rate for 30-day and 90-day bankers' acceptances is around 5.1%.
… Tang could keep my wife happy at 5.25% for as long as the boc rates are at current level. Their algorithm is blocking sensible moves to secure cash. And if the lending opportunities weren’t there, the promos would disappear.
Why would Tangerine Bank pay anyone 5.25% to 5.70% for savings account deposits when they can issue 30-day and 90-day bankers' acceptances to investors that only cost them 5.1% per annum? Furthermore, the acceptances are locked in until maturity, don't have CDIC deposit insurance premimus, and don't have any account servicing costs.
As I said previously, the offers are marketing promotions and not exercises to raise money to lend out. Banks don't raise deposits for lending through savings accounts because most loans are not repayable on demand to match the lack of commitment of savings account deposits.
Funny how I just negotiated with a big 5 bank for quite a bit more than 5.1% on my money. I’d like to think I’m a great negotiator or they really want me as a client but I don’t think so…they know I don’t use their CCs, never a line of credit, don’t daily bank with them so no fees, had accounts there for years and take my money elsewhere when they have nothing to offer. There’s only one reason I was able to get the rate…they need my money and the alternative will cost them more. You don’t have to get mad Norman 1, just a different view that makes sense.
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