Personal Finance

Tangerine 3 months 2.5% and 3% Expiring - any new offer

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  • Aug 17th, 2017 3:06 pm
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wm009 wrote:
Apr 20th, 2017 9:56 pm
If my balance at the start of a promo is $10k, than that is the baseline?
It means the $10k doesn't earn promo interest, only the base 0.8%. Any additional funds that arrive after Apr 05, 2017 earn promo interest. Hence it's important to go to $0 balance before the promo period begins.
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bylo wrote:
Apr 20th, 2017 10:03 pm
It means the $10k doesn't earn promo interest, only the base 0.8%. Any additional funds that arrive after Apr 05, 2017 earn promo interest. Hence it's important to go to $0 balance before the promo period begins.
I understand. I guess we're crossing the wires a bit on what I'm getting at versus what you're getting at. I understand completely your point and it's the way to go. I'm trying to understand what the definition of new money is, rather than the optimal way to get as much money to count toward a promo.

If I have $10k on the first day of a promo, I spend $200 on bills, and I deposit $200 at an ATM. Is $10k a baseline? Is the $200 new money that counts toward the promo? That's sort of what I'm getting at. What constitutes a new deposit?
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wm009 wrote:
Apr 20th, 2017 10:09 pm
I understand. I guess we're crossing the wires a bit on what I'm getting at versus what you're getting at. I understand completely your point and it's the way to go. I'm trying to understand what the definition of new money is, rather than the optimal way to get as much money to count toward a promo.

If I have $10k on the first day of a promo, I spend $200 on bills, and I deposit $200 at an ATM. Is $10k a baseline? Is the $200 new money that counts toward the promo? That's sort of what I'm getting at. What constitutes a new deposit?
OK I think I understand. Yes, the $10k on deposit as of day one of the promo establishes a baseline. You can move money in and out all you want but any balance below the $10k would earn 0.80% and any balance above would earn the promo rate. IOW in the current period after Apr 05, 2017 it's too late to go to $0 and come back.

There's also some speculation that a low balance prior to the start of a promo period improves your odds of getting a high promo rate. But that's just speculation since no one has posted an authoritative explanation of their actual algorithm.
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That's good to hear. At least I understand now how it works.

In the past I haven't had the need to hold so much extra cash, but it's something I need to do now as I'm doing the self employed thing. And since interest rates are so in the dumps, I probably should put a little more effort into getting better interest rates.

Thanks for your help!
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Jul 2, 2015
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hockeyfan1990 wrote:
Apr 20th, 2017 10:00 pm
I am a former Tangerine employee...
When a promo that you have is ending, call the call centre and tell them that you're going to move all your money to PC or EQB because they offer better rate, they have a retention tool that they can always offer you decent rate for say another 3 months, usually 1.5%+

Make sure that you say you WILL move your money, don't just say this place is offering a better rate, what can you do.

Keep doing that once your promo is close to ending. You do this you'll always have a better rate than the 0.8%

Your welcome :)
Once the client states that they will move their money, does the CSR then check their file ? If so, what is the most important criteria ?
Amount of money in account, time with Tangerine, previous offers,etc. ?
Thanks for any light that you may be able to shine on the subject because their algorithms seem very confusing to me.
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Apr 18, 2017
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parclub wrote:
Apr 20th, 2017 11:56 pm
Once the client states that they will move their money, does the CSR then check their file ? If so, what is the most important criteria ?
Amount of money in account, time with Tangerine, previous offers,etc. ?
Thanks for any light that you may be able to shine on the subject because their algorithms seem very confusing to me.
So it's based on the number of years you've been a client with them and also the number of products you have with them that determines how high the interest rate they can offer. Lower spectrun is usually 1.5% while the higher spectrum is roughly 2.5-3%. But they will only offer it for say 3 of 6 months and then it'll go back to the 0.8%. Just keep calling in before your current promo ends and say you'll move all your money. Btw I forgot to mention this only applies to anything that you're moving out I believe 10k+ but it could have changed but I'm pretty positive that its at least 5k+
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wm009 wrote:
Apr 20th, 2017 10:25 pm
In the past I haven't had the need to hold so much extra cash, but it's something I need to do now as I'm doing the self employed thing. And since interest rates are so in the dumps, I probably should put a little more effort into getting better interest rates.
It's also worth calculating the potential benefit before shuffling funds around.

For example 0.8% on $10k for 3 months is $20 while at 3.21% it's about $80. You can get an extra $60 if you're offered the maximum promo. But that amount is taxable so your net may be only half of that. If you only qualify for 2% then the benefit is even less.

It may not be worth playing the quarterly promo gimmick lottery depending on how you value your time. OTOH if you have $100k or more, say the proceeds of or a downpayment on a house, then this can be quite lucrative.
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hockeyfan1990 wrote:
Apr 21st, 2017 12:34 am
Just keep calling in before your current promo ends and say you'll move all your money. Btw I forgot to mention this only applies to anything that you're moving out I believe 10k+ but it could have changed but I'm pretty positive that its at least 5k+
In my experience it's best to move the money out a day or two before the current promo expires, e.g. by 04Apr17, then wait for TING to make the next offer. The problem with calling before a promo period ends is that either they don't offer anything or what they do offer is less than the max. For example people who called before 05Apr17 were offered 1.6% or 2%. Those who moved their money before 05Apr17 were offered up to 3.21%. Those who accepted the 1.6%/2% before 05Apr17 can't get the higher rates after 05Apr17.

So IMO it's worth doing the cash shuffle every 3 months just for the option to get even more interest than those who leave their money on deposit. Worst case TING won't make a higher offer and you move your money to EQ Bank for 2%.
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bylo wrote:
Apr 21st, 2017 7:57 am
It's also worth calculating the potential benefit before shuffling funds around.

For example 0.8% on $10k for 3 months is $20 while at 3.21% it's about $80. You can get an extra $60 if you're offered the maximum promo. But that amount is taxable so your net may be only half of that. If you only qualify for 2% then the benefit is even less.

It may not be worth playing the quarterly promo gimmick lottery depending on how you value your time. OTOH if you have $100k or more, say the proceeds of or a downpayment on a house, then this can be quite lucrative.
Definitely. I don't think it's too bad to take maybe an hour or so every few months to make a better play than just letting it sit at 0.8%. I'm thinking that maybe it's easiest for me to just get an EQ account, so I either have all my cash earning 2% or promo.
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hockeyfan1990 wrote:
Apr 21st, 2017 12:34 am
Lower spectrun is usually 1.5% while the higher spectrum is roughly 2.5-3%. But they will only offer it for say 3 of 6 months
We all know that when we call we get retention offer between 1.6 % and 2 % however could you pls elaborate more on the above statement is it a retention offer? Or is it the quarterly offer for new money thanks
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Apr 20, 2017
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Moved my money before the deadline. Got offered nothing on April 5, so the money stays out.

They wouldn't even give the 2 % retention rate. 1.6 % was the best they could do. So moved all my money on March 31. It was a six figure amount.

No promo rate for me and no 2 % retention rate either.
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Jul 2, 2015
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hockeyfan1990 wrote:
Apr 21st, 2017 12:34 am
So it's based on the number of years you've been a client with them and also the number of products you have with them that determines how high the interest rate they can offer. Lower spectrun is usually 1.5% while the higher spectrum is roughly 2.5-3%. But they will only offer it for say 3 of 6 months and then it'll go back to the 0.8%. Just keep calling in before your current promo ends and say you'll move all your money. Btw I forgot to mention this only applies to anything that you're moving out I believe 10k+ but it could have changed but I'm pretty positive that its at least 5k+
Thanks for the info, I guess that a person could open a few different accounts with them even if they don't hold anything in the accounts.Winking Face
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Is it possible to set up PAD payments out of a Tangerine Savings account?
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bylo wrote:
Apr 20th, 2017 9:48 pm
As little as a day, if your timing is good. That day was Apr 05, 2017 for the current promo. If you'd drained your money out of TING before that date, even the day before, then all new money transferred in after that date gets the promo rate. The next such date will be around Jun 05, 2017.
bylo, I think you mean Jul 05 (a few days after quarter-end).
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Conquistador wrote:
Apr 21st, 2017 7:47 pm
bylo, I think you mean Jul 05 (a few days after quarter-end).
Correct. Thanks.
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