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    • Tangerine High-Interest Savings Account Review

    The Tangerine High-Interest Savings Account has generated a lot of buzz with its attractive interest rates and unique features. In this review, we will take a closer look at how this account works, its advantages and disadvantages, and also explore some alternative savings accounts offered by other online banks. We aim to provide you with a fresh perspective on this popular financial product.

    Tangerine High-Interest Savings Account Rating: 4/5

    Summary:

    The Tangerine Savings Account offers a competitive interest rate when compared to traditional big banks. With the promotional bonus offer in the first 5 months, you can enjoy a 4% boost in your savings, making it a compelling choice if you need to grow your deposit quickly over a short time frame.

    PROS:

    1. Earn up to 5% interest:

    Tangerine offers an attractive 5% interest rate for the first five months, which can significantly boost your savings.

    2. No monthly account fees:

    There are no monthly fees or service charges, making it a cost-effective option.

    3. CDIC insurance coverage:

    Your deposits are eligible for CDIC insurance, providing peace of mind.

    4. No minimum balance:

    You can open an account with as little as $1, making it accessible for all savers.

    5. Includes Automatic Savings Plan:

    Tangerine makes it easy to set up pre-authorized contributions to your savings account, helping you automate your savings.

    CONS:

    1. Online-only bank:

    Tangerine operates exclusively online, which means there are no physical branches for in-person service. You need to be comfortable with online transactions.

    2. Limited-time welcome offers:

    The 5% promotional rate is a limited-time offer, so it’s essential to consider the long-term interest rates.

    Benefits of The Tangerine High-Interest Savings Account

    The Tangerine High-Interest Savings Account offers several advantages:
    • 5% Promotional Interest: During the first five months, you can enjoy a generous 5% interest rate on deposits up to $1 million.
    • No Monthly Fees: There are no monthly account fees, providing a cost-effective solution for your savings.
    • Automatic Savings Plan: Tangerine makes it easy to set up automated contributions from your chequing account to your savings, helping you build your savings effortlessly.
    • No Minimum Balance: You can start saving with as little as $1, making it accessible to a wide range of individuals.
    • CDIC Insurance Eligible: Your savings are protected by CDIC insurance, ensuring the safety of your deposits.

    Tangerine High-Interest Savings Account Downsides

    Consider these potential downsides:
    • Lower Standard Rate: While the promotional rate is attractive, the standard interest rate drops to 1%, which is lower than rates offered by some other online banks.
    • Online-only Banking: Tangerine’s services are exclusively online, which means you won’t have access to in-person branch services.
    • Limited Welcome Offer: The 5% promotional rate does not apply to Tangerine’s Children’s Savings account, which has a standard rate of 1.10%.

    Tangerine Savings Account Alternatives

    If you’re exploring alternatives, you may want to consider other online banks such as EQ Bank and Neo Financial, which may offer more competitive standard interest rates.

    How To Open a Tangerine Savings Account

    To open a Tangerine Savings Account, you can visit their website. You’ll need to provide essential personal information, including your Social Insurance Number, phone number, email, employment details, and other identity-confirming information. Make sure you meet the age requirements in your province or territory.

    FAQs

    Tangerine offers six personal savings accounts, including general savings, TFSA, RSP, US$, RIF, and children’s savings accounts.
    You can enjoy a 5% interest rate for the first five months, and it drops to 1% after that.
    The EQ Bank Savings Plus Account is often considered one of the best high-interest savings accounts in Canada, but it’s essential to compare options based on your specific needs and preferences.
    No, there are no monthly fees or service charges associated with the Tangerine Savings Account.
    You can earn 5% interest with Tangerine for the first five months and 5.25% interest with Simplii Financial for a limited time.
    In conclusion, the Tangerine High-Interest Savings Account is a compelling option for individuals looking to maximize their savings with an attractive promotional interest rate and various benefits. However, it’s crucial to consider the standard interest rate and the online-only nature of the bank when making your decision. Explore alternative options to ensure you find the best savings account that aligns with your financial goals.
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