However, it does not offer a chequing account like Tangerine. If you want to grow your account with a high-interest savings rate or high-interest GIC, an online bank such as EQ Bank offers a more competitive rate for your money. If you want to join an online bank and save on chequing fees, Tangerine is one of the few online banks in Canada that offers this benefit. Additionally, transactions like bank drafts may take longer to process. You want to be able to access a small local bank branch easily.Ĭash Withdrawals: There may be daily dollar limits on how much you can withdraw per day using your debit card at ATMs. There’s really no increased security from doing so, but if that’s what you prefer, online-only banks may not suit your needs.Ĭash Deposits: If you do a lot of cash deposits (including small change – coins), an online-only bank may be somewhat cumbersome. Not Brick and Mortar: Some people want to conduct every financial transaction in person. EQ Bank offers a standard high-interest rate, and it is non-promotional. Low Standard Interest Rate: After the promo period ends, the interest rate falls to 0.10%, which is not much better than the big banks. Non-Tangerine/Scotiabank ATM (Canada) – $1.Stop payments – 1 free/year, $10 each after that.Cheque books (50 cheques) – first book free, $20/book after that.However, there are some fees you cannot avoid if you do any of the following: Tangerine is great with its no-fee savings and chequing accounts. This means that similar to any other big bank, your deposits are insured for up to $100,000. Tangerine is a member of the Canada Deposit Insurance Corporation (CDIC). You can reach them 24/7 at 1-88 (English) or 1-84 (French). My experience so far with the Tangerine customer service folks has been great. You can refer up to three friends every year. When they sign up using your key and deposit a minimum amount, you both get a $50 cash bonus. Earn Cash Bonuses – Refer A FriendĪfter you open your Tangerine account, you will receive a personalized Orange key that you can give to friends and family.
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You can stay at home and conduct your banking transactions, including free email money transfers (avoid Interac fees), deposit cheques by simply snapping a photo of the cheque with your phone, and a user-friendly website and mobile app. When signing up online, you will need to have the following available:Īpart from saving on fees and competitive interest rates on savings and chequing, here are a few other reasons why you may choose to bank with Tangerine: Convenience You may need to confirm your identity by visiting a Canada Post outlet with your ID to fully activate your account. Opening a Tangerine account is easy and takes a few minutes (literally) for the initial setup. The 5-year variable mortgage rate is 7.15%. Tangerine’s fixed mortgage rates as of July 21, 2023: In addition to offering fixed and variable mortgage loans, Tangerine also offers RRSP loans and Home Equity Lines of Credit (HELOC).
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You can also learn how to invest in this guide to investment accounts in Canada. These funds have a 1.07% annual fee, and you can read my detailed review for more information. Several Tangerine investment funds and GICs cater to various investing needs, including Tax-Free Investment Funds, RSP Investment Funds, RIF Investment Funds, and Guaranteed Investment Certificates. You can learn about the best savings rates in Canada. New clients earn a higher promotional rate for the first five months and 1.00% after on the general savings account. Savings accounts offered by Tangerine include: Currently, these accounts offer a standard 1.00% interest rate. Tangerine Bank offers a variety of savings accounts you can use to grow your money.
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