Personal Finance

The 3 Month Tangerine Lottery thread

  • Last Updated:
  • Oct 18th, 2017 12:31 am
Deal Fanatic
Oct 26, 2008
5151 posts
996 upvotes
BC
agit wrote:
Sep 18th, 2017 12:25 pm
...... call tangerine and get the retention offer with over 300K you will get the top offer ....
I thought the experience on this forum was that having a large $ amount in no way translates to a good offer, whether by phone in or by the promo lottery.

Think about it - when they are paying a well above-average return, would their preference be to have 5 loyal customers with $100K each or 1 client with $500K?

We don't know what the criteria are, or if it randomly changes by time of day and what authorization your CSR or the person they speak to in the back has, but more likely it involves:
- your age bracket and probability of being a long-term client
- whether you have most of their other banking products or are a good candidate for them
- the casual assessment of the CSR of the least it would take to make you happy
- some algorithm that uses your banking activity with them to see how well it meets their target profile of an ideal client
Deal Guru
Jan 7, 2002
10267 posts
3168 upvotes
Waterloo, ON
macnut wrote:
Sep 18th, 2017 3:54 pm
I thought the experience on this forum was that having a large $ amount in no way translates to a good offer, whether by phone in or by the promo lottery... We don't know what the criteria are
Correct.
Think about it - when they are paying a well above-average return, would their preference be to have 5 loyal customers with $100K each or 1 client with $500K?
Another way to think about it: Consider the cost to TING of attracting new deposits to replace money that moves out when someone "loses" the lottery. It takes 5x as many new customers to replace a $500k loss than a $100k loss.

Also if they turn down 5 people each with $100k chances are that at least one will stay as a result of inertia so the net loss is likely to be less than $500k. But when they turn down someone with $500k the likelihood that they'll move is 5x that of a $100k depositor, since after all they're foregoing 5x the interest.

In any case, not only "we don't know what the criteria are" we also don't know what their marketing strategy. To us outsiders it appears to make no sense. But presumably to TING management (and especially to their BNS overloads) it must make sense or they wouldn't continue to do it.
veni, vidi, Visa
Jr. Member
Jul 2, 2015
171 posts
49 upvotes
OTTAWA,ON
macnut wrote:
Sep 18th, 2017 3:54 pm

Think about it - when they are paying a well above-average return, would their preference be to have 5 loyal customers with $100K each or 1 client with $500K?
I'm curious as to what you would define as a "loyal customer". One that leaves $100K rotting at their trend setting 0.90% ?
If one does that, does Tang ever come along and offer more than they do to the ones that constantly play the game and move out unless they get a better rate ?
Or the poor sod that has to phone in every 90 days and beg for peanuts, taking any bone that they are thrown ? Yes, perhaps that could qualify as a loyal one.Face With Tears Of Joy
Is the person that moves all of their funds out because of an insulting sub-standard offer still considered a "loyal customer" ?
(A sub-standard offer defined as an offer that was less than one that was recently offered to friends and family, I guess that TING doesn't think that people discuss these things.)Winking Face
They pay people to refer others and then think that the very same people don't discuss rates among themselves ? :rolleyes: :rolleyes:
[OP]
Sr. Member
Jan 23, 2009
502 posts
169 upvotes
ontario
macnut wrote:
Sep 18th, 2017 3:54 pm
I thought the experience on this forum was that having a large $ amount in no way translates to a good offer, whether by phone in or by the promo lottery.
Was referring to the retention offer. I think it's still YMMV and not true in every case and vary from CSR . Back in July unclefester reported that he was offer 2.5% to keep the 500K and it was the first 2.5% offer at that time and back in July two ppl i know with over 300k where offered the 2.5% and my co-worker with less then 100K she called multiple times and her best offer 2%
Newbie
Dec 5, 2016
88 posts
14 upvotes
I didn't get an offer during the last promo and since moved all my money out to EQ Bank. Both my chequing and savings have $0 balance.

Do I need to do anything to "try" and get a new offer for the next promo? Should I put money back?
Newbie
Dec 31, 2008
96 posts
34 upvotes
Mississauga, ON
alucky17 wrote:
Sep 19th, 2017 11:07 am
I didn't get an offer during the last promo and since moved all my money out to EQ Bank. Both my chequing and savings have $0 balance.

Do I need to do anything to "try" and get a new offer for the next promo? Should I put money back?
Nobody can figure out any pattern to how they decide who gets the promo, except maybe that if you call in and accept a retention offer, and offer is still in effect when the next promo starts, you won't get the promo.

You should keep your money at EQ until the next promo starts, because the promo rate usually applies only to new deposits. If you don't get the promo, you could call them and see if they will offer a retention rate above EQ's 2.3%, but make sure the retention offer expires before the next promo starts.
Newbie
Aug 11, 2011
77 posts
31 upvotes
RICHMOND
Anyone anticipating a new ceiling for the promotional interest rate after the last few BOC announcements?
Member
User avatar
Jun 18, 2004
331 posts
25 upvotes
Manitoba
pricegrabber wrote:
Sep 20th, 2017 1:19 am
Anyone anticipating a new ceiling for the promotional interest rate after the last few BOC announcements?
I think everyone is.
Member
Oct 16, 2007
261 posts
15 upvotes
Barrie
Does Tangerine pay interest calculated daily or by the month.Thanks
Deal Guru
Jan 7, 2002
10267 posts
3168 upvotes
Waterloo, ON
Calculated (accrued) daily. Paid monthly. [Rated weakly ;) -- as in 1% vs. 2.3% at EQB.]
veni, vidi, Visa
Sr. Member
Nov 18, 2015
550 posts
121 upvotes
out of curiousity my promo ends on september 31. when can I pull the money out? would I not get interest for september if it is taken out early? im not 100% sure is all
Deal Fanatic
Oct 26, 2008
5151 posts
996 upvotes
BC
You get interest on the daily balance throughout any month. You lose interest only on the days in that month that you have removed funds.
Sr. Member
Nov 18, 2015
550 posts
121 upvotes
macnut wrote:
Sep 20th, 2017 9:03 pm
You get interest on the daily balance throughout any month. You lose interest only on the days in that month that you have removed funds.
3-4 days before the ene of the month enough time before the promo ends to start with 0 balance for the next promo?
Deal Addict
Jan 21, 2014
2054 posts
473 upvotes
I actually never zero out, usually a few hundreds or thousand left and got good rates every time so far (last 5)
Jr. Member
User avatar
May 3, 2015
141 posts
37 upvotes
karnige wrote:
Sep 21st, 2017 10:29 am
3-4 days before the ene of the month enough time before the promo ends to start with 0 balance for the next promo?
They usually take a screenshot of your account balance on the 3rd-5th of the next month. So you'd generally be fine moving it out at the end of the month.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)