Personal Finance

The 3 Month Tangerine Lottery thread

  • Last Updated:
  • Oct 18th, 2017 8:37 pm
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bylo wrote:
Mar 9th, 2017 3:38 pm
It's more subtle than that. They're hoping that most people either won't keep up with their offers or won't bother to move funds around to play the games. As a result most of their deposits will sit idle earning a measly 0.8%. That way only a relatively small number of customers will earn the full 2% to 3% that's available to those who play and win.
It's hard to believe that most of their deposits will sit idle earning a measly 0.8% when there are so many alternatives available. For example,if one wants to simply leave their money alone, Alterna will pay 1.95% to do just that.
IMO, anyone that just leaves money rotting at 0.80% is a good candidate for a Darwin award. :rolleyes:
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speedyforme wrote:
Mar 9th, 2017 7:46 am
I don't bother to call anymore. Right now the money is in my fiance's account. When March 31st occurs, we pull all the money out and stick it into our Joint PC account. Once I know my Tangerine gets the new promo rate, we move it all to my Tangerine account.

For those of you who have a partner, I suggest doing that. Less headache.
Be wary of potential CRA issues when comingling money between individual and joint accounts unless you're appropriately reporting the income on the capital contributor's return(s).
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Conquistador wrote:
Mar 9th, 2017 4:37 pm
Be wary of potential CRA issues when comingling money between individual and joint accounts unless you're appropriately reporting the income on the capital contributor's return(s).
We just split it all in half since we earn the same income.
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Conquistador wrote:
Mar 9th, 2017 4:37 pm
Be wary of potential CRA issues when comingling money between individual and joint accounts unless you're appropriately reporting the income on the capital contributor's return(s).
speedyforme wrote:
Mar 9th, 2017 4:41 pm
We just split it all in half since we earn the same income.
Has anyone actually been audited by CRA for this? I always think, when you get married, it's going to be 50/50 anyways for joint accounts since if you ever split then it gets divided in half. Doesn't make sense if one spouse makes 100k and the other makes nothing, that the 100k spouse has to pay all the interest income, when the account is shared. If your accounts are not joint, then you can't really split it anyways.
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parclub wrote:
Mar 9th, 2017 4:18 pm
It's hard to believe that most of their deposits will sit idle earning a measly 0.8% when there are so many alternatives available.
You'd think so. I agree. But don't underestimate the power of inertia. People get an e-mail offer for 2% or 3% for 3 months. They're busy. They're innumerate. So they rationalize that it's "just" a percent or two and "only" for a couple of months and thus not worth the bother. That might even be true for smallish and medium accounts with a few $1ks. But to TING, across potentially 1,000s of such accounts it's a large amount.
For example,if one wants to simply leave their money alone, Alterna will pay 1.95% to do just that.
So will EQ Bank at 2%. But again, there's inertia. People have to go to the hassle of opening another account, setting up linkage, and then moving money back and forth. RFDers will do it--sometimes in order to scoop just an extra few dollars. But we're not typical of the population in general.

I don't doubt for a moment that TING management have studied their customers' habits over the past few years of these promos. They've seen what happens when you offer different rates to different people. They've run their numbers. They know if this strategy is working for them. Do you think they'd continue with it if it was costing them money?
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wayneg9999 wrote:
Mar 9th, 2017 4:53 pm
Has anyone actually been audited by CRA for this? I always think, when you get married, it's going to be 50/50 anyways for joint accounts since if you ever split then it gets divided in half. Doesn't make sense if one spouse makes 100k and the other makes nothing, that the 100k spouse has to pay all the interest income, when the account is shared. If your accounts are not joint, then you can't really split it anyways.
I think you have to be consistent on how you reporting it. For > 25 years we married, my wife only worked part time the first few years, then she stopped from then. Because we always have joint accounts (from savings to chequings to investments), so all interest incomes, we always equally split. Maybe I am lucky but never once audited by CRA
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bylo wrote:
Mar 9th, 2017 5:01 pm
You'd think so. I agree. But don't underestimate the power of inertia.
Agree too.
All the big businesses are built on the laziness of customers aka the inertia principle.
Banks, telecoms, pharma, healthcare.

Like Bell offering attractive promotions then shadow increasing prices by 3 bucks every quarter hoping people wont care to cancel and switch.
or any of the other banks, nickel and diming their way to profitability.

Thus the point being the ING part of TING is all but dead.

Hopefully others like Alterna can pick up the pieces.
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S5 wrote:
Mar 9th, 2017 10:06 am
AFAIK the online withdrawal limit at Tangerine is now 50k per day. Breaking up your withdrawal into multiple transactions does not impact the hard 50k/day limit. This limit has fluctuated over time, I recall it being 100k->50k->25k->50k.

This is very different from PCF where the online withdrawal limit is 50k per transaction and you can make unlimited transactions back to back.
You can still phone them and ask the CSR to move larger amounts. I've done it and it was very easy. Also, the CSR offered me a promo interest rate to keep the money, but it was a fairly lame rate.
Plane606 wrote:
Mar 9th, 2017 2:22 am
I told the rep I will pass on their offer. He then asked if I was declining. I said I was not accepting or declining their offer. I am not making a decision. He was a bit rude, and asked again whether I was declining. I said I am not deciding other way, and reminded him he never asked at the beginning that I had to make a decision. I then said I had to confirm with wife what she wanted, and would get back to Tangerine later.

The reason I think they are asking me if I am declining is that they will flag me for no promo for next 90 days.

I called again next day. Guess what? The person I spoke to looked into my account, then said he was busy with RRSP work and passed me on to another CSR person. That person was the same person I spoke to the day before.

The guy once again asked if I am accepting or declining the 2% offer. I said neither. I then said I needed to move my money out for investment purposes. He was really pushy, and said that their offer was the best around and that if I came back to Tangerine, I may not be offer the 2% again. I was ticked off the last time I talked to him, and more while spoke to him this time. I proceeded to pull my funds out.

I used to like Tangerine, and still do to a point. If they offer me a better promo, of course I go back but as of now. I will move it to EQ and Zag. Too many games with Tangerine. I am not sure if I will get the next promo offer, but that is okay. I can park my funds elsewhere. The rates may not be better than 2% but loyalty and good customer should count for something. Tangerine seems to forget that sometimes.
I don't think declining causes you to be excluded.
For example, I phoned in late December to have my money transferred out (since it was above the $25K limit.) I got the lame 1.6% counter-offer and then the whole "are you declining" speech. I kept saying, "1.6 percent? Not good enough!" The agent would not give it up until I explicitly said "I'm declining the offer."
What do you know, less than 2 weeks later, I got the 3.25% offer until the end of March.
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Jucius Maximus wrote:
Mar 9th, 2017 10:43 pm
You can still phone them and ask the CSR to move larger amounts. I've done it and it was very easy.
I had Hubert pull $100,000 out of Tangerine from their end, and there was no need to phone in to authorize that.
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Jucius Maximus wrote:
Mar 9th, 2017 10:43 pm
You can still phone them and ask the CSR to move larger amounts. I've done it and it was very easy. Also, the CSR offered me a promo interest rate to keep the money, but it was a fairly lame rate.


I don't think declining causes you to be excluded.
For example, I phoned in late December to have my money transferred out (since it was above the $25K limit.) I got the lame 1.6% counter-offer and then the whole "are you declining" speech. I kept saying, "1.6 percent? Not good enough!" The agent would not give it up until I explicitly said "I'm declining the offer."
What do you know, less than 2 weeks later, I got the 3.25% offer until the end of March.
Thank you Jucius Maximus, I hope they don't decline for their next offer. Funny thing is that a few days after my funds was moved into my CIBC acct , and into e-advantage for just this month. My new CIBC rep calls me to review my RRSP. I think it's more to do with the fact I moved a large sum of money into CIBC.
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wayneg9999 wrote:
Mar 9th, 2017 4:53 pm
Has anyone actually been audited by CRA for this?
I've seen articles in the media about this. Generally CRA will only get involved with large transactions. So if you're doing this in a $10k account you're probably safe. But if it's the proceeds of a house sale, then beware. CRA may challenge you if they have reason to believe there's been a violation of the attribution rules.

The other risk is that CRA discovers a violation of the attribution rules as the result of auditing something else. For example they challenge your claim of capital gains on an investment sale and in the process of going over your accounting discover that it was your spouse who originally put up the money on which you are now claiming the gain.

FWIW a recent article that summarizes the rules: Splitting income is a great way to save tax, but you must do it properly
I always think, when you get married, it's going to be 50/50 anyways for joint accounts since if you ever split then it gets divided in half. Doesn't make sense if one spouse makes 100k and the other makes nothing, that the 100k spouse has to pay all the interest income, when the account is shared.

Just because you have a joint account doesn't necessarily mean the money in it was deposited 50/50 by the two spouses. If it wasn't then you have to follow the attribution rules, at least in theory.

That said, all marriages are unique. Not all couples use joint accounts exclusively. This is especially true with older couples and second, etc. marriages where one spouse may have considerably more assets than the other and has reasons for keeping those assets separate in case the new marriage fails, e.g. an inheritance, funds set aside for children from a previous marriage, etc. These things are usually much simpler when you're young, have few assets and no one else that depends on them.
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Called in this week and got 1.6% for another 3 months....
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How do the promos work? My introductory rate of 2.4% expired last month. If they do offer a new promo rate in April, will it just appear via online banking? Will I have to do anything? Will it only apply to new deposits?
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psyko514 wrote:
Mar 10th, 2017 9:14 am
How do the promos work? My introductory rate of 2.4% expired last month. If they do offer a new promo rate in April, will it just appear via online banking? Will I have to do anything? Will it only apply to new deposits?
Just make sure you move all of the money out of savings slightly before the end of the current promo. It can even be in your Tangerine chequing.
If you get a new offer, they will send an e-mail and also it will appear when you log in to Tangerine.
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Jucius Maximus wrote:
Mar 10th, 2017 9:17 am
Just make sure you move all of the money out of savings slightly before the end of the current promo. It can even be in your Tangerine chequing.
If you get a new offer, they will send an e-mail and also it will appear when you log in to Tangerine.
OK, and the current promo cycle should be ending at the end of this month? I'm currently not receiving any promo rate and the account is new (opened in August) so I'm not sure how it works. Thanks.

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