The Tangerine TFSA is a tax-free savings account for Canadians from one of the most well-respected online banks in the country. A TFSA works like a standard savings account but you also get tax-sheltering benefits – and the Tangerine TFSA is no different.
Tangerine's online platform is easy to use and its automated savings program is quite valuable. But if you prefer an in-person touch when performing banking and investment tasks, this particular TFSA product may not be right for you.
Tangerine TFSA features
The Tangerine TFSA is everything you want a TFSA to be – take a look:
Why You Want It
$0 requirement for minimum balance + $0 charged for monthly fees.
Special Features
- Automatic Savings Programs to help you save
Eligibility
- Be at least 18 years old
- Have a social insurance number
- Be a resident of Canada
Interest Rates
Any balance
0.3%
Features
# Of Free Transactions
N/A
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
4.5%
Welcome Bonus Value
N/A
Promo End Date
October 31, 2025
Tangerine TFSA product rating: 3.3 stars
The Tangerine TFSA is an excellent account and provides an easy way for Canadians to open a tax-free savings account. Features include free cash withdrawals, deposits, and access to Tangerine's Automatic Savings Program. Tangerine’s app and web experience are super user-friendly too, and their customer service is accessible and efficient.
It's a pretty basic and easy-to-manage account, but it's not perfect, especially for those who prefer in-person banking. As an online-only institution, there aren't any physical branches for clients to visit and this makes it an unattractive choice for quite a few people.
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.
Learn more about our rating methodology.
The pros of Tangerine TFSA
The impressive promotional rate stands out and the Tangerine TFSA has several other valuable features:
Pros
No monthly fee
The Tangerine TFSA has no monthly fees, and you won’t pay anything to transfer funds between Tangerine accounts either. Most TFSAs and other savings accounts don't charge a monthly fee, so this is fairly standard, but it's still worth noting – every dollar counts.
A user friendly platform
No matter whether you're using your phone, tablet, computer, or another device to access your accounts, all of Tangerine’s platforms are easy to use – the app has a 4.6-star rating on Google Play and a 4.7 on Apple's App Store. Transfers are easy and instant no matter which platform you use and the Automatic Savings Program is incredibly helpful.
Security features
Tangerine is an online-only bank and as such it takes plenty of safety protections – you even have to take a selfie to confirm your identity when you apply to open an account. Other features include 2-factor authentication and Orange Alerts to keep you in the loop about account activity, plus your funds are CDIC insured.
Excellent promotional rate
While the regular rate is a mere 0.3%, Tangerine offers a sweet 4.5% promo interest rate for new clients. You'll earn this rate for five whole months too, giving your money plenty of time to grow – and to grow tax-free.
The cons of Tangerine TFSA
Unfortunately, this TFSA still has a few areas of concern:
Cons
Low regular interest rate
This account only offers 0.3% interest on your savings, which is pretty low, albeit TFSAs aren't known for hefty interest rates. If you want your money to earn high interest on a regular basis, you're better off choosing an HISA.
No physical branches
Tangerine is an online bank, and as such it has no physical branches. Many Canadians prefer to meet with a real person when performing banking activities or asking questions about money matters, or they at least would like the option to do so on occasion. If this sounds like you, then Tangerine isn't likely the best choice for your TFSA.
Tangerine TFSA alternatives
Here's a look at how the Tangerine TFSA compares to three of its competitors:
 |  |  | |
|---|---|---|---|
| Account | Questrade TFSA | RBC TFSA | Alterna Bank TFSA eSavings Account |
| Genius Rating | |||
| Why You Want It | Exclusive: Get $50 off commission fees + ETFs are always free to buy. | Redeem RBC Rewards as contributions + Multiple client support options. | Get a 1.15% interest rate + Easily transfer your money between accounts. |
Cashable
Non-Cashable
|
| ||
| Self-directed TFSA Platform | Questrade | RBC Direct Investing | |
Compare |
FAQ
What's the current Tangerine TFSA rate?
The current rate is 0.3%, plus new accounts earn a promo 0.3% rate for five months. These rates are subject to change at any time, so visit the Tangerine site for the most up-to-date information.
How do you withdraw money from a Tangerine TFSA?
Since a TFSA is a registered savings account, all transactions need to be completed through customer service. Transfers to other Tangerine accounts are free and unrestricted but it costs $50 to transfer funds to another financial institution.
Are there fees associated with the Tangerine TFSA?
There are zero monthly or management fees associated with the Tangerine TFSA. However, you'll have to pay $50 if you want to transfer your funds to another bank. It’s free to move money to another Tangerine account.
Does the Tangerine TFSA offer GICs?
Yes, the Tangerine TFSA offers GICs. Tangerine tax-free GICs help grow your money with zero monthly fees and rates as high as 4.6% for a 1-year or 18-month term, offering an excellent way to save for the future.
Which Canadian bank has the best TFSA?
Among the best TFSAs in Canada, we like the Questrade TFSA for its investment options and reasonable fees. We also like the BMO TFSA for its educational support, diverse investment options, and the reliability of such a big bank.
What is the TFSA limit for Tangerine in 2024?
The annual contribution limit for all TFSAs in 2024 is $7,000. However, if you’ve never contributed to a TFSA then your available contribution room is $95,000. This allows you to make up for prior years.
Is there a downside to TFSA?
Saving money is always a valuable choice, but remember that TFSAs can't be used to lower your taxable income. You can withdraw from TFSAs at any time, but this can make it easy to spend rather than save.
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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