In this guide

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  • Frequently asked questions
  • Your reviews
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Tangerine Savings Account
Finder score
Promotional Rate
6.00% for 5 months
Interest Rate
6% for 5 months, then 0.60% thereafter
Transaction Fee
Minimum Balance

Our verdict

A Tangerine savings account offers relatively high interest rates and no service charges on all balances.

The Tangerine Savings Account comes with an impressive no-fee structure and a super easy signup process. We love how convenient it is to manage funds through the Tangerine Savings Account's mobile and online banking platform. That being said, the everyday interest rate is lower than you can get with other digital banks, although it's competitive compared to the rates offered by many of Canada's major banks.

Best for: Those looking for a well-established alternative savings account to the Big Five banks.


  • Earn up to 0.6% interest
  • No monthly fee
  • No minimum balance
  • Automatic savings option
  • CDIC Deposit insurance up to $100,000
  • Free access to Scotiabank ABM network


  • No physical branches
  • Lower standard interest rate than other digital competitors

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

The Tangerine Savings Account is popular with Canadians looking for a fee-free way to grow their money and super easy online banking options.

Benefits and drawbacks of the Tangerine Savings Account

Owning a Tangerine Savings Account comes with perks like no fees and a competitive interest rate. But you could possibly get a better interest rate from a digital institution like EQ Bank.


  • Higher rates than the major banks. This Tangerine HISA offers considerably higher interest rates than the major banks.
  • Ongoing bonus rates. Tangerine frequently offers bonus savings interest rates for its customers on a nearly ongoing basis after your initial sign-up bonus period ends. These ongoing bonus rates are often much higher than what competitor digital banks offer.
  • Automatic savings. Tangerine makes programming your savings quick and easy through its Automatic Savings Program (ASP), which lets you set a frequency as well as start and end dates for all your savings goals.
  • No account fees. There are no account fees or service charges associated with a Tangerine Savings Account.
  • Easily move funds between accounts. It’s easy to transfer money between your savings account and a linked Tangerine chequing account via online banking. (Tangerine No-Fee Daily Chequing Accounts come with free Interac e-Transfers.)


  • Lower rates than other digital competitors: Although the Tangerine HISA offers higher interest rates than the major banks, some of its competitors offer higher rates.
  • No physical branches to make cash deposits and receive in-person service: As a digital bank, Tangerine may not be suitable for customers make a lot of cash deposits or who prefer face-to-face interactions with bank representatives.
  • Minimum age requirement: You have to be at least 16 years old to open a Tangerine Savings Account. Young savers will have to look elsewhere if they want a secure way to grow their funds.
  • Out-of-network ATM fees: There are no fees for using Scotiabank ATMs. But you’ll be charged every time you use an out-of-network ATM. The fee is $1.50 within Canada, $3 in the US and $3 elsewhere.

How do I open a Tangerine Savings Account?

To open a savings account with Tangerine, you must complete an online application. The registration process takes about five minutes and will require the following information:

  • A 6-digit login PIN that you create
  • Personal information such as your mailing address, phone number and email address
  • Employment information
  • Social Insurance Number (SIN)
  • Canadian mailing address and email address


To be eligible for a Tangerine Savings Account, you must meet the following criteria:

  • Be a resident of Canada
  • Be 16 years of age or older with a valid Social Insurance Number (SIN)
  • Have an email account

About Tangerine Bank

Originally founded as ING Direct in 1997, Tangerine is one of Canada’s leading digital banks with around 2 million clients. In 2012, Scotiabank bought ING Direct from its parent company, Netherlands-based ING Direct, and it was renamed Tangerine in 2014. Tangerine offers savings, chequing, credit and investment options and has paid out over $9 billion in interest to Canadians.

What do regulators and customers say about Tangerine?

Tangerine has an F ranking from the Better Business Bureau (BBB) but is not BBB accredited. Although you’ll find some negative reviews online, its customers are generally happy considering Tangerine has won the top spot for overall customer satisfaction in the Midsize Bank Segment for 12 consecutive years according to a J.D. Power Canada study.

Compare other savings accounts

1 - 4 of 4
Name Product Finder Rating Promo Rate Regular Interest Rate Transaction Fee 1 Year Return Offer
EQ Bank Notice Savings Account
Finder Score:
4.3 / 5
Simplii High Interest Savings Account
Finder Score:
3.9 / 5
5.90% for 5 months
KOHO Earn Interest
Finder Score:
4.1 / 5
Scotiabank MomentumPLUS Savings Account
Finder Score:
4 / 5
6.05% for 3 months

Bottom line

When it comes to online savings accounts, Tangerine is one of the most recognizable names in Canada. The Tangerine Savings Account makes it easy to transfer funds and to set up long-term savings goals. It also has the benefit of offering no-fee banking and high interest rates. However, the rate you earn with Tangerine is lower than what’s offered by some of its competitors.

Want to learn more about savings accounts? Check out our helpful guide.

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