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
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.
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.
$100 Bonus for Completing Switch Assistant
Once you’ve opened a Tangerine Checking Account, you’re then eligible for the Switch Assistant Promotion.
The tasks you need to complete are:
- 1 Pre-Authorized Debit or 2 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?