Tangerine Bank Account Options and Fees Explained

Tangerine Bank offers a range of bank account options to suit different needs and preferences.

The key difference between the two main account options is the presence of a daily transaction limit, which is $1,000 for the Everyday No-Fee Account and $5,000 for the Savings Account.

Tangerine Bank's Everyday No-Fee Account has no monthly fees, but there is a $1.50 fee for each non-Canadian ATM withdrawal.

You can avoid this fee by using ATMs affiliated with the Allpoint network, which Tangerine Bank has partnered with.

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Tangerine is a strictly online bank, which means you can do all your banking digitally through their website or app.

The website is at www.tangerine.ca and the app is dedicated to providing banking services and tools.

If you need further assistance, Tangerine offers support by phone.

Online banking has made it easier than ever to manage your finances, and many banks offer online capabilities that make it a breeze. Some banks have dedicated websites and apps that allow you to access banking services and tools to help balance your budget and manage your savings.

Tangerine, for example, is a strictly online bank with no physical locations, making it a great option for those who are comfortable with digital banking. Its website (www.tangerine.ca) and dedicated app provide customers with a range of banking services.

You can access these services from anywhere with an internet connection, making it easy to stay on top of your finances.

If you're considering online banking in the US, you'll want to know about the savings accounts available, such as the Tangerine US $ Savings Account, which offers a 5.00% savings rate.

You can earn up to $400 in cash back by becoming a Tangerine customer before July 17, 2023.

Comparing savings accounts from several banks can help you make the right choice for your financial needs.

The Tangerine US $ Savings Account is a good option to consider, especially if you're looking for a high savings rate.

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Tangerine Bank offers a variety of accounts for customers to choose from.

Their no-fee chequing account comes with an interest rate of up to 0.10%, but you need to deposit $100,000 or more to get it.

Subsequent chequebooks are available for $50 and a bank draft costs $10.

Withdrawals at other ATMs (not part of the Global ATM Alliance) cost $3.

Tangerine also charges $45 for insufficient funds.

Tangerine offers a wide variety of accounts for customers to choose from.

The bank provides multiple account options to cater to different financial needs.

Their range of accounts includes savings, chequing, and investment accounts.

The Tangerine No-Fee Daily Chequing Account offers an interest rate of up to 0.10% on your balance.

To get the maximum interest rate, you'll need to deposit $100,000 or more into your account.

You'll also get unlimited free transactions, including free Interac e-Transfers, debit card purchases, bill payments, and withdrawals.

Tangerine clients have unlimited access to over 3,500 Scotiabank ATMs across Canada and international ATMs through the Global ATM Alliance.

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However, if you withdraw money from another bank's ATM in Canada, there is a $1.50 fee.

Subsequent chequebooks are available for $50, and a bank draft costs $10.

You'll also get an Interac and Visa Zero Liability policy protecting you from unauthorized purchases, and lost cards will be replaced for free.

Tangerine Bank offers two credit cards: the Tangerine Money-Back Credit Card and the Tangerine World Mastercard.

The Tangerine Money-Back Credit Card earns up to 2% cash back in two categories of your choice, and 0.5% on everything else. You can earn a welcome offer of 10% cash back on up to $1,000 in everyday purchases within the first two months.

To qualify for the Tangerine Money-Back Credit Card, you need a minimum annual income of $12,000. The card has a $0 annual fee and a balance transfer rate of 1.95% for the first six months.

You can earn cash back rewards with the Tangerine Money-Back Credit Card, but you'll pay a foreign transaction fee of 2.5% on international purchases.

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The Tangerine World Mastercard also offers cash back rewards, with up to 2% cash back in two categories of your choice, and 0.5% on everything else. You'll need a minimum personal income of $50,000 or a combined household income of at least $80,000 to apply for this card.

The Tangerine World Mastercard has a $0 annual fee and a balance transfer rate of 1.95% for the first six months. You'll also face a foreign transaction fee of 2.5% on international purchases.

Here's a comparison of the two credit cards:

Both cards offer a welcome offer of 10% cash back on up to $1,000 in everyday purchases within the first two months.

Tangerine Bank's fees are relatively straightforward, but it's essential to be aware of them to avoid any surprises. The bank charges a $45 non-sufficient funds fee.

Tangerine's overdraft fee is a bit more reasonable, at $5 per use, with a maximum of one charge per month. If you overdraw your account, you'll also be charged 19.00% interest per annum.

You can expect to pay $1.50 for out-of-network ATM withdrawals within Canada, and $3 for withdrawals in the US or worldwide.

Fees can be a real hassle when it comes to managing your finances. Tangerine Bank has a range of fees associated with their financial products and services.

Non-sufficient funds (NSF) fees can be quite steep, with a charge of $45. Overdraft fees are $5 per use, with a maximum charge of one per month. You'll also be charged $1.50 for ATM withdrawals outside of Scotiabank's network in Canada, or $3 if you're withdrawing internationally.

Some fees are more one-time charges, like the 1-year inactivity fee of $10. If you're transferring funds from a registered retirement savings plan (RRSP), tax-free savings account (TFSA), or registered retirement income fund (RRIF) to another institution, you'll be charged $50.

Here's a breakdown of some common Tangerine banking fees for the Chequing Account:

If you're not happy with your Tangerine banking products, you can return them for a refund.

Tangerine Bank offers a flexible return policy, allowing you to return products for a full refund, no questions asked.

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You can initiate the return process online or by phone, and the bank will send a return kit with a pre-paid shipping label.

Returns are typically processed within 3-5 business days, and the refund will be deposited back into your account.

Tangerine Bank's return policy is designed to be hassle-free, so you can focus on finding the right products for your needs.

Tangerine Bank has a robust security system in place to protect customers' money and personal data.

The bank uses 2-step authentication and identity verification procedures for accessing Mobile Banking or resetting your PIN online, making it difficult for unauthorized individuals to access your accounts.

Tangerine's security guarantee provides protection against losses from unauthorized activity in any of your Tangerine Accounts, as long as you notify the bank immediately if you notice any errors, irregularities, or unauthorized transactions.

SecureChip technology protects Tangerine debit cards, and purchases made with these cards are further safeguarded by either the Interac Zero Liability policy or the Visa Zero Liability policy.

All Tangerine Canadian and US savings accounts, including investment savings accounts like GICs, TFSAs, and RSPs, are CDIC insured, meaning your deposits are protected up to $100,000 in the unlikely event the bank fails.

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Tangerine Bank offers a range of products and services that cater to different financial needs.

One of the notable features of Tangerine Bank is that all of its account products come with no monthly fees, as mentioned in the article. This can be a huge relief for those who want to avoid extra charges.

Tangerine Bank offers a diverse range of savings accounts with high interest rates, making it a great option for those who want to save money.

Some of the specific account options include different types of savings accounts, a no-fee daily chequing account with Visa Debit and interest earnings, and a business account with competitive interest rates.

The bank also offers a credit card with Money-Back Rewards on everyday purchases, as well as investment funds with diverse options for future planning.

For those looking for a mortgage, Tangerine Bank offers competitive rates with flexible prepayment options and a dedicated account manager.

Here's a summary of the accounts offered by Tangerine Bank:

Additionally, Tangerine Bank offers Tax-Free Savings Accounts, RSPs (Retirement Savings Plans), and RIFs (Retirement Income Funds) to help with tax-efficient saving and investing.

Tangerine Bank offers great rates upfront on its mortgages, giving you a competitive edge in the market. Their interest rates range from 5.74% to 6.65%.

You can get a guaranteed rate for 120 days when you apply for a mortgage pre-qualification to shop for your home. This gives you time to find the perfect property without worrying about your rate changing.

Tangerine's mortgages also offer flexible prepayment options, allowing you to make lump sum payments up to 25% of your initial loan. This can significantly reduce your debt and total interest paid.

A dedicated Account Manager will guide you through the mortgage application process, making it easier and less overwhelming.

When comparing Tangerine Bank to other online banks, one thing to consider is the fees for using ATMs. EQ Bank and Tangerine have different approaches to ATM fees.

Tangerine Bank is known for its no-fee ATMs, but you'll still need to use Allpoint ATMs to avoid fees.

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Tangerine Bank offers a Retirement Income Fund (RIF) Savings Account with an interest rate of 1.05%, which is tax-sheltered, but you'll pay tax on mandatory withdrawals.

You can choose Tangerine for your RIF because it's a low-fee option with no monthly fee, and no minimum balance is required.

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Tangerine's GIC offers competitive interest rates, with a 3.7% interest rate for a 1-year term. This is a great option for those looking to save and earn interest on their money.

You can open and manage your account completely online, making it easy and convenient to get started. The minimum investment is just $0, so you can start saving right away.

Here are the GIC term options available from Tangerine:

The minimum age to open a Tangerine GIC is 16, so it's a great option for young savers.

If you're retired, you'll need to convert your RRSP to a RRIF around age 71. Tangerine offers a Retirement Income Fund (RIF) Savings Account with an interest rate of 1.05%.

Interest earned in a RIF is tax-sheltered, but you'll pay tax on mandatory withdrawals, as well as on other withdrawals from your RRIF.

You can also save US money in a Tangerine savings account, with no monthly fee and no minimum balance required. The interest rate for this account is lower, at 0.10%.

Tangerine exchange rates for transferring Canadian dollars to US dollars are 1.362 (buy) and 1.317 (sell), and vice versa.

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