Best Tangerine Savings Accounts

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Last updated on March 25, 2019 Views: 547 Comments: 6

Tangerine Bank, referred to as simply Tangerine by most, is a subsidiary of Scotiabank that specializes in consumer-friendly credit cards, savings accounts, and chequing accounts for Canadians. The bank provides some unique ways for customers to benefit from their spending and saving efforts, exemplified by products like the Tangerine Money-Back card, which allows cardholders to choose which purchase categories they earn the most rewards in.

The chequing and savings accounts offered by Tangerine are just as advantageous. Though the bank has no traditional branches, one can sign up or chat with an expert at any Tangerine Café, Pop-Up or Kiosk in most major urban areas of Canada. A creative take on banking grants Tangerine customers some benefits that they won’t find even at the largest traditional financial institutions.

Savings accounts from Tangerine are some of the most convenient to bank with, because they don’t impose any minimum balances, fees, or service charges whatsoever. At the end of the day, customers want saving money to be simple and easy, and that’s exactly what Tangerine accomplishes. Discover the best of this excellent bank’s savings accounts below, including the Tangerine TFSA, Retirement Savings Plan, and more.

Tangerine Savings AccountPromotional Interest RateBase Interest RateFeesApply for Card
Tangerine Standard Savings Account2.75% for first 6 months1.15% $0Apply Now
Tangerine TFSA Account2.75% for first 6 months1.15%
Deposits and interest tax-free
$0Apply Now
Tangerine RSP Account2.75% for first 6 months1.15%
Deposits to RSP deductible from yearly income
$0Apply Now

Tangerine Savings Account

tangerine Savings AccountOne of the best Tangerine savings accounts is also the simplest. With no fees, minimum balances or surcharges, saving money requires no hesitation or extra thought, and is easy with a favourable interest rate. At 1.15%, new customers can get their rate boosted to 2.75% interest for the first 6 months of membership.

Without fees or minimums, it’s simple to withdraw or move your money between accounts. It’s also safe, as Tangerine makes deposits of up to $100,000 eligible for CDIC insurance. For customers who need to save at a competitive rate, but don’t want to actively manage their money or worry about hidden charges for doing so, the Tangerine Savings Account is ideal.

  • Great 1.15% rate
  • Bonus rate of up to 2.75%
  • No fees, surcharges, or minimums

Tangerine Tax-Free Savings Account (TFSA)

tangerine TFSA AccountPut some extra power behind your savings by getting a great rate, and earning interest without the burden of taxes. The Tangerine TFSA is for Canadians above the age of majority who want to put money aside and let it accrue interest at 1.15% (new members can get 2.75% for 6 months), and then not pay the standard tax on interest when they withdraw the money later. While contributions to a TFSA aren’t deductible and an annual ceiling is set at $5,500, the deposits and the interest they earn are totally exempt.

Add in Tangerine’s absence of fees, surcharges and minimums and savings are accelerated further. Even better, customers banking with Tangerine can take advantage of the bank’s Automatic Savings Program, which they can use to set up automatic withdrawals from their other bank accounts and maximize their tax-free savings each year. For those who plan their finances strategically, a TFSA is a necessary tool, and Tangerine’s option represents one of the very best in the Canadian market.

  • Competitive 1.15% rate
  • No fees, surcharges, or minimums
  • Automatic Savings Program

Tangerine RSP Savings Account

tangerine RSP AccountSaving for retirement is straightforward and lucrative when you bank with Tangerine. The Tangerine Retirement Savings Plan allows those with their eyes on the future to automatically make maximum contributions each year, and earn interest at an excellent rate. Moreover, all deposits to one’s RSP are deductible from yearly income, helping to reduce an account holder’s tax burden while gaining access to compound interest as well. At a 1.15% interest rate, with up to 2.75% available to new members for 6 months, there are few better ways to build a financial cushion.

Customers of Tangerine, as always, can optimize how money moves through their various accounts inexpensively. Exemption from fees and other charges, mandated minimum balances and other restrictions make building a nest egg easier than ever. Combine it with the Automatic Savings Plan to ensure that you contribute your yearly maximum to a retirement account without any extra effort needed.

  • Tax-deductible deposits
  • 1.15% interest
  • Automatic Savings Plan

More Tangerine Products


Tangerine Money-Back card

 Tangerine_chequing
Tangerine No-Fee Daily Chequing
(Special Offer: Earn up to $200 in cash Bonuses* when you open a Chequing Account between November 1st and January 31, 2019 and switch your payroll direct deposits or pre-authorized payments.)

Article comments

6 comments
Allen Jones says:

I agree with Jayne – ING / Tangerine is NO LONGER competitive and like Jayne I joined Tangerine/ ING way back when and so far I have moved over $20,000 to a Mackenzie floating rate fund where I get 2.6% +++ and that is where I plan to move the rest of our ING funds after I post this note

The GreedyRates Team says:

Allen,
We appreciate the input! At the end of the day, you’re free to chase the best returns possible, so if you find something better than what we’ve reviewed above then we wholeheartedly encourage you to pursue it. Remember that with these more agile online funds and organizations, you’re often seeking greater returns at the expense of customer support or the ability to enter a branch and have someone talk you through an issue face-to-face. However, if you can reliably double your interest rate then few would argue against this opportunity. Enjoy!

GreedyRates

Jayne Huddleston says:

Tangerine must have paid for this post because 1.2% is NOT competitive among online banks. I have had accounts at Tangerine since it was ING and I was with them since ING came to Canada. Currently, Tangerine is treating their new customers better than their long-time loyal customers, by offering a 2.75% bonus rate. They’d be better to offer a competitive rate to all customers. I have moved most of my money out of it to the many CDIC insured online banks that now pay 2.3 and 2.4%. Tangerine will have to pay a fair rate to get my business back.

The GreedyRates Team says:

Hi Jayne,

Great observation, and this ties into the compromise that many make when giving their business to banks that aren’t online-only. With lower overheads given the absence of any physical branches or locations (and the quality of service that comes with them) banks like Alterna, EQ, and motusbank are indeed able to offer around 1.00% more interest to savings accountholders.

It’s not that Tangerine isn’t treating their customers well—the opposite in fact. A savings account interest rate of 1.20% is pretty competitive with Big Five banks, and you must remember that it also lets you add another 2.00% cash back purchase category to your Tangerine MoneyBack Credit card (if applicable).

At the end of the day, it’s your decision whether you want to abandon physical banks and go online for a better rate. If you’re planning on not spending your money and think you can lock it for 12 months, GICs from these online banks can get you near 3.00%! Sometimes having personal support is useful, though, so it’s your decision. That’s not to say motusbank doesn’t offer great support, but at the end of the day, the only thing that’s important is that Canadians are able to make this choice.

GreedyRates

reginald bradley says:

what about withdrawals from a tfsa account

The GreedyRates Team says:

Hi Reginald!

We appreciate your question about TFSAs, or Tax-Free Savings Accounts, but more specifically the Scotiabank TFSA account. As far as withdrawals go, TFSAs aren’t as restricted as an RSP account, for example. They’re meant to help people save cash for any number of purposes, not just retirement. Therefore, it makes sense that a TFSA accountholder is table to withdraw his or her money at any time, and in whatever amount they want. Moreover, they won’t pay taxes on this withdrawal or lose yearly contribution room (one can re-deposit their withdrawn sum without penalty later). Some restrictions might apply to the withdrawal depending on the investment assets chosen by the accountholder, however, so keep this in mind. Thanks!

GreedyRates