Should you opt to open an account with Tangerine or ING Direct as it was formerly called, you can earn high interest rates on your deposits with no service costs or any fees. To operate your account, you need only to log into the Tangerine website using your mobile phone app.
The bank also allows you to use Scotiabank ATMs and contact the call center with any issues you may have. In place of physical branches, you can visit pop-up centers and Tangerine Cafes located in different locations in the main cities. Tangerine is considered one of the foremost online banking solutions in the country.
Opening an account with Tangerine offers you benefits such as protection of your deposit by CDIC insurance. You won’t need to maintain a minimum balance or incur charges on the limitless withdrawals you make from your account. Choose the kind of savings account that best meets your requirements.
When you open this savings account for the first time, you can expect to earn an interest rate at three times the regular rate in addition to bonuses of a maximum of $50. After a period of six months, your interest rate will revert to the normal rates. You won't incur any tax on the withdrawals you make, and the account allows you to make any number of transactions and transfers.
Similar to the Tangerine Savings Account, you can earn three times the interest rate in addition to bonuses of up to $50 for the first 6 months of maintaining your account. After this time interval, interest rates revert to the normal rates. To open this account, you’ll need to show that you’re a resident of Canada and have attained the age of majority according to the laws of your province.
Designed for children of ages 16 years and below, this savings account can be opened as a joint account with the parent’s chequing or savings account with Tangerine. By opening this account, holders can earn a 1% everyday rate of interest.
Tangerine offers you the option of investing in mutual funds and GICs via a Registered Retirement Income Fund (RRIF), Registered Retirement Savings Plan (RRSP), and non-registered account.