Tangerine recently started offering a Business Savings Account. You can’t use it for writing cheques or paying bills so it seemed like a simplistic offering. About the only thing it offers you is a modest interest rate of 0.35% as of April 30 2017 1% (at the time this was written.) It left me wondering just how low the interest rate is that is offered by the Big Canadian Banks for their business savings accounts: So I checked.
A Few Words of Caution About Business Savings Accounts
I set up my Tangerine Savings Account, over 7 years ago when it was called an ING Direct Investment Savings Account, and I linked it to my regular chequing account at a Big Canadian Bank. Recently, I decided to link it to a joint chequing account my husband and I have at a different Big Canadian Bank. I want to be able to move my money overnight from the Big Bank to the Tangerine account even though they will put a hold on the money once it lands at Tangerine. I could move the money by writing a cheque on the joint account and using the Cheque-In photo deposit app to cash it into my Tangerine Chequing Account. But I’d prefer not to waste a paper cheque, since the Big Bank charges us for each paper cheque even if it doesn’t charge us to use one. And I’d prefer the money to go straight to my savings not route through the Tangerine chequing account. So today I decided to connect my Tangerine Savings Account to this joint chequing account at the Big Bank.