Mortgage
With a Tangerine mortgage, you have multiple options for fixed mortgage terms up to ten years (3.09%) and a five-year variable mortgage (2.45%). It is also penalty-free if you move and take your mortgage with you at the current rate, term and amount.
RRSP loan
To make use of your maximum contribution, Tangerine offers a 3.75% interest rate for an RRSP loan, when used for Tangerine for RRSPs. You can choose between a nine- or 12-month repayment term with no early repayment penalties.
Investment portfolios
When you invest at Tangerine you have five types of investment portfolios to choose from: The Balanced Income, Balanced, Balanced Growth, Dividend and Equity Growth (listed from lowest to highest risk). Each is set up with different allocation models, with varying amounts in Canadian bonds, and Canadian, U.S. and international stocks.
Investment accounts
Tangerine offers four different investment accounts: RRSPs, TFSAs, non-registered investments and RRIFs. Tangerine’s low-fee approach applies to each (as outlined above), and you only require $25 to start an investment account, excluding RRIFs.
Is Tangerine Bank a good banking option for me?
Tangerine can be ideal for anyone who doesn’t care about visiting a physical bank, but want to support a Canadian-owned business. But the biggest selling point is the low/no fees.
However, if you like personal service from your bank, know that you can contact Tangerine Bank by phone, mail or its bot chat service that responds to key words. The last one isn’t very user friendly, unless you have general inquiries. However, once you’re a client, you have access to a secure chat system when you sign in to your account. It’s managed by both bots and humans, and can access your account information.
Fees and rates are scheduled annually on January 1. So you’ll know what you’re getting into. Also, being a direct bank, Tangerine makes banking easy and convenient and offers options for saving, spending, borrowing and investing. Like most banks in Canada, Tangerine favours clients who have multiple accounts with them, making transactions efficient (and cheaper!).
If you’re digital savvy and don’t mind managing your money via your smartphone, then you can reap the benefits of attractive interest rates and no/low fees on your savings and chequing accounts, as well as investments, credit cards and loans.
Stay away. I have been trying for 9 months to have a fraudulent account that was opened in my name using all my personal information closed. Identity theft, plain and simple , I have never done any business with Tangerine. This bank is still lending money out to the fraudulent person and sending me arrears notices, final notices, etc and are now threatening legal action. Even with Trans Union, Equifax and the BBB on board it continues. Maybe it’s time I take legal action.
From what I understand from various sources the USD savings account does work down there it just requires you to add it in settings under client card mapped to other
How do I close an account?
Tangerine bank is to say the least a joke. I had CRA deposit 9500.00 into my partners account. We were able to pull out 3000.00, then Tangerine locked her account on Sept. 5. We have had no access to our direct deposits for 40 days. Tangerine, as a solution, said for myself to go and verify my identification at Canada post and as soon as i did that we would have a joint account immediately. I did that. Then they wanted me verify myself with transunion, and as soon as i did that our account will be a joint account and we would finally have access to our funds. Thmat was another lie. So now we still do not have access to our money. Yet last night. Tangerine found us to be who we said we were and they lifted our restrictions and we were able to pull out 1000.00. Right afterwards our account is blocked again and we have no access. We called and we are told that i couldnt be a client, therefore Sylwia would not get access to the money thats in there for our rent. Its now october 9th we still dont have access but we do unfortunately have an eviction notice. She has an 11 year old child that depends on her to have certain things ie: food and shelter which we are loosing tomorrow . These people are incompetent, and no one knows the process there and its frustrating as hell. Here is my advice stay clear of Tangerine bank if you know whats good for you. I am telling you as a concerned Canadian do not put your funds in this virtual bank you will get screwed over. Dont say you have not been warned.
I went into your chatbot but they couldn’t answer my question.
I would like to attach my daughter who has my Power of Attorney, to my bank account so she can manage my finances in the event of a serious ailment. How do I go about this?
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.