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Previously known as ING Direct, Tangerine is one of Canada’s leading online banks. As a digital bank, Tangerine is able to offer clients higher interest rates with no fees or service charges. Rather than operating brick-and-mortar branches, it has a few Tangerine Cafés and pop-up locations in major cities. Tangerine customers can also get access to their account via Tangerine’s website, mobile app, call centre, and Scotiabank ATMs.
Compare Tangerine's savings accounts
Tangerine savings accounts feature no service charges or minimum balance requirements and offer an unlimited amount of free withdrawals. The accounts listed below are also protected by CDIC insurance.
Tangerine Savings Account
For the first six months, the Tangerine Savings Account offers an interest rate of 1.90% as well as up to $25 in bonuses. Increase that to 2.40% for the remainder of your first 6 months if you also open a Tangerine Chequing Account. After six months, the interest rate drops to the regular savings rate. Unlike accounts that charge fees, require minimum balances and pay little or no interest, the Tangerine Savings Account allows your savings to actually grow.
Tangerine Tax-Free Savings Account
Similar to the Tangerine Savings Account, the TFSA version of this account also offers a tripled interest rate and up to $50 in bonuses during the first six months when you also open a Tangerine Chequing Account. After this period, the interest rate falls to the regular rate. The Tax-Free Savings Account offers unlimited transactions, unlimited transfers and tax-free withdrawals. To sign up for the tax-free savings account, you must be a Canadian resident and the age of majority in your province.
Tangerine Children’s Savings Account
The Children’s Savings Account is a joint account under a parent’s Tangerine chequing or savings account and is for children ages 16 and under. The Children’s Savings Account features an everyday interest rate of 1%.
Compare other Tangerine products
Tangerine also offers GICs and mutual funds that can be held in a non-registered account or a registered retirement savings plan or registered retirement income fund.
Get the best savings account
Banking with Tangerine is simple and easy to understand. However, it’s not the only online bank. On Ratehub.ca, you can find out more about other account options while comparing them side by side by using our savings account comparison tool.