Tangerine Bank, alluded to as Tangerine by most is an auxiliary of Scotiabank that works in customer inviting credit cards, investment accounts, and checking represents Canadians.
The bank gives some remarkable approaches to clients to profit by their spending and sparing endeavours, exemplified results like the Tangerine Money-Back card, which enables cardholders to pick which buy classes they gain the most rewards in.
Even though the bank has no current branches, one can join or talk with a specialist at any Tangerine Cafe, Pop-Up or Kiosk in most major urban territories of Canada. An innovative interpretation of saving money gifts Tangerine clients a few advantages that they won’t discover even at the most prominent customary budgetary foundations.
Tangerine savings accounts are probably the most advantageous to manage an account with because they don’t force any base adjusts, expenses, or administration charges at all. Toward the day’s end, clients need setting aside extra cash to be necessary and straightforward, and that is actually what Tangerine achieves.
The Tangerine Bank is currently headquartered in Toronto, Ontario Canada. In 1997, ING group founded ING direct Canada.
In 2012, Scotiabank acquired the bank and the name changed to Tangerine Bank. Tangerine Bank started its operations in April 2014.
A standout amongst the best Tangerine savings account is additionally the least difficult. Without any charges, least adjusts or additional fees, setting aside some cash requires no faltering or other idea and is simple with a significant financing cost. At 1.25%, new clients can get their rate supported to 3.00% enthusiasm for the initial a half year of enrolment.
Without expenses or essentials, it’s easy to pull back or move your cash between records. It’s likewise protected, as Tangerine influences stores of up to $100,000 qualified for CDIC protection. For clients who need to spare at an aggressive rate, yet would prefer not to effectively deal with their cash or stress over concealed charges for doing as such, the Tangerine Savings Account is perfect.
- Extraordinary 1.25% rate
- Reward rate of up to 3.00%
- No expenses, extra charges, or essentials
Other Tangerine Products
Tangerine Savings account offers other exceptional budgetary products including a no-expense checking and high-intrigue investment accounts. Peruse my full survey of Tangerine Reserve funds and Checking here.
Tangerine Investment account Promotion: Acquire one of the most astounding reserve funds rate accessible in Canada at 3.00% in addition to a $50 money reward when you open another record and store, in any event, $100. Join utilizing this connection.
Tangerine No-Charge Checking Record Promotion: Quit paying month to month expenses on your checking by opening a Tangerine savings account no-expense checking account and get a $50 money reward.
You can gain an extra $150 bonus by exchanging your finance or preauthorized instalments to your new checking. Just sign up for it and get a prize.
Tangerine Bank’s Website and its effect on a Customer
Like every other credible bank or company, Tangerine Bank has a very colorful brand. The first minute you get into their fruity looking website, albeit to resemble the Tangerine, it instantly waters your mouth making your taste buds excited.
This is not far from the truth concerning finances because; there is a welcome message that leaves you wondering why you should continue to be a potential client.
With real-time figures splashing on your screen about their finances in different aspects, it makes you think of this bank as a very transparent firm in the finance industry. In addition to this, it intrigues you to calculate your gains should you join the bank.
Lastly, it gives you room to compare among several other options that you may have. This helps you to know the future long term plan of the different banks, their potential to stay around longer, and know where to invest your money for the long term for the best benefits.
What Tangerine Bank offers
Tangerine offers Canadians the following services and products
Mortgages and mutual funds
Friendly checking accounts
Credit cards (started in 2016)
If you have a savings account with Tangerine Bank, then you may access your bank on applications provided on different platforms. You may do this at the comfort of your home, from a phone and with good internet.
Such platforms include; window mobile, Blackberry, Android, apple watch, and iOS. These allow you to deposit cheques, discover ABMs, initiate transactions, and to track your bank balances.
Monthly Charges for a Tangerine Savings Account?
In case you did not know, then this is among the few bank savings accounts without charges associated with your accounts. This makes your life much easier and fun. This simply means that you can put all your cash in the Tangerine savings account and forget it in there. No need to worry about levied fees, and instead, you walk in to collect your interest rates.
Why You Should Consider Opening a Tangerine Savings Account
If you are in Canada, and looking to open a savings account with a bank, then your problem is solved. Tangerine savings account is easy to open. To add onto this, there are willing customer service attendants both online and offline who may help promptly upon request.
Types of Savings account at Tangerine Bank
You have a range of options to choose the type of savings to account that you want with Tangerine Bank. This smart move by the Tangerine Bank Company allows that, they target as many customers as possible.
Hence, among five savings accounts, you surely will not lack one that will suit your needs –
- Savings Account
This is a basic savings account with Tangerine Bank, and if you choose it, there are no fees charged. There are also no service charges and you do not need to have a minimum bank balance. You may enjoy the liberty to transfer cash to your current account using Automatic savings program.
- RIF Savings Account
You do not have to have a minimum bank balance to open this type of a savings account with Tangerine Bank. This is the best account for you to prepare for the time you will be a retiree. After you retire, you can make withdrawals anytime from your retirement savings. It is cheap, and it has good interest rates whose tax is sheltered.
The only kind of taxes you would have to pay for is the income taxes on compulsory minimum RIF payments received on an annual basis. It is possible for you to make withdrawals after least RIF payments sum but then, this is subjected to withholding taxes by the state. This is on top of the income taxes.
- US Dollar Savings Account
You have currency in US dollars, you are in Canada, and you are unsure of what to do. You can decide to change it in a forex bureau and spend it. Alternatively, maybe you may consider saving with the Tangerine savings account.
They have a US dollar account for saving. This is a savings account with some of the best rates around with their interest rate being 0.8 percent. You do not need a minimum bank account balance and there are no extra fees charged upon opening and maintaining this account.
The bank also offers best rates for transferring to either US dollars or Canadian dollars thereby saving you a lot of hustle of having to change money and incurring double bank charges. If you want to know the current buying and selling rates, they appear on the information tab under exchange rates, selling and buying.
- RSP Savings Account
If you are thinking about a good retirement savings plan, this is among good options available at Tangerine Bank. You do not have to have minimum bank balances. You only need to deposit regularly and proof the ability to continue.
Are you still planning no what retirement plan to use? Hurry on this one because there is an offer to give you a good interest for the first half of the year. Make sure you apply before three months lapse because that is the window of this good news.
There are no unfair fees with this account. It is also a very flexible.
Tangerine savings account because it allows you to transfer money in whichever other plans you are using among the retirements saving plans as you wish. That there are no minimums and this makes this Tangerine savings account, open and good for especially when, you intend to access the money and pool it in one account for personal reasons.
You may add a feature with the automatic savings program so that only that particular amount is pushed to your Tangerine savings account. This saves you the problem of having to remember every end of the month that you need to deposit some amount to your Tangerine savings account.
- Tax-Free Savings Account
If you want to feel the same as being in Tangerines savings accounts, you could consider the tax-free savings account. You will not pay for service fees. In addition, you will not be required by Tangerine Bank to have a minimum bank balance.
You will not pay taxes on withdrawals or on the interest you earn. This account too has an ongoing offer to clients who open accounts in three months from the day this article is published. So please hurry to contact an employee to help you in case you want to open a tax-free savings account with Tangerine.
Advantages of having a Tangerine Retirement Savings Plan?
If you want to withdraw your money without paying taxes, the RSPs, may occasionally allow you. Some of the scenarios where this may happen are; with the lifelong learning plan, and a home buyers’ plan with the federal government known as HBP.
Such friendly plans can help with your premiums as well as facilitate you to go back to school. For information, it is good to note that relevant taxes are applicable to any other RSPs withdrawals unrelated to the two plans, LLP and HBP.
This plan, allows you to receive a tax deduction for the payments you make. This definitely includes it as one of the best retirements saving plan on the globe.
In addition, you may choose to benefit from tax-deferred growth. This is when you only put money in your RSP thus deferring tax for a period. Tax is then applied when you withdraw. This is to mean that if you have been saving since late teenage to 60s, then you will reap a huge benefit from the tax-deferred.
The Negative side of retirement savings account with Tangerine
Tangerine Bank also shares with you the negative side of having a retirement savings plan.
You may be financially strained and since the loans with RSPs are easily accessible, it is tempting. This will cause you to take a loan that you need to service in a year. It may be for a fruitful task, or sometimes you may incur a loss.
Remember this is a retirement savings plan, so it may happen after you have stopped getting a regular end moth pay-check.
The second part is about the LLP and HBP as mentioned in the positives. There are restrictions. The fact that, you are on withdrawing around these plans is limiting.
Lastly, tax-deferred growth is just that. However, there is still tax that you will not evade because your income will have accumulated at the time you withdraw.
Therefore, the tax deductions are an advantage now, but in the end, there is taxable income levied, though at a lesser rate than when you were working.
Regardless of what you’re putting something aside for, Tangerine savings account offers a fantastic number of bank accounts that will enable you to accomplish your objective.
Our best pick of Tangerine’s saving accounts is likely one of their advantageous retirement accounts, for example, the Tangerine RSP. This record permits the individuals who foresee retirement to secure their cash without exposing it to charges amid their working years.
A high-loan cost of 1.10% lifts reserve funds, and commitments to the record can be deducted from one’s assessable salary. The bank is not withstanding running an advancement that gives new record holders a 3% financing cost for as long as a half year.
I’m a Canadian Blogger with Interest in Personal Finance including Savings, Investing, Stocks & ETF reviews, Side Hustles, Frugal Living, and Retirement Planning. Husband. Father. Web Designer. Hiking Enthusiast