Personal Finance

The 3 Month Tangerine Lottery thread

  • Last Updated:
  • Nov 3rd, 2017 6:50 pm
Sr. Member
Dec 7, 2009
754 posts
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Toronto and points e…
Ferinthul wrote:
Jul 11th, 2017 12:04 pm
Sorry for the interruption, but we couldn't wait to let you know that you've qualified for a special interest rate offer.

New deposits, up to $500,000, to your Tangerine Savings Account(s) and Tax-Free Savings Accounts made from Jul 05, 2017 to Sep 30, 2017 will earn 3.1% interest* until Sep 30, 2017.

Make the most of this special rate while it's available.

3.1% interest rate Offer is current as of Jul 05, 2017 and is calculated by adding the Bank's current applicable Posted Rate with the Additional Interest rate of 2.3%. The Offer is only applicable to Tangerine Savings Accounts and Tangerine Tax-Free Savings Accounts ("Applicable Accounts") from Jul 05, 2017 to Sep 30, 2017. A number of the same type of Applicable Accounts is defined as an "Applicable Account Type". Additional Interest will apply to net new Eligible Deposits made between Jul 05, 2017 and Sep 30, 2017 of up to $500,000 per Applicable Account Type for Clients who have received a communication about the Offer directly from Tangerine. Clients must be the Primary Account Holder on the Applicable Account. The Offer does not apply to certain Account types, as outlined in the full Offer Terms and Conditions. The applicable Posted Rate and the Additional Interest rate are annualized rates, calculated daily and paid monthly. Any Applicable Account closed prior to the payment of Additional Interest will forfeit any Additional Interest calculated during the month in which the Applicable Account is closed. This Offer and interest rates are subject to change without notice. All terms not defined here are outlined in the Full Offer Terms and Conditions which can be viewed here.
Ha, lucky you. I never seem to get any offers from PC or Tangerine despite having had 6 figure balances in both at various times.
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Platypus wrote:
Jul 12th, 2017 8:42 pm
Yes, but "change" doesn't necessarily mean increase. If they raise the base by .25% (example), the bonus rate will be lowered by .25%
Sure. They could also change the base rate by more than 25bp in either direction. They could also decide to stop making new promos in October.

But realize too that they operate in a competitive environment. When the BoC raises their rate by 25bp, and presumably TING's competitors raise theirs in concert, not raising, let alone lowering, their Offer rate could leave TING with a lot less money on deposit.
veni, vidi, Visa
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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.
Platypus wrote:
Jul 12th, 2017 8:42 pm

Yes, but "change" doesn't necessarily mean increase. If they raise the base by .25% (example), the bonus rate will be lowered by .25%
bylo wrote:
Jul 12th, 2017 9:51 pm
Sure. They could also change the base rate by more than 25bp in either direction. They could also decide to stop making new promos in October.

But realize too that they operate in a competitive environment. When the BoC raises their rate by 25bp, and presumably TING's competitors raise theirs in concert, not raising, let alone lowering, their Offer rate could leave TING with a lot less money on deposit.
No, you are talking about something else... I think he's saying "change" could mean to decrease the delta to match the existing advertised total rate ;)
You are interpreting "change" to mean increase.

2.8% offer = 0.8 + 2% additional

Now say they change the base rate from 0.8% to 1%.

They could...
a) keep 2.8% offer by changing 2% additional to 1.8% additional (0.2% corresponding change in additional)
b) keep 2% additional and increase offer to 3.0% (0.2% corresponding change to the total rate)

:D
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ace604 wrote:
Jul 12th, 2017 9:58 pm
No, you are talking about something else... I think he's saying "change" could mean to decrease the delta to match the existing advertised total rate ;)
You are interpreting "change" to mean increase.

2.8% offer = 0.8 + 2% additional

Now say they change the base rate from 0.8% to 1%.

They could...
a) keep 2.8% offer by changing 2% additional to 1.8% additional (0.2% corresponding change in additional)
b) keep 2% additional and increase offer to 3.0% (0.2% corresponding change to the total rate)

:D
Scenario a) is more likely to happen than scenario b)
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Oct 3, 2013
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mkl38s wrote:
Jul 12th, 2017 10:27 pm
Scenario a) is more likely to happen than scenario b)
Looks like option A it is.
Savers will eventually find higher interest rates creeping into their savings accounts. But we're going from ultra-low rates to slightly less ultra-low rates, so I don't imagine there will be a lot of fanfare around this.
https://www.tangerine.ca/forwardthinkin ... 685223f7b6
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Phonophoresis wrote:
Jul 12th, 2017 10:51 pm
Looks like option A it is.
I don't know how that conclusion can be reached from Preet's comments.
1. He's speaking in general.
2. He doesn't (can't!) know if the industry will generally raise their HISA rates.
3. We don't know when he wrote this piece, i.e. before or after the 25bp hike was announced. (My suspicion is before based on the opening, "After years of warnings that Canadians need to prepare for higher interest rates, many economists are now talking about multiple rate hikes being possible over the next 18 months." rather than something like "Now that the BoC has raised...")
4. He's writing for TING. It would be inappropriate for him to commit TING to anything.
5. He's being paid by TING so anything he says will be vetted by TING and spun to their benefit.
6. Even if TING makes no change in the next few days it could be that they're waiting to see what others are doing. It's too early to reach any conclusion other than, "Watch this space."
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Penalty Box
Dec 16, 2013
1457 posts
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Mississauga
DRC wrote:
Jul 12th, 2017 9:38 pm
Ha, lucky you. I never seem to get any offers from PC or Tangerine despite having had 6 figure balances in both at various times.
I actually posted this as a hot deal and that was moved to this thread. I would suggest moving the balance to EQ Bank for a bit, once their system realizes you haven't had balance in your account for a while you'll start getting offers.
Member
Jan 20, 2007
439 posts
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Niagara
RBC just increased the base rate for HISA accounts from .5 to .65 ... still pathetic but it's movement. Hopefully others follow
God always forgives. Man often forgives. Nature never forgives.
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Feb 1, 2006
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mkl38s wrote:
Jul 12th, 2017 10:27 pm
Scenario a) is more likely to happen than scenario b)
Wouldn't they be reneging on their own terms & conditions by doing option a)?

"6. 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."
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minimalist wrote:
Jul 13th, 2017 10:40 am
Wouldn't they be reneging on their own terms & conditions by doing option a)?

"6. 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."
You should have continued your bolding. The next line = "Additional Interest and/or Posted Rates may change at any time without prior notice."

What that says to me is that they may increase their "base" rate but then simultaneously reduce the "Additional Rate" to leave the offers as is. I would hope that's not the case but people shouldn't be getting their hopes up...just in case.
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Conquistador wrote:
Jul 13th, 2017 10:56 am
You should have continued your bolding. The next line = "Additional Interest and/or Posted Rates may change at any time without prior notice."

What that says to me is that they may increase their "base" rate but then simultaneously reduce the "Additional Rate" to leave the offers as is. I would hope that's not the case but people shouldn't be getting their hopes up...just in case.
I think "Additional Interest and/or Posted Rates may change at any time without prior notice." are just weasel words that give them a carte blanche to change the terms & conditions to whatever they want.

We, the clients, are bound by the terms & conditions and will never get any benefits over and above the T&C. They, the bank, are not bound by the T&C because of their weasel words:

"Additional Interest and/or Posted Rates may change at any time without prior notice." They can change the rates anytime they want, they can reduce rates even if BOC increases rates, heck they could even reduce rates to -1000% if they want. All the power's in the banks' hands here in Canada and nobody seems to care. "Shrug, better things to do with my summer...Let's get a 2-4 and go the the cottage dude!".
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minimalist wrote:
Jul 13th, 2017 11:04 am
I think "Additional Interest and/or Posted Rates may change at any time without prior notice." are just weasel words that give them a carte blanche to change the terms & conditions to whatever they want.

We, the clients, are bound by the terms & conditions and will never get any benefits over and above the T&C. They, the bank, are not bound by the T&C because of their weasel words:

"Additional Interest and/or Posted Rates may change at any time without prior notice." They can change the rates anytime they want, they can reduce rates even if BOC increases rates, heck they could even reduce rates to -1000% if they want. All the power's in the banks' hands here in Canada and nobody seems to care. "Shrug, better things to do with my summer...Let's get a 2-4 and go the the cottage dude!".
Yup, now you're getting it. :)
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minimalist wrote:
Jul 13th, 2017 10:40 am
Wouldn't they be reneging on their own terms & conditions by doing option a)?

"6. 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."
Not if they mean "any change to the posted rate will result in a corresponding change to the offer [by us adjusting the additional rate in the opposite direction by the same amount]" :D
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wow....didn't win the tangerine lottery promo, called in to ask if I can even get a 2.00% since I'm already maxed out at EQ. They would give me nothing....
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Jul 2, 2015
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Next123 wrote:
Jul 13th, 2017 2:57 pm
wow....didn't win the tangerine lottery promo, called in to ask if I can even get a 2.00% since I'm already maxed out at EQ. They would give me nothing....
Strange ????, must depend on who you talk to, I phoned in and was offered a retention of 2.5%, so I simply asked to let me think about it because they
wouldn't offer the 3.21% that most of the others received.

Why not try again tomorrow if you have nowhere else to place the funds. :rolleyes:

The worst that you can do if you only want 2% is RBC, seems that everyone is welcome and they will give you the 2% until Dec 1 without having to beg.Neutral Face

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