Tangerine Savings Account review
A Tangerine savings account offers relatively high interest rates and no service charges on all balances.
The Tangerine Savings Account is popular with Canadians looking for a fee-free way to grow their money and super easy online banking options.
Promotional Interest Rate
The combination of no service charges and Tangerine’s Automatic Savings Program (ASP) provides a unique opportunity to grow your nest egg faster without having to worry about depositing a minimum amount each month or maintaining a minimum balance. Plus, new account holders can enjoy a special interest rate.
Tangerine Savings Account expert review
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 Tangerine‘s online banking platform. That being said, the interest rate with the Tangerine Savings Account is lower than you can get with other online banks, although it’s competitive with the rates offered by many of Canada’s major banks.
Tangerine Savings Account features
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.
- Interest rate: 1%.
- Fee: $0
- Minimum balance: $0
- Automatic savings option: Yes
- Deposit insurance: up to $100,000
- ATMs: Access to Scotiabank's ABM network across Canada.
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 an online institution like EQ Bank.
- Higher rates than the major banks: Tangerine offers considerably higher interest rates than the major banks.
- High introductory interest rate. New clients can earn up to 3.25% interest on their balance for the first 5 months, plus get a $400 cash bonus. Offer valid until October 13, 2022.
- 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 Chequing Accounts come with free Interac e-Transfers.)
- Lower rates than online competitors: Although Tangerine offers higher interest rates than the major banks, some of its online competitors offer higher rates.
- No physical branches to make cash deposits and receive in-person service: As an online 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
- 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 Group in 1997, Tangerine is one of Canada’s leading online banks with around 2 million clients. In 2012, Scotiabank bought ING Group from its parent company, Netherlands-based ING Groep, and it was renamed Tangerine in 2014. Tangerine offers savings, chequing, credit and investment options and collectively manages around $38 billion in assets.
What do regulators and customers say about Tangerine?Tangerine has an A- 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 9 consecutive years according to a J.D. Power Canada study.
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.