If you are keen about keeping up with the banking trends, you should consider subscribing to an online solution. Tangerine banking account, for example, is a direct bank in Canada with flexible and affordable services. By mid-2017, the institution had about 2 million customers and $38 billion in assets.
One can get skeptical due to the lack of a brick and mortar office. However, modern systems have enhanced security and convenience in banking earning the trust and confidence of clients each day. A recent study found that 92 percent of Canadians believe that technology has improved accessibility to banking services.
This post will discuss the products that Tangerine banking account has for its subscribers. You will realize that it offers more than what conventional banks provide and does it more cost-effectively. Let’s get started.
Who Is Tangerine?
Tangerine has existed since 1997 as ING DIRECT Canada, a subsidiary of Scotiabank. At the time of its inception, Canadian banks offered the market similar products, and customers had few choices. All they got was services with moderate interest rates but excessive service charges.
ING DIRECT transformed the arena with innovative, safe, and secure banking offered directly to the customer. The vision was to provide what the people needed but not what the banks were offering.
After the full acquisition of ING DIRECT in 2012, the bank changed its name to Tangerine. It has continued to develop safe, innovative products while charging the consumer fair rates.
Banking Accounts at Tangerine
Most people who are new to online banks wonder whether they can find all the accounts they need. That depends on the specific services you would be seeking. Tangerine bank account meets the needs of the average Canadian with the following services:
Tangerine Savings Account
By opening a savings account at Tangerine, you will earn one of the most attractive interest rates available in Canada.
New clients qualify for 2.75 percent interest for the first six months and 1.20 percent after this period. The offer extends to TFSA, RSP, US$, and RIF savings accounts.
Additionally, Tangerine rewards you with $50 when you deposit at least $100 into your account. You won’t have to pay to save with the bank. You will enjoy zero balances with no fees or services charges. You will rarely find such offers at any mainstream financial institution.
Opening a Savings Account
Signing up for the Tangerine banking account is straight-forward. Hit the Sign Me Up button on the bank’s website and follow the instructions.
Read the fine print and understand the terms that qualify you for interest and bonuses. Missing one step could get you disqualified.
Tangerine No-Fee Chequing Account
The Tangerine Bank chequing account grants you unlimited debit transactions, pre-authorized payments, bill payments, Tangerine Email Money Transfers, and others.
You will need to input your pin when spending more than $100 with your Tangerine debit card. For purchases below this amount, you can use Interac Flash or Apple Pay. Interac will charge you $1 per e-transfer while a Tangerine transfer will be free.
Tangerine chequing account will also pay interest, which is unusual with conventional banks. The rate ranges with the amount held in your account.
For $0 to $49,999.99, clients enjoy 0.15 percent, while those between $50,000 and $99,999.99 get 0.55 percent. When you hit the $100,000 mark or above, your interest rate rises to 0.65 percent. Tangerine calculates your interest daily but pays per month.
Signing up for a Tangerine chequing account gives you 50 personalized cheques free of charge. You can order more chequebooks online at $20.
Cheques in a Virtual Bank?
Since Tangerine is an online bank, you might wonder how customers deposit cheques and cash and make withdrawals. We have mentioned that Tangerine is a subsidiary of Scotiabank. Therefore, you can utilize Scotia ABMs all over the country as well as the Global ABM Alliance.
Other ABMs in the Scotiabank’s network include cash machines at 7-Eleven, Cineplex, Quickie Convenience Stores, and Couche-Tard.
With Tangerine App, you can capture the front and the backside of a cheque and deposit it. Keep the hard copy for several days or until the bank sends you a confirmation email for clearance.
Tangerine Overdraft Protection
If you transact regularly, you will fall short of funds from time to time. A bounced cheque attracts a fee of $40 in most banks. It may also ruin business relations or raise trust issues.
Tangerine Banking Account offers you protection against overdrafts, but you have to apply for it. The bank takes it as a form of credit. Your chequing account allows you to do this under the ‘Holds and Overdraft’ tab.
An ordinary bank will charge you an overdraft fee per month – even if you don’t utilize it – Tangerine will not. Another perk of Tangerine’s overdraft is that it does not require checks with the credit bureau, unlike in most banks.
Tangerine App allows you to customize how you receive email notifications. The feature updates you about the status of your account, enabling you to take action on time. You can get alerts when some withdrawals or deposits occur, or when your balance dips below some limit, for example.
The feature is not limited to the chequing account. It’s also useful with saving accounts and the Mastercard.
Banking with Tangerine’s chequing account is painless and transparent. There are no hidden fees, and when there is a charge, you can trace it under ‘Where are the fees’ tab.
Money-Back Credit Card
Some years back, Tangerine used to charge a fee of 1.5 percent for foreign transactions. After launching its Mastercard, the bank amended its charges to resonate with other lenders. Today, you need to pay the exchange rate plus 2.5 percent, which is within the market range.
Tangerine calculates money-back rewards at 0.5 percent for most purchases and two percent for two categories. If you deposit your bonus in your savings account, the bank gives you an extra two percent. There is no harm in doing this since there are no restrictions on how you withdraw the cash.
You need to select your two groups of products and services that will be earning two percent once you get your Mastercard. Below are the allowable areas:
- Drug store
- Home improvement
- Recurring bills payments
- Public transportation and parking
The amount you earn depends on the amount you charge your card over time.
The Tangerine Mastercard comes with a signup incentive where you earn high cash-back interest for three months. Your earnings can snowball if you make substantial purchases during this period.
Warranty and Insurance
Tangerine’s Mastercard comes with extended insurance and warranty. You can get a maximum lifetime coverage of $60,000 for products bought with the Tangerine Money-Back Credit Card. These may include stolen, lost, or damaged items purchased from any country.
The extended warranty can extend the repair period for up to an extra year after the manufacturer’s warranty expires.
If you think about the amount people spend to purchase extended warranties, you will realize the value of this service. The card gives you peace of mind at no extra cost.
The Tangerine Banking Account App
The Tangerine app is handy in monitoring all your Tangerine bank accounts at one place for easy financial planning. An average user may find email money transfer, cheque depositing, and the ABM locator features the most beneficial.
You can cash your cheques, check your balances, and transfer funds from the comfort of your home. There is no need to visit the bank. Should you need to locate an ABM, you can identify it right on your smartphone. The app has many features, and their usefulness depends on the type of accounts you have and how you transact.
In an ordinary banking situation, frustrations begin with queuing, long call-holding, moving from an office to another, and so forth. Tangerine has revolutionized customer service in the Canadian banking industry.
The app is stable and intuitive, so you rarely have to call customer care. If you have to contact Tangerine, you will have a pleasant experience with the staff. It feels like the bank feels your pain, and is legitimately willing to help you.
Fortunately, you can find most of what you need on the app. You can also visit the bank’s website to learn more about their products.
Switching to Tangerine
You have read about the benefits of Tangerine, but you dread the pain of transferring your information to a whole new system. With Tangerine Switch Assistant, you can move everything almost seamlessly.
Switch Assistant can import payees set up with the other bank. It can also transfer your pre-authorized payments, payroll, and direct deposits.
Tangerine Banking Account provides everything a bank has to offer. It does this at a reduced price and sometimes for free. The best part is that you interact with your account remotely without involving third-parties.
Tangerine can ease your routine transactions such as sending and receiving money, paying bills, using your credit cards, and more.
It offers no-fee accounts, competitive interest rates, innovative banking, and outstanding customer service. Additionally, you earn terrific bonuses as you transact with Tangerine.
For questions on trends in banking and finance, contact us today.