Tangerine High-Interest Savings Account for 2023
Tangerine Savings Account offers an exceptionally competitive interest rate compared to some large banks, plus an exceptional promotional bonus offer of 5% in your first 5 months. It’s perfect if you need to grow your deposit quickly over a short period.
Tangerine High-Interest Savings Account provides a high-interest rate while giving easy access to a fee checking account.
New clients earn 5% for deposits made during the first five months, then 1% afterward. Plus, those opening an individual chequing account and Tangerine Visa Debit Cards at once qualify for a 20% cash bonus on eligible transactions made using these debit cards (limited-time offer).
This Tangerine Savings Account review details its functionality, advantages, and disadvantages.
Benefits of Tangerine High-Interest Saving Account
Tangerine’s HISA account offers customers unique advantages in this constantly-evolving financial landscape to maintain a significant customer base. Potential Tangerine benefits include the following:
1. Interest Rates: Tangerine HISA stands out as an attractive investment with its competitive interest rate, often offering promotional rates of 5% in its initial few months and then standard rates that remain highly competitive compared to regular savings accounts. It means your funds can grow much quicker than those in a similar account.
2. No Fees: Tangerine HISA does not typically charge monthly account fees, making your savings go further while eliminating unnecessary charges that would derail them.
3. Tangerine HISA Doesn’t Require Minimum Balance Requirements: Unlike savings accounts that require you to maintain or meet specific eligibility requirements before opening an account with them, Tangerine’s HISA typically doesn’t place any minimum balance requirements. So, you can open one and start saving with any amount you already have. This allows for effortless savings.
4. Flexibility: Tangerine offers customers easy access to their money, allowing them to withdraw funds whenever necessary – especially helpful during emergencies or unexpected costs.
5. Online and Mobile Banking: Tangerine offers online and mobile banking for HISA accounts, managing them both from your computer or phone. You can efficiently check account balances, transfer funds, set up savings plans, and conduct other banking-related activities conveniently from home or while on the move!
6. Secured Account: Tangerine offers customers added peace of mind because its parent bank, Scotiabank, is among the nation’s premier institutions and therefore serves as an additional safeguard and source of confidence.
7. Automatic Savings: Tangerine’s HISA features an automated savings feature whereby you can set recurring transfers from your checking to saving accounts, building your savings effortlessly. This “set it and forget it” approach can help your savings accumulate automatically over time.
8. Joint Accounts: Tangerine now allows customers to open joint savings accounts. This feature benefits couples or family members looking to pool their savings for common financial goals.
9. CDIC Insurance: Tangerine High-Interest Savings Account is eligible for deposit insurance coverage from Canada Deposit Insurance Corporation (CDIC), meaning in the unlikely event of bank failure, your eligible deposits, up to their specified limits, will be protected.
10. Rewards and Promotions: Tangerine offers promotions or rewards for opening new savings accounts or referring friends and family to them, providing additional customer advantages.
Who Can Apply for Tangerine High-Interest Savings Account?
While specific eligibility requirements may differ depending on a bank or financial institution’s rules and policies, only Canadian residents are generally eligible to open a Tangerine High-Interest Savings Account. Additional requirements include:
• Age Requirement: Generally, the minimum age to open a Tangerine High-Interest Savings Account is 16 years. A parent or guardian should open jointly if the individual is under 16 years old.
• Personal Use Only: This account was intended solely for individual use. Business or corporate users do not have access to this account.
• Identification Documents: Submitting a government-issued photo ID card and proof of address when opening a HISA account is obligatory.
• Provide Your Social Insurance Number (SIN): Submitting the SIN number is mandatory when opening the HISA account. Financial institutions often need this for tax reporting purposes.
• Compliance With Tangerine Terms and Conditions: As with any financial institution, agreeing to the terms and conditions set forth by Tangerine is essential to open the account.
The Pros and Cons
Below is a breakdown of Tangerine HISA pros and cons that assist in making an informed decision before opening an account:
1. Tangerine offers users convenient online banking that makes managing transactions without leaving home. It is an enjoyable and stress-free experience.
2. Tangerine stands out as an innovative company due to its dedication to offering products at lower or no fees than traditionally available bank products. It provides an interest rate of 0.10% on savings accounts, which is higher than typical rates offered by traditional banks.
3. Tangerine users can benefit from digital banking options available via its app and website to efficiently manage their finances whenever needed.
4. Tangerine’s Cheque-in feature simplifies banking tasks even further. Clients can deposit cheques quickly by snapping pictures with their smartphone or tablet and entering the necessary details.
5. Tangerine clients also gain free access to over 3,500 Scotiabank ABMs across Canada – an added benefit.
1. While Tangerine does offer a brick-and-mortar cafe in Toronto, it only provides some of the functions available in a traditional physical branch.
2. Tangerine offers promotional interest rates that may appear high and attractive. However, the interest rates tend to reduce significantly once their promotional period ends.
3. Banking online through Tangerine may present difficulties to individuals with slow internet speeds, potentially disrupting transactions.
4. Tangerine Chequing accounts offer customers the added value of a free checkbook with 50 cheques included. However, any additional cheques would need to be purchased separately.
Tangerine Bank stands out among the various digital banks in Canada due to its competitive rates and exceptional customer support. It distinguishes itself further by offering complete services for personal and professional needs.
Savings and spending products offered by the bank feature no monthly fees, with account holders no longer having to keep a minimum balance to open and operate the account. New clients can take advantage of attractive entry rates, which enable them to generate significantly greater interest on savings and chequing accounts.
Suppose your current bank has exorbitant fees that you pay extra monthly and are searching for something better. In that case, Tangerine Bank should be at the top of your list when looking at alternatives.