Types of Tangerine deposits
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Tangerine savings accounts have great rates and no minimum balance, no service, and unfair fees — all fees are disclosed in advance.
There is a promo offer that lets you earn up to $400 cash back and get a rate of 3.25%.
A $50 fee will be charged if you decide to transfer your account to another financial institution.
Within the Tangerine account, you may move your money anytime for free or make withdrawals.
The non-sufficient funds (NSF) fee is $45.
With the Automatic Savings Program (ASP) you can determine your regular payment amount and the ASP will move money directly to your Tangerine Account.
- Tangerine Savings Account is a basic option with an interest rate as high as 1%.
- TFSA (Tax-Free Savings Account) allows you to pay no tax on your interest or withdrawals with a 1% rate. You could contribute up to $6,000 according to the legislation.
- RSP (Retirement Savings Account) lets you make your retirement savings with a 1% interest rate. For RIF (retirement income fund), it is 1.05%.
- When you want to draw your money from retirement savings use a RIF Savings Account with a 1.05% interest rate.
- US$ Savings Account allows you to save cash in American dollars under a 0.10% rate, with great exchange rates, and still without any service charges.
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Tangerine Chequing account is an operating account for everyday purchases and payments which also allows you to gain interest.
Interest is calculated daily and paid monthly with a rate up to 0.10% depending on the cash amount.
With a Client Card Visa Debit you are able to make online or offline payments with your money from your chequing account worldwide. The card is coming with a chequing account. It has no fee for unlimited daily transactions including e-Transfer transactions, bill, and pre-authorized payments, and debit purchases. Other fees may be applied, for example, NSF, other than Scotiabank ATM withdrawals, foreign currency conversion fees, etc.
- Tangerine Business Savings Account and Business US$ Savings Account come with no fees or charges, but with high-interest rates.
Requirements
To open a savings or chequing account with Tangerine Bank you must:
- Be a Canadian resident
- Be over the age of majority in your province
- Have a valid SIN
- Have a valid piece of government-issued photo ID
- Be ready to provide contact, personal, and employment information
Pros and cons
Pros
- No service fees
- No minimum balance option
- One of the highest interest rates
- Rate is paid even for chequing accounts
- Apply, pay and operate online or through the mobile app
Cons
- High-interest rate available only for promo periods
- NSF fees may hurt your budget
- Not suitable with often cash deposits
- Need to maintain over $100,000 to get a 0.10% interest rate
How to make a deposit?
Sign up as a Tangerine client by clicking the «Sign me up» button on the side menu or under the chosen product. With a mobile application you could apply faster and easier: make a photo of your ID, make a selfie, enter some info and you are ready to go.
The online application takes about 10 minutes: create a banking profile, fill in your personal information, SIN number, employment, and banking information.
If you already have a Tangerine account, log in online or use a mobile app. You could deposit cheques instantly using the Cheque-In feature on your Mobile App.
All transactions are fee-free: you may get pre-authorized payments, payroll direct deposits, or Interac e-Transfer using your Tangerine debit accounts.
