Eventually, you will have enough saved for that trip to Kuala Lumpur or that granite countertop or even possibly for that revised Sibley’s Bird Guide you’ve been eyeing covetously. When you reach your goal and take the money out to spend you may want to close that specific savings account at Tangerine: here’s how.
Can I Close All of My Tangerine Savings Accounts This Way?
You can’t close your primary Tangerine Savings Account using their online close tool. Nor can you close a child’s bank account under your name. Nor a TFSA Savings account. If you want to close those accounts, you will have to phone Tangerine.
Basically, if they ever run a promotion to pay you a bonus for opening an account, such as your first Savings account, first TFSA account, or Child’s Savings account, they aren’t going to let you close it by clicking a few buttons on the screen. (In fact, they will never close their records showing you once HAD that type of account so you can’t get the bonus again in the future. They will, however, close it to all possible use and ability to sign in or see it. They’ll just keep track of it in another way.)
What Happens to My Final Interest Payment When I Close My Tangerine Savings Account?
Personally, I waited till the first of the month so that the previous month’s interest would be posted to the empty account. Then I transferred out the interest and closed the account on the first of the month so it would not earn any more interest. I did that so that my statements and transaction history, etc, would clearly show which account earned the interest.
Unfortunately, that means I can’t tell you where or how Tangerine pays the interest on a closed account. I suspect it pays it into whichever account you direct it to use. (If anyone else has the answer, please share it with a Comment.)
What Should I Do Before I Close My Tangerine Account?
- waited till the first of the month to have the last interest payment paid into the closing account
- looked at the account under View my Accounts, and clicked on it, so that I could look at the Current rate: and hover the cursor over the icon ? so that I could write down the “Interest, previous year” and “Interest, year to date”
- downloaded and saved the last monthly statement for the account (I had already done this for previous months)
- printed the transaction history for the account
Once the account is closed, you probably will not have access to this data anymore or you may only have it for a short time. In particular, I believe the transaction history will become inaccessible because it is opened from within the account selected. The statements will probably be available for the regular 18 months.
Why Did I Close My Tangerine Savings Account?
Well, I only closed one for the ensuite bathroom reno. Yes, we finally saved enough!
How To Close An Extra Tangerine Savings Account
- From the list on the left side of the screen, click on the link: View my Accounts
- Under the Saving heading, click on the link to the account you wish to close.
- At the top of the screen, under the Account Actions section, click on the link: Close my account
It will warn you
“Once you have closed this Account, it becomes permanently inaccessible.”
Select which account to move any money into from the drop-down list.
(Yes, you can select your external bank account if you wish.)
- Click on the Next button.
The Close Account Page
- Review the details of the closure. If you are sure you never want to use the account again or get any data for the account again, click on the button: Confirm
- Make a note of the confirmation number in case of any issues.
- Click on the Continue Banking button.
The account will no longer appear on your accounts list.
You can no longer access the account’s transaction history directly.
The account statement will still be part of your previous months’ overall savings accounts statement.
When you are finished banking, click on the Log me out link at the top right of the screen.
Clear your browser history and cache, and close your browser session.
Did you find it this simple to close a savings account at your bank? Please share your experience 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.)