1. Overview & requirements
Welcome! This guide will walk you through the process of pocketing as much free money as possible when opening new bank accounts with Tangerine.
Tangerine is a discount banking service that offers excellent interest rates and next to no fees. Tangerine is a subsidiary of Scotiabank, but unlike its corporate sibling Tangerine doesn't have any physical locations. Deposits or withdrawals can be made through Scotiabank's ATMS, free of charge. Banking with Tangerine over a traditional Big 5 bank is almost always a wise move, but be sure to do your own research before making the plunge.
The minimum requirements to earn $100 are:
- Canadian citizenship
- 100$ cash to make an initial deposit in one of your new accounts
For an additional $100 bonus you'll need:
- A job that offers direct payroll deposits or two monthly bills of at least $50 each
For the final $40 you'll need:
- Sufficient income and credit score to open a credit card with Tangerine (for students this requirement can be waived)
2. Open an account at Great Canadian Rebates
Great Canadian Rebates is an affiliate marketer that gets a kickback when they refer customers to a business. They pass most of the profits on to you, pocketing the difference.
The signup will ask for your email, your address, and how you'd like to be paid. I recommend PayPal, but if you don't have a PayPal account you can choose to receive a cheque by mail or an electronic Amazon gift card. A PayPal account can be opened free of charge here.
Make sure you link the email you sign up with at Great Canadian Rebates to your PayPal account - a guide to do this can be found here (this is not necessary if your PayPal email and Great Canadian Rebates email are already the same).
If you want to support this website at no cost to you, feel free to enter email@example.com in the "I was referred by" box when you sign up.
During the account signup you'll have the option to register for a weekly newsletter in exchange for $2.50, so sign up with your junk email account if you're worried about spam.
Next, head to this link and click "Go to Tangerine Savings account"
This will automatically direct you to Tangerine's website. It's important that you open your Tangerine accounts from the link provided by Great Canadian Rebates or you won't receive your bonus.
3. Open a Tangerine chequing and savings account
Once you've been directed to Tangerine's website from Great Canadian Rebates it's time to signup for a savings and chequing account.
The signup process is the same as it would be at any other bank - you'll need your Social Insurance Number and other personal information. At this time you'll have the opportunity to enter an Orange Key - do it, and use the code "51037061S1" to receive $50.
During the signup process you'll need to confirm your identity and at this point one of two things can happen:
- You'll be eligible to confirm your identity online. If you are, you'll be asked questions like "Where did you live in 2004?" and "What was your address in 2013?" This is information recorded in your Social Insurance Number that the bank can access to verify your identity. If you fall in this category you can finish opening your accounts in just a few minutes.
- You'll be ineligible to confirm your identity online. You'll need to bring a barcode that Tangerine provides you to a post office to verify your identity in person. The postal worker will scan your code and you can then resume opening your accounts. Don't forget photo ID, like your passport or driver's licence. If you fall in this category you can close your Tangerine window and return at a later date directly through tangerine.ca and still receive credit from Great Canadian Rebates.
4. Deposit $100 in your new chequing or savings account
This is an important step that is necessary to receive the $50 Orange Key bonus. There are a few ways to do this:
- Wait for your new Tangerine card to arrive in the mail and once it's activated deposit $100 at a Scotiabank ATM
- Send yourself the money using PayPal or an Interac e-Transfer
If you've made it to here your Great Canadian Rebates account should have $50.50 in credit and the $50 Orange Key bonus will be deposited directly into your new Tangerine chequing account within a few days.
5. Switch your payroll deposit to your new tangerine chequing account
You've finished the hard part. To claim the next $100 you need your employer to directly deposit your salary into your new Tangerine chequing account for 3 months or more. Afterwards $100 will be directly deposited into your chequing account.
If your employer does not offer automatic deposits there is an alternate method. You can pay two preauthorized monthly bills of $50 or more (each) for 3 months or more you can also claim the $100 bonus.
6. Sign up for a Tangerine credit card
The final step is to open a credit card with Tangerine through this link at Great Canadian Rebates. The application for this take less than 5 minutes and you'll know whether you've been approved or not by mail within a few days. If you're approved you'll receive another $40 credit on Great Canadian Rebates.