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How to save on your bank fees with Tangerine?

To the point

Tangerine offers a cash back credit card, the Tangerine Mastercard. But the core business of Tangerine (ex-ING Direct) remains its online banking tools, which allow users to save on bank fees.

How to save on your bank fees with Tangerine?

When I came to Canada, more than 10 years ago now, I was looking for a way to save on my bank fees, discovering that here, it is often difficult to avoid them… and that they can weigh on the budget.

Used to the principle of online banking with the multiple players on the market in France, I therefore naturally turned to ING Direct online banking, which became Tangerine in 2013-2014.

The Tangerine Chequing Account

Tangerine offers a chequing account with no banking fees and multiple advantages:

  • No banking fees for all regular transactions (debit purchases, bill payments, pre-authorized payments and email money transfers: all this is free and unlimited).
  • Minimal bank charges compared to other banks for your foreign withdrawals: $2 per withdrawal + 2.5% conversion fee
  • Monthly payment of accumulated interest on every dollar held in the chequing account
  • Free access to Scotiabank ABMs
  • The first book of cheques (50) free!

Right now, when you open a Tangerine chequing account, you’ll get a $50 “welcome bonus”!

All you have to do is just:

  1. open an account with our Orange key, a milesopedia referral: 39634222S1
  2. deposit $250
  3. keep it on the account for 60 days

And you’ll get a $50 bonus!

The Orange key 39634222S1 must be given indicated at the very beginning of your registration:

cle orange tangerine

And once you have a chequing account, you too can get an “Orange Key” to sponsor the people around you!

prime parrainage tangerine

What I appreciate above all with the Tangerine chequing account, is the transparency of the bank charges, and these are not hidden in the small lines of a booklet that nobody reads.

frais tangerine 2018

The Tangerine Savings Account

Tangerine also offers a savings account. You can very well open only this type of account without having a Tangerine Chequing Account.

The Tangerine savings account has no bank fees and offers the highest interest rate on the market. In addition, from time to time, you may receive a promotional interest rate on any new dollar deposited into the account.

At the moment, by opening a Tangerine savings accountyou will get an interest rate of 2.10% on your savings for 6 months! Plus, you can also earn up to $50 in bonuses by opening a new savings account and setting up an automatic savings plan.

 

The Tangerine credit card

We have featured it in this article and it is regularly ranked as one of the best credit cards in Canada. By holding a Tangerine Savings Account, and depositing your Tangerine Money-Back Credit Card cash back into it, you can unlock a 3rd category for 2% cash back!

Catégories tangerine mastercard
The choice of spending categories giving you a 2% cashback on the Tangerine MasterCard

It’s a free credit card from year to year (so keeping it will improve your credit history).

Tangerine Services

Tangerine offers several services that go beyond what you could get from your current financial institution:

  • a highly functional application that was one of the first in Canada to allow instantaneous deposit of cheques by photographing them (“Photocheque” system)
  • 24/7 telephone support
  • customizable email alerts (deposits, withdrawals…)
  • free access to Scotiabank ABMs in Canada and nearly 50,000 ABMs around the world through the ABM Alliance.

Conclusion

I’m a big fan of Tangerine. Audrey and I each have a personal and joint checking account there, a savings account, a Tangerine Money-Back credit card, a TFSA account, a US $ savings account (you can also withdraw US dollars from Tangerine ATMs, like in Montreal) and a savings account for each of our children!

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