Personal Finance

Tangerine non-secured LoC?

  • Last Updated:
  • Dec 15th, 2018 12:27 pm
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Sr. Member
Aug 4, 2010
943 posts
197 upvotes
No offer here. I have an LOC elsewhere and my pay goes to tangerine so it's my main bank account. So that doesn't necessarily seem to be taken into account when issuing offers.
Deal Addict
Dec 16, 2005
3877 posts
1651 upvotes
mkl38s wrote:
Nov 30th, 2018 12:42 pm
They also offered me 3.1% for my savings account which I only have few hundreds in it at the moment. So I was thinking of taking 30K out for 90 days and put it in my savings. That would be 0.11% gain on 30K for 90 days. My calculations came out with little more than $8. So after tax it probably be $5. Too much work for just $5. I rather buy McDonald coffee using my Amex to get $5 and waiting for 90 days to get this

If I put it in RBC than I get ~$11.80 still not worth the trouble
Not only that, LOC interest is usually calculated daily and savings accounts are usually calculated monthly.
Sr. Member
Dec 23, 2001
585 posts
16 upvotes
North Bay, ON
I was intrigued by this offer as it was better than what Scotia was able to do, but after reading through this thread, the majority of people seem to have been offered P + 1. My offer was +1.5. Not the end of the world but not as enticing, especially when I don't have the need. If it were P + 1 I would have pounced.

So this being a pilot re-introduction, I'm figuring they're probably testing to see what it'll take for people to accept it - and wanting a certain % to accept it for sure, to test the product. (Hence, incentive of a "nice rate". I can't help but think once they roll it out more broadly that rates won't be as favourable. I.e. if I don't accept P1.5, what are the odds that later it'll be any less? I'm thinking slim to none. Thoughts?
Heat: 159-0-0
Sr. Member
User avatar
Dec 21, 2007
550 posts
122 upvotes
Scarborough
Has anyone who wasn't part of the initial offer group called in and tried to get the same from them? I'm half tempted to do that, although I don't really need the ULOC (it would just be nice to have if it were a decent amount at a low rate).
I am the Stig's brother's cousin's friend's former roommate.
Member
Aug 17, 2006
322 posts
59 upvotes
Richmond
Mine is 2.99 for 90 days, then P+2.5%

Even worse :twisted:
Invincible wrote:
Dec 3rd, 2018 10:35 am
I was intrigued by this offer as it was better than what Scotia was able to do, but after reading through this thread, the majority of people seem to have been offered P + 1. My offer was +1.5. Not the end of the world but not as enticing, especially when I don't have the need. If it were P + 1 I would have pounced.

So this being a pilot re-introduction, I'm figuring they're probably testing to see what it'll take for people to accept it - and wanting a certain % to accept it for sure, to test the product. (Hence, incentive of a "nice rate". I can't help but think once they roll it out more broadly that rates won't be as favourable. I.e. if I don't accept P1.5, what are the odds that later it'll be any less? I'm thinking slim to none. Thoughts?
Sr. Member
Dec 23, 2001
585 posts
16 upvotes
North Bay, ON
digdeep wrote:
Dec 5th, 2018 7:35 pm
Mine is 2.99 for 90 days, then P+2.5%

Even worse :twisted:
So what are you going to do? At that rate I don't think I'd be tempted. I'm only mildly tempted at mine!
Heat: 159-0-0
Member
Aug 17, 2006
322 posts
59 upvotes
Richmond
Invincible wrote:
Dec 5th, 2018 7:45 pm
So what are you going to do? At that rate I don't think I'd be tempted. I'm only mildly tempted at mine!
I don't like to be dumb so I just ignored it.
Deal Addict
Mar 8, 2013
1955 posts
739 upvotes
Invincible wrote:
Dec 3rd, 2018 10:35 am
I was intrigued by this offer as it was better than what Scotia was able to do, but after reading through this thread, the majority of people seem to have been offered P + 1. My offer was +1.5. Not the end of the world but not as enticing, especially when I don't have the need. If it were P + 1 I would have pounced.

So this being a pilot re-introduction, I'm figuring they're probably testing to see what it'll take for people to accept it - and wanting a certain % to accept it for sure, to test the product. (Hence, incentive of a "nice rate". I can't help but think once they roll it out more broadly that rates won't be as favourable. I.e. if I don't accept P1.5, what are the odds that later it'll be any less? I'm thinking slim to none. Thoughts?
There may come a time when you need a loan or LOC and cannot get it at a good rate. On the other hand, if you never need it or only occasionally for a short term, what does it matter that it is 0.5% higher than the best that others got? I think this is a good thing unless you are prone to abusing credit.
Deal Fanatic
Aug 14, 2007
9150 posts
936 upvotes
Toronto
Wait, is it possible still to get an unsecured LOC from them? I’ve only ever seen secured on the website.
Member
Jun 13, 2018
208 posts
154 upvotes
akaManny wrote:
Dec 6th, 2018 9:31 pm
There may come a time when you need a loan or LOC and cannot get it at a good rate. On the other hand, if you never need it or only occasionally for a short term, what does it matter that it is 0.5% higher than the best that others got? I think this is a good thing unless you are prone to abusing credit.
Must be an RFD thing. An awesome offer of 1.5% over prime gets poo pooed.
Newbie
Jan 3, 2008
24 posts
13 upvotes
Vancouver
XtremeModder wrote:
Dec 6th, 2018 11:12 pm
Wait, is it possible still to get an unsecured LOC from them? I’ve only ever seen secured on the website.
It's a targeted soft launch right now. You need to receive an offer from them.
Deal Fanatic
Aug 14, 2007
9150 posts
936 upvotes
Toronto
Scary wrote:
Dec 7th, 2018 1:23 am
It's a targeted soft launch right now. You need to receive an offer from them.
Ah. Wouldn’t mind having another one. Good to see them improving their product selection.
Deal Addict
Nov 25, 2014
1724 posts
926 upvotes
Newton Brook, ON
mech9t5 wrote:
Dec 3rd, 2018 5:32 am
Not only that, LOC interest is usually calculated daily and savings accounts are usually calculated monthly.
Interest calculated daily means that each daily balance is factored in. It does not mean compounded daily. It can be calculated by the sum of daily balances multiplied by daily interest, or average daily balance multiplied by monthly interest, but both of these calculations are equivalent. Assuming the same cash flows and interest rate, the interest on a savings account, credit card, and line of credit will all be equal for one period.

So, a savings rate higher than a LOC rate is guaranteed to make a profit equal to the difference in rate, as long as there are kept in perfect balance. For that, you need:

1. the receiving end to calculate interest from transaction date so that transfer time isn't an issue
2. to borrow back any payments to the LOC same-day to put back into the savings account
3. to be able to withdraw from the savings account and make a bill payment back to the LOC the same day
You need someone with an umbrella not a fork
Deal Addict
User avatar
Jul 13, 2014
3304 posts
870 upvotes
Parry Sound
Wow, they're bringing back uLOCs? That's great news.

Simplii and Tangerine and back to competing again.... though I still miss the days of PC and ING.
This message has been approved by the Office of the Mayor of Toronto.
Newbie
Dec 10, 2018
5 posts
4 upvotes
What an excellent offer. I have a unsecured line of credit with Scotiabank $41,400 is the limit (weird but is what it) at prime (3.95% at today's rate) plus 2.75%.

The FA at my branch was boggled at how low my rate is on the ULOC.

ANYONE THAT IS GETTING THIS OFFER SHOULD TAKE ADVANTAGE OF IT ASAP!!!

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