In my continuing effort to document Tangerine, I decided to clarify how many Savings and Chequing accounts a client can have at Tangerine.
Why Would I Want More than One Savings Account?
Sometimes people like to be able to “see at a glance” how the saving is going for various big future events. For example, they might want to save specifically for a vacation, for a new car and for a relative’s upcoming wedding.
Obviously, they could keep all of their savings in one account and keep track on a piece of paper or a spreadsheet how much of the total is for each project.
It’s also possible, though, at Tangerine to open one account for each project. The accounts are all linked, so money can be easily transferred between them.
Does It Hurt Me to Have Several Savings Accounts?
Tangerine pays the same amount of interest on the entire balance in a savings account. So it doesn’t hurt to divide the money up into several accounts.
(Some banks pay interest depending on the total savings in the account; splitting up money would reduce the total interest.)
How Many Savings Accounts Can I Open at Tangerine?
I didn’t find an upper limit listed on the Tangerine website, so I sent them an email to ask.
They replied that once you have one account (savings or chequing) at Tangerine, you can open others. You can have a total of 5 Savings accounts.
How Can I Remember Easily Why I Have Each Savings Account?
Fortunately, Tangerine lets you nickname its savings accounts.
So, for example, we have an account nicknamed “Braces” for future orthodontic expenses for our children. (Yep, it is a lot like saving for a good used car!)
The nickname can also be changed. So if you’ve saved enough for your next car in your account nicknamed “Mercedes” and decide to hold on a bit longer, you can change the name on the account to “Ferrari.” Everything about the account will stay the same except for the additional secondary or “nick” name.
How Many Chequing Accounts Can I Open at Tangerine?
In case you were hoping to get 5 free cheque books by opening 5 chequing accounts at Tangerine, you’re out of luck.
You can, however open 2 chequing accounts, if you want to share one with someone you trust completely: You can have one personal chequing account and one joint chequing account.
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Do you use several Savings Accounts to manage your money for longer-term goals? Do you prefer to keep everything in one chequable savings account? Please share your preferences with a comment.
