Tangerine Savings Account Review
A Tangerine savings account offers relatively high interest rates and no service charges on all balances.
Tangerine offers a high interest savings account that lets you automate your contributions. The combination of no service charges and the Automatic Savings Program (ASP) provides a unique opportunity to grow your nest egg faster without having to worry about minimum balances or deposits. New account holders can earn an even higher interest rate for the first 5 months.
Promotional Interest Rate
- Interest rate: 0.25% (New clients earn 2.5% for the first 5 months)
- Fee: $0
- Minimum balance: $0
- Automatic savings option: Yes
- Deposit insurance: up to $100,000
What are the benefits of a savings account with Tangerine?
The following are some of the main benefits of a Tangerine Savings Account:
- Higher rates than the major banks: Tangerine offers considerably higher interest rates than the major banks, especially for the first 5 months.
- High introductory fee. New clients can earn up to 2.5% interest on their balance for the first 5 months (up to a maximum of $1,000,000 per applicable account type. This offer applies to the following account types: Tangerine Savings Account , Tangerine Tax-Free Savings Accounts, Tangerine RSP Savings Accounts, Tangerine RIF Savings Accounts and Tangerine US$ Savings Accounts. Accounts must be opened within 90 days of the client number being created.
- 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 fees. There are no account fees or service charges associated with a Tangerine Savings Account.
- Official bank of the Toronto Raptors (the 2019 NBA Champions). The Tangerine x Toronto Raptors partnership provides Tangerine customers with discounts on eligible purchases at Real Sports Apparel and Scotiabank Arena concession locations using their Tangerine card. New clients could get a $ bonus, plus the chance to win a signed Toronto Raptors Basketball. T&Cs apply.
What should I look out for?
The following are some of the main drawbacks of a Tangerine Savings Account:
- Lower rates than online competitors: Although Tangerine offers higher interest rates than the major banks, some of its online competitors offer higher rates.
- No cash deposits: As an online bank, Tangerine may not be suitable for customers who hold a lot of cash deposits.
How do I open an 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
- Employment information
- 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
- Have an email account
- Contact information (address, phone number and email address)
- Social Insurance Number
- Employment information
How do I deposit and withdraw money?
A Tangerine Savings Account is designed to help you move money between online accounts quickly and easily. If you open a chequing account with Tangerine, for $0 per month, you will receive a client card that lets you deposit and withdraw money at any participating ABM. Deposits into chequing accounts can then be transferred easily to your savings account.
How can I get in touch with customer service?Tangerine offers physical café locations in Toronto, Vancouver and Montreal. Customer service can also be accessed through online chat weekdays between 8am and 8pm ET and on weekends from 9am to 5pm ET. The main customer service phone line is available 24 hours a day, seven days a week. The contact information is below:
- English: 1-888-826-4374 or 416-756-2424
- French: 1-844-826-4374
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.