Tangerine vs. Simplii
In the world of no fee banking Tangerine and Simplii are the top dogs. But which of the two offers better interest rates?
Tangerine offers a rate of 1.0% on Canadian dollar savings accounts and 0.15$ on American dollar savings accounts
Chequing accounts receive 0.15% on the first $50,000, 0.55% for balances over $50,000, and 0.65% for balances over $100,000
In addition to these standard rates, new Tangerine savings accounts will receive a promotional rate of 2.40% for the first 6 months. This promotional rate is sometimes extended at the discretion of Tangerine based on your balance and how often you withdraw from the account.
Current interest rates can be found here.
Simplii offers a rate of 1.0% on Canadian dollar savings account and does not offer an American dollar savings account
Chequing accounts receive 0.05% on the first $1,000, 0.10% for balances over $1,000, 0.15% on balances over $5,000, and 0.50% on balances over $25,000
In addition to these standard rates, new Simplii savings acounts will receive a promotional rate of 3.00% until February 28, 2018.
The bottom line
Tangerine and Simplii offer the same interest rate on savings accounts, but Tangerine has the edge on chequing accounts.
Since Simplii only offers a promotional rate on new accounts until February I have to give the edge to Tangerine there too.
The only area where Simplii has the edge is with clients who have a chequing account balance between $25,000 and $50,000. In this range Tangerine only offers $0.15% compared to Simplii's 0.50%. Savvy investors may also wish to take advantage of the 3.00% promotional rate before switching back to Tangerine.
Overall it looks like Tangerine is the best bet, especially when you consider all the other signup bonuses Tangerine offers.