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A Tangerine Savings Account features on every list of the best high interest savings accounts in Canada for good reasons.

Tangerine Bank accounts have no monthly account maintenance fees, you enjoy above-average interest rates on your savings deposits, and your money is safe.

In addition, Tangerine offers a full suite of financial services including a savings account, chequing account, investment accounts, no-fee credit cards, mortgages, and more.

This review of Tangerine’s savings accounts covers the options available, their benefits, downsides, fees, and how they compare to alternatives such as EQ Bank.

Who is Tangerine?

Tangerine Bank is an online bank and a subsidiary of Scotiabank, one of Canada’s largest banks. It is one of the most popular digital banks in the country and ranks high for customer satisfaction.

In 2020, Tangerine bagged the top spot in the J.D. Power Banking Satisfaction Study for overall customer satisfaction in the Mid-size Bank segment. It also received two awards in the 2019 Ipsos Best Banking Awards in Canada.

Tangerine Bank has a few locations where you can chat face-to-face with Associates. Popularly referred to as Cafes, you can find them in Downtown Toronto, Toronto North, Vancouver, Calgary and Montreal.

Tangerine Savings Accounts

Tangerine offers 6 different savings accounts to meet various needs including:

  • A regular savings account
  • Tax-Free Savings Account
  • RSP Savings Account
  • RIF Savings Account
  • US$ Savings Account
  • Children’s Savings Account

The common features you will find across these accounts include no monthly fees, no minimum balance, higher-than-average interest rates, CDIC insurance, and access to an automatic savings plan.

Savings AccountStandard Rate
Tangerine Savings Account0.10%
Tangerine TFSA0.10%
Tangerine RSP Savings Account0.10%
Tangerine RIF Savings Account0.10%
Tangerine Children’s Savings0.10%

1. Tangerine Savings Account

This no-fee, no-minimum savings account is well suited for keeping your regular savings or emergency funds. The basic interest rate on the account is 0.10%, however, new clients can get a 2.10% interest rate for the first 5 months.

The interest rate is calculated daily and paid out on a monthly basis. You can take advantage of the promo offer on up to a maximum of $1,000,000 in savings.

A Tangerine Savings Account can easily be paired up with their free chequing account which offers unlimited Interac e-Transfers and access to thousands of free Scotiabank ATMs.

Save even more money by picking up the no-fee Tangerine Money-Back Credit Card that offers up to 2% unlimited cash back on your spending.

2. Tangerine Tax-Free Savings Account

A Tax-Free Savings Account or TFSA offers access to tax-free returns on your savings. Starting at age 18, you qualify to contribute money to a TFSA account up to a certain limit every year.

For 2021, the TFSA contribution limit is $6,000. Interest earned is not subject to taxes, you can withdraw your funds at any time and recontribute them in subsequent years.

For more details about the account, check out our Tangerine TFSA review.

3. Tangerine RSP Savings Account

Retirement Savings Plans (RSP) are designed to set money aside for your retirement years.

When you save using a Tangerine RSP account, your contributions are tax-deductible and interest earned is tax-free until you start making withdrawals in the future.

The annual RRSP contribution limit is 18% of your income up to a maximum of $27,830 in 2021.

This Tangerine account also has no monthly fees. Depending on your needs, you can combine it with a Tangerine Investment Fund.

4. Tangerine RIF Savings Account

At age 71, you must collapse your RRSP and withdraw the cash, open an RRIF account, or purchase an annuity. You can also do a combination of these options.

A Tangerine Retirement Income Fund (RIF) savings account offers a safe option to hold your retirement funds and grow it while making the mandatory minimum withdrawals every year.

It does not charge a monthly fee and there are no minimum balance requirements.

5. Tangerine Children’s Savings Account

Get your kids their first bank account by opening a free Tangerine Children’s Savings Account.

They get their own account number and start learning the basics of personal finance and money at an early age. The kid’s account has no fees and earns at a 0.20% interest rate.

To open a children’s account, the parent or guardian is required to first open a Tangerine Savings Account. Learn more about children’s bank accounts in Canada.

6. Tangerine US$ Savings Account

If you receive US funds or hold them for your U.S. vacations or business operations, the Tangerine US$ savings account is worth checking out.

Similar to the other accounts, it does not have a monthly account fee, hoever, it’s standard interest rate is a bit lower at 0.10%.

Benefits of a Tangerine Savings Account

Some of the benefits you can expect when you open a Tangerine savings account include:

  • Compared to the rates offered by big banks (e.g. TD, RBC, CIBC, and BMO), a Tangerine savings account generally offers a better interest rate (such as 0.10% vs. 0.05%).
  • Access to free automatic savings plans so you can link your chequing account and save regular amounts effortlessly.
  • Online banking via a versatile mobile app with free access to money management tools, calculators, and mobile cheque deposit.
  • Free access to over 3,500 ATMs when you have a Tangerine Chequing Account.


The standard interest rate on a Tangerine account is much lower than competing online banks like EQ Bank. For example, the EQ Bank Savings Plus Account offers a 1.50% standard interest rate.

If you prefer to conduct all your banking transactions in-person at a branch, this is not possible with Tangerine.

How To Open a Tangerine Savings Account

To get started, visit Tangerine to complete the online application.

You will need your social insurance number (SIN), contact details, and employment information. They also require that you submit a copy of a government-issued photo ID.

If any questions arise during the application process, you can reach their custromer service at 1-888-826-4374.

Related: Bank Account Promotions

Are Tangerine Savings Accounts Safe?

Tangerine is a member of the Canada Deposit Insurance Corporation (CDIC).

Deposits in their regular savings, TFSA, RSP, RIF, US$, and children’s savings accounts are eligible for CDIC insurance up to $100,000 per category.

This protection is also available for the Tangerine chequing and business savings accounts.

With regards to the safety of your personal information, the bank utilizes an online PIN, DoubleSafe, and 128-bit encryption to secure your personal information.

Tangerine holds an A- rating with the Better Business Bureau.

Tangerine Savings vs. EQ Bank Savings Plus Account

While it is clear that a savings account with Tangerine will pay higher interest than most big banks, how does it fare against EQ Bank?

EQ Bank Savings Plus Account

EQ Bank is a subsidiary of Equitable Bank, a Schedule I bank in Canada. Their no-fee, no-minimum balance Savings Plus Account offers one of the best non-promotional interest rates in Canada.

Here’s what you get:

  • 1.50%* interest rate
  • No monthly fees
  • Free and unlimited Interac e-Transfers and mobile cheque deposits
  • Free and unlimited bill payments and electronic fund transfers
  • CDIC-insurance up to $100,000
  • Cheap international money transfers

The regular savings rate at EQ Bank is much higher and you can sign up the 1.50% rate here. EQ Bank also offers registered savings plans, so you can open a TFSA or RSP account with them and earn up to 2.30%!


I have been a Tangerine customer for several years now and love that you can keep all your accounts in one place when you bank with them.

That said, for a non-promotional savings interest rate that won’t end after a few months, I prefer the EQ Bank Savings Plus Account.

If you are looking for a no-frills credit card that delivers on cash back rewards, take a look at the Tangerine Money-Back credit card.