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.