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Tangerine is an online-based bank that offers more interest with no banking fees. Their goal is to provide easy and simple everyday banking to Canadians.
One of the benefits you can access from Tangerine is its savings accounts which include Individual Savings Account, Tax-Free Savings Account, RSP Savings Account, US Dollar Savings Account and RIF Savings Account.
Their Individual Savings Account features an interest rate of 0.10%, no monthly fee, no minimum balance and an option to achieve your financial goals faster with their Automatic Savings Program.
Similarly, the Tax-Free Savings Account also has a 0.10% interest rate, no monthly fee, no minimum balance and the benefit of not being taxed on the interest earned or on withdrawals.
The RSP Savings Account is designed to grow your retirement savings by giving an interest rate of 0.10% with no monthly fee, no minimum balance and access to the Automatic Savings Program for regular saving.
The US Dollar Savings Account has a competitive exchange rate when converting from Canadian dollars to US dollars, the interest of 0.10% with no monthly fee and no minimum balance.
The RIF Savings Accounts is designed for retirees who are ready to start gaining income from their retirement savings with an interest rate of 0.15%, no monthly fee and no minimum balance.
The second benefit you can access from Tangerine is its spending options such as their Tangerine Credit Cards and Chequing Account.
Their chequing account features daily chequing transactions as well as receive interest (up to 0.10%) on every dollar in your account with no daily fee. While their credit cards include the ‘World Mastercard’ which has a $0 annual fee, up to 2% rewards and an interest rate of 19.95%.
Some key features include money-back rewards, travel rewards, subscription services and insurance. The ‘Money-Back Credit Card’ also has $0 annual fee, up to 2% rewards and an interest rate of 19.95%. Some key features are monthly and unlimited money-back rewards and personalized categories.
The third benefit you can access from Tangerine is their guaranteed investments which is designed to support your long-term financial goals whilst ensuring your investment is secure for whatever term you decide to choose. The ‘Guaranteed Investment’, ‘RSP Guaranteed Investment’ and ‘Tax-Free Guaranteed Investment’ has an interest of up to 2.60% with a $0 monthly fee.
The fourth benefit you can access from Tangerine is their Business Savings Accounts which include the ‘Business Savings’, ‘Business US Dollar Savings Account’ and the ‘Business Guaranteed Investment’.
The Business Savings Account is designed to be added with your business chequing account to give your business the opportunity to grow extra cash. Key features include an interest rate of up to 0.50%, a $0 monthly fee and no minimum balance.
The Business Us Dollar Savings Account is designed to be added with your Us dollar business chequing account to give your business the opportunity to grow US dollars.
Key features include an interest rate of 0.20%, a $0 monthly fee and no minimum balance. The Business Guaranteed Investment has an interest rate of up to 2.35% with no monthly fee and no minimum balance to ensure you can save money for your business.
Last but not the least, the fifth benefit you can access from Tangerine is their borrowing options for mortgage and home equity line of credit.
The home equity line of credit allows you to borrow at low interest starting from 7.20%Tangerine Prime, the equity from building your home can then be utilised. The mortgage option allows you to borrow funding for your home with a competitive interest rate upfront for 120 days.
Alberta, British Columbia, Canada, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Online, Ontario, Prince Edward Island, Quebec, Saskatchewan, Yukon
Since 1997
Finance
English
Tangerine is an online-based bank that offers more interest with no banking fees. Their goal is to provide easy and simple everyday banking to Canadians.
There are many reasons why you should use Tangerine. Some examples include:
Unlike traditional banks, Tangerine is proud of having low to no fees on all accounts and transactions. However, some services do have fees, these prices can be found on their website under ‘fees list’.
Getting started with Tangerine is simple and easy. All you have to do is have your Social Insurance Number (SIN) and employment information ready. Once you have these, you can go on their website and click the ‘sign me up’ button.
Tangerine uses high-security technology to ensure all users can bank confidently and that their personal information is protected. Examples of safe banking include online PIN resets, 2-step authentication, secure chip and zero liability policies.
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Like another fellow leaving a review here I’ve been with Tangerine for many years and I have no serious complaints. I don’t understand the high number of bad reviews. This is an online bank primarily and has certain expectations from its customers to be computer savvy. Like all banks, their interest rates on savings are low, but you can negotiate temporary higher rates every few months. Contacting them by phone can be slow, but that’s true for other banks too. The agents are usually knowledgeable. I have chequing, savings, TFSA, investments. The website is ok and you can transfer fast to other accounts at other banks. If you find a better bank in Canada please share that information with us on this thread.
It has been my bank for 5 years and I have never had a problem. It’s so easy to navigate on their website and chat online is so easy. Doing everything with an online bank is better than having to go in person to another bank. End paying unnecessary fees with other institutions, I recommend Tangerine to everyone.
Thank you for your valuable input!
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