To the point
Tangerine is an online bank in Canada that allows you to save on your banking fees: bank accounts and credit cards!
When I came to Canada more than ten years ago, I was looking for a solution to save on my banking fees, discovering that 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.
Table of contents
The Tangerine Chequing Account
Tangerine offers a chequing account with no banking fees and multiple advantages:
- No banking fees for all current transactions (debit purchases, bill payments, pre-authorized payments and email money transfers: all free and unlimited)
- Minimal bank fees compared to other banks for your cash withdrawals abroad: $2 per withdrawal + 2.5% conversion fee
- Monthly payment of interest earned on every dollar in the chequing account
- Free access to Scotiabank ABMs
- The first book of cheques (50) free!
Right now, when you open a Tangerine checking account, you get a $50 welcome bonus!
All you have to do is just:
- open an account by indicating our Orange key, a sponsorship from Milesopedia: 39634222S1
- make a $250 deposit
- keep it on the account for 60 days
And you’ll get a $50 bonus!
The Orange key 39634222S1 is to be indicated at the very beginning of your registration
And once you have a chequing account, you too can get an Orange Tangerine key to refer people you know!
What I like most about the Tangerine checking account is the transparency of the bank fees, and they are not hidden in the fine print of a booklet that no one reads.
The Tangerine Savings Account
Tangerine also offers a savings account. You can 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 can receive a promotional interest rate on any new dollars deposited into the account.
Right now, by opening a Tangerine savings accountyou’ll earn 2.10% interest on your savings for 6 months! In addition, you can also earn up to $50 in bonuses by opening a new savings account and setting up an automatic savings plan.
Tangerine Credit Cards
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card has no annual fee and offers cashback.
Apply for a Tangerine Money-Back Credit Card by May 31, 2022, and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.
You can choose two to three categories that interest you (groceries, gas, furniture, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there is no annual cash back limit. It is one of the best credit cards for renovations.
In addition, the Tangerine Mastercard offers several insurance coverages for your purchases :
- 90 days purchase insurance
- One year extended warranty
Finally, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months.
Tangerine World Mastercard
If you have an individual income of $60,000 or a family income of $100,000, you could choose to apply for the World Mastercard Tangerine.
This credit card has no annual fee and offers cashback. You can earn an extra 10% cash back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.
You can choose two to three categories that interest you (groceries, gas, furniture, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there is no annual cash back limit.
In addition, the Tangerine World Mastercard comes with several insurance coverages for your purchases and travel :
- 90 days purchase insurance
- One year extended warranty
- Mobile Device Insurance
- Rental Car Collision/Loss Damage Insurance
Tangerine Services
Tangerine offers several services that go beyond what you might get from your current financial institution:
- a very functional application that was one of the first in Canada to allow instant deposit of cheques by photographing them (“Photocheque” system)
- 24/7 telephone support
- Customizable email alerts (deposits, withdrawals, etc.)
- Free access to Scotiabank ATMs in Canada, and to nearly 50,000 ATMs around the world through the ABM Alliance
Conclusion
I am a big fan of Tangerine Bank.
Audrey and I each hold :
- a personal and joint chequing account,
- a savings account,
- a Tangerine Money-Back Credit Card,
- a TFSA account,
- a US $ savings account (you can withdraw US dollars from Tangerine’s ATMs as in Montreal)
- a savings account for each of our children
Come to discuss that topic in our Facebook Group!
