Tangerine No-Fee Daily Chequing Account

Tangerine No-Fee Daily Chequing Account Overview

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The Tangerine No-Fee Daily Chequing Account offers a no-fee daily chequing solution for Canadians seeking a versatile and accessible banking option.

This chequing account offers free daily banking and Interac e-Transfers. It charges fees for additional cheque books, non-sufficient funds, and certain ATM withdrawals.

Special offers include cash bonuses for new clients and referrals. Tangerine offers additional choices such as the World Mastercard and a savings account with an attractive interest rate.

In the following sections, we will delve into all the essential information you need to know regarding this account. We’ll also discuss how to open this chequing account, and other account options from Tangerine.

Features of the Tangerine No-Fee Daily Chequing Account

Interested to know what the core features of this chequing account are? So were we. And here’s what we found about Tangerine No-Fee Daily Chequing account:

No fees for daily transactions
Earn interest on every dollar in your account
Free access to almost 50,000 ABMs through the Scotiabank ABM and Global ATM network
Overdraft protection available
Track and categorize your spending
Deposit cheques instantly using the Cheque-In feature on the mobile app
Bank drafts are available online
Customize Orange Alerts for important account notifications
Visa Debit allows for international shopping
Direct deposit and pre-authorized payments are available

Tangerine Chequing Account pros

No Fees for Daily Transactions

One of the significant benefits of the Tangerine No-Fee Daily Chequing Account is the absence of fees for daily transactions. This incorporates limitless bill and pre-authorized payments, debit purchases, and Interac e-Transfer transactions.

There are no restrictions on the number of transactions you can make in each of these categories. This makes managing your finances more affordable and straightforward.

Interest on Every Dollar

With the Tangerine No-Fee Daily Chequing Account, users have the opportunity to earn interest on all funds held in their account. This interest is calculated on a daily basis and credited monthly.

With tiered interest rates based on account balance, this feature is an added benefit compared to other chequing accounts without interest.

Wide ATM Accessibility

With free access to a vast network of ABMs Tangerine No-Fee Daily Chequing Account holders have ample options for accessing their money. The wide-reaching network offers enhanced convenience and accessibility, providing users with an extensive range of options to choose from.

And it includes all Scotiabank ABMs in Canada and a worldwide network of 44,000 ABMs made available by its Global ATM Alliance.

Overdraft Protection

Overdraft protection is available to Tangerine No-Fee Daily Chequing Account holders, providing peace of mind in case of unforeseen expenses or emergencies. This feature helps avoid non-sufficient funds (NSF) fees and ensures your account remains in good standing.

Comprehensive Account Management Tools

Tangerine’s chequing account offers numerous tools for tracking and categorizing spending, setting up alerts, and managing direct deposits and pre-authorized payments. These features help users remain in control of their money and make educated decisions about their finances.

Tangerine No-Fee Daily Chequing Account cons

Fees for Non-Affiliated ATM Use

While Tangerine No-Fee Daily Chequing Account holders have access to a vast network of Scotiabank ABMs, using non-affiliated ATMs may incur fees. This could be a drawback for those requiring frequent ATM access outside the Scotiabank network.

Online-Only Banking

Tangerine is an online-only bank, meaning there are no physical branches for in-person service, except for Tangerine Cafes in select cities. This may disadvantage users who prefer face-to-face interactions when managing their finances.

Tangerine No-Fee Daily Chequing Account - Comparewise

Tangerine No-Fee Daily Chequing Account fees

So, what can you expect regarding fees when opening this chequing account? These are some of the fundamental costs you should be aware of:

Online daily banking: FREE
Interac e-Transfer: FREE
First cheque book (50 cheques): FREE
Additional cheque books: $50 each
1 free stop payment per year, $12.50 each after that
Replacement Card: FREE
Canadian drafts: $10
Non-Sufficient Funds: $45
ABM deposits/withdrawals: FREE
Other ABM withdrawals in Canada: $1.50
Additional ABM withdrawals globally (not within the Global ATM Alliance): $3
Foreign Currency Conversion Fee: 2.50% added to the exchange rate

Tangerine No-Fee Daily Chequing Account special offers

For a limited time, Tangerine offers new customers up to 20% cash back when they open a new chequing and savings account. New customers must then shop with their debit cards online or in-app to receive up to $400 cash back on their purchases.

Additionally, customers who refer a friend to open an account will receive a $50 bonus. But this is only valid after the friend’s account has been open and active for 60 days.

Other Tangerine Chequing Accounts

If you’re not sure this account is right for you, there are other options to consider:

Credit Cards

With Tangerine Credit Cards, you can effortlessly save on your everyday expenses through the use of Money-Back Rewards. This ultimate helps you keep more money in your pocket.

World Mastercard: This credit card comes with a $0 annual fee and an interest rate of 19.95%. Rewards earned could be as much as 2%.
Money-Back Credit Card: Another $0 annual fee option, this credit card also offers 19.95% and up to a maximum of 2% in rewards.

Savings Account

With a Tangerine Savings Account, customers can look forward to zero minimums, service charges, or unfair fees. In addition, you’ll garner excellent interest of up to 1.00% daily.

How to Open the Tangerine Chequing Account

Follow these easy steps to open your chequing account:

Step 1: Visit the Tangerine website and click on “Open an Account.”
Step 2: Select the Tangerine account you’d like to open.
Step 3: Complete the application form online. You’ll be asked to provide personal and contact information, and proof thereof.
Step 4: Once the form is complete, follow the instructions to verify your identity and fund your account. Depending on your location and the time of your application, this could involve a phone call, a visit to a local branch, or an online verification process.
Step 5: Carefully examine the information provided in your application. Verify its accuracy prior to moving forward. If you come across any inaccuracies or mistakes, it is advisable to rectify them prior to submitting the application.
Step 6: After reviewing, you’re ready to submit your application. Upon receiving your application, Tangerine sends you an email notification to acknowledge its receipt and inform you that the processing has commenced.
Step 7: Once your application has been approved, which can take a few business days, you will need to fund your account. The funding method could be different based on the provider. You can typically fund the account via a bank transfer, direct deposit, or by mailing a check.
Step 8: After you’ve funded your account, you can set up online banking. This usually involves creating a username and a secure password. You may also need to set up additional security questions for added protection.
Step 9: Once your online banking is active, you can start using it. Remember to regularly monitor your account and keep your contact details updated.

Tangerine No-Fee Daily Chequing Account conclusion

This chequing account stands as an attractive option for those seeking a low-fee, versatile banking solution. It provides a range of free features and charges for specific services and presents enticing special offers.

Moreover, Tangerine offers a selection of other financial products. Among the options available are the highly rewarding World Mastercard and a savings account that offers attractive interest rates. As such, Tangerine caters to a variety of financial needs.

Choosing the correct bank account is a personal choice dictated on your unique financial needs. So, comparing different options is vital before you commit.

FAQs about the Tangerine No-Fee Daily Chequing Account

Are there any charges for transferring money to a non-Tangerine account?

Transfers between Tangerine accounts are free. However, there may be fees for transferring funds to external accounts, depending on the type of transfer.

Can I have multiple chequing accounts with Tangerine?

Yes, Tangerine allows customers to open multiple chequing accounts. However, each account must be opened separately.

What is the Global ATM Alliance mentioned in the fee schedule?

The Global ATM Alliance is a group of major international banks. These banks have formed a partnership giving customers access to their ATMs internationally, without incurring access fees.