Best Tangerine Savings Accounts - Comparewise

Best Tangerine Savings Accounts

Knowing the best Tangerine savings accounts available can help you decide which fits your savings needs. Tangerine is one of Canada’s online banks offering some competitive interest rates on savings. However, each savings account offering is built differently.

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Last Updated: May 13, 2024

Compare 3 Best Tangerine Savings Accounts

3 Results

#1 Choice
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Tangerine Savings Account

$0
Monthly Fee
1%
Interest Rate
  • No monthly fees
  • No minimum balance
  • Earn 1% interest on every dollar everyday
Pros & Cons
Extra Details
Popular
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Tangerine Tax-Free Savings Account

$0
Monthly Fee
1%
Interest Rate
  • No monthly fees
  • Easily move your money at any time
  • Earn 1% interest on every dollar everyday
Pros & Cons
Extra Details
Best Value
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Tangerine RSP Savings Account

$0
Monthly Fee
1%
Interest Rate
  • No monthly fees
  • Easily move your money at any time
  • Earn 1% interest on every dollar everyday
Pros & Cons
Extra Details

Best Tangerine Savings Accounts

The Tax-Free Savings Account (TFSA) is one of the best Tangerine savings accounts built for individuals who don’t want tax deductions to reduce their savings.

However, if you wish to have a simple savings account with no minimum balance or fees, try the high-interest savings account (HISA). The third option, which is best for individuals planning for retirement, is the Tangerine Retirement Savings Plan (RSP).

Before you jump on any of the three options available, you might want to learn about the features of each account. This in-depth review lets you discover which of the best Tangerine savings accounts is right for you.

The best Tangerine savings accounts

You’ll find three savings account offerings via Tangerine. They include the following:

Tangerine Savings Account

The Tangerine Savings Account is a hassle-free way of saving money that is easy to use and requires no extra effort. Little wonder it is noted amongst the best tangerine savings accounts. No annual fees, minimum balance requirements, or surcharges make it a simple and conventional option.

As a result, you can cut costs without second-guessing yourself or fretting over sneaky fees. Additionally, the account offers a favourable interest rate, making it an excellent choice if you are looking for a competitive rate.

Also, the account is incredibly flexible, as you can withdraw or move your money between accounts without hassle. You can quickly and easily withdraw your savings whenever you need them.

Tangerine also ensures the safety of its customers’ deposits by making them eligible for CDIC insurance. This insurance protects deposits up to $100,000. That’s why you can feel safe about putting your money away. 

Pros of the Tangerine HISA

  • Easy to use.
  • No minimum balance is required.
  • Zero fees.
  • Move money between accounts without difficulties.
  • Eligibility for CDIC insurance.
  • Easy access to funds when needed.
  • Favourable interest rate.

Cons of the Tangerine HISA

  • Available to Canadian residents only.
  • Transactions are all online.

Tax-free Savings Account (TFSA)

This is also one of the best Tangerine savings accounts to consider. If you’re a Canadian over 18 looking to save money and earn interest, the Tax-free Savings Account is for you. By putting money into this account, you can earn 1.00% interest.

Further, when you eventually withdraw the funds, you won’t have to worry about paying taxes on the interest. Even better, there are no fees, surcharges, or minimums to worry about. The interest on your savings will accumulate faster, which is excellent news.

However, you can’t deduct your contributions to a TFSA, and there’s an annual limit of $5,500. The good news is that your deposits and the interest they earn are entirely exempt from taxes. You can start saving without stressing about what to do with the government’s inevitable demand for a cut of your earnings.

Another perk is that you can use their Automatic Savings Program to set up automatic withdrawals from your other bank accounts. This way, you can save as much as possible each year without paying taxes. 

How to Save and Withdraw Funds from Your TFSA?

With Tangerine, you can link your checking account to your TFSA for hands-free savings. You can do this through Tangerine’s Automatic Savings Program (ASP). Thanks to this convenient feature, you can put away cash without giving it much thought.

Alternatively, you can make one-time contributions by transferring money from your chequing account to your TFSA account using online banking. Don’t forget that maximum contributions can be made without incurring penalties.

Tangerine allows you to withdraw funds from your TFSA by transferring them to a chequing account. You can do this using online banking. Note that withdrawing money from your TFSA does not increase your contribution room.

Pros of the Tangerine TFSA

This best Tangerine savings accounts review would be incomplete without shedding light on the strong sides of TFSA. They are as follows:

  • Get higher interest returns on your savings.
  • Your gains are free of tax.
  • Zero fees or extra charges.
  • Enable automatic savings.
  • No limit to the deposit amount
  • Calculate and set better financial goals using the available savings calculator tool.
  • Move funds seamlessly between accounts.
  • Earn up to $400 as a welcome bonus.
best tangerine savings accounts - comparewise

Cons of the Tangerine TFSA

  • Offers lower rates compared to some of its competitors.
  • Cash deposits are unavailable.
  • Penalty fees are charged for exceeding the TFSA contribution limit.

Tangerine Retirement Savings Plan (RSP)

Are you someone who’s looking to plan for retirement and wants to make sure it’s straightforward and lucrative? Well, you’re in luck because one of the best Tangerine savings accounts has got you covered.

With the Tangerine RSP Savings Account, you can automatically make maximum yearly contributions. You also benefit from a very high rate of interest. Plus, all deposits to your RSP are deductible from your annual income. This can help reduce your tax burden while giving you access to compound interest.

You might already know that the best Tangerine savings accounts make optimizing how money moves through your various accounts quickly. With their RSP, you can build your retirement nest egg more efficiently than ever. There are no fees or other charges to worry about.

Also, there are no mandated minimum balances or other restrictions to hold you back. This means that you can save more and worry less about fees eating into your hard-earned money.

Pros of the Tangerine RSP

  • Contributions made to a Tangerine RSP are tax-deductible.
  • The money you save in your Tangerine RSP will earn compound interest.
  • No annual fees.
  • Tangerine offers a range of investment options for its RSPs. This includes index funds that track the performance of the stock market.
  • Automatic contributions are available.
  • It can be managed online or through the Tangerine mobile app.
  • It is Flexible and can be used to save for various retirement goals.

Cons of Tangerine RSP

  • Tangerine charges a management fee for its RSPs.
  • They also charged trading fees, payable if you make trades within your Tangerine RSP.
  • Transfer-out fees. This is charged if you decide to transfer your Tangerine RSP to another financial institution.
  • Foreign exchange fees. You’d be charged for this if you invest in foreign assets within your Tangerine RSP.

Eligibility requirements for the best Tangerine savings accounts

The following are the general eligibility requirements for opening Tangerine savings accounts.

  • You live in Canada.
  • Your SIN is valid.
  • You’ve attained the age of 18 or the age of the majority in your province.
  • possess a valid email address

Why choose Tangerine savings accounts?

What is a review of the best Tangerine savings accounts without explaining why it is a good option? Well, here’s why you should choose Tangerine.

Tangerine Savings Accounts could be an excellent choice because of their competitive interest rates. It’s a straightforward online banking service with no hidden fees or minimum balance requirements.

Many savings accounts, such as those with substantial interest rates and tax advantages, are available. These have the potential to reduce expenses over time.

Additionally, Tangerine is renowned for its superior support to customers. This means you can trust them to answer your questions or concerns.

Alternatives to Tangerine savings accounts

To justify this piece on the best Tangerine savings accounts, you need insight into some alternative savings accounts to consider. These alternatives are as follows:

Tangerine vs Personal Account by EQ Bank

Tangerine provides a convenient and easy way to save money. However, customers looking for the highest savings account rates may want to consider an alternative.

A great example is the Personal Account at EQ Bank. EQ Bank is a web-only financial institution offering a 2.50% interest rate. This is a bit higher than that of a Tangerine savings account.

There are no monthly fees, minimum balance required, or transaction fees. The Canadian Deposit Insurance Corporation (CDIC) insures deposits up to $100,000 at EQ Bank. That way, even customers unfamiliar with online banking can feel secure using the service. All of these are similar to Tangerine.

Tangerine vs EQ Bank TFSA Savings Account

The EQ Bank TFSA Savings Account is a fee-free alternative to the Tangerine TFSA that does not require a minimum balance. Also, it offers customers a high-interest rate of 3.00%.

Additionally, customers can consider placing their funds in an EQ Bank TFSA GIC for a fixed term of 3 months or more.

How to open a Tangerine savings account

Here is a step-by-step guide to getting started with the best Tangerine savings accounts.

  • Visit their website.
  • Select the type of account you want to open.
  • Fill out the online application.
  • Provide your personal information and ID.
  • Wait for approval.

Once approved, you can transfer funds to your new account and save money without fees or minimum balance requirements.

Best Tangerine savings accounts conclusion

The best Tangerine savings accounts to consider are TFSA, high-interest savings accounts, and Tangerine RSP.

The prerequisites for opening a Tangerine account listed above should be carefully considered before you make your final choice. You might also want to compare their interest rates with other banks before making a savings decision.

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October 25, 2023
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FAQs about the best Tangerine savings accounts

What's Tangerine?

Tangerine is a Canadian online bank that operates under the Scotiabank umbrella. It offers a range of banking products and services, including credit cards, mortgages, savings accounts, chequing accounts, and investments.

How Many Types of Savings Accounts Are Available on Tangerine?

There are about four types of savings accounts on Tangerine. They are the High-interest Savings Account, the Tax-free Savings Account, the Retirement Savings Plan, and the US Dollars Savings Account.

Can You Withdraw Funds from Any Tangerine Savings Account?

In general, funds are withdrawable from all Tangerine savings accounts. However, specific terms and conditions may apply depending on the type of savings account you have with Tangerine.

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