Tangerine is a subsidiary of Scotiabank. A renowned Canadian direct bank. A member of Canada Deposit Insurance Corporation (CDIC).
They offer a wide range of services such as savings and chequing accounts, credit cards, business accounts, mortgages, investment funds, and much more.
Even more, they have promotions and other bonus offers for their account holders.
To enjoy the bonus offers rendered by Tangerine, then you have to:
Open a Tangerine account and deposit at least $250 into it.
Then, use a friend’s Orange Key to earn an additional $50 Bonus.
Tangerine Account Types
Tangerine offers both saving and chequing accounts. Each comes with a high-interest rate. More than what you can get from a typical bank.
The tangerine savings account offers
Automatic Savings Program (ASP)
A high interest rate on every dollar daily
No minimum balance
Tangerine chequing account offers
Free ABM access through the Scotiabank® ABM Network
Free email alerts
Free daily transactions
Interest earned on every dollar, calculated daily, and paid monthly.
Irrespective of which type of account you want, you have to sign up using any of the below methods.
How to set up a Tangerine Account?
To create an account, you have to do so through their app or website. In addition to that, you should have your Social Insurance Number and Employment Information handy.
The requirement is for tax reporting purposes.
To sign up through the app is easier and faster:
You have to download it first through Google Play or App Store.
Scan your ID.
Take a selfie for a profile picture.
Confirm your information.
To sign up through the website;
Set up a profile.
Add personal information.
Confirm other information and submit.
Note: While signing up, you have to enter your friend’s Orange Key to get the bonus.
That brings us to the focus of this article.
What is an Orange Key and how do I get one?
Tangerine assigns a unique number (Orange Key) to each Tangerine client. That means when you open an account, you will be given your own Orange Key.
With it, you can refer the key to your friends and families (“Refer a Friend Offer“) interested in opening an account.
When they sign up with your “Orange Key” code and meets the conditions, both of you will get $50 cash deposits into your accounts.
Who is eligible for this offer?
The offer is available to all the new and existing Tangerine Clients. More importantly, it is available throughout the year. It does not expire.
However, the eligibility of this offer is dependants on these conditions; the referrer and the referral.
The referrer is the existing client’s that referred a friend or family with his/her Orange Key.
The referral is the new client who opens a new Tangerine account using the friend’s “Refer a Friend” Orange Key.
Apart from the savings and chequing account, joint account holders are also eligible for this offer. Except that, the primary account holder (the referral) is the only eligible person for the referral bonus.
To earn the referral bonuses, meeting the eligibility requirements is not enough. You have to meet the referral bonus conditions to earn.
How to earn the Tangerine Orange Key referral bonuses
It is important to note that giving out your referral code is not just enough to make you earn. To earn the bonus points is strongly dependants on the referral.
You have to consider if the referral used your Orange Key or meet ALL of the following conditions. As a referral:
- You must be a new client, opening your first Tangerine savings or chequing account.
Note, that this excludes Tangerine Money-Back Credit Card.
- You have to enter your friend’s “Refer a Friend” Orange Key in the designated box when creating your account. That is your key to unlocking this wonderful offer.
Peradventure you miss entering the Orange Key while creating your account. You can call one of the operators to help you manually enter it.
However, make sure you do so within 60days of opening the account.
Make an initial deposit of at least $250 in your account within 60 days of becoming a tangerine client.
In addition to that, maintain a minimum of $250 for at least 60 days. Your 60 days start from the time you make the first initial deposit.
When the above conditions are met, then the account is fit and considered open. The referrer and the referral will receive a referral bonus of $50 each.
How to redeem your bonuses?
The bonus goes into the participant’s (referrer and referral) non-registered Tangerine savings and chequing account.
Therefore, if you do not have such an account, you will need to open one within 30 days of the referral successfully meeting the conditions.
Limitations of Tangerine Orange Key
Orange keys are not transferable. It is intended for personal and non-commercial purposes.
Referrers get one bonus offers per referral and not more than 3 times per year.
Each referral can only enrol once using one Orange Key regardless of having multiple keys from different referrers. Submitted Orange Key is irreversible.
Referrals cannot combine this offer with any other promotional offers unless Tangerine allowed it to be so.
How long does the Refer a Friend program last?
The Refer a Friend program does not expire. It is valid throughout the year. Tangerine resets the program yearly, every 1st January.
What this means is that with your orange key, you can refer your friends and families as much as you want throughout the year.
Take note that unused referrals do not carry forward.
How many referrals are allowed?
The maximum referral bonus you can have for a year is from three persons. That means you can earn up to $150 per year.
Other referrals made after that will not attract any bonus offer. Notwithstanding, Tangerine may decide to add another bonus for successful referrals.
However, the additional offer may come with its terms and conditions.
So, what is the catch about Tangerine Orange Key? Tangerine rewards customers who help them grow potential clients by making both earn more using the “Orange Key”.
Thanks for reading, please let me know your thoughts and comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.