Personal Finance

Tangerine Interest Rate Lottery thread

  • Last Updated:
  • Mar 17th, 2024 11:28 am
Deal Addict
Jul 28, 2009
1370 posts
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I only have a bit of money left at Tangerine, moved most of it out to EQ Bank now.
Deal Fanatic
Jun 3, 2009
5735 posts
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Montreal
unclefester wrote: So about an hour after I made my call to Tangerine (see above) my bride called in under the same circumstances.

Only difference is she has a much larger amount in her account than I do.

The customer service rep put her on hold and then offered her 2 per cent for 90 days.

We declined and moved her money out hoping for something better soon.

I've got a feeling there's a mass money exodous at Tangerine today...let's hope it works...
If all other RFDers do this too, we could perhaps force them to give us better rates as long as EQ exists for this reason.
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Jan 4, 2009
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on the links!
RunOrDie wrote: Good to hear that there might be new promotions on Monday! I moved my money out already!
Nothing will likely happen on Monday.

Assuming Tangerine continues with their 2016 modus operandi, you'll get an offer (or not) on Wed morning, April 5th...immediately followed by hundreds of posts here stating either Tang is great and they're moving all their money in, or Tang sucks / Scotia sucks / worst bank ever / what's PCF doing? etc. etc.
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May 15, 2013
2041 posts
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Alberta
Sauerkraut wrote: Nothing will likely happen on Monday.

Assuming Tangerine continues with their 2016 modus operandi, you'll get an offer (or not) on Wed morning, April 5th...immediately followed by hundreds of posts here stating either Tang is great and they're moving all their money in, or Tang sucks / Scotia sucks / worst bank ever / what's PCF doing? etc. etc.
You know pretty well Tangerine modus operandi, but even more important, you know rfd members modus operandi ...
Member
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Feb 12, 2016
439 posts
348 upvotes
Just called pcf. No offers atm. Said callback in a couple weeks lol.
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Jun 3, 2006
9091 posts
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12 days north of Hop…
Sauerkraut wrote: Nothing will likely happen on Monday.

Assuming Tangerine continues with their 2016 modus operandi, you'll get an offer (or not) on Wed morning, April 5th...immediately followed by hundreds of posts here stating either Tang is great and they're moving all their money in, or Tang sucks / Scotia sucks / worst bank ever / what's PCF doing? etc. etc.
Depends on said offer and when they are taking the balance snapshot...
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Nov 18, 2008
9290 posts
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Mont-Royal
ancodia wrote: Maybe even more .. ?

Assuming 2 days to transfer (so 2 days @ 4% assuming 2% Tangerine promo rate) and 5 day holding time means you can transfer once a week.

2 days/week @ 2% extra on 500k = 54.80/week * 52 weeks = $2849 year extra interest. Mind you'd probably attract alot of attention as I think the banks need to notify FINTRAC every time you transfer over 10k
According to rfd its not the. Fintrac is when money goes or come overseas. Or can transaction.
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Deal Expert
Jan 7, 2002
29583 posts
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Waterloo, ON
ancodia wrote: Mind you'd probably attract alot of attention as I think the banks need to notify FINTRAC every time you transfer over 10k
L4cky wrote: According to rfd its not the. Fintrac is when money goes or come overseas. Or can transaction.
Even if large transfers do get reported, they're not going to "attract a lot of attention," let alone will the authorities come knocking on your door, etc.

This is one of those myths that keeps the aluminum foil industry in business.
veni, vidi, Visa
Newbie
Mar 19, 2017
3 posts
To get the new offer do you have to move it out of your savings account (like into another Tangerine accoount like checking) or move it directly to another bank??

Currently have like 80K sitting in my tangerine savings @ 2.4%
Newbie
Sep 30, 2016
11 posts
7 upvotes
Just called and received a renewal at 1.6% for 90 days (my promo rate expired yesterday, April 1st).
Deal Guru
Aug 5, 2006
10731 posts
7891 upvotes
Global Village
Looks like Tangerine has increased their 1.5 year gic rate to 1.5% and 3 year gic rate to 1.8%. Not great but something to think about for tfsa, rrsp especially if you don't want to move the promo funds from Tangerine but also don't want to keep hunting and calling for promo rates.
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Deal Expert
Jan 7, 2002
29583 posts
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Waterloo, ON
scoper wrote: Looks like Tangerine has increased their 1.5 year gic rate to 1.5% and 3 year gic rate to 1.8%. Not great but something to think about for tfsa, rrsp especially if you don't want to move the promo funds from Tangerine but also don't want to keep hunting and calling for promo rates.
There are higher GIC rates out there, e.g. 1.85% for 1 year at Peoples Trust, 1.85% for 1.5 year at Oaken, and 2.05% for 2 years at Oaken. All are CDIC insured.

See GIC Rates
veni, vidi, Visa
Sr. Member
Jul 25, 2010
741 posts
955 upvotes
Vancouver
Not sure why Hubert doesn't get much mention, but their 1-yr quarterly term is pretty good, averaging 2.05%, you are guaranteed this rate for the year but can pull out early and still get good rates. Heck, even if you just stayed for 90 days @ 1.9%, that's beating everyone but EQ and Alterna, and definitely wins over TANG.

The first three months: 1.90%
Months four to six: 2.00%
Months seven to nine: 2.10%
The last three months: 2.20%

https://www.happysavings.ca/1-year-term.aspx

Not long ago this was 2.2/2.3/2.4/2.5 for an average of 2.35%.
Deal Expert
Jan 7, 2002
29583 posts
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Waterloo, ON
DrAcX wrote: Not sure why Hubert doesn't get much mention...
Probably because they're a credit union, not a bank/trust, and thus insurance is provincial (MB in the case of Hubert) rather than federal CDIC.

The importance of that distinction is a subject of much debate but generally CDIC is better than Deposit Guarantee Corporation of Manitoba.
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Deal Addict
Feb 26, 2008
1821 posts
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bylo wrote: Probably because they're a credit union, not a bank/trust, and thus insurance is provincial (MB in the case of Hubert) rather than federal CDIC.

The importance of that distinction is a subject of much debate but generally CDIC is better than Deposit Guarantee Corporation of Manitoba.

I don't know why you keep propagating that myth. Five minutes of surfing would tell you that Hubert has $1.2 billion of deposits, meaning that if it becomes insolvent and is unable to make depositors whole, then the Government of Manitoba can easily step in and fill the gap because the cost would be some fraction of $1.2 billion which is bugger-all in the context of the province's finances (ie, 30% of $1.2 billion isn't that much for the province's fiscal capacity).

On the other hand, the Royal Bank, which qualifies for federal CDIC has $750 billion of deposits. In the unlikely event that the Royal Bank runs into trouble, the CDIC reserve fund would likely be grossly inadequate. The federal government could step in to fill the gap, but a fraction of $750 billion could be so large that it might outstrip the federal government's willingness to intervene (ie, 30% of $750 billion would be enormous).

Bylo, I know you have a bias in favour of CDIC insurance, and mostly I would agree that OSFI does a great job of keeping our banks out of trouble. But at least be realistic about the risks related to using provincially insured credit unions.
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Aug 8, 2012
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BC
DividendLuvr wrote: Just called and received a renewal at 1.6% for 90 days (my promo rate expired yesterday, April 1st).
Did you accept it? Or decline since EQ is 2% and the rate lottery promo from Tangerine next week might even beat that?
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Deal Expert
Jan 7, 2002
29583 posts
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Waterloo, ON
kneevase wrote: I don't know why you keep propagating that myth... Bylo, I know you have a bias in favour of CDIC insurance
1. Because it's hardly a myth. Ottawa has powers that the provinces lack, e.g. to print money, should a serious banking crisis occur.

2. You make it sound like I'm anti-CUs. I'm not. (I'm a member of a local CU and have deposits there, albeit far less than at CDIC insured institutions.) I simply tried to answer DrAcX's query about why Hubert and other CUs get less attention than CDIC insured institutions. I even qualified my answer as "probably" and "the importance of that distinction is a subject of much debate."

3. It's a good idea to get compensated for taking extra risk. For fixed income investments that's done by means of higher rates. However as DrAcX points out, Oaken pays higher rates than Hubert. Now I realize Oaken is part of Home Trust and is currently under investigation for possible mortgage issuing irregularities. But even if they were to go bust depositors would be fully covered by CDIC. So why should someone (perhaps only if outside of MB) take the increased risk of dealing with a MB CU when there's little or no compensation for doing it?

I accept that you disagree with my assessment of relative risk. I sleep better at night knowing that CDIC (and Ottawa) has my back. But that's a subjective assessment; there's no right or wrong answer. We each have to decide for ourselves what we're more comfortable with.
veni, vidi, Visa
Deal Addict
Feb 24, 2008
2331 posts
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Contacted Tangerine, mentioned the 2% EQ rate and easily got a renewal of 2% promo until end of June.
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Oct 23, 2006
5309 posts
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Winnipeg
^ I'm not contacting Tangerine anymore, their automated savings rate bonuses have been much higher than the CSR on the phone has offered the last couple times. (2.23% and 2.59% last time)

I assume new offers should pop up online sometime this week after logging in.
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Aug 18, 2005
21222 posts
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Burlington-Hamilton
Has anyone else seen a slowdown in EQ pulling money out of Tangerine?
I initiated a transfer on Thursday morning, pulling from Tangerine Chequing into EQ. Money still hasn't come out yet. :confused:

I saved the confirmation info from the transfer when I initiated it on the EQ website, so I know the request was initiated.
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