poedin wrote:
OK, so I just called, but had no luck this time. The rep did not even consult with a manager.
Next move... open my EQ account.
Also, the Tangerine limit to transfer funds out of their account electronically is 50K. But if you call them, a rep can transfer the entire amount (no limit) for you."
OR you can simply do several transfers and keep them under $50K each if you don't want to phone....did that when going from Tangerine to Zag - 4 transfers set up at same time...no problem and no waiting.
poedin wrote:
OK, so I just called, but had no luck this time. The rep did not even consult with a manager.
Next move... open my EQ account.
Also, the Tangerine limit to transfer funds out of their account electronically is 50K. But if you call them, a rep can transfer the entire amount (no limit) for you."
OR you can simply do several transfers and keep them under $50K each if you don't want to phone....did that when going from Tangerine to Zag - 4 transfers set up at same time...no problem and no waiting.
The four transactions all went through at the same time? You didn't have to execute one transfer after another?
Compounding is "the greatest mathematical discovery of all time." - Einstein
sorry, to clarify...yes you have to do 4 separate transfers as that is way system set up but did the 4 one right after the other on same login to account for instant transfer and it took about 2 minutes vs. a call and on hold waiting for rep to do.
Okanagan wrote:sorry, to clarify...yes you have to do 4 separate transfers as that is way system set up but did the 4 one right after the other on same login to account for instant transfer and it took about 2 minutes vs. a call and on hold waiting for rep to do.
Interesting approach. Personally, I don't like talking to their reps and having to hold those crazy wait times. One question I do have is whether there is a daily limit on the transfer amount. My understanding was that $50k is the daily limit but I am curious to know if your 4 transfers will all post the next business day.
On a related note, I am happy to hear that many people like myself have had enough of Tangerine and are moving their business elsewhere. Sooner or later, Tangerine will be asking themselves what happened. Not only have I been disappointed with their weird and inconsistent rules with respect to promotions but last year they brought in transfer rules on registered accounts which became a problem for us who had locked in GIC's in registered accounts. After much pain and reference to documentation from a legal perspective, Tangerine sorted it out but the trust and good faith has been broken.
A downside in splitting your transfer into multiple transactions is the time some of the funds waste while sitting in the lesser earning account. I'd rather have the funds earning the higher rate as soon as possible.
Compounding is "the greatest mathematical discovery of all time." - Einstein
Okanagan wrote:sorry, to clarify...yes you have to do 4 separate transfers as that is way system set up but did the 4 one right after the other on same login to account for instant transfer and it took about 2 minutes vs. a call and on hold waiting for rep to do.
On a related note, I am happy to hear that many people like myself have had enough of Tangerine and are moving their business elsewhere. Sooner or later, Tangerine will be asking themselves what happened. Not only have I been disappointed with their weird and inconsistent rules with respect to promotions but last year they brought in transfer rules on registered accounts which became a problem for us who had locked in GIC's in registered accounts. After much pain and reference to documentation from a legal perspective, Tangerine sorted it out but the trust and good faith has been broken.
I got a kick out of the........................... "•No complicated terms or unreasonable conditions "
I wonder who they had in mind when they added that to the list ? [/quote]
Yes, I noticed that also. Really made me LOL. It's a very diplomatic way of pointing out the obvious, I think. Looks like Tangerine will fall off the horizon with Zag and EQ now competing for savers' monies.
Blogger Robb Engen at Boomer and Echo is very excited about EQ Bank. BUt a couple of readers admonish him in the Comments section. One says the 3% interest rate will eventually be reduced.
That is a given in my opinion. As soon as they can establish themselves relative to their peers, both in deposits and name recognition, they will fall into line with everyone else. Zag is no different.
AltaRed wrote:That is a given in my opinion. As soon as they can establish themselves relative to their peers, both in deposits and name recognition, they will fall into line with everyone else. Zag is no different.
I agree. Their rates will eventually lower and "normalize" the way Ing Direct and PCF has.
Compounding is "the greatest mathematical discovery of all time." - Einstein
I realize this is akin to "market timing" but for those interested in the Zag GICs, it might make sense to lock it in before the BoC announcement on Wednesday. If he drops the rate again, the banks/CUs are likely to follow swiftly behind.
Then again, I'm almost never right about these things.
Koogie wrote:I realize this is akin to "market timing" but for those interested in the Zag GICs, it might make sense to lock it in before the BoC announcement on Wednesday. If he drops the rate again, the banks/CUs are likely to follow swiftly behind.
Then again, I'm almost never right about these things.
What Zag GIC rates would one want to lock in quickly? In general they seem quite uninspiring. The 2.5% 2-year GIC promo on the other hand is quite interesting, but they seem to have committed to holding that promo rate open until June 1.
Koogie wrote:I realize this is akin to "market timing" but for those interested in the Zag GICs, it might make sense to lock it in before the BoC announcement on Wednesday. If he drops the rate again, the banks/CUs are likely to follow swiftly behind.
Then again, I'm almost never right about these things.
What Zag GIC rates would one want to lock in quickly? In general they seem quite uninspiring. The 2.5% 2-year GIC promo on the other hand is quite interesting, but they seem to have committed to holding that promo rate open until June 1.
I was of course referring to the 2.5% promo rate and also to the fact """This offer is valid between January 11 and June 1, 2016 (midnight EST), and may be suspended at any time without notice."""
good4u wrote:Looks like Tangerine will fall off the horizon with Zag and EQ now competing for savers' monies.
Hyperbole alert! Tangerine has over $30 billion in deposits, and by now probably a good chunk is fairly stable. On that scale things like Zag are minnows. Tangerine will play promo games to get its share of the hot money against PCF and the smallfry.
AltaRed wrote:That is a given in my opinion. As soon as they can establish themselves relative to their peers, both in deposits and name recognition, they will fall into line with everyone else. Zag is no different.
For CDIC institutions like Zag, there are monthly reports available at OSFI which report things like deposit liabilities. You can see Zag smoothly grow from effectively nothing in demand deposits in June, to almost $200 million in November. That's not much less than what Peoples Trust has in HISA, but PT has a similar size in TFSA, and a whopping $700 million in term deposits. Equitable already had a giant deposit base (presumably broker and GIC) before starting up the EQ Bank division, so it won't be as easy to disentangle.
Koogie wrote:I was of course referring to the 2.5% promo rate and also to the fact """This offer is valid between January 11 and June 1, 2016 (midnight EST), and may be suspended at any time without notice."""
That's likely more an emergency escape hatch and lawyerly boilerplate. I doubt they'd make a dated offer where they thought there was much likelihood of curtailing it - they would have been aware of the possibility of a rate cut when pricing out the promotion. No guarantee, but it wouldn't do much for customer relations to knock down the rate on a promo offer using a loophole.
Koogie wrote:I realize this is akin to "market timing" but for those interested in the Zag GICs, it might make sense to lock it in before the BoC announcement on Wednesday. If he drops the rate again, the banks/CUs are likely to follow swiftly behind.
Then again, I'm almost never right about these things.
I agree with you on your point #1. I also agree with you with respect to me on your point #2.
good4u wrote:Looks like Tangerine will fall off the horizon with Zag and EQ now competing for savers' monies.
Hyperbole alert! Tangerine has over $30 billion in deposits, and by now probably a good chunk is fairly stable. On that scale things like Zag are minnows. Tangerine will play promo games to get its share of the hot money against PCF and the smallfry.
I am curious as to why you believe that "a good chunk is fairly stable" ?
Most of their current promos are for a rather a short duration unless you are a "new eligible client" and then it's for 180 days.
The others would be sitting there at 0.80% which could exit at a moments notice.
I say this because I have been there for over 12 years and will be leaving as soon as my current promotion expires and I'm
not going to even bother phoning in to beg for a better offer.
In the past whenever I moved any money out, I received an email about a day later offering a new rate to return.
This time I don't really care what they do, I've had enough of their games.
good4u wrote:Looks like Tangerine will fall off the horizon with Zag and EQ now competing for savers' monies.
Hyperbole alert! Tangerine has over $30 billion in deposits, and by now probably a good chunk is fairly stable. On that scale things like Zag are minnows. Tangerine will play promo games to get its share of the hot money against PCF and the smallfry.
I am curious as to why you believe that "a good chunk is fairly stable" ?
Most of their current promos are for a rather a short duration unless you are a "new eligible client" and then it's for 180 days.
The others would be sitting there at 0.80% which could exit at a moments notice.
I say this because I have been there for over 12 years and will be leaving as soon as my current promotion expires and I'm
not going to even bother phoning in to beg for a better offer.
In the past whenever I moved any money out, I received an email about a day later offering a new rate to return.
This time I don't really care what they do, I've had enough of their games.
We have some GIC's coming due in a few weeks' time after which we are contemplating just closing down our accounts altogether. I am encouraged that there are new competitors coming on board that want my business so why bother keeping my Tangerine account open.
On a separate note, I have been planning based on analysts commentary that the BoC would for sure cut the interest rate on Jan 20th. However, today I am starting to hear a bunch of experts saying that cutting the rate would be BIG mistake because it would really drop the value of dollar while giving very little economic stimulus. Now, I am completely unsure of whether to expect a rate cut or not. Based on this, I am proceeding based on the assumption that the BoC will cut the rate and if I lock funds into lower rate GIC's and the rates later rise, I guess so be it. I hate the thought of staying liquid and then finding out the rate gets cut resulting in lower GIC rates. Who knows when the BoC will actually RAISE rates. Probably not in my lifetime.
rhhenderson wrote:This time I don't really care what they do, I've had enough of their games.
At the risk of repetition. I have said it before. Tangerine has seriously undermined the good will that INGDIRECT had built up over the years by dealing straight up with their clients. It is quite possible that sooner or later client disenchantment with the current management will bite BNS in the arse.
Consulting my records they show 16+ years as a client.
" A verbal contract isn't worth the paper it is written on " Samuel Goldwyn
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
rhhenderson wrote:This time I don't really care what they do, I've had enough of their games.
At the risk of repetition. I have said it before. Tangerine has seriously undermined the good will that INGDIRECT had built up over the years by dealing straight up with their clients. It is quite possible that sooner or later client disenchantment with the current management will bite BNS in the arse.
Consulting my records they show 16+ years as a client.
I agree, also a long time client(90s IIRC). Got so fed up with them that I moved a high six figure balance to lower interest rate accounts elsewhere.
It seems it wasn't too long ago I was going to give up chasing these promos (especially with the demise of Ally and ING going BnS) but here I am still negotiating with Tangerine, migrating remainder out of PT, and now looking at EQB and Zag. The hassle is worth it on the non-registered side when I calculate the differences in the interest paid out, more so from the base rates of 0.75/0.8. Keeping to the plan of only dealing with two different CDIC insured institutions at a time.
Yet at the same time RSPs/LIRA are being consolidated with TDDI (one last account: a RPP to be transferred from former employer plan this fall), TFSAs at BMOIL (last ING GICs maturing next week, some Ally GICs still at RBC). Having RSP & TFSA GIC/FI portions all over the place, well that is/was a hassle (mainly estate planning issues).
To each their own IPS
Money101: I had the same experience with Tangerine, fortunately. And I plan on calling them again to have them match EQ's 3%. If they don't, I'm ready to open the EQ account and transfer funds.
Let us know how it goes...
OK, so I just called, but had no luck this time. The rep did not even consult with a manager.
Next move... open my EQ account.
For Zag bank.....Just locked in the 2 yr TFSA 2.5% Gic.....simple way to do it.....go to add a new account...select the TFSA 2.5%GIC and proceed to open the account giving the info requested...when you get to the end hit finish....you should end up with a reference number and the instructions to either send in a cheque or take a pic of your chq. I already have the money in a Zag savings account so then went on secure messaging and sent a request to fund the new TFSA GIC from one of my accounts and gave them the ref #....they came back on secure messaging within 5 hours confirming my request...so locked in at this rate despite what BOC may or may not do. Very simple and quick
Okanagan wrote:For Zag bank.....Just locked in the 2 yr TFSA 2.5% Gic.....simple way to do it.....go to add a new account...select the TFSA 2.5%GIC and proceed to open the account giving the info requested...when you get to the end hit finish....you should end up with a reference number and the instructions to either send in a cheque or take a pic of your chq. I already have the money in a Zag savings account so then went on secure messaging and sent a request to fund the new TFSA GIC from one of my accounts and gave them the ref #....they came back on secure messaging within 5 hours confirming my request...so locked in at this rate despite what BOC may or may not do. Very simple and quick
We did the same thing for some of our liquid funds. While it seems a shame to leave 0.5% on the table if you consider EQ is at 3%, I feel that a bird in the hand for some portion of our holdings is a good thing right now. I appreciate your thinking and like I did two years ago, hope that the savings rates are better two years from now.
Has anyone had their EQ bank account activated yet? I deposited a cheque with their mobile app on the 14th and it doesn't look like they've cashed it yet.