# Tangerine new promotion



## gibor365

> You can now earn 2.10% interest* on new deposits to your RSP, TFSA, RIF and Savings Accounts from April 1 to June 30, 2015. Plus any deposits you made from January to March will also now earn this special rate.


It's down from current 2.5% promotion rate, but still very good considering that major banks offers 0.8 - 1.05% and PT 1.8%


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## Beaver101

^ Where do you do see the 2.1% promotion from April 1 to June 30, 2015? The website (as I'm reading it right now) says 2.5% for additional net deposits until March 31, 2015.


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## Soon Forget

It's only for 'select customers' and if you're one of them you'll see the promo when you log in to your account. My wife got the offer but I didn't, so I called them up and said i'd like it too. They gave it to me without any fuss.


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## Beaver101

^ Okay, thanks. But what is the Additional Interest rate in the fine print for that now, any idea? Previously, the 2.5% had a 1.20% rate for the Additional interest calculation but the current savings rate is only 1.05% so I' m not sure how 1.05%+1.20% adds up to 2.50% for that matter. And if this fine print of Additional rate is still 1.20%, and the current published savings rate is 1.02%, then it exceeds the "new" promotion rate of 2.10%?


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## Soon Forget

The fine print:

“Additional Interest” is 1.05% for Savings, TFSA Savings and RSP Savings. is 0.60% for RIF Savings. Additional Interest is added to the Posted Rate to calculate the total amount of interest payable under this Offer (Example: Posted Rate of 1.05% + Additional Interest of 1.05% = Offer of 2.10%)."



The Posted rate of Tangerine accounts in January was 1.30% (before the BOC lowered their rate) + Additional interest of 1.20% = the 2.50% offer in Jan.


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## Beaver101

^ Did you see the 1.05% Additional Interest fine print on "login" because I saw the 1.20% as published in their flying promotion banner online under terms & conditions, not logged in. This was still up as of my post of yesterday at 4:44 pm (triple checked so I wasn't seeing things). Looks like the promotion banner has been removed this morning?


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## 0xCC

There is still this under their "Rate" page
Special offer: Earn 2.5%* interest until March 31 on new deposits to a Tangerine Savings Account, Tangerine RSP Savings Account or Tangerine Tax-Free Savings Account.​
I wonder how they are determining the customers they show this new special offer to? It looks like both my wife and I are not being shown this offer and we both moved 5 figures from PC Financial to Tangerine to get the 2.5% special offer. It will be interesting to see if PC Financial comes up with a new special offer as well.


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## Soon Forget

Beaver101 said:


> ^ Did you see the 1.05% Additional Interest fine print on "login" because I saw the 1.20% as published in their flying promotion banner online under terms & conditions, not logged in. This was still up as of my post of yesterday at 4:44 pm (triple checked so I wasn't seeing things). Looks like the promotion banner has been removed this morning?


Yes - what I posted was after following a link describing the new promotion offered to my wife's account. What you are seeing is the old promo that was available to everyone from Jan-Mar.

Phone them up and say you heard about a new promo starting in April for 2.1% and you want in on it.


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## peterk

I don't see any evidence of this promotion, either logged out or logged in. I was kind of expecting it though, as they have in the past extended these bonus interest promotions. I'll keep my cash in the account for a few days until this matter is resolved though. I would think that extending the promotion would not only apply to some clients, nor would it be something you have to specifically ask for. If it turns out it is I'll be taking my 70k in cash elsewhere...


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## Beaver101

Soon Forget said:


> Yes - what I posted was after following a link describing the new promotion offered to my wife's account. What you are seeing is the old promo that was available to everyone from Jan-Mar.
> 
> Phone them up and say you heard about a new promo starting in April for 2.1% and you want in on it.


 ... my concern is not with the new promotion of 2.10% but the "validity" of the old promotion of 2.50% (also confirmed by OxCC, post #7) if the rates are subject to change without notice bit/fine print. Or in short, the published terms and conditions are not accurate or back to my original post #4 above. 

And now peterk's post indicates no evidence of this promotion, logged in or out ... ?


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## gibor365

Yesterday when I logged, I've see banner that I'm eligible for this promotion in left bottom corner, now I see the same in upper-right corner 
In any case if you call them and tell that you want to move money out, they will give you this rate


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## Userkare

My offer when I sign in to Tangerine is "Earn 2.5% on new deposits until March 31"; I'd better hurry!

Do I understand this offer? You only get the 2.5% (annual) on the new deposits for the promotion period, then it goes back to the regular rate?

So that means 2.5% / 12 = .208% per month. If one were to deposit $10,000 they would get $20.80 interest per month rather than the $8.75 they would get at the normal 1.05% rate?


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## 0xCC

Yes, the 2.5% annual rate is only on new deposits. This is part of the reason that I have both PC Financial and Tangerine accounts. You can keep the majority of cash at one institution and then one institution will offer a special rate deal on new deposits. Frequently the other institution will offer a similar deal within a week or two. Transfer the cash over to the institution that is giving a special rate but doesn't currently have the majority of your cash and you have been able to take full advantage of the special rate. When the next special offer comes along, do the reverse. This is why I am expecting PC Financial to announce a 2% or 2.1% special offer before the end of the week.


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## gibor365

usually those offers done by different institutions the same time ...


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## humble_pie

peterk said:


> I don't see any evidence of this promotion, either logged out or logged in. I was kind of expecting it though, as they have in the past extended these bonus interest promotions. I'll keep my cash in the account for a few days until this matter is resolved though. I would think that extending the promotion would not only apply to some clients, nor would it be something you have to specifically ask for. If it turns out it is I'll be taking my 70k in cash elsewhere...




funny, as in funny-ha-ha :tongue-new:

i suspect this might become an issue for tangerine, somewhat like the TD's inconsistent web-commish-vs-agent-commish-in-currency-gambit-trades.

because some folks are going to receive tangerine's upcoming 1 april-30 june/2015 promotion rate, which aggregates to 2.10%, but it seems that some folks are not.

as far as i can make out, the big orange chose a targeted market group out of the january-march promotion cohort. It is to this target group only that tangerine recently offered the new higher promo bonus for the april-june period.

if you didn't receive the promotional offer by e-mail & if you phone them now, you might get a kind of fudgy response. Evidently they are still enrolling late-comers into the april-june 2.10% promo ... but each late-comer is supposed to have a valid reason, such as being a spouse or close relative or friend of a party who did receive the e-mail offer ...

evidently phoning & saying Heh i Heard about the Promo in an online Forum may not be good enough to get oneself enrolled.

what a drama! i feel that the issue is a bit inflammatory because - uniquely because - these are HISA accounts. HISAs are the bones, the skeletons, the vital organs, the breads & butters, the Moms & Pops & the apple pie forevers of all cash builder savings programs.

evidently in the past ING/tangerine has run targeted marketing programs, but these involved specialized GIC rates that were quietly marketed to a selection of clients. Messing with HISA accounts - in effect offering better HISA rates to some but not all tangerine clients - seems to be a whole new ball game. May they who dare mess with HISAs!


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## 0xCC

Maybe they are doing this sort of targeted promotion to try to stop the "ping-ponging" of deposits. The fact that they seem to be offering the rate on the new deposits from the last promotional period could suggest that this is what is going on. If this promotion does what they intend it to do (which is probably to keep their expenses low by not having to pay out higher interest for everyone and keep the targeted deposits in the accounts) I would expect to see more and more of this behaviour (from other institutions as well).


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## humble_pie

0xCC said:


> Maybe they are doing this sort of targeted promotion to try to stop the "ping-ponging" of deposits. The fact that they seem to be offering the rate on the new deposits from the last promotional period could suggest that this is what is going on. If this promotion does what they intend it to do (which is probably to keep their expenses low by not having to pay out higher interest for everyone and keep the targeted deposits in the accounts) I would expect to see more and more of this behaviour (from other institutions as well).



OxCC i believe you're dead right-on-the-money with these observations each:

it must be costly not to speak of wearisome for the network of HISA institutions to keep circulating more or less the same number of dollars among themselves every few months, as folks chase promotional lures.

it makes sense that they would mine their data in order to find their more loyal customers, then target them.

a tiny detail for any late enrollees who were lucky enough to have a spouse, relative or friend: make sure that everybody - tangerine rep & client alike - understands that the new promo rate of 2.10% is to apply also to net contributions that were made during the january-february-march period (net contributions = contributions less withdrawals.)


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## 0xCC

I'm willing to play some games with Tangerine and PC Financial so let's see what happens here.

I do not seem to currently be offered the new special offer. I did make a deposit in early February to take advantage of the special offer of 2.5% on new deposits that expires March 31, 2015 (tomorrow). I just set up a transfer scheduled for tomorrow to remove all of the cash deposited in early February. I was half-expecting either GIC offer or another special offer to come up on the transfer confirmation page since I was doing a transfer that was 5 figures but that didn't happen.

This cash is moving to my TD account where it will earn no interest. On Wednesday (April 1) I will see if any new special offers pop up at either Tangerine or PC Financial. If either come through with a special offer I will move the cash. If neither do then I might make a phone call to Tangerine to see if they will let me in on the 2.1% offer.


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## humble_pie

0xCC said:


> just set up a transfer scheduled for tomorrow to remove all of the cash deposited in early February ... On Wednesday (April 1) I will see if any new special offers pop up at either Tangerine or PC Financial. If either come through with a special offer I will move the cash. If neither do then I might make a phone call to Tangerine to see if they will let me in on the 2.1% offer.



OxCC i hope u don't mind if i say i would not have done it that way.

if your transfer out goes out as of tomorrow, by midnight on 31 mar/15 your account will not hold the amount originally contributed during the january-march promotion. I'm wondering whether this might forfeit all of the promo benefits?

next, won't you please put yourself in the bank's place.

suppose you remove your deposit _para la manana_, then on or sometime after 1 april/15, you phone the orange citrus. They observe that your $$ are gonegone. But this is contrary to what the citrus is looking for. What citrus wants to see are loyal $$ that have staystayed. Will they give you 2.10% anyhow? let us know


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## 0xCC

I have already received part of the promotional interest on my deposit (the amount for the time I had the deposit in the account for February). Also, I am expecting that the promotional interest will be calculated daily but deposited at the end of the month. Let me verify that expectation though. Here are the full terms and conditions of the promotion (Jan 1 to Mar 31, 2015): http://www.tangerine.ca/en/landing-page/savings2015/termsandconditions/index.html

From section 6 on that page:
Subject to the limits and qualifications more fully contained in these Rules and Regulations, Additional Interest shall be calculated daily and payable monthly on net new deposits made during the Promotion Period into Applicable Accounts which were created prior to this Offer. Additional Interest shall be calculated daily and payable monthly based on the eligible daily closing balances of Applicable Accounts created during the Promotion Period.​
So I think I am giving up one day's interest. I am willing to sacrifice this amount to see what will happen. Also, my wife has the same amount deposited and she will keep her account intact through April 1.

As for looking at this from the bank's perspective, in the words of the Architect from the Matrix Reloaded, "Please". I have resisted playing the ping-pong deposit game until this last round of promotions. In this round the orange citrus was the beneficiary of the deposit. Previous to this they were my go-to institution for funds earmarked for investment. My account usually has a healthy balance that I haven't previously moved around to get the best rate available and has only been drawn down during market dips. Now that the orange citrus wants to target their promotions I am willing to harvest some information to figure out what the boundaries of that targeting might be for the benefit of the CMF community.

Edit:
Oh, and I don't mind you saying that you wouldn't have done things the way I am. I'm willing to take whatever downside my current actions hand to me. I don't think there will be a very high opportunity cost for me in this information gathering experiment.


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## Beaver101

^ Your link is exactly what I saw on March 15, 2015 when I made my first deposit (for TFSA) and again, yesterday twice. But how do you interpret point #5 when regular savings rate is 1.05%? Again, 1.20%+1.05% does not equal to 2.50%:

_ Additional Interest:
5.
“Additional Interest” shall be 1.2%, Additional Interest and/or regular rates may change at any time without prior notice._


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## 0xCC

There was an interest rate cut between the start of that promotion and now. When the promotion started the 'regular' interest rate was 1.30% so that plus the 1.20% = 2.5%. I suspect that the total interest rate since the interest rate cut has not been 2.5% but I do not know that for sure (seems strange that they can keep the "earn 2.5% until March 31, 2015" banners going if this is not the case).

You can see their historical rates here: 
http://www.tangerine.ca/en/rates/historical-rates/index.html 

I think this is probably what prompted me to move some funds from PC Financial to Tangerine, during the first week of February both lowered their rates by the 0.25% that the BoC cut and now the promotional interest more than doubled what the regular interest was. Of course, if I was really concerned about squeezing a little more interest out of the banks I would have been playing that ping-pong game all along. That extra 0.25% cut just gave me the motivation to actually do it.


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## Beaver101

0xCC said:


> There was an interest rate cut between the start of that promotion and now. When the promotion started the 'regular' interest rate was 1.30% so that plus the 1.20% = 2.5%. I suspect that the total interest rate since the interest rate cut has not been 2.5% but I do not know that for sure (*seems strange that they can keep the "earn 2.5% until March 31, 2015" banners going if this is not the case*).


... apart from the banner, point #1 of the terms and condition specifically says, 

_1.The Tangerine Bank (the “Bank”) Savings Interest Offer of* 2.5% (the “Offer”) is available to all new and existing Clients between January 1, 2015 and March 31, 2015 *(the “Offer Period”) on all net new deposits made between January 1, 2015 and March 31, 2015 (the “Promotion Period”) to a maximum of $250,000 per Account registration. The Offer is applicable to net new deposits made to a Tangerine Savings Account (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”), Tangerine Retirement Savings Accounts (“RSP Savings”) and Tangerine RIF Savings Accounts (“RIF Savings”) [hereinafter collectively referred to as “Applicable Accounts”]._


if 2.5% cannot be honoured, then I can't see how 2.10% can be honoured either if the promotional interest rate is a moving target - that or something(s) is misleading ...


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## 0xCC

If you look at the historical rates link I posted above you can see that the previous interest rate changes were a year ago in March of 2014 and then before that in March of 2012. So the question isn't whether the 2.1% will be "the rate", they aren't committing to that, they are committing to 1.05% "rate bonus" but 1.05% doesn't make good marketing copy if you can use 2.1%.

The bank has no idea if the BoC will cut rates in the next 3-4 months and if it does they don't want to be left holding the bag. If you really want a higher interest rate check out this link:
https://www.highinterestsavings.ca/chart/

There is a 2.50% rate in that list as of right now but I don't know how accurate that is.


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## peterk

Perhaps this is why I have not seen the promotion extension on my screen then... I am certainly not a loyal customer. ING was my only HISA for 10 year, but last year I emptied it and moved to CDF (1.75% now, was recently 1.9%). Overall I like Tangerine's interface much better than CDF and would stay loyal, but with 75k+ in cash that I'm saving for a house, I've gotta chase the interest rate, as it make a big difference. I put the 75k in Tangerine in early Feb, and plan to take it out this week unless they keep giving me a higher rate than CDF.


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## Beaver101

0xCC said:


> If you look at the historical rates link I posted above you can see that the previous interest rate changes were a year ago in March of 2014 and then before that in March of 2012. So the question isn't whether the 2.1% will be "the rate", they aren't committing to that, they are committing to 1.05% "rate bonus" but 1.05% doesn't make good marketing copy if you can use 2.1%.
> 
> *The bank has no idea if the BoC will cut rates in the next 3-4 months and if it does they don't want to be left holding the bag.* If you really want a higher interest rate check out this link:
> https://www.highinterestsavings.ca/chart/
> 
> There is a 2.50% rate in that list as of right now but I don't know how accurate that is.


 ... based on the way you describe it, I don't see them committing to any rate for that matter despite my commitment of my deposit. 

If they're not willing to honour that 2.50% that they have "advertised", it is not a big deal for me for this year's annual TSFA deposit. I will most certainly not commit to future monies or new business of any nature. And a good possibility of moving my existing deposits/savings elsewhere.


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## humble_pie

Ox what a lucky combo that you are not only patient enough & good-humoured enough to harvest the correct data - which will come in as of 31 march & 31 april/15 - but also your spouse has a comparison tangerine account that she will not be disturbing, right through april 1st.

you quoted from the Terms & Conditions. Here is the quoted sentence that i believe is a tad ambiguous:

_"Additional Interest shall be calculated daily and payable monthly based on the eligible daily closing balances of Applicable Accounts created during the Promotion Period."_

to me, this sentence could read either way. It could mean a) calculate & pay each month on an entirely individuated eligible monthly balance. But it could also mean b) calculate & pay each month on an eligible balance obtained from scanning all 3 months of the promotion, no?

Q: if the latter (b), how could the citrus pay out in january & february when the march eligible nets were not yet even known?

A: citrus could compensate by adjusting the march payment, if it would discover large withdrawal(s) in march.

no matter how she peels, thank you Ox for carrying on with the carefully calipered sectioning.


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## peterk

^ I think it is b). But a cumulative b), so there is no need to wait until the end of the 3 months. The march promotional interest is more restrictive than the Jan. or Feb, based on what deposits/withdraws happened in Jan or Feb. The daily closing balance is the balance every day to which the promotion applies. If you start with 5k before Jan 1, then add 2k, only the additional 2k gets the bonus interest. If you withdraw 7k on Jan 15, you get 15 days of bonus interest on 2k. If you then deposit 10k on March 15, you get 16 more days of bonus interest on only 3k until march 31st. I think.


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## 0xCC

I think that that midnight Dec 31, 2014 balance (across all accounts) determines the baseline balance that will never get the promotional interest. So in peterk's example I think that the March 15-March 31 interest would be on 5k, not only 3k. But I'm not 100% confident in that.


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## peterk

^ That is also the part that I am not certain about...


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## Synergy

I got the email / memo from Tangerine a few days ago. 2.1% works for me.


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## RBull

Interesting I can't see any reference to this promotion when I log in or go to their site directly. And i didn't recieve any email promo.


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## 0xCC

Would the people that are getting the special offer be willing to post some basic information about their account activity?

I am wondering if these offers are going out to people that either had an automatic savings plan (ASP) set up already or maybe people that have previously made transfers out of Tangerine to get a better special rate at another institution. Or maybe you didn't participate in the last special offer.

I am curious about what criteria (if any, maybe it is random) was used to send the special offer.


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## gibor365

0xCC said:


> Would the people that are getting the special offer be willing to post some basic information about their account activity?
> 
> I am wondering if these offers are going out to people that either had an automatic savings plan (ASP) set up already or maybe people that have previously made transfers out of Tangerine to get a better special rate at another institution. Or maybe you didn't participate in the last special offer.
> 
> I am curious about what criteria (if any, maybe it is random) was used to send the special offer.


promotion 

Don't have any ASP or PPP  but usually next day when promo ends, moving money out .... usually I need to call tem as I transfer more tan 100K and they trying to convince me and give special orders.... On other hand , my son has separate account with much smaller amounts and he got this new offer....


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## Synergy

email:



> As a thank you for being such a great saver, you qualify for a special interest rate offer.
> 
> You probably don't want to shop around for great rates, so don't bother. Your money is already earning top rates with us.
> 
> Keep your January to March 2015 RSP, TFSA, RIF and Savings Account deposits in these Accounts and they'll earn 2.10% interest* from April 1 to June 30, 2015. Plus, get 2.10% interest on new deposits until June 30, 2015.
> 
> Earn this special interest rate on up to $500,000 in eligible deposits to each of your Applicable Account registration types*, with no minimum deposit amount required. The special interest rate will apply as long as your balance is greater than your December 31, 2014 balance. It's a great way to make your money grow.
> 
> Learn more at tangerine.ca/springsaving and log in at tangerine.ca to move money into your Account(s).
> 
> Sincerely,
> 
> Peter Aceto
> President & CEO, Tangerine


Here's the direct link to the special:
http://www.tangerine.ca/en/landing-...urce=SSSBannerA&utm_campaign=SpringSavingSale


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## AMABILE

the special interest rate will apply as long as your balance is greater than your December 31, 2014 balance.
i'm not entitled to this promotion because my balance has been the same since dec 2014.
i first deposited in sept 2014- each time i tried to transfer out- they kept extending the promotion
it's game over for me tomorrow, but i'll keep it there til CIBC or PC does better.


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## humble_pie

Synergy said:


> email:
> 
> Here's the direct link to the special:
> http://www.tangerine.ca/en/landing-...urce=SSSBannerA&utm_campaign=SpringSavingSale




thankx for the clarification synergy. Your pages & links do suggest that tangerine data mined a group of clients who had not only deposited after 31 dec/14 but who also had histories of loyalty or hi-value or both.

the bank says there was also a random selection procedure, so i imagine that creation of the group eligible for the april-june promo consisted of 2 steps - a random selection plus a loyalty/hi-value selection.

me i didn't get the memo although i did contribute during january 2015. It's easy to understand how some clients could feel miffed.

at the same time, it's also easy to understand why the bank wants to reduce the costs & commotion of so many short-term comings-&-goings, with clients departing every 3 months for higher rates at other institutions, only to rotate back again to tangerine soon afterwards.

i think tangerine's marketing management should be persuaded to make their criteria more clear. Could they not indicate at least some details about their loyalty definitions? then clients would have some clue about the profile they are expected to match.

i also think that telling clients in advance that there is going to be a level of random selection would go down much better than saying nothing. The random selection feature does have value for tangerine clients, because it means that lo-value clients (lol is there such a thing as a lo-value client?) as well as non-loyal clients will be included in the random sample. IMHO that is more democratic than limiting bonus promotions only to hi-value clients.


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## 0xCC

I just did an online chat with Tangerine:


> *T:* Hi there! How can I help you today?
> *0xCC:* I have a couple of questions this morning.
> *T:* Alright.
> *0xCC:* I have a co-worker that received an email about a special 2.1% interest rate through June. I don't see anything about this on the web site, do I need to call in to take advantage of this offer?
> *T:* Yes, please call in and we can add you to this.


So it will be interesting to see what experiences people have with this.


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## humble_pie

wow did they ever change direction on a dime. At exactly this time yesterday they were fighting cats & dogs to restrict folks out.


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## humble_pie

all in all i see the situation as a shortcoming on the part of the orange citrus marketing managers.

with much better advance communications, they could have turned the rewards promotion into a fun lottery event, with enough winners to keep folks interested & no hard feelings.


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## 0xCC

I would agree that this could be called a messaging failure. Even if they narrowed it down to be dependent on something that they wanted you to do (like start an ASP and keep it going until the end of the promotion) that would have been better.

I will be calling tomorrow to see if they will actually give me the special rate.

Edit:
Actually, a question for you h_p, where were you hearing or observing that the orange citrus was not allowing people to be added to this promotion?


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## humble_pie

0xCC said:


> Actually, a question for you h_p, where were you hearing or observing that the orange citrus was not allowing people to be added to this promotion?



:biggrin: did i say that?

i don't think i said that. What i said was that yesterday in the early am they were fighting cats & dogs to restrict folks out. I should have added that, as of early yesterday, it was folks who'd heard via internet posts describing details of the promotion, who were going to be refused.

the citrus was saying that a human source of info was ok but an internet source was verboten. Ox i notice you told them you'd heard from a co-worker. LOL. i'm left wondering what earthly difference it makes whether a co-worker or a friend or relative proffers the information, or whether it comes from a (reasonably dignified & reliable) internet forum.

as it happens, there are some longtime wise posters on here whom i'd trust far more to be accurate & perceptive than some of my relatives.


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## 0xCC

I was referring to the "yesterday in the am they were fighting cats & dogs to restrict folks out" comment. Were these reports on another site like RFD or something?


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## humble_pie

^^

i was well trained as a journo, can't reveal sources except to say it was direct from the horse's mouth.

it is accurate to report that, as of 25 hours ago, they were saying they wouldn't acknowledge internet sources of information. It wouldn't surprise me if they have modified that stance greatly, as of today.

one might consider that refusing to deal with all forum/net-based info is backward-looking for any bank, or indeed for any business today.

still, if you're getting the drift here, folks asking to be late-enrolled in the new tangerine promo might offer that they "heard" from a co-worker or a mate, etc.

btw i don't read RFD whatever that is


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## 0xCC

RFD = Red Flag Deals. I found the discussion about this on that site here: http://forums.redflagdeals.com/tangerine-2-1-interest-until-june-30-a-1701965/ 

Thanks humble. I am going to wait and see what happens with new offers from PCF and T tomorrow and if nothing shows up on their website I will make a call.


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## RBull

Thanks for all the info. Please keep us posted as I want to make a move too soon if an offer isn't available at T.


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## 0xCC

So it looks like I received all the interest I expected in my Tangerine account. I just missed out on one day's interest.

I still don't see the 2.1% offer at Tangerine when I log in. However, as expected PC Financial has a new offer for April-June. 2.6% for new deposits but you have to call in to enroll. http://www.banking.pcfinancial.ca/mkt/common/promos/non-registered-2015-spring-en.html has details. The big difference from the Tangerine offer seems to be that the bonus interest will be paid once in July instead of monthly and it doesn't seem to apply to registered accounts.


*Edit*: I just called PCF to enroll and they said they weren't set up to do it yet. It sounds like their system won't be able to do the enrollment until around 9:00 am.

*Edit 2*: Actually, there seem to be more conditions on the PCF offer. The bonus interest rate is only available on new funds deposited from April 1 to May 15 and the interest that is paid out in July " is calculated based on the portion of the Eligible Account's average daily closing balance during the Offer Period that exceeds the closing balance as at March 31, 2015". So taking cash out before the end of June will have an impact of the total interest payment you get in July. I think that mathematically it works out to roughly the same as the interest calculated daily unless you contribute a large sum early (or late) in the promotion and then withdraw it in a few days.

*Edit 3*: Now logging into my Tangerine account it looks like I am being given the 2.1% "Special offer" but only on new deposits starting today. I guess my wife should have pulled her extra deposit out yesterday as well.


> Sorry for the interruption, but we couldn't wait to let you know that you've qualified for a special interest rate offer.
> 
> New deposits to your RSP, TFSA, RIF and Savings Account will earn 2.10% interest* from April 1st until June 30, 2015.
> 
> Let your money grow at a special great rate in your Tangerine Account.
> 
> * 2.10% interest rate Offer is current as of March 23, 2015 and is calculated by adding the Bank's current applicable posted rate ("Posted Rate") with the additional interest rate of 1.05% for Tangerine Savings Accounts, Tangerine Tax-Free Savings Accounts and Tangerine RSP Savings Accounts, or 0.60% for Tangerine RIF Savings Accounts ("Additional Interest"). Offer will be applied from April 1, 2015 to June 30, 2015 on all net new deposits made to the Account since April 1, 2015, to a maximum of $500,000 per Applicable Account registration. The Posted Rate and Additional Interest are annualized rates, calculated daily and paid monthly. Interest at the Posted Rate will be paid at the end of each month. Additional Interest is paid on all open Applicable Accounts at the start of the following month. The Offer and interest rates are subject to change without notice. Additional Interest may not apply to certain internal balance transfers made between existing Tangerine Accounts. Offer is only applicable to Accounts that are eligible for Additional Interest. Offer is only applicable to Clients who have directly received the offer from Tangerine and is non-transferable. Offer will only be applicable to Accounts where Client is the Primary Account Holder. For full details, please visit www.tangerine.ca/springsavingsale/termsandconditions


----------



## mrPPincer

Interesting, my offer is worded differently:



> Sorry for the interruption, but we couldn't wait to let you know that as someone who's been a great saver, you've qualified for a special interest rate offer.
> 
> New deposits you've made since January 1, 2015 to your RSP, TFSA, RIF and Savings Account where you are the primary account-holder will now earn 2.10% interest* from April 1st until June 30, 2015. Additional new deposits you make between April 1st and June 30th will also earn 2.10% interest.
> 
> You've been saving diligently. Let your money continue to grow at a special great rate by keeping it in your Tangerine Account.
> 
> * 2.10% interest rate Offer is current as of March 23, 2015 and is calculated by adding the Bank's current applicable posted rate ("Posted Rate") with the additional interest rate of 1.05% for Tangerine Savings Accounts, Tangerine Tax-Free Savings Accounts and Tangerine RSP Savings Accounts, or 0.60% for Tangerine RIF Savings Accounts ("Additional Interest"). Offer will be applied from April 1, 2015 to June 30, 2015 on all net new deposits made to the Applicable Accounts since January 1, 2015, to a maximum of $500,000 per Applicable Account registration. The Posted Rate and Additional Interest are annualized rates, calculated daily and paid monthly. Interest at the Posted Rate will be paid at the end of each month. Additional Interest is payable and paid on all open Applicable Accounts at the start of the following month, and assumes the Applicable Account was not closed prior to the payment of Additional Interest. The Offer and interest rates are subject to change without notice. Additional Interest may not apply to certain internal balance transfers made between existing Tangerine Accounts. Offer is only applicable to Accounts that are eligible for Additional Interest. Offer is only applicable to Clients who have directly received the offer from Tangerine and is non-transferable. Offer will only be applicable to Accounts where Client is the Primary Account Holder. For full details, please visit www.tangerine.ca/springsaving/termsandconditions


----------



## 0xCC

mrPPincer said:


> Interesting, my offer is worded differently:


Did your offer just show up today (or is this the first time you have logged into your account in the last few days)? The offer you posted seems to be the "extra special" offer that this thread was originally discussing. It looks like the unwashed masses are probably getting the offer I posted. I'll take the 2.6% from PCF, thanks. But if I had the cash in PCF already I would probably be taking the 2.1% from Tangerine.

I agree with the poster either here or on Red Flag Deals that noted that they should just give us a good (lower than the special offers but higher than the current regular) rate all the time and stop playing these silly games. Now I am tempted to pull all my cash out of all the HISA's on the last day of the special offer periods and then see who comes up with the best rate in the next round of offers.


----------



## mrPPincer

I was one of the ones that received the original email offer.

If Tang. doesn't match PCFs 2.6% I will be moving, but I'll probably give it a few days to see what happens.
(I'm not in favour of brand loyalty, it only hinders the level of competition out there imho)


----------



## mrPPincer

0xCC said:


> (or is this the first time you have logged into your account in the last few days)?


yes


----------



## Beaver101

mrPPincer said:


> I was one of the ones that received the original email offer.
> 
> If Tang. doesn't match PCFs 2.6% I will be moving, but I'll probably give it a few days to see what happens.
> *(I'm not in favour of brand loyalty, it only hinders the level of competition out there imho*)


...true ... but if they keep [email protected] around with these promotional rates and whatever marketing #@xxx#! schemes they're coming up with, they'll see the last loyal dinos like me leaving. :frown:


----------



## peterk

I finally see the offer as posted by OXCC this morning. Of course it does me no good, as this is a wholly new program and not an extension. As a result, the cash I already have in the account, which is all my cash, gets no bonus interest. Meanwhile, people who have withdrawn everything on March 30th in anticipation of the end of the previous promotion, a pointedly disloyal move from the bank's perspective, may now make full use of the new program. Well done Tangerine. :rolleyes2:

Looking into the PCF 2.6% special rate. I think this applies to new accounts (not currently with PCF) but I'm not sure. What do you guys make of this statement?

_1. The President's Choice Financial® promotional interest offer (the "Offer") is available to all Eligible Accounts between April 1, 2015 and June 30, 2015 (the "Offer Period"). "Eligible Account" means an existing President's Choice Financial no fee bank account, Interest PlusTM savings account and/or Interest First® savings account and any President's Choice Financial no fee bank account, *and/or Interest Plus savings account that is opened during the Enrolment Period (as defined below). *Only primary account holders are eligible for the Offer. The Offer applies to Eligible Accounts only; it does not apply to registered accounts or other banking products. _

That does mean a new customer will get the offer, doesn't it?


----------



## 0xCC

Yes, a new customer will get the offer. Take a careful look at section 4 on the page you got the section 1 from above. You will find this statement:



> The daily closing balance in any Eligible Account opened during the Enrolment Period will be deemed to be $0.00 until the date a deposit is made in the Eligible Account.


So open an account and it has a $0 balance for the offer until you make a deposit.


----------



## humble_pie

peterk said:


> I finally see the offer as posted by OXCC this morning. Of course it does me no good, as this is a wholly new program and not an extension. As a result, the cash I already have in the account, which is all my cash, gets no bonus interest.



i believe it's the opposite of what you've posted - the new offer *is* an extension & those who deposited into the january-february-march/15 promotion will get the best of it.

a difference between tangerine & some other HISA promotions is that the orange citrus is particularly flexible & generous about withdrawals. Citrus clients withdrawing funds earn promo rates up to the day of withdrawal, often also promo rates on remaining balance after a partial withdrawal *if* the complicated algorithmn the bank is using leads back to a credit balance as of 1 jan//15.

once again i submit that the citrus marketing gurus could have done better at communicating their grand design. However, in my tiny sample i found that citrus reps at the call centres are doing good jobs in explaining the fine details of each customer's account.

peterk may i suggest you contact tangerine re your own personal account? IMHO you could easily be obtaining the 2.10% new promo rate, even without making any new deposits after 1 april/15.


----------



## RBull

0xCC said:


> So it looks like I received all the interest I expected in my Tangerine account. I just missed out on one day's interest.
> 
> I still don't see the 2.1% offer at Tangerine when I log in. However, as expected PC Financial has a new offer for April-June. 2.6% for new deposits but you have to call in to enroll. http://www.banking.pcfinancial.ca/mkt/common/promos/non-registered-2015-spring-en.html has details. The big difference from the Tangerine offer seems to be that the bonus interest will be paid once in July instead of monthly and it doesn't seem to apply to registered accounts.
> 
> 
> *Edit*: I just called PCF to enroll and they said they weren't set up to do it yet. It sounds like their system won't be able to do the enrollment until around 9:00 am.
> 
> *Edit 2*: Actually, there seem to be more conditions on the PCF offer. The bonus interest rate is only available on new funds deposited from April 1 to May 15 and the interest that is paid out in July " is calculated based on the portion of the Eligible Account's average daily closing balance during the Offer Period that exceeds the closing balance as at March 31, 2015". So taking cash out before the end of June will have an impact of the total interest payment you get in July. I think that mathematically it works out to roughly the same as the interest calculated daily unless you contribute a large sum early (or late) in the promotion and then withdraw it in a few days.
> 
> *Edit 3*: Now logging into my Tangerine account it looks like I am being given the 2.1% "Special offer" but only on new deposits starting today. I guess my wife should have pulled her extra deposit out yesterday as well.


I have the same wording etc as you today. I plan to call and see about the "special offer" I am not receiving. If they won't offer I'll have to check out PCF as well.


----------



## RBull

humble_pie said:


> i believe it's the opposite of what you've posted - the new offer *is* an extension & those who deposited into the january-february-march/15 promotion will get the best of it.
> 
> a difference between tangerine & some other HISA promotions is that the orange citrus is particularly flexible & generous about withdrawals. Citrus clients withdrawing funds earn promo rates up to the day of withdrawal, often also promo rates on remaining balance after a partial withdrawal *if* the complicated algorithmn the bank is using leads back to a credit balance as of 1 jan//15.
> 
> once again i submit that the citrus marketing gurus could have done better at communicating their grand design. However, in my tiny sample i found that citrus reps at the call centres are doing good jobs in explaining the fine details of each customer's account.
> 
> peterk may i suggest you contact tangerine re your own personal account? IMHO you could easily be obtaining the 2.10% new promo rate, even without making any new deposits after 1 april/15.


HP, there are 2 different wordings. I am in the same situation as peterk. I will call later and see if they will extend this offer to me as a "valuable client".


----------



## m3s

humble_pie said:


> one might consider that refusing to deal with all forum/net-based info is backward-looking for any bank, or indeed for any business today.


Yup, so much for the "Forward Banking" tag line. Expected as much when BNS took over




mrPPincer said:


> Interesting, my offer is worded differently:


Mine as well



> Dear m3s,
> 
> You don't need to look very far to find a great rate for your savings. As a thank you for being such a great saver, you qualify for a special interest rate.
> 
> Earn 2.10% interest* on your new Savings deposits.
> 
> We know how much you want to watch your savings grow. That's why we're offering you a special 2.10% interest rate on all new deposits made to your Tangerine RSP, TFSA, RIF and Savings Accounts until June 30, 2015. So instead of wondering if there's a better rate out there, you can feel great about the fact that you've already found it.
> 
> Earn this special interest rate on up to $500,000 in new deposits to each of your Applicable Account registrations.* It's a great way to make your money grow.
> 
> Learn more at tangerine.ca/springsavingsale and log in at tangerine.ca to move money into your Account(s).
> 
> Sincerely,
> 
> 
> Peter Aceto
> President & CEO, Tangerine


The strategic response would be to move all my daily banking elsewhere, open idle savings accounts everywhere, and just chase the quarterly promo rates RFD style.

They should just create a promo for "forum members" Other idustries have discounts for forum members.


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## humble_pie

RBull said:


> HP, there are 2 different wordings. I am in the same situation as peterk. I will call later and see if they will extend this offer to me as a "valuable client".



i understand perfickly that there are 2 different wordings. For all i know there might be several different wordings. Everything depends on how the algorithm & the data miners look at your past history each:


----------



## humble_pie

we all do realize this is much ado about next to nothing, in fact a tempest in a teapot & a mere bagatelle i hope ...

with $100,000 in moveable cash, the difference between 2.10% & the 2.60% promo being offered at PC - although with less flexible WD terms than tangerine, i do believe - is only $500 per annum or $1.37 per day. Less than a coffee.

for folks with less than 100k, far less than a coffee. Not even enough to buy a packet of veggie seeds for the garden, now that spring is here.

one can see how the online banks are all trying like mad to herd customers into what amount to quasi-90-day-GIC arrangements. It's understandable that, from the banks' pov, they all want $$ deposits that they can count on.

me i don't think tangerine is doing such a bad job, i just feel they would have done better if the marketing gurus had been more open - plus a lot more fun - about how they're trying to encourage loyalty. A mistake they're really making is discounting the power of the internet as a media.

as things are, we're left to flounder around & share tips while trying to figure out how to outwit the citrus.

a hint: if you contact the citrus & they tell you you're not eligible for the 2.10% promo even though you know you've been a decent client, ask to speak to a supervisor. I gather the front line reps have been instructed to refer all *hot* cases to supervisors.

good luck, tout le monde


----------



## carverman

humble_pie said:


> as things are, we're left to f*lounder around & share tips while trying to figure out how to outwit the citrus.*
> 
> a hint: if you contact the citrus & they tell you you're not eligible for the 2.10% promo even though you know you've been a decent client, ask to speak to a supervisor. I gather the front line reps have been instructed to refer all *hot* cases to supervisors.


so much for "forward banking"....
..and tell citrus to can their stupid ads with the idiot holding the orange coffee cup on a jetski/standing next to the snowblower...
...so sick of those ads!:biggrin:


----------



## 0xCC

humble_pie said:


> we all do realize this is much ado about next to nothing, in fact a tempest in a teapot & a mere bagatelle i hope ...


Agreed, in the grand scheme of things this isn't really that big of a deal. It was a slightly bigger deal yesterday when it was a 1.05% vs 2.10% issue but still that is $2.87/day on $100k, or a little under 3 cents a day for every $1000 deposited. Still not much to get too excited about.

In the end, it is just games and if anyone wants to maximize their interest (like peterk does understandably given their reported targeted use of the money) they can do it quite easily. It isn't hard to open an account at either institution and it is probably even easier to just phone them up and politely ask the front-line CSR to be added to whatever promotion fits their situation. Thanks to this thread it should be fairly easy to figure out which promotion will be best for anyone's individual situation.

It seems like the orange's "competitive intelligence" department didn't quite hear the whispers of PCF's promotion quite right. The customers that they gave the 2.1% to on new deposits since Jan 1, 2015 don't really have too much of an incentive to not jump to the PCF 2.6% rate if they planned on keeping their deposit in until the end of June anyway. I would expect that the ultimate goal is for either institution to keep as many deposits in-house for as long as possible and in that respect I think the orange's deposits are slightly less sticky today than they were yesterday.

Anyway, interesting how this has played out. I'm happy I have a good rate until June (or May 15 depending on how you look at it) but I am slightly disappointed I am not considered a good enough customer by orange to have been worthy of the early special offer.


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## Beaver101

carverman said:


> so much for "forward banking"....
> ..and tell citrus to can their stupid ads with the idiot holding the orange coffee cup on a jetski/standing next to the snowblower...
> ...so sick of those ads!:biggrin:


 ... LOL! I forgot about those "ads" ... citrus has become a lemo on my list ... but then all banks are lemos on my list. :biggrin:


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## mrPPincer

I cut the cable decades ago so thankfully I've never even seen that ad


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## gibor365

From what i understand the difference between Tangerine to PCF promotion:
1. In Tangerine you are getting interest earn every month
2. In PCF, you'll get regular interest 1.05 every month , but promotional interest (2.6 - 1.05 = 1.55%) only once in July 2016

Is it correct?


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## AMABILE

will this work ?
withdraw your money from tangerine
wait a couple of days--transfer back in
it's a new deposit, eligible for 2.1% ??


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## 0xCC

gibor said:


> From what i understand the difference between Tangerine to PCF promotion:
> 1. In Tangerine you are getting interest earn every month
> 2. In PCF, you'll get regular interest 1.05 every month , but promotional interest (2.6 - 1.05 = 1.55%) only once in July 2016
> 
> Is it correct?


Yes, that is correct. The other thing is that PCF only counts new deposits until May 15 but Tangerine I think counts deposits until June 30.



AMABILE said:


> will this work ?
> withdraw your money from tangerine
> wait a couple of days--transfer back in
> it's a new deposit, eligible for 2.1% ??


No, that won't work. The balance as of the end of the day on March 31 sets up your baseline balance. New deposits have to bring your balance above that baseline. Unless you got the extra special offer before today then your baseline balance was from back on December 31, 2014.


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## gibor365

OK...opened PCF account today...


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## carverman

Beaver101 said:


> ... LOL! I forgot about those "ads" ... citrus has become a lemo on my list ... but then all banks are lemos on my list. :biggrin:


They play those stupid ads every 5 minutes..now you know why they aren't paying as much interest as they should be...a big chunk of the money they take
in is spent on TV advertising..which is very expensive, so they play games with the interest rates that they do pay on savings.

I noticed that as March 31st, the idiot with the "tangerine coloured coffee cup' has abandoned his riding on the back of a jet ski to lurk in a womens yoga studio and massage parlour...

Same old : "if Nancy has a checking acct and pays fees.... and...slurp!...slurp!.. (camera pans to massage table) Jean here has an account and doesn't pay fees.....she must be...with Tangerine". 
Hidden message to TV fools: What am I doing here in a women's yoga studio and women's massage?.....I'm undercover trying to convince all the females out there to move their money to 'citrus'.

I much prefer the old "Orange' TV ads.. with .that "Austrian" or "Dutch" sounding announcer with his simple message.."SAVE YOUR MONEY!"


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## carverman

gibor said:


> From what i understand the difference between Tangerine to PCF promotion:
> 1. In Tangerine you are getting interest earn every month
> 2. In PCF, you'll get regular interest 1.05 every month , but promotional interest (2.6 - 1.05 = 1.55%) only once in *July 2016*


I hope you wouldn't have to wait THAT LONG for the interest promotion...
here is their deal..


> Enrol by May 15 to *earn 2.6%* interest until June 30, 2015 on new deposits combined across these accounts:*
> Interest PlusTM savings account
> No fee bank account


PCF is now in the..... "get them to switch" game.

All righty then...What is "citrus" offering to counter that?.... 2.65%? or free "citrus points" redeemable at ? ..hmmmm?

"If PCF offers free checking with no fees and pays 2.6% interest on new accounts opened before......"


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## humble_pie

HISA customers who switch banks should remember that there will be a switching period during which the funds will not earn any interest. Funds must travel electronically from the original HISA bank to the connect chartered bank; from there, funds must travel electronically out again, to the new HISA bank. 

what with the easter friday banking holiday, the loop of no-interest switching days could number four, five or more days across this weekend. On $100k, 5 days means $28.76 in interest that'll be lost. This delay/loss will reduce the promised return of a new HISA bank.


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## mrPPincer

^very good point, I just checked my records and the last time I pushed money into my PCF account (from Hubert) it took two business days, so if I tried to initiate a similar transaction today it would probably take the entire long weekend, 5 days or so as you say.

It would be preferable to pull the money into PCF, initiating the transaction from there which would mean no time lost in transit, but linking accounts for PCF is a bit more of a hassle, you need to mail in a void cheque (or the equivalent I assume) and my Tang. account is not a chequing acct.

Simpler for me to link it on Tangerine's end which can be done online.
I've initiated the account link process on the citrus site this morning and will do the transfer next week if Tang. has not matched the PCF rate by then.


----------



## 0xCC

Here are some baseline numbers to consider when figuring out if it makes sense to make a switch:

At 2.1% interest $1000 will generate $0.0575 in interest per day.
A 0.5% interest rate differential (for example 2.6%-2.1%) generates $0.0137 per day per $1000.

So for every day lost in transit (if you are getting the 2.1% extra special rate) you need 5 days (4.19 actually but you don't get interest for a fraction of a day) to make up the difference.

In the case where you didn't get the extra special offer and are currently earning 1.05% in your Tangerine account:

At 1.05% interest rate $1000 will generate $0.02876 in interest per day.
A 1.55% interest rate differential (2.6%-1.05%) generates $0.0425 in interest per day.

So for every day lost in transit you need 1 day to make up the difference (0.677 of a day actually). Not a hard argument to make if you aren't an extra special orange customer. 

On the other side, if you have funds in PCF already (and therefore will only get the 1.05% rate instead of the 2.6% rate) you need one day in Tangerine to make up for 2 days of interest lost in transit. Thanks to Tangerine for making the calculation easy (2.1%-1.05% = 1.05%).

And if you are going to open a Tangerine account to take advantage of the double interest rate situation I humbly offer you my Orange Key which will get both you and I an extra $50 if you are a new customer and open an account. My Orange Key: 15701901S1 (that second last character is an 's').


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## mrPPincer

Ah, thanks for crunching the numbers, so if it takes 2 days as it did with the Hubert transaction, it will take 9 days at the higher rate to make up the difference.

It's easily worth it then for me to just push the money after the weekend and see how long it takes (and maybe still try to add a link on the PCF site for future use, just not this time around because the process could take weeks).


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## gibor365

> Ah, thanks for crunching the numbers, so if it takes 2 days as it did with the Hubert transaction, it will take 9 days at the higher rate to make up the difference.


First of off I never do big amounts online transfers on Thu or Fri.
I noticed that many online banks like Tangerine , indicates that they received your money next day, even though I see this money still on CIBC account.
Actaully, the fastest way to transfer for PCF, it's just to deposit cheque in their ATM, you get this money immediate on your account and start earning interest.... Did it yesterday when opened account and when I came home cash was already on my PCF account...


> On the other side, if you have funds in PCF already


 You shouldn't have any funds in those banks when there is no promotion.... I just keep it in PT who has no promotions, but stable 1.8% on HISA, when promotion starts in any other bank, I do online transfer


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## mrPPincer

gibor said:


> Actually, the fastest way to transfer for PCF, it's just to deposit cheque in their ATM, you get this money immediate on your account and start earning interest....


That would work too but I was waiting for one of their cash bonuses for opening a new chequing account with Tangerine so I don't have cheques with them yet.



> You shouldn't have any funds in those banks when there is no promotion.... I just keep it in PT who has no promotions, but stable 1.8% on HISA, when promotion starts in any other bank, I do online transfer


I do the same, but with Hubert, although I do have a non-reg. HISA with PT, but Hubert is my main hub, connected to my CIBC brokerage account, and all my other HISAs, and they are often the highest paying of the ones that don't do the perpetual 3-month teaser rate programs.
Right now for example Hubert is paying a 1.95% regular rate, only equalled by Accelerate, & a little better than all the others atm.


----------



## humble_pie

*Not* really about tangerine

there was some flashy scrambling around last quarter to nab the highest-payng HISA promotions, including speed-limit-defying dash in automobile to ATM in next town plus much brandishing of spreadsheets to calculate daily interest accruals ...

in the end folks settled down with PT & BMO, paying i believe 2.60% & 2.50% respectively, for introductory 3 months.

tempus fugit, the 3 months will be ending 30 june/15, has anybody ID'd the next big promotion?

all i know is that the BMO introductory rate for their savings builder account drops to a more normal 1.30%. Those enrolled have to keep adding a minimum $200 monthly to stay qualified. 

even if there's nothing better, 1.30% likely pays better than existing tangerine accounts, unless they're rolling out a new promo.


----------



## mrPPincer

PCF and Tangerine seem to keep on rolling out the 3-month promotions on new money, with slight changes in the rules of the game each time; no news on the next promotions yet.
Trick is to have all the money out before the start date of the next promo bonus for new money.
A few of us have been doing this for something like 2 years now, bit of a PITA, but overall results are rates competitive with or higher than GIC rates.

A link to promos
https://www.highinterestsavings.ca/promotions/


----------



## Synergy

I'm currently with both Tangerine (extended promo) and PC Financial (2.6% ish). Trying to figure out what to do come July.

I'm also curious to learn more about what others are doing.


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## Synergy

mrPPincer said:


> Trick is to have all the money out before the start date of the next promo bonus for new money.


When would be a good time to move the money? Would the 24th or 25th of June be safe?


----------



## mrPPincer

I'll probably wait until the 29th and pull it out of PCF from Hubert, which might show up as a withdrawal on the 30th (not sure).
After i receive the interest and the promo interest I will immediately withdraw that as well.

It varies when they start the new promo, sometimes they wait a couple weeks, sometimes not, sometimes they start the next one early, but since both PCF and Tang are / have been competing, if I don't get the money out of one in time, I then use the other's promo.


----------



## 0xCC

Synergy said:


> When would be a good time to move the money? Would the 24th or 25th of June be safe?


In the last round (that ended at the end of March) I pulled cash out of Tangerine on the 30th of March, their new promotion started on April 1 for new deposits. I didn't get the extended promo offer. Since PC Financial had a better rate than Tangerine's 2.10% (vs. 2.6% at PCF) I just moved the cash to PCF.

I think there have been previous offers where what was considered "new" deposits were based on the balance 5-7 days before the promotion started. From the little bit I have looked around it seems like the last couple of promotions were based on new deposits from the day the promotion started. So you might be able to make the withdrawal on June 29th so that your June 30th closing balance is low and you can take advantage of any promotion starting in July...


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## gibor365

> might be able to make the withdrawal on June 29th so that your June 30th closing balance is low


 and if they extend promotion? Money you withdraw won't be counted as a new money....



> After i receive the interest and the promo interest I will immediately withdraw that as well.
> 
> It varies when they start the new promo, sometimes they wait a couple weeks, sometimes not, sometimes they start the next one early, but since both PCF and Tang are / have been competing, if I don't get the money out of one in time, I then use the other's promo.


And where do you plan do deposit this money? CIBC with 0.85%? And if they don't start new promotion for several months? PCF or Tangerine give at least 1.05%...
I also think both PCF and Tang gonna start new promo same time, so if you hold in either, you can always move "new" money to another one... 
There is also PT with 1.6% , but I'm a bit scary to put all my cash there ... .even though they CDIC insured.... until you get money from CDIC , you won't have available cash at all....
So, after I get interes and promo int, probably I will move portion to PT , and when Tang opens new promo , will move All there...
P.S. the question whose next promo (PCF or Tang ) will be better?!


----------



## mrPPincer

I keep mine in Hubert when there's no promo going on, Hubert is paying 1.9% and I have them linked to everything, even to my CIBC IE brokerage account.
They aren't cidc, but they have the manitoba CU insurance, good enough for me.

Anybody's guess who's promo will be better, we'll have to wait & see


----------



## 0xCC

My guess is that the interest rate for PCF and Tangerine will be exactly the same for the next promo. The differences will be that PCF will pay interest at the end of the promo and Tangerine will pay at the end of the promo period. PCF will use "average daily closing balance" in their calculations and Tangerine will use "daily closing balance".


----------



## gibor365

> The differences will be that PCF will pay interest at the end of the promo and Tangerine will pay at the end of the promo period


 agree, only Tang will be paying every end of months....  thus with same rate Tang is better as interest is compounded 

CIBC actually reduced rate to 0.8  , last year (or beginning of this year) they also had promotion at 2%


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## mrPPincer

gibor said:


> agree, only Tang will be paying every end of months....  thus with same rate Tang is better as interest is compounded


Actually, even though Tang pays every month & compounds, & PCF pays the bonus interest after the end of the promo, the annualized rate is effectively the same as advertised for PCF, in other words, it is compounded even though you don't see it until the end.

I crunched the numbers in another thread and from the results of my real numbers in that one case, it seems you lose nothing in regards to compounding with PCF even though with their weird system that they have it would seem to be otherwise, but not the case.


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## gibor365

> I crunched the numbers in another thread and from the results of my real numbers in that one case, it seems you lose nothing in regards to compounding with PCF even though with their weird system that they have it would seem to be otherwise, but not the case.


interesting , but ...wierd 

btw, is anyone knows list of dates of historical Tang and PCF promos for last couple of years?


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## 0xCC

gibor said:


> interesting , but ...wierd
> 
> btw, is anyone knows list of dates of historical Tang and PCF promos for last couple of years?


This link (from mrPPincer above) has expired promotions as well: https://www.highinterestsavings.ca/promotions/


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## gibor365

0xCC said:


> This link (from mrPPincer above) has expired promotions as well: https://www.highinterestsavings.ca/promotions/


Maybe I mistaken, but my guess that next PCF/Tang promotion will start on Sep 1 (with "back to school" slogan)


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## Synergy

We need some insider information!


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## 0xCC

Start pulling those funds out, it looks like there are deals in the wind...

http://forums.redflagdeals.com/tangerine-targeted-offer-3-6-months-saving-account-1757731/

It looks like maybe a current $10k balance is required to get the 3% until Dec 31, 2015 offer but people are calling in and getting 2.5% until Dec 31. If past patterns repeat there could be a 2.5%-3% offer for new deposits for everyone showing up on June 30 or July 1.


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## Synergy

I haven't got an email yet. I've got over 100k in their savings account so I think I will call today. 3% until Dec would be sweet.


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## mrPPincer

Just phoned in to Tangerine and they gave me the 3% rate until Dec 20, so thanks for letting us know OxCC!!
The girl on the phone asked where I heard about it for credit, so I told them CMF and Canadian High Interest Savings Accounts forum, because I went there for more info.
Moved 70K from PCF immediately as soon as I saw the new rate on the account info screen 

Oh, and btw, she gave me the 3% rate without me even suggesting I'd be moving any money, even though I had only twenty-some-odd dollars in there.

PS the fine print gives a start date of today.. so very timely info!
As well, there are no 'new money' strings attatched on this promo either


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## Synergy

Just got off the phone myself and they applied the 3% to my account for my existing balance and any new money I deposit (up to 500K). Sweet deal, now I have a place to transfer my PC money. Still a little weary with regards to going too much over the CDIC limit but the offer is so appealing!


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## 0xCC

Did either of you two (mrPPincer or Synergy) get the previous 2.1% offer until June 30? There seems to be some discussion about people being told that they already have the 2.1% offer but it doesn't seem to be consistent.

Also important to note that this seems to be on the total balance, not just new deposits so there shouldn't be any need to withdraw funds before the end of the month or making the call.


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## Synergy

Yes, I had the previous 2.1% offer until June 30th. He checked my account and told me because I have been with them since 2014, have a good sized balance and have not moved my money out of the account that they he would apply the new promo to my account. I get the sense that this is on a case by case basis. Best of luck to all and yes, thanks Oxcc - much appreciated for the heads up!


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## mrPPincer

I had the 2.1% offer running, but PCF was paying more so I had most of my cash sitting there.
Once I signed out and signed back in the 2.1% one was gone. replaced by the 3% offer.


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## Itchy54

I too just got off the phone with tangerine and the 3percent is applied immediately, even though I already had the 2.1 offer. My offer good for 180 days on both my savings accounts.
Transfers in place from other banks...
Thanks for the heads up on this....mucho gracias!


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## Synergy

mrPPincer said:


> I had the 2.1% offer running, but PCF was paying more so I had most of my cash sitting there.
> Once I signed out and signed back in the 2.1% one was gone. replaced by the 3% offer.


What's the fastest way to transfer money from PCF to Tangerine? Write a cheque from your PCF account and use the cheque in application at Tangerine? Can you transfer directly from PCF to Tangering online? Currently I can transfer money in and out to both Tangerine or PCF through my TD account but I'm pretty sure I'm not set up to transfer directlry form PCF to Tangerine. Thoughts?


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## gibor365

> Currently I can transfer money in and out to both Tangerine or PCF through my TD account but I'm pretty sure I'm not set up to transfer directlry form PCF to Tangerine. Thoughts?


 Yes, I have same thing via CIBC... I think I can attach PCF directly to Tangerine, but it will take more time than transfering via major bank (like CIBC or TD).
*btw, If we move money from PCF before Jun 30, I hope PCF will still pay 2.6% interest?! and when usually they pay?*


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## Synergy

gibor said:


> *btw, If we move money from PCF before Jun 30, I hope PCF will still pay 2.6% interest?! and when usually they pay?*


I figured they'd be required to pay but I'm in no rush so I will try to contact PCF. I there's any sort of penalty I'll hold off until July.


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## gibor365

On other forum I've read that Tangerine deal only until Jul 1 ...


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## mrPPincer

I have PCF linked already in my Tangerine interface, so for me it's better to pull from Tangerine, no risk of money being lost in transit for a day or two that way.
Similarly, if I wanted to pull from Tangerine into PCF, that would be best done from the PCF site, but not sure Tang. is linked in the PCF interface yet, in which case just to keep it simple, I'd push it over from the Tangerine interface.

I also have a 3rd bank connected to everything as a hub, but 2 transfers slows things down, especially if you're pulling from the 3rd bank in the first transaction, because there would be a hold on the cash for whatever number of days is their policy.
Incidentally, when money is pushed in from elsewhere I've never seen a hold on that cash at any of the institutions i use.
___



> btw, If we move money from PCF before Jun 30, I hope PCF will still pay 2.6% interest?! and when usually they pay?


They'll pay the 2.6 %. At least from the one case where I crunched my own numbers in another thread; I had gotten in late, and moved the money out early, and shuffled some around a bit in the middle, but after doing the detailed calculation, I found that PCF did pay precisely the full *annualized* rate that they had advertized.


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## mrPPincer

gibor said:


> On other forum I've read that Tangerine deal only until Jul 1 ...


They must have been talking about the Tangerine 2.1% deal, between April 1 and June 30, which was to targetted clients only, or maybe they were confusing the two different offers.


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## gibor365

> because there would be a hold on the cash for whatever number of days is their policy.


 CIBC actually doesn't have holds on such transfers... too bad I was too lazy and didn't attached PCF to Tangerine.

when I should expect PCF bonus interest if promo ends Jun 30?

Are you moving 100K? I intend too even though it's above CDIC limit, but don't believe Tangerine going bankrupt....

btw, offer doesn't ends July 1, you can contribute any time ang get 3%


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## mrPPincer

Me? I'm only moving 70K, but even if I had it all in the same place I don't have to worry about the cidc limit right now, because I have less than 100K cash in non-registered (& some in PT TFSA, but still total cash is still a shade under 100K atm)


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## gibor365

Oh...I thought you are richer  
Synergy mentioned that he has more than 100K...
I have another dilemma  My cash portion in PT TFSA give me 2.25%, Tangerine offer of 3% only on cash account... if I move PT TFSA money to saving acc in Tangerine , I earn 33%... but I need to pay taxes on those 33% ...so maybe doen't make sense as I will be BE...
But definetely I gonna move my mom TFSA $ into Tangerine as she with her income she doen't pay anything


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## mrPPincer

gibor said:


> when I should expect PCF bonus interest if promo ends Jun 30?


Based on PCF's 3.1% promo in 2014, from Sept.30 to Dec.15 (a Monday), they paid me the promo interest on Friday Dec.19th, four days after the promo ended.

June 30 is on a Tuesday, so conceivably it could take until Monday July 6.


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## Synergy

gibor said:


> I have another dilemma


Keep the money in your TFSA! The tax man is getting enough of your money, no?


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## gibor365

Synergy said:


> Keep the money in your TFSA! The tax man is getting enough of your money, no?


Yeap, I'm keeping mine ....just transfered my mom's....


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## 0xCC

gibor said:


> On other forum I've read that Tangerine deal only until Jul 1 ...





mrPPincer said:


> They must have been talking about the Tangerine 2.1% deal, between April 1 and June 30, which was to targetted clients only, or maybe they were confusing the two different offers.


It sounds like the sign-up period for the deal is only until July 1. My guess is that a new promotion comes out sometime between June 30 and July 2 that gives 2.5%-3% on new deposits only (as opposed to the current deal that has the promo rate applied to all balances).


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## humble_pie

^^

interesting thought ... definitely all should take note of possible expiration of sign-up period on 1 july/15, should clarify with tangerine representative or even consult Terms & Conditions, since i found at least one rep to be unclear on this issue.

meanwhile a dark side thought about the promo occurred to me. It won't stop me from signing up, but the dark thought went like this. 

as we all know, scotia bank bought ING canada, now tangerine. Suppose BNS treasury needs to raise a pile of $$ soon, foreseeably for the next 6 months or so. They know that tangerine can raise some of those funds far more quickly than the regular BNS retail banking network. In effect, the folks at scotia know they can rapidly crowd-fund many extra millions of $$$ from the nimble retail money movers out there in the internet, some of whom are posting right here in this thread.

the question is, why would scotia need extra $$$ for the next 6 months?

this 3% across-the-board offer is likely to be the best promo offer anywhere in canada. Just wondering why scotia has put itself so far ahead of the competition ...


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## 0xCC

PCF (aka CIBC) isn't stupid or blind. I am sure they knew this was coming from BNS/Tangerine before the offer went out to Tangerine customers. So either they will have a matching promotion coming in early July or you are correct hp, that BNS needs some funds for something and is willing to pay a little bit of a higher interest rate for it.


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## GoldStone

I called Tangerine and asked for 3%. Got denied. The girl said it's a retention offer. I have zero balance at Tangerine --> there is nothing for them to retain.

ADDED: I created an online transfer for $50K before I called. The girl saw it, but denied me anyway. They don't seem *that* desperate for $$$.


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## 0xCC

It seems as though people that get denied have been calling back and getting approved. There are a number of people on the Red Flag Deals forum thread that have been denied but were approved after calling a second or third time.


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## GoldStone

0xCC said:


> It seems as though people that get denied have been calling back and getting approved. There are a number of people on the Red Flag Deals forum thread that have been denied but were approved after calling a second or third time.


Yep. I called again... got 3%.


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## 0xCC

GoldStone said:


> Yep. I called again... got 3%.


Nice. I haven't called yet, it is on my list for today.


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## gibor365

> The girl said it's a retention offer. I have zero balance at Tangerine


 I also had $0.09 and got 3% promo from 1st time 

Interesting that this is very unusual promotion....it's not published anywhere except 2-3 forums .... so i don't think huge number of customers gonna get it... probably Tangerine need some specific amount of $$$? 



> PCF (aka CIBC) isn't stupid or blind


 True! But Tangerine got a smart move  They launched new promo 1 week before ends PCF current promo.... so they got millions from PCF ... now even if PCF will match this offer, I doubt many will move $$$ back...


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## 0xCC

Wait until next week. I am expecting that suddenly 3% will become much more widely known. I suspect it won't be exactly the same offer (my guess is new deposits vs. total balance will be the main difference but it might be 3% vs. 2.5%) but some widely announced offer will show up next week.


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## gibor365

btw, Tangerine offers $120 if you move there you payroll direct deposit... is anyone did it? How it's really work? Should I notify my HR about it or something esle?
If it's 5 min of work, I'd do it....


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## Spudd

I did it like 2 years ago when they were offering something similar, it worked fine. It was pretty easy. I just had to notify payroll of the new account number (at my company it was an online form, 5 minutes max).


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## 0xCC

I called up and asked to be signed up for the 3% for 6 months offer.

The representative asked if I had any communications from Tangerine about this offer. I said no. He said that the offer is only for customers with more than $10k in their account and since I didn't have that much in I would need to transfer the money in and call back. I asked if he could set up a transfer right now and enroll me in the 3% offer and he said that he could do that.

So we set up a transfer (I had moved cash out of PCF as of today anticipating a new offer on "new" balances this week so I had the cash my TD account ready to go) and I got signed up for the 3% offer. Logged into the website and verified that I have a 3% special offer until Dec 25, 2015.

Besides being on hold for 10 minutes before actually talking to anyone it was pretty easy to get enrolled.


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## gibor365

They say the same (about 10K) to my son and he's transferring his money now....

Looks like they changed this offer, because when I called I had only 9 cents and rep didn't mention anything about 10K


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## peterk

Does it expire July 1st? I don't have time to transfer 10k in before then...


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## 0xCC

peterk said:


> Does it expire July 1st? I don't have time to transfer 10k in before then...


It seems like some people are talking about a July 1st expiry for signing up for the offer but I don't think I have seen anything directly from Tangerine that confirms this (but there might be something quoted from Tangerine in the Red Flag Deals thread I linked to above).

I think that it is probably possible to get the offer without having the $10k, you just need to talk to a slightly more flexible agent. If you can handle a 10-15 minute wait before you actually talk to an agent just try to get the offer without having $10k. If they don't give it to you you can try to get them to set up a transfer that is post-dated to whenever you can have the 10k. If they still won't give it to you, try calling back again. As gibor has pointed out people are getting signed up for the offer without having the $10k in their account or transferring the amount.


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## peterk

New offer is up! 3% until Nov. 30th. I'm moving my cash there now... this is an extra $90/month over what I'm getting at Canadian Direct Financial right now


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## nathan79

Nice. I just moved 9K from PCF.


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## 0xCC

Some slight differences from what I was expecting the new offer to be. I expected it to be on new deposits only which it is but I also expected that it would go as long as the "targeted" offer (i.e. 180 days) but it only goes until Nov 30. Still not a bad deal and it doesn't look like PC Financial has a competing offer yet.

I didn't get my wife to call in for the 180 day 3% offer but she did pull most of her cash out of Tangerine (and PCF) at the beginning of this week in anticipation of an offer that only applied to new deposits.

This stuff is getting a little bit silly though. Bouncing cash around because of these "new deposits" promotions. It would be interesting to know from the bank's perspective how much more interest they would end up paying if they didn't have the new deposits condition.


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## Itchy54

Yes, the "new " email offer is the 3 percent until nov 30, on new deposits only. So glad I called last week and got the 3 percent on all my money until dec 25. Hate the new deposit clause on the most current offer. I don't understand why they encourage people to take their money out and then redeposit it.


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## RBull

^ditto here. I think the answer to your question is simple. They aren't encouraging people to do that. Most won't. They're protecting themselves from paying higher interest rates to all their customers, and trying to attract only new money. 

When I called it was obvious the agent was fishing around to see what I knew about promo rates/offer etc to try and avoid paying too much.


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## cashinstinct

Tangerine regular rate dropped to 0.80% today.

For the 3% offer for 6 months (existing deposits / new deposits), bonus rate is now 2.20% , so the total is still 3%.


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## 0xCC

If you only have the bonus interest until November 30 on new deposits between July 2 and September 30 the additional interest has not been bumped up so you are only getting 2.75% now instead of the 3% the offer was originally giving.

It looks like PC Financial has not dropped their regular interest rate yet, it is still sitting at 1.05% this morning. I would not expect that to last though. Maybe PCF will come out with a 2.85 interest rate offer soon in order to suck some funds away from Tangerine.


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## gibor365

> Maybe PCF will come out with a 2.85 interest rate offer soon in order to suck some funds away from Tangerine.


it make sense for them to do it only in December.... and I hope they gonna do it.... need to transfer money somewhere after Dec 20


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## humble_pie

for the record, but probably only of interest to BMO IL broker clients - BMO bank has an account type called Savings Builder. It's a new product that was launched in early april/15 with a 3-months 2.50% promo rate.

that promo is now over, but the SB account is paying 1.30% provided the client tops up the account with a $200 new contribution every month.

the BMO broker HISA account was only paying 1% last i looked. It's not difficult to navigate between the broker cash account & the SB account on the bank website. Transfers are fast & efficient, as one would expect.


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## 0xCC

gibor said:


> it make sense for them to do it only in December.... and I hope they gonna do it.... need to transfer money somewhere after Dec 20


They can do it any time now and tempt anyone that didn't call in to get Tangerine's special 180 day 3% offer. Only people that called in would not be tempted to move for a 2.8% offer. Maybe we will see a "back to school" special from PCF.


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## 0xCC

Now it looks like PCF has dropped their interest rate to 0.80%. It looks like maybe it happened yesterday but I'm not totally sure about that.

It seems like we are now firmly in the area where inflation is higher than the regular interest paid on these "high interest" accounts. It is almost like the BoC wants us to spend our savings instead of stashing the cash away.


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## cashinstinct

That's exactly what they want by lowering interest rates...

____

Gov also wants people to spend money, example parents to spend the big cheques sent in July.


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## 0xCC

cashinstinct said:


> That's exactly what they want by lowering interest rates...
> 
> ____
> 
> Gov also wants people to spend money, example parents to spend the big cheques sent in July.


I should have put some </sarcastic> tags around that. I actually took ECON101 (actually called ECON140 where I went to school) so even though that was a loooooong time ago I still retain some of that course in the dark recesses of my brain.


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