1. There's no fees
If you're sick of seeing seemingly random $3 convenience fees on your monthly statement it's probably time to make the change.
At Tangerine there's no fees whatsoever for opening a high interest savings account. If you also choose to open a chequing account there's just three fees you might run into (the whole list can be found here):
- 1$ for Interac e-Transfers
- 1$ for using an ATM not affiliated with Scotiabank
- 20$ for additional chequebooks after your first
2. It's a great place to park your emergency fund
Tangerine offers a promotional interest rate of 2.40% for the first 6 months and 1.00% thereafter. These numbers don't hold a candle to investments that take on market risk, but for assets that need to be both safe and highly liquid they are very competitive. Currently cashable GICs are yielding as little as 0.75% and on top of that are actually less liquid. The only real competitor in this space is EQ Bank, which offers a 2.30% interest rate.
If you have an emergency fund or an account dedicated to a future vacation that's earning the typical 0.15% there's no reason not to make the switch.
3. You can cash in on risk-free signup bonuses
Even if you're happy with your current bank you can still profit from opening a Tangerine savings account. At Tangerine there are no fees for opening and closing accounts so you can pocket over $225 in signup bonuses and then simply close your new accounts.
My recommendation? Open a Tangerine savings account, pocket the $225+ in bonuses and enjoy the 2.40% interest rate. When the 6 months promotional rate expires move on to greener pastures if you're not happy.