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An excellent financial product for individuals who value low fees and high-interest rates is the Tangerine Savings Account. This account offers a wide range of features that could make managing your finances a breeze.
The Tangerine Savings Account offers high-interest savings, no-fee account, ideal for earning more on your savings. It offers 24/7 mobile banking, promotional interest rates, and robust customer support.
Opening an account is simple, requiring personal, employment, and identification details. Overall, it’s a convenient, profitable choice for savvy savers.
We aim to delve into the benefits and downsides of this savings account. And we’ll investigate the steps one must take to open a savings account through Tangerine.
Features of the Tangerine Savings Account
With the Tangerine Savings Account, you will benefit from:
- A competitive interest rate of 1.00%.
- No monthly fees.
- No minimum balance requirements.
- An easy-to-use Automatic Savings Program (ASP).
- A straightforward setup process.
- A personalized savings goal which helps you set your financial objectives and achieve them faster.
The pros of the Tangerine Savings Account
Competitive Interest Rate
This savings account boasts an impressive interest rate of 1.00%. This is significantly higher than the rates offered by traditional banks, allowing account holders to grow their savings faster.
While the interest is issued monthly it’s calculated on a daily basis. This ensures every dollar you deposit earns daily interest.
No Unfair Fees or Service Charges
One of the standout benefits of this savings account is the absence of unfair fees and service charges. In fact, customers can enjoy zero monthly fees and no minimum balance threshold constraints.
This makes it an affordable option for individuals no matter where they are on their financial journey. This no-fee structure removes barriers to saving and lets you hold on to more of your money.
Automatic Savings Program (ASP)
The ASP is an impressive tool that acts as a catalyst to aid you in achieving your savings goals. You can set up a frequency and start/end dates for automatic transfers to your savings account, making saving money a seamless and hassle-free process.
Mobile Banking
Tangerine offers a robust mobile app that makes managing your savings account convenient and straightforward. You can check your balance, facilitate transfers, deposit cheques, and more from your smart device. This makes it easy to manage your money on the go, no matter where you are.
Promotional Interest Rates
Tangerine often offers promotional interest rates significantly higher than its regular rates, especially for new customers.
This means that you could earn more interest than you would with many other savings accounts for a set period after you open your account. These promotions can substantially boost your savings, especially when you first open your account.
The cons of the Tangerine Savings Account
Lower Rates Than Some Digital Competitors
While this savings account offers an interest rate that is higher than most traditional banks, there are online banks that offer even higher rates. If maximizing your interest income is a top priority, you might want to explore other digital banking options.
Limited Physical Branch Access
As a digital bank, Tangerine does not have any brick-and-mortar branches. This could be a drawback for individuals who prefer face-to-face interactions with bank representatives or must make frequent cash deposits.
Out-of-Network ATM Fees
Tangerine Savings Account holders enjoy free access to Scotiabank ABMs. However, you will be charged a fee if you use an out-of-network ATM.
Account Fees
This savings account is a no-fee account. However, account holders could incur a $40 dormancy fee if the account goes inactive for an extended period.
Also, while using Scotiabank ATMs is free, there are fees for using out-of-network ATMs: $1.50 within Canada, $3 in the US, and $3 elsewhere.
Tangerine Savings Account special offers
As a new Tangerine Savings Account holder, you can take advantage of its current special offer. When signing up, customers can input a promotional code advertised on the website. This way, new customers earn up to $400 cash back and a 5.00% savings rate.
Other Tangerine Savings Account options
Tangerine also offers other savings account options, including a Tax-Free Savings Account (TFSA), RSP Savings Account, and RIF Savings Account.
These accounts come with benefits similar to the standard Savings Account, such as no unfair fees and minimum balance requirements. They also offer the same interest rate of 1.00%, except for the RIF Savings Account, which provides an interest rate of 1.05%.
How to open the Tangerine Savings Account
Setting up a Tangerine Savings Account is as simple as following these easy steps:
- Start by navigating to the official Tangerine website and selecting the ‘Open an Account’ option.
- You’ll need to input your personal details, such as your name and contact information.
- Enter your employment information and Social Insurance Number (SIN). These details are necessary for identity verification and tax reporting.
- Tangerine offers different types of savings accounts. You can choose from a regular savings account, a Tax-Free Savings Account (TFSA), or Guaranteed Investment Certificates (GICs), among others.
- Create a secure password and establish questions the system can ask you for security purposes. It’s crucial to select a password and questions that are unique and known only to you to ensure your account’s safety.
- Read the account’s terms and conditions thoroughly. Ensure you understand aspects like account fees, withdrawal limitations, and interest rates. And if you have any questions, simply reach out to Tangerine’s customer service.
- Once you’ve completed all necessary details and reviewed the terms, submit your application. Tangerine will send you a confirmation email once your application has been approved.
- To make your account active, you need to make an initial deposit. This varies dependent on the account you’ve selected. For example, a regular savings account might not require a minimum deposit. At the same time, a GIC might necessitate a deposit with a slightly higher minimum threshold.
- After making your deposit, you can set up your online banking. This can be done either by downloading and logging into the Tangerine mobile app or via the Tangerine website using the account information provided in the confirmation email.
- To help grow your savings, consider setting up direct deposits or automatic transfers, These can easily be done between your chequing and savings account.
Tangerine Savings Account conclusion
Finding the right savings account can be a challenge. But the Tangerine Savings Account stands out as a high-performing, user-friendly option for anyone looking to grow their savings seamlessly.
Its impressive interest rates, absence of fees, and digital convenience truly redefine the savings experience. And because Tangerine is a subsidiary of Scotiabank, it adds an extra layer of reliability and trustworthiness to your savings journey.
But ensure you do your due diligence before weighing up your options. Finding the correct savings account can significantly affect your financial future.
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