The Tangerine High-Interest Savings Account offers a high rate on your savings and easy access to a no-fee chequing account.
New clients earn 5% on their deposits for the first five months and 1% after that. When they get a chequing account at the same time, they earn a 20% cash bonus on eligible transactions paid for using the Tangerine Visa Debit Card (limited-time offer).
This Tangerine Savings Account review covers how it works, its pros and cons, and alternative savings accounts from other online banks.
Tangerine High-Interest Savings Account Rating
Tangerine Savings Account
Overall
Summary
The Tangerine Savings Account offers a competitive interest rate when compared to some big banks. With the promotional bonus offer in the first 5 months, you get a 4% boost. This makes it worth checking out if you need to grow your deposit fast over a short time frame.
Pros
- Earn up to 5% interest
- No monthly account fees
- CDIC insurance coverage
- No minimum balance
- Includes Automatic Savings Plan
Cons
- Online-only bank
- No physical branches
- Limited-time welcome offers
Benefits of The Tangerine High-Interest Savings Account
A Tangerine High-Interest Savings account (HISA) offers these benefits:
6% Promotional Interest: You get 6% interest for the first five months. This rate is paid on a deposit balance of up to $1 million.
No monthly fees: You won’t pay a monthly fee or service charge to operate your account. And after connecting a chequing account, it is easy to move funds in and out.
Automatic Savings Plan: Easily set up pre-authorized contributions on a defined schedule from a chequing account to your Tangerine HISA.
No minimum balance: You don’t need a large balance to open an account and can start with as little as $1.
CDIC Insurance Eligible: Deposits in your Tangerine savings account are eligible for CDIC insurance.
Tangerine High-Interest Savings Account Downsides
Some things to look out for when considering a Tangerine Savings account are:
Lower Standard Rate: The standard interest rate for this account is 0.70%. This is lower than rates at some other online banks like EQ Bank and Neo Financial.
Online-only Banking: There is no access to in-person service at a branch, and you will need to be comfortable transacting online.
Limited Welcome Offer: The 6% promotional rate does not extend to the Tangerine’s Children’s Savings account, which has a 0.80% standard rate.
Tangerine Savings Account Alternatives
EQ Bank Personal Account
Up to 4.00%* interest rate
Unlimited debits and bill payments
Unlimited Interac e-Transfers
No monthly account fees
Neo Money Account
Unlimited 5% average cash back
No monthly fees + $20 bonus
2.25% non-promo interest rate paid on balance
Unlimited free transactions
Get a Mastercard for payments online and ATMs
Access to a no-annual-fee credit card
Simplii High-Interest Savings Account
6.00%* rate for 5 months
Unlimited debits and bill payments
Unlimited Interac e-Transfers
$400 cash bonus offer with a free chequing account
How To Open a Tangerine Savings Account
Tangerine Bank accounts are available throughout Canada. To open an account, visit Tangerine here.
You will need to be the age of the majority in your province or territory and provide your:
- Social Insurance Number (SIN).
- Phone number and email.
- Employment information.
- Other details necessary to confirm your identity.
FAQs
Tangerine offers six personal savings accounts, including general savings, TFSA, RSP, US$, RIF, and children’s savings accounts.
You earn a 6% rate for the first five months and 0.70% after that.
The overall best savings account in Canada is the EQ Bank Personal Account. You can view the top high-interest savings account rates here.
There are no monthly fees or service charges associated with this account.
You can earn 5% interest through Tangerine and 6.00% interest through Simplii Financial for a limited time.
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