Tangerine Bank Account Bonus Review (up to $150)

In a previous post, I mentioned Tangerine as an option for withdrawing funds abroad without ATM fees. As far as I know, it’s the only Canadian bank account that will not charge you an ATM withdrawal fee or foreign transaction fee if you withdraw from a Bank of America ATM in the US.

Tangerine used to be ING Direct, but was purchased by Scotiabank a few years ago. They are a direct bank with limited retail presence, but very low fees on their accounts to make up for their reduced costs. For opening an account and completing several tasks, they are offering a $150 bonus, split into two parts.

$50 Bonus for Opening a new Account

Tangerine Bank Account Orange Key

Tangerine Bank Account Orange Key

You can sign up for a Checking or Savings account through this link. Only Checking Accounts are valid for the other $100 Bonus, so I’d recommend signing up for that account first.

While signing up, the application has a box for an “Orange Key” signup code when opening an account. You need to put in signup code 44499869S1 to receive $50 after depositing $100. Normally, the bonus is $25, so this offer is double that. This Tangerine Bank Account bonus is being offered through December 31, 2015.

Inserting Orange Key

You’ll receive the Orange Key cash bonus a day or two after you deposit the funds in the account. It’s the quickest bank account bonus that I’ve ever seen.

$50 Tangerine Bank Account Bonus

$50 Tangerine Bank Account Bonus

$100 Bonus for Completing Switch Assistant

Once you’ve opened a Tangerine Checking Account, you’re then eligible for the Switch Assistant Promotion.

Tangerine Switch Assistant Promotion

Tangerine Switch Assistant Promotion

The tasks you need to complete are:

  • Pre-Authorized Debit or Bill Payments
  • Payroll Direct Deposits for 3 months

After completing these items, you’ll receive a $100 bonus, that will be paid out within 1 month of completion. The promotion ends January 31, 2016. All tasks need to be completed before then.

The only eligibility restriction is that you cannot have earned a direct deposit bonus with Tangerine previously. Both new and existing accounts are able to take advantage of this offer. It’s worth nothing the direct deposit needs to fall under qualifying codes that can be seen in the Terms and Conditions.

While I don’t think Tangerine will ever be a replacement to your banking with the Big 5, I definitely like their concept and their low banking fees. They are also offering a 2.4% interest rate on Savings and TFSA accounts for the first six months, which I intend to take advantage of.

Have you ever used Tangerine? How have you found the experience?

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  1. Hi Jeff:

    I’m not sure this is quite accurate. When I checked the terms and conditions on the Tangerine website under Foreign Services, it said: “A Permitted Transaction in a foreign currency will be converted to the currency of your Account at an exchange rate determined by Tangerine on the date the Permitted Transaction is processed. This rate may differ from the rate in effect on the date of the Permitted Transaction.” The difference between the rate in effect and the permitted transaction rate is a foreign exchange fee. Also, it indicates that even though they don’t charge for ATMs, other “networks” that you use may charge it and it will be charged to your account. Perhaps you could clarify with Tangerine. Thanks. Sue

    • I was told by Tangerine that there would be no transaction fee. As I mentioned in my post, Tangerine is owned by Scotiabank, which means that all of their partner ATM’s do not have a transaction fee. I’m hoping what the statement means is that the process date of the exchange rate is different than the date the transaction actually occurs. Thus, the exchange rate might vary, but I don’t think there’s a fee. Once I’m in the US, I’ll test it out.

      • OK. Maybe you can update after your trip because it is potentially a good opportunity to get an account with no ATM fees and no foreign transaction fees! Thanks. Sue

  2. BEWARE OF TANGERINE!!!
    Having been a long-time President’s Choice client, I decided to give Tangerine a try to see how well it compared. Initially, I had no problem. As a physically handicapped person, I make use of the cell phone deposit system. Occasionally, the image is not clear enough and I get an immediate note to re-submit which is no problem. My last deposit was accepted and I received an email to confirm that the amount was in my account. My online balance showed this too. I immediately used some of the funds. Next day, I received an email to say that the image was not clear enough and the full amount of the cheque was deducted from my balance. I was now in arrears and a penalty of $25 was imposed. It is transparently clear what is happening – it is a quick and easy way for Tangerine to make an “error”then charge me for its mistake and so make money at my expense. So this is a warning – stay away from Tangerine! They are not to be trusted. Use Presidents’s Choice. I have not had a problem in 15 years!

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