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.
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.
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.
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.