Was offered 2.97%.
Tangerine Interest Rate Lottery thread
- Last Updated:
- Mar 17th, 2024 11:28 am
Tags:
- SCORE+58
- Jucius Maximus
- Deal Expert
- Aug 18, 2005
- 21222 posts
- 5938 upvotes
- Burlington-Hamilton
- rsg1010
- Jr. Member
- May 28, 2013
- 174 posts
- 185 upvotes
Did anyone who recently accepted the 2% retention rate after the last promo...call in and get anything better?
- bylo
- Deal Expert
- Jan 7, 2002
- 29589 posts
- 28913 upvotes
- Waterloo, ON
OTOH my experience has been quite the opposite. The more money I have on deposit that I move out just before a promo expires the more likely I am to get a new promo offer at the maximum rate.
The problem with trying to guess TING's algorithm based on personal experiences is that we have too few samples to base it on. The algorithm could be biased to willingness to move money out in advance of a new quarter more than it is on the amount being moved.
Keep in mind too that if someone moves $500k out, then TING will need to attract perhaps 100 new customers at an average of $5k in deposits each just in order to offset that one loss. The marketing costs (think ads, referral bonuses, etc.), plus the much higher cost of administering 100 accounts compared to one, also provide TING with a powerful incentive to keep large depositors on board. In addition, if a many large depositors all move their money out at the end of a quarter it's possible TING could bump into temporary liquidity problems at quarter-end. (That may not be such a concern when they have mother BNS to lean on.)
veni, vidi, Visa
- esoxhntr
- Deal Addict
- May 17, 2012
- 3197 posts
- 2220 upvotes
- ontario
noticed this as well, this appears to be new. should have interac transferred from EQ.bylo wrote: ↑
Added: (*) I pulled money into TING a few hours ago when I first got the 3.21% offer. Now that I checked the status, Pending Transactions says the Effective Date is tomorrow, 6-Apr-2017. This is new. In the past there wasn't a one-day delay providing one initiated the transaction early enough in the day.
- Nina64
- Newbie
- Jun 1, 2016
- 43 posts
- 4 upvotes
Hey guys, quick question.
A few moments ago, I initiated a transfer to Alterna Bank's TFSA (1.95%) but when I logged in to Tangerine (to fill my chequing account) I realised I got offered 2.97% until end of June for Savings/TFSA...
I was just going to request a stop payment with Tangerine (luckily we have one free per year), but now I'm having my doubts...
What do you think would be better (my contribution would be 32k):
- 3 months at 2.97% and the rest of the year (6 months) at 0.80%
or
- 12 months at 1.95%
Thanks for your help!!!
A few moments ago, I initiated a transfer to Alterna Bank's TFSA (1.95%) but when I logged in to Tangerine (to fill my chequing account) I realised I got offered 2.97% until end of June for Savings/TFSA...
I was just going to request a stop payment with Tangerine (luckily we have one free per year), but now I'm having my doubts...
What do you think would be better (my contribution would be 32k):
- 3 months at 2.97% and the rest of the year (6 months) at 0.80%
or
- 12 months at 1.95%
Thanks for your help!!!
- bylo
- Deal Expert
- Jan 7, 2002
- 29589 posts
- 28913 upvotes
- Waterloo, ON
Your guess is as good as anyone else's.
The 12 months at 1.95% isn't guaranteed. Interest rates could go up or down in the next year. Both Alterna's and TING's base rates will move accordingly. The only way to guarantee 1.95% (or whatever) for a year is to buy a 1-year GIC.
Likewise TING's 2.97% for 90 days. The problem with a TFSA is that at the end of 90 days you can't temporarily move your money out in anticipation of a new promo. You could of course cash in the TFSA and hope TING makes you another 2% to 3% promo offer. But you'd not be able to redeposit in the TFSA until 2018 (without penalty.) So you'd have to keep the money in a taxable ISA, then move it into a new TFSA in Jan 2018.
veni, vidi, Visa
- lemailme
- Deal Addict
- Dec 9, 2008
- 2044 posts
- 129 upvotes
- reputableone
- Newbie
- Mar 25, 2017
- 24 posts
- 24 upvotes
I'd wait until July 2nd or so to transfer out so you can transfer all of your balance + interest out.
- bylo
- Deal Expert
- Jan 7, 2002
- 29589 posts
- 28913 upvotes
- Waterloo, ON
There's a risk in doing that: TING could change the cutoff date to 30Jun. What I did this time was move everything out on 28Mar just in case. Then when they credited interest on 01Apr I moved that out as well. That was a Sat so it didn't actually move until a few days later, but still before the 04Apr cutoff. Even if the interest hadn't moved out in time the principal would have been out well in advance of the cutoff.reputableone wrote: ↑ I'd wait until July 2nd or so to transfer out so you can transfer all of your balance + interest out.
veni, vidi, Visa
- Acheewawa
- Sr. Member
- Jul 22, 2015
- 795 posts
- 464 upvotes
- Ontario
Hubby and I both got 2.81%. Was hoping for the max, but this is better than what I had last quarter which was 0.8%. I had transferred most of my money out to EQ back in January when TING gave me no promo.
- MikeZ13
- Member
- May 3, 2015
- 401 posts
- 160 upvotes
- Toronto, ON
Previously I had 3.25% and my gf had 2.61%. We both got 3.21% today.
- chococrazy
- Deal Addict
- Oct 2, 2005
- 3191 posts
- 114 upvotes
- Toronto
Previously had 3.25%, now I have 2.97%. I'll take it!
- Nina64
- Newbie
- Jun 1, 2016
- 43 posts
- 4 upvotes
Thanks so much Bylo, yes it's super tricky because it's a TFSA...I'm waiting to hear from Alterna Bank to find out whether the transfer can be stopped without any fees on their side...bylo wrote: ↑ Your guess is as good as anyone else's.
The 12 months at 1.95% isn't guaranteed. Interest rates could go up or down in the next year. Both Alterna's and TING's base rates will move accordingly. The only way to guarantee 1.95% (or whatever) for a year is to buy a 1-year GIC.
Likewise TING's 2.97% for 90 days. The problem with a TFSA is that at the end of 90 days you can't temporarily move your money out in anticipation of a new promo. You could of course cash in the TFSA and hope TING makes you another 2% to 3% promo offer. But you'd not be able to redeposit in the TFSA until 2018 (without penalty.) So you'd have to keep the money in a taxable ISA, then move it into a new TFSA in Jan 2018.
- Plane606
- Newbie
- Jul 22, 2015
- 79 posts
- 28 upvotes
- Vernon, BC
Well, for though that got a promo rate congrats! I am glad I turned down the 2.0% the offered me at the end of Feb. CSR asked if I decline that offer, and I said I neither accepted or decline. I doubt declining it would have disqualify me for this offer.
I got 2.81% Happy with it as well as Revenue Canada. They always win
BTW: My CIBC Financial Advisor is the only one that may not be happy. Once she saw the amount of $ coming into the bank... and now leaving.
I got 2.81% Happy with it as well as Revenue Canada. They always win
BTW: My CIBC Financial Advisor is the only one that may not be happy. Once she saw the amount of $ coming into the bank... and now leaving.
Last edited by Plane606 on Apr 5th, 2017 2:48 pm, edited 1 time in total.
- ace604
- Deal Guru
- Aug 8, 2012
- 10198 posts
- 4027 upvotes
- BC
bylo wrote: ↑ Yes, if you do an EFT "pull" from an external account to TING on TING's website the money will start earning interest as of today(*). You can do this online for amounts up to $500k in a single transaction. (Going the other way, from TING to an external account, the daily limit is $50k unless you phone in.) If you do a "push" from an external account to TING on the external account's website it will take a couple of days for the money to show up at TING. You won't earn any interest at TING until the money shows up. So it's better to "pull" from TING.
Added: (*) I pulled money into TING a few hours ago when I first got the 3.21% offer. Now that I checked the status, Pending Transactions says the Effective Date is tomorrow, 6-Apr-2017. This is new. In the past there wasn't a one-day delay providing one initiated the transaction early enough in the day.
I've never noticed a Tangerine pull request credit the account same day. Ever.
This was the hullabaloo with how EQ pull requests were so amazeballs in that they credited you right away. Remember that?
Tangerine pulls get scheduled for next business day and that gives you time to see them in pending transactions and edit them if necessary.
If you schedule it for a day in the future it will happen on that day. If you do it "now" it happens the next business day. Then the funds may leave the other bank that same day but that's a separate question.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
- MikeyCanada
- Newbie
- Nov 28, 2016
- 94 posts
- 48 upvotes
- Alberta
- speedyforme
- Deal Guru
- Dec 11, 2008
- 13051 posts
- 3737 upvotes
Just got an email from Tangerine. 3.21% and I didn't even have to do anything.
Time to transfer the money from my fiance's Tangerine account to mine
Time to transfer the money from my fiance's Tangerine account to mine
- mecassa
- Member
- Dec 8, 2008
- 434 posts
- 104 upvotes
Got a 2.81% offer right now....
maybe I'll call and try to get 3.21% also?
maybe I'll call and try to get 3.21% also?
- Shawguy
- Deal Addict
- Dec 17, 2008
- 2781 posts
- 2300 upvotes
- Winnipeg
I got 2.6%
*Do you like someone's idea, post, or response? Why not consider giving them "thanks" and clicking the thumbs up to give them the credit they deserve.*
- mecassa
- Member
- Dec 8, 2008
- 434 posts
- 104 upvotes
called in... couldn't get them to budge from the 2.81%
I'll take it though...
we can't pull from EQ, can we...? right, we have to push from EQ to Tangerine...
any faster way?
I'll take it though...
we can't pull from EQ, can we...? right, we have to push from EQ to Tangerine...
any faster way?
Thread Information
There are currently 2 users viewing this thread. (0 members and 2 guests)