Personal Finance

The 3 Month Tangerine Lottery thread

  • Last Updated:
  • Nov 3rd, 2017 6:50 pm
Member
Jul 22, 2015
295 posts
58 upvotes
Kitchener, ON
dealhawk1 wrote:
Jul 10th, 2017 4:14 am
Tangerine still giving 2.5% for retention rate in savings acct?
I got the 2.5% retention off last week when I called in. My hubby called today and got 2.5% as well. We told them that PC was offering us 2.5% so they matched it.
Jr. Member
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Feb 12, 2016
130 posts
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They won't offer 2.5% to me for some reason. I have had all there products for years and have a high balance. Offered only 2%.Wonder what there problem is lol. Maxed out at EQ so I guess I have no other options....
Jr. Member
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Aug 29, 2016
132 posts
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Toronto
I have an offer now for 3.1% on new deposits in savings. I assume it wont work if I withdraw my money out of my savings for a month and then put it back in for the new interest rate? Anyone know?
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Oct 2, 2005
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They offered me 1.6% I laughed at them. But it also pissed me off.
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Feb 2, 2007
323 posts
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GTA
dielan wrote:
Jul 12th, 2017 1:09 pm
I have an offer now for 3.1% on new deposits in savings. I assume it wont work if I withdraw my money out of my savings for a month and then put it back in for the new interest rate?
You are correct.
Deal Guru
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Aug 8, 2012
10198 posts
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BC
dealhawk1 wrote:
Jul 11th, 2017 7:18 pm
They won't offer 2.5% to me for some reason. I have had all there products for years and have a high balance. Offered only 2%.Wonder what there problem is lol. Maxed out at EQ so I guess I have no other options....
If you are maxed at EQ you have a lot of liquid cash already. Do you need liquidity? There are 1-yr or shorter Oaken GICs better than 2%.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Member
Jan 20, 2007
439 posts
76 upvotes
Niagara
Does anything think they'll raise the base .8% savings interest rate because of the recent BOC rate increase? What about other places like EQ or Alternabank?
God always forgives. Man often forgives. Nature never forgives.
Deal Addict
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Jul 22, 2015
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Saint-Hubert, QC
ancodia wrote:
Jul 12th, 2017 3:27 pm
Does anything think they'll raise the base .8% savings interest rate because of the recent BOC rate increase? What about other places like EQ or Alternabank?
No.
Deal Guru
Jan 7, 2002
10597 posts
3382 upvotes
Waterloo, ON
ancodia wrote:
Jul 12th, 2017 3:27 pm
Does anything think they'll raise the base .8% savings interest rate because of the recent BOC rate increase? What about other places like EQ or Alternabank?
If they raise mortgage rates by 25bp they'll be facing a lot of negative publicity if they don't also raise HISA rates by 25bp.
veni, vidi, Visa
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Feb 19, 2010
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ancodia wrote:
Jul 12th, 2017 3:27 pm
Does anything think they'll raise the base .8% savings interest rate because of the recent BOC rate increase? What about other places like EQ or Alternabank?
Yes.

They may not increase by the full 0.25% but I suspect they will. They changed their base rate the last time there was a change in BOC overnight rates (2 years ago).

Edit: As a point of clarification on that last sentence, the last change two years ago was a decrease in the overnight rate and Tangerine adjusted their rates to honour their promotion that was in place at the time but that was in a downward interest environment. It remains to be seen what they do with an increase...
Last edited by Conquistador on Jul 12th, 2017 7:08 pm, edited 2 times in total.
Deal Guru
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Aug 8, 2012
10198 posts
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BC
This makes borrowing from IB to deposit into Tangerine less attractive now. Was that discussion on this thread?

Rate on first $140k will be 2.25% starting tomorrow.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Guru
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bylo wrote:
Jul 12th, 2017 4:27 pm
If they raise mortgage rates by 25bp they'll be facing a lot of negative publicity if they don't also raise HISA rates by 25bp.
I don't think the banks fear negative publicity as much as we think they should :D (and all 5 'big' banks already fully matched the 25bp increase to prime, so variable mortgage rates have effectively already gone up for any new mortgages and for existing ones you can look forward to the increase next month :D)
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Jan 21, 2014
2153 posts
494 upvotes
I think Tangerine will increase their daily savings rate to 1% (from 0.8%), but that doesn't mean our 3.1% will becoming 3.3%. It will still stay at 3.1%. Last time, when they cut from 1% to 0.8%, they never reduced our 90 days promotion rate, so I don't expect they do differently on the way up
Deal Guru
Jan 7, 2002
10597 posts
3382 upvotes
Waterloo, ON
mkl38s wrote:
Jul 12th, 2017 7:51 pm
I think Tangerine will increase their daily savings rate to 1% (from 0.8%), but that doesn't mean our 3.1% will becoming 3.3%.
Actually it does (or it would). From TING's Terms and Conditions for this promo:
Additional Interest:
Additional Interest is added to the Posted Rate to calculate the total amount of interest payable under this Offer (For example, if the Posted Rate were 0.80% and the Additional Interest were 1.70% then: Additional Rate of 1.70% + Posted Rate of 0.80% = Offer of 2.50%). Any change to the Posted Rate will result in a corresponding change to the Offer. Additional Interest and/or Posted Rates may change at any time without prior notice. Eligible Clients will receive the Offer in two separate interest payments, one based on the Posted Rate and a second based on the Additional Interest rate.
See the underlined part.
veni, vidi, Visa
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Jun 18, 2004
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Vancouver Island
bylo wrote:
Jul 12th, 2017 7:58 pm
Actually it does (or it would). From TING's Terms and Conditions for this promo:
See the underlined part.
Yes, but "change" doesn't necessarily mean increase. If they raise the base by .25% (example), the bonus rate will be lowered by .25%

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