Personal Finance

The 3 Month Tangerine Lottery thread

  • Last Updated:
  • Jan 16th, 2018 3:39 pm
Member
Jul 1, 2006
286 posts
106 upvotes
Exp315 wrote:
Jan 8th, 2018 4:12 pm
Then I'll move my money out to where it earns better interest and check back in 3 months. It wouldn't be the first time. No big deal. I have no particular commitment to Tangerine. Maybe that's one of the considerations in their algorithm for deciding whether to make an offer or not.
The main reason I move the money (either to EQ bank or to the chequing account) is to avoid having to call them. Which is exactly what I used to do. It's a pain to wait on hold for 15-30 mins, and usually for 2 accounts (mine and my spouse's). It is far faster and easier to just move it and see what the TING fairy brings. If they don't bring anything then I get EQ's decent rate, and if they beat the EQ rate with a promo offer I just move it back.
Member
User avatar
Jul 29, 2013
414 posts
167 upvotes
Exp315 wrote:
Jan 8th, 2018 1:59 pm
I've been playing the Tangerine lottery for a couple of years now, and I think people place way too much importance on moving their money around before and after the quarterly offer update.

I just leave my money right where it is in Tangerine Savings, and when the bonus interest expires I call them up and say "My bonus interest rate has expired and I'm planning to move my money out to (competitor with better rate) today, but I'm checking to see if you have a competitive offer.". They always offer me the same rate as the people that moved their money out.
I tried this once and left money in. I called and was offered a much lower rate than what was given to people who had moved their money.
Since then I have been moving money out and in and getting a better rate.
Could have been just luck.
Deal Addict
Dec 8, 2008
1576 posts
101 upvotes
so is the 2.5% still a lottery or for everyone? if one calls in can one relatively easily get the 2.5% deal without begging? i don't see anything under the 'insights' section in my account. i used to have 2% and now it has expired.
Deal Guru
Jan 7, 2002
11131 posts
3764 upvotes
Waterloo, ON
leoben wrote:
Jan 12th, 2018 6:57 am
so is the 2.5% still a lottery or for everyone? if one calls in can one relatively easily get the 2.5% deal without begging?
It's a "lottery." If you don't play (call and ask) you can't win ;)
veni, vidi, Visa
Member
Jan 3, 2013
335 posts
74 upvotes
Mississauga
leoben wrote:
Jan 12th, 2018 6:57 am
so is the 2.5% still a lottery or for everyone? if one calls in can one relatively easily get the 2.5% deal without begging? i don't see anything under the 'insights' section in my account. i used to have 2% and now it has expired.
Spouse had gotten 2.5% but hadn't moved money out of savings by Jan 2. Called yesterday and was offered 2.5% on existing balance for 90 days.
Sr. Member
Mar 14, 2015
514 posts
13 upvotes
Vancouver, BC
Tangerine when it says NEW deposits only. If I take out whatever I currently have and transfer out of my account then transfer back in does this count as new?
Newbie
Mar 4, 2015
33 posts
9 upvotes
Montreal
FlyOverMyDoodle wrote:
Jan 16th, 2018 10:07 am
Tangerine when it says NEW deposits only. If I take out whatever I currently have and transfer out of my account then transfer back in does this count as new?
Only if you did it before the snapshot (before you get the offer), so basically no, it's too late now
Sr. Member
Mar 14, 2015
514 posts
13 upvotes
Vancouver, BC
What about transferring out of Tangerine completely to another bank and then back into Tangerine? Would they know it's the same $$?
Jr. Member
Apr 24, 2011
103 posts
64 upvotes
Toronto
FlyOverMyDoodle wrote:
Jan 16th, 2018 11:42 am
What about transferring out of Tangerine completely to another bank and then back into Tangerine? Would they know it's the same $$?
That won't work. What matters is that your account balance must exceed what was in there when the snapshot was taken, in order to be earning the promo interest.
Deal Addict
Jan 21, 2014
2351 posts
566 upvotes
FlyOverMyDoodle wrote:
Jan 16th, 2018 11:42 am
What about transferring out of Tangerine completely to another bank and then back into Tangerine? Would they know it's the same $$?
Why not calling them? chances are you will get 2.5% for existing money too, no need to move around
Sr. Member
Nov 4, 2007
936 posts
174 upvotes
Toronto
I just opened a new account as a new customer. I called in and asked for a better rate without having to open a chequing account since Simplii is giving me 3% and EQ Bank's standard rate is 2.3%. The CS rep immediately offered my the 2.5% until May 31 for my first 500k. He waited on the phone while I logged out and logged back in to verify it was active.

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