You can start earning 0.1% interest on any dollar amount in your Tangerine savings account. Savings Account: The interest rate doesn’t exceed 0.1%, but there are no tiers.There is no monthly fee for any of the savings accounts and no minimum balance requirement, which is a plus. Tangerine offers a full suite of savings account offerings and has already paid out about $9.6 billion in interest to its bankers, thanks mainly to its massive user base. You can also connect it with mobile wallets like Apple, Google, and Samsung Pay seamlessly. Up to $100,000 in your Tangerine chequing account is insured by the Canadian Deposit Insurance Corporation (CDIC). Not only does having this account mean an unlimited number of transactions it also facilitates Interac e-Transfers.ĭespite that, one limit that a few users found is that you can’t tap your card for purchases over $100 you’d have to swipe it and enter the pin code. The Tangerine chequing account allows you access to free automated banking machine (ABM) withdrawals via Scotiabank’s 900 ABMs in the country. You can get much higher rates at banks such as Neo or EQ Bank. It’s one area where other online banks outshine Tangerine. 0.1% (best rate) for amounts higher than $100,000.The interest rates you earn depend upon how much money you have in your chequing account and are divided into three tiers: Tangerine has a no-fee daily chequing account that offers unlimited transactions, a Visa Debit card, and a free chequebook for your first 50 cheques. We will further discuss these products and services below: 1. Tangerine Chequing AccountĪs a full-service online bank, the first banking product Tangerine had to offer was a chequing account. Loan products (e.g., mortgage, Home Equity Lines of Credit, and a line of credit).Investment products (e.g., funds and Guaranteed Investment Certificates).One problem that traditional banking proponents have with online banks is that they believe these digital banks don’t offer a full range of banking products.Īnd while it may apply to FinTechs that are still in the process of evolving into proper banks or digital businesses that offer a checking account (like robo-advisors), it’s not true for Tangerine.Ĭanada’s premier online bank offers a comprehensive range of products, thanks mainly to its association with one of the Big Five. ![]() Like most other online banks, the concept was to reduce the cost of banking and pass on the benefits of low overhead costs onto the customer in the form of no-fee banking and decent interest rates.Īlthough it’s not exactly a branch, Tangerine Bank has a café in Toronto where you can interact with Tangerine’s representatives, open up an account, and discuss your financials and banking needs. It has no physical branch, and you can take care of all your banking needs online. Whether you call its services “direct banking”, “virtual branchless banking”, or “pure online banking”, Tangerine can be counted among the very first-if not the first-online bank names in Canada. Later, in 2014, it was christened “Tangerine”. The bank naturally evolved into an online bank, and in 2012, it was acquired by Scotiabank. ![]() ![]() It was the first of its kind and was a literal test case that aimed to reduce banking costs by focusing on phone banking. In addition, the Tangerine Mastercard offers several insurance coverages for your purchases :įinally, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months.Named after the refreshing citrus fruit, whose roots can be traced back to Morocco, Tangerine Bank can trace its origin back to the ING Bank of Canada, founded in 1997. It is one of the best credit cards for renovations. You can choose two to three categories that interest you (groceries, gas, furniture, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there is no annual cash back limit. ![]() With this limited-time welcome offer, you can earn an additional 10% cash back (up to $100) when you spend up to $1,000 on everyday purchases during the first 2 months. The Tangerine Money-Back Credit Card has no annual fee and offers cash back. Right now, by opening a Tangerine savings account you’ll earn 2.75% interest on your savings for 5 months! Plus, you can also get up to $400 cash back when opening a new savings account! Tangerine Credit Cards Tangerine Money-Back Credit Card In addition, from time to time, you can receive a promotional interest rate on any new dollars deposited into the account. The Tangerine Savings Account has no bank fees and offers the highest interest rate on the market. You can open only this type of account without having a Tangerine chequing account.
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