Well, it’s time to help my young relative again. Now he has a chequing account with a debit card, and a job, he’s ready to open a savings account. The easiest one to open is one at Tangerine where he has his no-fee chequing account, so here’s how he opened it.
First, Check if Tangerine Is Offering a Bonus for Opening a Savings Account
If you have never opened any account at Tangerine or ING Direct, you can definitely get a bonus for starting one. You should check the various options available on the day you want to open the account. You can often get a $50 cash payment if you open an account and deposit $100 – but only if you put in an Orange Key number code when you are applying to open the account. At other times, there will be an offer for a higher interest rate or more cash if you set up various things such as direct pay deposits. Check the Tangerine website for deals or phone them, and be aware that you can get an Orange Key number code from other Tangerine users, including me, if that is a better deal.
There’s usually less on offer for opening a second account at Tangerine.
I had my young relative sign in to his chequing account, then use the Contact Us, Online Chat feature to ask if he could get a temporary higher interest account on his savings. As usual recently, the Online Chat responded that no agents were available. Sigh.
Opening a Tangerine Savings Account If You Are Already a Client
- Go to the Tangerine website.
- Click on the Saving tab.
- Click on the Savings Accounts link.
- Click on the Learn More button and read about the features of the account.
- If you like them, click on the Enroll Now button.
- A popup window will ask “Are you already a Client?”
Click on the button: Yes, log me in
- Sign in to Tangerine.
The Open a Tangerine Savings Account Page
When you already have a Tangerine account, they expect you to fund your new savings account by moving money in from either your other Tangerine account/s or from your already linked external bank account.
- In the Amount field, type the amount to transfer into your new Savings account.
- If necessary, click to change the selected currency from Canadian dollars, CAD, to American dollars, USD.
- If you want to Nickname your new Savings account, type the name in the text field, for example, Boat Fund.
- From the drop-down list, select where you want to take out the money to be deposited into your Savings Account. For example, you could choose your Tangerine chequing account.
- If necessary, click to change the answer to “Is this a joint Account?” from No to Yes. (If you do, you will need to fill in more information.)
- If necessary, click to change the answer to “Will this Account be used on behalf of a third party other than the named Account holder(s)?” from No to Yes.
- From the drop-down list, select the answer for “What is the intended use of this Account?”
Read the terms and conditions and if you accept them, leave the answer Yes selected.
- Click on the Next button.
- Read the details on the summary page, if they look ok, click on the Confirm button.
Your account is now opened and has the money in it, if you transferred money from an existing Tangerine account.
So now my young relative has his Savings account set up. I hope he was just kidding when he nicknamed it: “Beer Fund.”
- How to Open a Tangerine Chequing Account with a Debit Card
- How To Setup Direct Deposit of your Pay Cheque to a Tangerine Chequing Account
- How to Close a Tangerine Savings Account
Do you have a Tangerine Savings Account? Does it meet your needs? 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 January 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.)