The Tangerine Savings Account is a digital savings account offered by Tangerine Bank. The shining feature of this account is its welcome bonus – a strong 4.5% for 5 months. After the solid start, the interest rate goes down to 0.3%, which is still competitive with the big 5 banks.
Tangerine doesn’t charge any fees for this account or impose any minimum balances. With that said, getting money out of your account can be challenging as there’s no debit card access or Interac e-Transfers, only transfers to another account. Whether you find this account useful will depend on your individual needs.
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Tangerine Savings Account features
Let’s take a look at this account’s primary features:
Verified on August 29, 2025
Why You Want It
Start out strong with 4.5% interest + No minimum balance.
Special Features
- Excellent promo interest rate
- Automatic Savings Plans
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Interest Rates
Any balance
0.3%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
4.5%
Welcome Bonus Value
N/A
Promo End Date
October 31, 2025
Tangerine Savings Account product rating: 4.1 stars
The Tangerine Savings Account has an amazing promotional rate of 4.5% that will help get your savings off to a great start. But once your money is deposited, it’s hard to get at with no debit card or Interac e-Transfers available.
The Tangerine Savings Account scores well for its low fees, promo interest rate, and automatic savings program. It loses some points for not having many transaction options and for its not bad, but not great regular interest rate.
Learn more about our rating methodology.
The pros of the Tangerine Savings Account
So, is the Tangerine Savings Account what you need to help meet your savings and investment goals? Let’s take a look:
Pros
Excellent promotional interest rate
The welcome bonus on the Tangerine Savings Account is 4.5% interest for the first 5 months after opening your account. Currently, this rate matches the new account offer from Simplii High Interest Savings Account. If you’re thinking about getting this account, be sure to deposit money immediately so you can take full advantage of this offer.
No fees or service charges
Unlike the big banks, Tangerine doesn’t make you pay any bank fees or service charges for the privilege of keeping your money in their bank. This just helps you save more money even faster.
No minimum balance required
And you can start to earn right away, no matter how little you put in the account to start. There are no minimum balance requirements at all, making it an accessible option for any saver.
Automatic savings program
Tangerine offers a feature called the Automatic Savings Program (ASP) where you can set up automatic transfers into your Tangerine Savings Account. You can personalize these transactions by selecting the amount and frequency of these deposits.
The cons of Tangerine Savings Account
It’s not all sunshine and rainbows with this account. Here’s where it lacks:
Cons
Not the highest available interest rate
While Tangerine beats the big banks, it doesn’t offer the highest interest rate of the online banks. In fact, it falls on the lower end with most of them offering between 3% - 5%. If you’re looking to maximize how much you can earn, there are other options available.
Getting money out of the account can be inconvenient
With no debit cards or Interac e-Transfers available with this account, it can be inconvenient to actually get at your money if you need it. If this is your emergency fund and you want to have more reliable access to your money, you’ll probably want to consider another bank. However, you could also get a free Tangerine Chequing Account, and make it easier to get your money out if you choose.
Tangerine Savings Account alternatives
 |  | |  | |
|---|---|---|---|---|
| Account | Tangerine Savings Account | Scotiabank MomentumPLUS Savings Account | Scotiabank Money Master Savings Account | Oaken Savings Account |
| Genius Rating | ||||
| Why You Want It | Start out strong with 4.5% interest + No minimum balance. | Get up to 4.75%* interest on your money + No monthly fees. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn up to 2.8% interest on your savings + No fees or minimum balance. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 0 | 0 | 0 | 0 |
| # Of Free Interac E-Transfers | 0 | 0 | 0 | 0 |
| Max Promotion Rate | 4.5% | 4.75% | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | October 31, 2025 | See Issuer for Details | N/A | N/A |
| Open an account See more Tangerine products Compare | Open an account See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more Oaken Financial products Compare |
* Interest calculated daily on the total closing balance and paid monthly. Rates per annum are subject to change without notice.
FAQ
Does the Tangerine Savings Account have the highest available interest rate?
The Tangerine Savings Account has a regular interest rate of 0.3%, which is better than the big banks. However, there are online banks that offer a much higher regular rate (typically between 3% to 5%).
Should I use the Tangerine Savings Account for my emergency fund?
Since this account has no debit card and doesn’t support Interac e-Transfers, it can be inconvenient to access your savings. You’d be better off keeping your emergency fund in a higher interest savings account with easier access to your money.
Are there any fees associated with the Tangerine Savings Account?
There are no account or service fees with this account, helping you save even more. It also comes with no minimum balance, making it an accessible choice for anyone to start building their nest egg.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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