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Tangerine Savings Account Promotions for January 2023

Watch out for Tangerine’s savings account promotions if you need 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 offer (currently 5.00%).

When you open a Tangerine chequing account simultaneously, you may be eligible for up to $400 in cash bonuses.

Read on to learn about the Tangerine savings account interest rate promotion in 2023 and how it compares to EQ Bank and Simplii Financial.

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 5.00% interest for 5 months. After the promo ends, the rate becomes 1.00%.

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 using your Tangerine Visa* Debit for eligible transactions and earning 20% cash back for 60 days (up to $400).

Tangerine Money-Back Credit Card Promotion

The popular Tangerine Money-Back Credit Card offers 15% 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 15% back when you spend up to $1,000 in the first two months (valued at $150).

If your spending falls in the 2% cash back category, your total cash back is 12%.

This Tangerine credit allows you to consolidate your credit card debt at a low-interest rate of 1.95% for six months.

Apply for the Tangerine Money-Back Credit Card.

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 2.50%. 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
  • 100 x the interest at some big banks

You can learn more about what this account offers in my EQ Bank review.

Open EQ Bank Savings Plus Account.

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 0.40% regular interest rate.

However, when you open a new account, you can earn a 5.00% interest rate (offer available until April 30, 2023).

If you open a new chequing account and set up a direct deposit of at least $100 per month for three 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 2.25% 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:

  • 1.50% 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.

Tangerine Savings FAQ

What is the interest rate for a Tangerine savings account?

The regular rate is 1.00%. You may be eligible for a 5.00% interest rate for five months if you are a new client.

Is Tangerine a good savings account?

Tangerine is owned by one of Canada’s biggest banks – Scotiabank. The CDIC insures your deposits for 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.

Top Promotions this month

Get the best FREE chequing account offer in Canada ($350 cash bonus)

$350 cash bonus when you add a $100 direct deposit for 3 months.

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

No monthly or minimum balance is required.

Best no-fee cash back credit card with a $150 welcome bonus

$150 sign-up bonus on first $1,000 spending within 2 months.

Get unlimited 2% cashback in three categories of spending.

Low $12,000 income requirement and 600+ credit score.

0.50% unlimited cashback on all other purchases and no annual fee.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

3 thoughts on “Tangerine Savings Account Promotions for January 2023”

  1. Gravatar for Bing

    Could you include which proprietary ATMs each of these e-banks use ie. Tangerine via scotia bank machines.
    Thanks.

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Bing: Neo Financial, EQ Bank, and Wealthsimple do not offer access to proprietary ATMs, so there are no savings to be had on that front.

  2. Gravatar for Debra Longhurst

    Have been with tangerine since 2003. Have thought about investing $ with other institutions but I always stay with tangerine. Savings account, always ask what the special rate they can give. I do bi-weekly deposit. They’ve never failed me.

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