Best Tangerine Savings Accounts

Last updated on September 13, 2018 Views: 1073 Comments: 0

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 RateBasic Interest RateFeesApply for Card
Tangerine Standard Savings Account2.75% for first 6 months
$50 bonus for $100 deposit
1.25% $0Apply Now
Tangerine TFSA Account2.75% for first 6 months
$50 bonus for $100 deposit
Deposits and interest tax-free
$0Apply Now
Tangerine RSP Account2.75% for first 6 months
$50 bonus for $100 deposit
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 1.25%, new customers can get their rate boosted to 2.75% interest for the first 6 months of membership, and even tack on a $50 bonus when they fund their account with $100 and set up an automatic savings program.

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 1.25% rate
  • Bonus rate of up to 2.75%
  • No fees, surcharges, or minimums
2.75% interest rate for the first 6 months, no fees
Apply Now

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 1.25% (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 1.25% rate
  • No fees, surcharges, or minimums
  • Automatic Savings Program
2.75% interest rate for the first 6 months, no tax on interest at withdrawal
Apply Now

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 1.25% 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
  • 1.25% interest
  • Automatic Savings Plan
2.75% interest rate for the first 6 months, all deposits deductible from yearly income
Apply Now

More Tangerine Products

Tangerine Money-Back card

Tangerine No-Fee Daily Chequing

Article comments