Tangerine offers a non-traditional way of banking for Canadians who love to save their hard-earned money. With their “Forward Banking” slogan, they do not have branch locations for you to access in person, but customer service experiences may be a conducted online and via the telephone. It is because of this non-conventional banking approach that they can offer clients savings in the form of slightly higher interest paid on your money held in their accounts, as well as reduced services fees.
Tangerine is currently providing clients with a “Special Offer” of 2.15% savings rate on all first-time savings or chequing accounts opened, with the opportunity to earn $200 when a direct deposit payroll is added to the account.
Below is an overview of some of their banking account products.
Tangerine Chequing Account
Dubbed as Tangerine’s “No-Fee Daily Chequing Account”, customers are given free daily transactions, which includes all e-transfers, debit purchases, pre-authorized payments, and bill payments that go through the account. As well, clients can earn up to a 0.15% interest on remaining funds that sit there.
As the client card for this account is set up as a Visa Debit, you can use it during in-app or online shopping with participating retailers. You also have access to free withdrawals at 3,500 Scotiabank ABMs across Canada, and 44,000 across the globe. Lastly, overdraft protection is available on this account, upon approval, after an application is submitted, and opening this account for the first-time gains you access to the above Tangerine “Special Offer”.
Tangerine Tax-Free Savings Account
The time to take advantage of tax-free savings is now! Canadians who are 18 and older can earn benefits from a tax-free savings account (TFSA) by contributing up to $6,000 each year to the account. It is important to note, this amount reflects all TFSAs held within differing financial institutions. If you have yet to open or contribute to a TFSA, you are eligible to “carry over” contributions, year to year.
A Tangerine TFSA offers you the same benefits as a normal account of this nature, but with no fees or services charges, allowing you to save more. The interest rate is set at 0.15%, no minimum balance is needed, and there is no monthly fee. Plus, you can enjoy Tangerine’s special rate offer and $200 bonus if you open a first-time TFSA with them.
You are never “locked-in” to this account and can move your funds at any point in time.
Whether you are saving up for that special vacation, a new home, or simply want a nest egg “just in case”, the Tangerine Savings Account offers you that and more. Just like their other two accounts, there are no fees and no services charges. You also don’t need a minimum balance to open up an account, and if you do decide to move forward with this and it’s a first-time savings account with them, you are eligible for their above “Special Offer”.
Another interesting feature the bank provides is an automatic savings program that will move funds from one account, into your Tangerine Savings, on a date specified, monthly. They also provide an online tool called the “Savings Calculator” which shows you how you can reach your savings goal, and how long it will take (depending on how much you put away, and at what frequency you choose to do this.) The tool offers estimates with interest included, assuming no withdrawals are made.