Watch out for Tangerine’s savings account promotions if you are in need of short-term high-interest rates to boost the returns on your savings.
These promotional rates are available to new clients for 5-6 months and typically beat what the big banks are offering (it is currently 2.25%).
When you open a Tangerine chequing account at the same time, you may be eligible for up to $300 in cash bonuses.
Tangerine Savings Account Promo
A Tangerine Savings Account has no monthly fees and no minimum balance requirement.
You earn a competitive interest rate on every dollar when you first sign up, however, the interest rate falls after a few months.
The current Tangerine offer pays 2.25% interest for 5 months. After the promo ends, the rate becomes 0.10%.
To qualify for this offer, you must open a free savings and chequing account within 30 days and use the promo code EARNMORE.
You can get more out of this promotion by adding payroll direct deposits to your new chequing account within 60 days of opening the account.
When your payroll deposits go on for at least 3 months, you get a $300 bonus after the third month.
For example, if your first payroll deposit occurred in May 2022, your bonus is deposited in August 2022.
Tangerine Money-Back Credit Card Promotion
The popular Tangerine Money-Back Credit Card currently offers an extra 10% cash back to new cardholders.
This credit card already ranks as one of the best no-fee cash back credit cards in Canada with its regular 2% cash back offer, and this special offer only makes it a lot better.
For a limited time, you earn a bonus of 10% back when you spend up to $1,000 in the first 2 months (valued at $100).
If your spending falls in the 2% cash back category, your total cash back is 12% in total.
This Tangerine credit also allows you to consolidate your credit card debt at a low-interest rate of 1.95% for 6 months.
What is Tangerine?
Tangerine Bank is an online bank and subsidiary of Scotiabank.
Its financial products include:
- Savings account (TFSA, RRSP, US Dollar, RIF, and non-registered savings).
- Guaranteed Investment Certificates (GICs)
- Business chequing and savings account
- Investments Funds
- Credit Cards (Tangerine Money-Back Credit Card and Tangerine World Mastercard)
Tangerine vs. EQ Bank Promotions
The EQ Bank Savings Plus account offers a regular non-promotional interest rate of 1.50% and a $150 cash bonus for a limited time.
This no-fee saving account works like a hybrid between savings and chequing and supports:
- Free and unlimited debits and Interac e-Transfers
- Mobile cheque deposits
- Free bill payments
- Joint savings accounts
- TFSA and RSP savings
- No monthly account fees
- 125 x the interest at some big banks (1.50% vs. 0.10%).
You can learn more about what this account offers in my EQ Bank review.
Tangerine vs. Simplii Financial Promotions
Simplii Financial is an online-only bank and a subsidiary of CIBC.
Like Tangerine, it often offers short-term promotional interest rates to new customers when they open a savings and/or chequing account.
Simplii’s High-Interest Savings Account has a 0.10% regular interest rate.
When you open a new account, you can earn a 2.20% interest rate (offer available until April 30, 2022).
If you open a new chequing account as well as set up a direct deposit of at least $100 per month for 3 consecutive months, you get a $350 cash bonus.
Tangerine vs Neo Financial Promotions
Neo Financial is a financial technology company offering a free cash back credit card and a high interest savings account.
The Neo Financial Savings Account offers a non-promotional 1.30% interest on your savings deposits. This account has no monthly fees and includes free bill payments and Interac e-Transfers.
When you apply for its cash back credit card, you get a $25 welcome bonus.
Learn more in this Neo Financial review.
Tangerine vs. Wealthsimple Save Promotions
Wealthsimple Save is the high-interest savings account offered by Wealthsimple.
This account offers:
- 0.50% interest rate
- No monthly account fees
As a Wealthsimple customer, you can easily access a managed investments account (robo-advisor), brokerage platform (Wealthsimple Trade), and cryptocurrency trading.
When you open a new Wealthsimple Invest account using our exclusive link, you get a $75 cash bonus.
Tangerine Savings FAQ
What is the interest rate for a Tangerine savings account?
The regular rate is 0.10%. If you are a new client, you may be eligible for a 2.00% interest rate for 5 months.
Is Tangerine a good savings account?
Tangerine is owned by one of Canada’s biggest banks – Scotiabank. Your deposits are insured by the CDIC up to $100,000 per eligible category.
Can I withdraw money from a Tangerine savings account?
When you open a Tangerine chequing account, you can move funds from your savings into chequing, and withdraw at an ATM using your Tangerine debit card.
Do you bank with Tangerine or Simplii? Tell us about your experiences in the comments.