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Newbie
Jan 30, 2016
13 posts
3 upvotes
Moncton

Tangerine Reviews

Who here is using/has used Tangerine?

Thinking of moving my money there for their savings accounts.
61 replies
Member
Oct 16, 2015
394 posts
232 upvotes
Quebec
Scotia has moved Tangerine away from focusing on the savings-account market to focus on becoming a discount general banking institution (free chequing and credit card, etc.). So if you are looking just for a savings account and nothing else, there are other options which offer higher interest rates.
Deal Addict
User avatar
Oct 7, 2012
1446 posts
272 upvotes
Montreal
Pixiis wrote: Who here is using/has used Tangerine?

Thinking of moving my money there for their savings accounts.
Been with them for six years

love the brand

Great interest
zero to low fees
amazing web interface
unlimited use of debit card
free email transfers of money
Interac transfers (almost instant) 1.00 each

no complaints, and terrific reference bonus for new clients

... 50.00 for each person you bring on board, plus 100.00 for each if they bring in their pay roll

Best online banking in Canada
Deal Addict
Mar 8, 2013
2617 posts
1333 upvotes
Pros - ability to manage chequing, savings, gics, index funds, credit card under one log in.

Cons - long wait times when phoning in, inconsistent promotions, ongoing erosion of features (gics no longer cashable, new transfer out fee for registered accounts)
Deal Addict
Nov 11, 2004
3153 posts
324 upvotes
Ottawa
There the best, may not be the best interest rate, but there great

Free money by joining using a referal link, so if any family members/friends have a account, ask them to refer you... You guy both get $$
Hello
Newbie
User avatar
Jan 31, 2016
56 posts
11 upvotes
Thorold, ON
If you want all your banking in one place, they're my number one.

As bertvl has said though, Tangerine is just the discount/direct banking branch of Scotia, so don't expect epic savings. Zag Bank, ZenBanx, and Scotia's own Momentum Savings Account have consistently higher interest rates than Tangerine, HOWEVER, Tangerine wins 9 times out of 10 for savings options because their mutual funds and GICs have no minimum investment (who could have a bunch of $10 GICs if you wanted. The credit card is honestly probably the best free MasterCard around and the Chequing account has very competitive interest rates if you keep a high balance.

If you can get a referral, right now it's $50 both ways and triple savings interest (I'm currently making more than that since they like to spoil some loyal clients) until the end of March. Now is a pretty good time to open an account.

Customer Service by phone is a chore, but the live chat is great.
Deal Addict
User avatar
Apr 2, 2010
2011 posts
1470 upvotes
GTA
I recently signed up, I have a positive outlook on it.

My intention was to find a better alternative to the Big 5. I like Tangerine because its part of Scotiabank (vs Loblaws owning PCF (note CIBC just runs it for them) & the other options out there).

Its an online bank so you will have to learn to adapt some habits, E.g. I prefer to deposit cash at a teller.
Its still new for me but I intend to compliment Tangerine with one of the RBC savings accounts that have 1 free debit transaction, they have a USD one as well so you can use that as a way to put in money and then EFT (pull) it into Tangerine.

Dont forget to check all the promos for Tangerine (their home page) and plan your move.
Deal Addict
User avatar
Apr 2, 2010
2011 posts
1470 upvotes
GTA
ilusa wrote: Free money by joining using a referal link, so if any family members/friends have a account, ask them to refer you... You guy both get $$
+1 and its not just both get money, right now both get double the money so dont forget this step as well as check G C R for additional signup promo ($24 i think).
Member
Mar 25, 2010
239 posts
43 upvotes
If you plan on doing all your banking with them then they're good. No monthly fee. If it's for a savings account, forget it. I liked them at the beginning since they actually offered good interest rafes, but that doesn't seem to be their business model anymore so they're not for me.

I just transferred my TFSA back to my brick and mortar bank because they offer the exact same interest rate which I find ridiculous.
Deal Addict
User avatar
Mar 31, 2009
1153 posts
737 upvotes
I've been using Tangerine as my main bank for over a year with no complaints.

My banking requirements are pretty simple, I need to be able to deposit checks, I need to be able to do online bill payments, I need to be able to link accounts, transfer funds between them, etc.

Tangerine is great as me 'central hub' of banking that I deposit checks to and then funnel off in whatever direction it needs to go.

I like that from time to time Tangerine will have a promotional interest rate that exceeds all others. At which point all my cash gets funneled back to Tangerine the same way it left.

Biggest complaint is that I can't cash US checks - sometimes I used to get them - I don't know what I'd do with them now if I got one.

Also, I wish Tangerine's standard savings rate was more competitive. .8% is their standard rate I think, and that's below my expectation. I think their standard rate these days should be 1.5-1.7% because that's a typically available rate if you do a little bit of searching. As it stands, right now, the best they'll give me is 2% and I can beat that by 50% at EQ Bank...

So Tangerine serves the purpose of banking hub, but if you're trying to be true rfd about it, you need to take advantage of multiple banks depending on the situation.

BMO wanted to charge a minimum of a few dollars per month for me to keep my bank account with them, and alternatively, I have spent zero at Tangerine for the past year+. So I am very pleased with Tangerine in that respect.

I feel no need to have any other accounts, except for the fact that I want to be able to maximize interest gain by taking advantage of other banks when they have better rates, since this is one area where Tangerine often falls short.
Deal Fanatic
Aug 3, 2014
5580 posts
3511 upvotes
Your online banking password is a 6 digit numerical PIN. I wouldn't feel safe putting a lot of money in there.
Deal Fanatic
Jan 21, 2014
5059 posts
2683 upvotes
hvwozq wrote: Your online banking password is a 6 digit numerical PIN. I wouldn't feel safe putting a lot of money in there.
Well, they have security questions to be setup every time you log in. If you just have savings account with them and if someone manages to login by cracking your password, what could they do with that? move your money to another bank of yours? because that is the only thing you could do. Also, you can setup email alert so every time money is moved, you get notified
Deal Fanatic
User avatar
Sep 7, 2004
5402 posts
1827 upvotes
GTEH!
gogoblender wrote:
love the brand

Great interest
?? Interest rate for Savings account is 0.8%. It use to be "great".
😎
Sr. Member
User avatar
Aug 7, 2010
984 posts
345 upvotes
mkl38s wrote: Well, they have security questions to be setup every time you log in. If you just have savings account with them and if someone manages to login by cracking your password, what could they do with that? move your money to another bank of yours? because that is the only thing you could do. Also, you can setup email alert so every time money is moved, you get notified
Indeed that's the best protection to recommend: put alerts for any withdrawal greater than 0. And I don't mind the several emails I may get, it's still preferable to the many unsolicited junk-mail we get anyway!
Deal Addict
User avatar
Aug 7, 2007
3453 posts
1620 upvotes
GTA
I have just started my process of moving my money from TD to Tangerine. I opened my Tangerine accounts this week. So obviously, my current review is going to be taken with a grain of salt. But with that said, the entire sign up process was extremely easy. Opening a savings and chequing account, linking my TD account, automatically scanning my TD account for pre-auth payments, existing payees and creating me a direct deposit form. I was actually surprised. The only leg work I had to do was go to Canada Post to verify my identity.

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