High interest rates for savings, GICs and MMFs (2016)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
ig17
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by ig17 »

optionable68 wrote:Just cleared out all my Tangerine 2.95% cash for the last 2 weeks of the month, as I expect them to offer a new deal for "new money" sometime within the next 2-3 weeks
Do you have any insider knowledge or is it just a hunch?
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

ig17 wrote:
optionable68 wrote:Just cleared out all my Tangerine 2.95% cash for the last 2 weeks of the month, as I expect them to offer a new deal for "new money" sometime within the next 2-3 weeks
Do you have any insider knowledge or is it just a hunch?
All PCF is doing right now in their regular account is offering a continuation to Mar 31, 2017 of the existing 2.25% offer...except it is 1.5% and one has to register. I doubt a better offer is coming since they also have a 2.25% offer for TFSA money for the same period of time. They'd rather attract TFSA money since it tends to stick a bit better when the bonus goes away.
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ig17
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by ig17 »

AltaRed wrote:
ig17 wrote:
optionable68 wrote:Just cleared out all my Tangerine 2.95% cash for the last 2 weeks of the month, as I expect them to offer a new deal for "new money" sometime within the next 2-3 weeks
Do you have any insider knowledge or is it just a hunch?
All PCF is doing right now in their regular account is offering a continuation to Mar 31, 2017 of the existing 2.25% offer...except it is 1.5% and one has to register. I doubt a better offer is coming since they also have a 2.25% offer for TFSA money for the same period of time. They'd rather attract TFSA money since it tends to stick a bit better when the bonus goes away.
I am not sure why you brought up PCF. optionable68 wrote that he expects a new deal at Tangerine. And that's what I asked him to clarify. Is it just a hunch or is it something more substantial?
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

ig17 wrote:I am not sure why you brought up PCF. optionable68 wrote that he expects a new deal at Tangerine. And that's what I asked him to clarify. Is it just a hunch or is it something more substantial?
That was a wrong post quote, i.e. mishandling of what my intention was to 'add' information to your post where you said
Moving to PCF on Monday. 2.25% until January and then we shall see.
I agree it has nothing to do with optionable's post. Mea culpa. That said, Tangerine really needs to fall into line with the competition in the 1.5-1.7% range eventually. Their asset base is too big to be paying non-competitive interest rates.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Descartes »

ig17 wrote:
Descartes wrote:Renewed Tangerine rate at 2% for 90 days today. It was previously 2.5% (I didn't call again when I heard some were getting 3%).
I don't know what criteria they use. I've been with them for about 10 years. 6 figures in HISA. YMMV, clearly.
YMMV is right. I have 2.5% expiring on Sunday. I called today and ask for an extension. Their best offer was 1.6% for 90 days. They refused to go higher even though I made it clear that 1.6% is not good enough and that I would transfer the entire balance out. And yes, I've been with them for 10+ years. 6 figures in HISA.
Hmm.
Other factors that may be at play:
- when asked what would I do if they could not provide the rate I wanted, I said I would reluctantly move to EQ bank which still has 2%.
- I've never moved my money despite past threats so it has been six figures in the HISA for a while.
- early this year I closed my RRSP account with them when they would not play ball there so perhaps they know I would follow through.
- I've had their mastercard for about a year now and it has become my primary card so there is a big spend there.
..oh, and we sacrificed that chicken on the altar of Mammon before I called.

Moving out is probably the best move for you.
Tangerine might have another offer for new accounts shortly.
Not sure about PCF though. Why not EQ?
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by martinv »

my Tangerine 2.4% just expired.
called them and they gave me 2% for 90 days.
Will phone again when that expires.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by ig17 »

Descartes wrote:
ig17 wrote:
Descartes wrote:Renewed Tangerine rate at 2% for 90 days today. It was previously 2.5% (I didn't call again when I heard some were getting 3%).
I don't know what criteria they use. I've been with them for about 10 years. 6 figures in HISA. YMMV, clearly.
YMMV is right. I have 2.5% expiring on Sunday. I called today and ask for an extension. Their best offer was 1.6% for 90 days. They refused to go higher even though I made it clear that 1.6% is not good enough and that I would transfer the entire balance out. And yes, I've been with them for 10+ years. 6 figures in HISA.
Hmm.
Other factors that may be at play:
- when asked what would I do if they could not provide the rate I wanted, I said I would reluctantly move to EQ bank which still has 2%.
They asked me the same question. I said I would move the entire balance to PCF (2.25%) or/and EQ (2%).
- early this year I closed my RRSP account with them when they would not play ball there so perhaps they know I would follow through.
I emptied our HISAs back in Sept when they wouldn't give me more than 2% while PCF was offering 2.25%. A few days later Tangerine offered 2.5% to get my money back.
..oh, and we sacrificed that chicken on the altar of Mammon before I called.
Mystery solved! :lol:
Not sure about PCF though. Why not EQ?
Yes, that's another option.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by CROCKD »

The same old song and dance. Ho Hum. Yes sir, no sir 3 bags full sir. See what happens when mine expires between Christmas and New Year.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by deaddog »

martinv wrote:my Tangerine 2.4% just expired.
called them and they gave me 2% for 90 days.
Will phone again when that expires.
Best I was offered was 1.6
They then moved over 100 k to my bank.
As soon as it arrives it is off to Ideal Savongs for 2.5% till the end of 2017.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Spudd »

AltaRed wrote:
ig17 wrote:
optionable68 wrote:Just cleared out all my Tangerine 2.95% cash for the last 2 weeks of the month, as I expect them to offer a new deal for "new money" sometime within the next 2-3 weeks
Do you have any insider knowledge or is it just a hunch?
All PCF is doing right now in their regular account is offering a continuation to Mar 31, 2017 of the existing 2.25% offer...except it is 1.5% and one has to register. I doubt a better offer is coming since they also have a 2.25% offer for TFSA money for the same period of time. They'd rather attract TFSA money since it tends to stick a bit better when the bonus goes away.
Are you sure it's 1.5%? I wonder if it varies by customer, because they're giving me 2.25% continued.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by AltaRed »

Spudd wrote:Are you sure it's 1.5%? I wonder if it varies by customer, because they're giving me 2.25% continued.
It would be for me for their regular interest savings accounts through Mar 31 and 2.25% for TFSAs.

I understand there have been a few reports of people (like you) being offered 2.25% on their regular accounts, in which case some customers are more special than others. :evil: They actually phoned me to ask if I wanted to enroll at 1.5% and I said I could do better elsewhere and left it at that.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by KFried »

I have 200k sitting at .8 or lower as my cash/fixed income portion. Want to make it work harder. Was thinking HISA+XSB+VSB, maybe corp bond ETF.

Could you offer some views on chasing HISAs vs bond ETFs ? I am even open to defensive stocks suggestions, but very cautious with market so high.

Any recommendations are more than welcome, Thank you
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Spudd »

AltaRed wrote:
Spudd wrote:Are you sure it's 1.5%? I wonder if it varies by customer, because they're giving me 2.25% continued.
It would be for me for their regular interest savings accounts through Mar 31 and 2.25% for TFSAs.

I understand there have been a few reports of people (like you) being offered 2.25% on their regular accounts, in which case some customers are more special than others. :evil: They actually phoned me to ask if I wanted to enroll at 1.5% and I said I could do better elsewhere and left it at that.
I hate that the banks (both PC and Tang) are doing this now. It's so frustrating. I got the long end of the stick at PC this time, but the short end at Tang on their last promo. I hope they don't find this a winning strategy, because that means they'll just keep on doing it.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Koogie »

deaddog wrote:Best I was offered was 1.6
They then moved over 100 k to my bank.
As soon as it arrives it is off to Ideal Savongs for 2.5% till the end of 2017.
Unless you applied during the short period they offered it, that rate is long gone.
It's all the way down to 1.75% now.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by good4u »

I know it's a long shot but is there any hope at all in the foreseeable future that BoC raises interest rates? The U.S. Fed just did a 1/4 point and Trump wants to "normalize" rates over time. BoC says US government actions don't matter but when they raised their rate our dollar took a hit. I think that someone will need to manage our dollar to make sure it doesn't become too weak. Sigh.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by deaddog »

Koogie wrote:
Unless you applied during the short period they offered it, that rate is long gone.
It's all the way down to 1.75% now.
I checked when the promotion wording changed to "initial deposit" and I opened my account early enough to get 2.5% on all deposits guaranteed through Dec 2017.
I have that in writing if e-mail counts.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Koogie »

deaddog wrote:
Koogie wrote: Unless you applied during the short period they offered it, that rate is long gone.
It's all the way down to 1.75% now.
I checked when the promotion wording changed to "initial deposit" and I opened my account early enough to get 2.5% on all deposits guaranteed through Dec 2017.
I have that in writing if e-mail counts.
It should ! :thumbsup:
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by optionable68 »

ig17 wrote:
optionable68 wrote:Just cleared out all my Tangerine 2.95% cash for the last 2 weeks of the month, as I expect them to offer a new deal for "new money" sometime within the next 2-3 weeks
Do you have any insider knowledge or is it just a hunch?
Just a guess. No inside information at all.
3-time winner of FWF Annual Stock Market Predictions contest
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by poedin »

poedin wrote:
poedin wrote:2.5% "retention rate" for our accounts @ Tangerine.
Didn't have to ask for it (this time).
Ten minutes - done.
Thanks FWFers :thumbsup:
Since others here and at RFD are getting 3%, did the Tangerine dance again. Took a little longer this time :lol: - good till the new year.
Interesting conversation in RFD re latest negotiated rates @ Tangerine. So far it's at 2.0% (or lower). We've got another week until the current retention rate expires...
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by KFried »

poedin wrote:
poedin wrote:
poedin wrote:2.5% "retention rate" for our accounts @ Tangerine.

Interesting conversation in RFD re latest negotiated rates @ Tangerine. So far it's at 2.0% (or lower). We've got another week until the current retention rate expires...
got 2.0% till march 31st on 65k at Tang. There's no material indicator of this rate in the Web UI of my account, nor a confirmation email. It was all verbal - to be confirmed on dec 30, when interest is recorded.

What's RFD ?

tx
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by Okanagan »

KFried wrote:
poedin wrote:
poedin wrote:
got 2.0% till march 31st on 65k at Tang. There's no material indicator of this rate in the Web UI of my account, nor a confirmation email. It was all verbal - to be confirmed on dec 30, when interest is recorded.

What's RFD ?

tx
RFD = Red Flag Deals http://www.redflagdeals.com/ go to forums - discussions - personal finance section
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by KFried »

Okanagan wrote:
KFried wrote:
poedin wrote:
got 2.0% till march 31st on 65k at Tang. There's no material indicator of this rate in the Web UI of my account, nor a confirmation email. It was all verbal - to be confirmed on dec 30, when interest is recorded.
What's RFD ?
tx
RFD = Red Flag Deals http://www.redflagdeals.com/ go to forums - discussions - personal finance section
thank you.
N.B. The 2.0% is on a NREG acct - the only one I have with Tang
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by ig17 »

poedin wrote:Interesting conversation in RFD re latest negotiated rates @ Tangerine. So far it's at 2.0% (or lower). We've got another week until the current retention rate expires...
I called Tangerine twice but couldn't get higher than 1.6% (on a six digits amount). I moved the entire balance to PCF for the last two weeks of the 2.25% promotion.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by CROCKD »

Just called Tangerine (previous offer expired yesterday) and was given a new offer of 2% for 90 days.
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Re: High interest rates for savings, GICs and MMFs (2016)

Post by schmuck »

CROCKD wrote:Just called Tangerine (previous offer expired yesterday) and was given a new offer of 2% for 90 days.
Interesting!
Called Tang Dec 19, when the 2% rate expired in 3 accounts (my own, wife, and joint). Waited about 15 minutes to speak with a supervisor, and was told that the best they could do for all savings accounts was 1.6%. Promptly withdrew $100k and passed the phone over to wife with same instructions. Called back 2 more times for additional withdrawals and transferred the funds into our Zag accounts with the intention of switching back to Tang in case they come up with a more generous new promo. Feel a bit guilty for stooping to their level, but will certainly call Tang again after the holidays for more withdrawals if they can't come up with a better deal.
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