Many people find the faster they move their pay out of sight the less of it they spend. You can automatically transfer money every day, week, or month to an Tangerine [formerly called ING Direct] bank account from another institution to help you save. You can also transfer money within your Tangerine accounts. For example you can transfer from a chequing account to a savings account or to a TFSA or RSP account. It’s extremely easy and quick to set up automatic transfers with Tangerine
. They call it their Automatic Savings Program although you don’t have to be saving to use the transfer process.
And you can cancel your automatic transfers at almost any time. (You can’t send a cancel order on the same day as the transfer is supposed to occur. You could try to phone Tangerine though and see if there’s still time to stop it.) It’s also a quick online process to cancel contributions.
How to Set Up a Regular Automatic Account Transfer for a Tangerine
ING Direct Account
Log in to your Tangerine
- From the list on the left hand side, click on Start an ASP.
- In the Amount ($) field, type the number of dollars you want to transfer each time to your account.
- From the Frequency: drop-down list, select how often you want to make an automatic contribution. The choices include
Bi-weekly means once every two weeks. It does not mean twice a week.
- From the From: drop-down list, select the account from which you want to take the money.
For example, if you want to transfer $45 per week from your TD chequing account, look on the list for it. The TD account number will be listed but not the current balance because Tangerine does not have access to your account information at another bank.
- From the To: drop-down list, select the account to which you want to make the deposit.
For example, if you want to deposit the money in your Savings Account, look on the list for it. The Tangerine account number will be listed and the current balance will be shown.
- In the Start Date: field, type the date you want to start the contributions.
It appears that the earliest date you can select is 2 business days after today’s date.
- In the End Date (optional): field, type the date you want to stop the contributions.
If you want to contribute indefinitely, just leave that field blank.
For information on how to stop automatic contributions, please see How to Cancel a Tangerine Automatic Savings Program (ASP).
- Click on the Next button.
You may receive an error message if the amount per contribution you selected is too low. For example, I tried to set an automatic contribution of $5 (just to test the procedure) and was warned that the minimum for the types of accounts I had selected was $10.
- If all goes well, you will receive a review screen. It will list where the money will come from, how much, and where it will be deposited. It includes the start date and the frequency.
If all of the details are correct, click on the Confirm button.
To cancel the transaction, click on the Cancel button.
To correct your selections, click on the Change button.
If you’re finished using Tangerine click on the Log Me Out button. For increased security, clear your browser cache and close your browser session.
To Check Your Regular Contribution Instructions for a Tangerine
- Log in to your Tangerine account.
- To check your settings at any time, click on the View My Accounts tab.
- Click on the account that will receive the transfer.
(Or if you are automatically sending money away from a Tangerine account, click on the account that will be making the transfer.)
- From the list on the left side of the screen, click on View Pending Transactions.
The effective date of the next transfer will be shown, along with a transaction description, type, frequency and amount.
- When you’re finished click on the Log Me Out button. For increased security, clear your browser cache and close your browser session.
Do you find it convenient to set up automated transfers to or from your Tangerine accounts? Did you do it just to get the sign-up bonus or was there another benefit for you? Please share your experiences with a comment.
Yes, we bank with Tangerine.ca among other places. If you open your first account ever with Tangerine (or ING Direct) using our Orange Key below, and deposit $100 before August 31, 2017, you and we will both get a cash bonus of $50 each. (Yes, they did extend the promotion for another few months!) All you have to do is enter the Orange Key 46470587S1 when you are opening your Account, and you’re set to go.
Just copy our Orange Key, then click on this Tangerine link to see the details and apply for an account. (Note: it only applies to people with no existing or previous accounts with Tangerine or ING Direct.)