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You can easily get ten times the returns when you use other banks, especially on a TFSA or RRSP savings account. Like the interest rates on its chequing account, the savings account rates don’t really compare very well against the competition. Retirement Income Fund (RIF) Savings Account: Tangerine’s RIF Savings Account provides 0.15% interest, with no minimum balances or unfair fees. The conversion rates for buying can be 3.6% higher compared to selling. Dollar Savings Account: Tangerine offers 0.1% interest with no unfair fees for this savings account type. Tax-Free Savings Account (TFSA): You can earn up to 0.1% interest with no service charges or unfair fees. You can start earning 0.1% interest on any dollar amount in your Tangerine savings account. Savings Account: The interest rate doesn’t go beyond 0.1%, but there are no tiers. There is no monthly fee for any of the savings accounts and no minimum balance requirement, which is a plus.
#TANGERINE BANK FULL#
Tangerine offers a full suite of savings account offerings and has already paid out about $9.6 billion in interest to its bankers, thanks mainly to its massive user base. You can also connect it with mobile wallets like Apple, Google, and Samsung Pay seamlessly.
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Up to $100,000 in your Tangerine chequing account is insured by the Canadian Deposit Insurance Corporation (CDIC). Not only does having this account mean an unlimited number of transactions it also facilitates Interac e-Transfers.ĭespite that, one limit that a few users found is that you can’t tap your card for purchases over $100 you’d have to swipe it and enter the pin code.
#TANGERINE BANK FREE#
The Tangerine chequing account allows you access to free automated banking machine (ABM) withdrawals via Scotiabank’s 900 ABMs in the country. Motus, for example, is currently offering 0.15% interest on each dollar you have in their chequing account. It’s one area where other online banks outshine Tangerine.
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Like most other online banks, the concept was to reduce the cost of banking and pass on the benefits of low overhead costs onto the customer in the form of no-fee banking and decent interest rates.Īlthough it’s not exactly a branch, Tangerine bank has a café in Toronto, where you can interact with Tangerine’s representatives, open up an account, and discuss your financials and banking needs. It has no physical branch, and you can take care of all your banking needs online. Whether you call its services “direct banking”, “virtual branchless banking”, or “pure online banking”, Tangerine can be counted among the very first-if not the first-online bank names in Canada. Later, in 2014, it was christened “Tangerine”. The bank naturally evolved into an online bank, and in 2012, it was acquired by Scotiabank. It was the first of its kind and was a literal test case that aimed to reduce banking costs by focusing on phone banking. Named after the refreshing citrus fruit, whose roots can be traced back to Morocco, Tangerine bank can trace its origin back to the ING Bank of Canada, founded in 1997.