If you’re thinking about merging your finances with your significant other and you live together, you might be thinking about creating a joint account. If you both bank with Tangerine Bank, you might be interested in a shared account for household expenses. Here’s a Tangerine Joint Account review and a step-by-step guide on how to set up a Tangerine Joint Account.
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This Tangerine Joint account review will go over what a joint account is, what the features of a joint accounts with Tangerine are, and most importantly, a step-by-step guide on how to set this up.
Table of Contents
What is a Joint Account?
What is a joint account?
It is an account where the account ownership is with two people.
Both have complete ownership of the account, and it can be risky in this way.
However, it is useful when you are living together in a household and have joint bills to pay such as the mortgage, grocery bills, life insurance, home insurance etc.
You have to make sure you trust the person you have a joint account with because one person can “clear” the account if they wish to, without needing the other’s consent.
Combining finances together as a couple can be anxiety provoking but if you are living together and sharing space, it makes sense to share some bank accounts too (not all of them in my opinion).
Tangerine Joint Account
Tangerine has joint accounts available for the Savings account and the chequing account. They are pretty popular with Canadians especially because there is no annual fee and no minimum balance. You don’t have to have your money tied up just to avoid bank fees.
You can create a shared Tangerine account but it takes a few steps.
For the joint account, you each will need your own Tangerine accounts and will need your own PIN to access your account.
The benefit to a Tangerine account is that there are no fees for your daily banking and there are accessible ATM machines, any Scotiabank bank machine can be used to withdraw your money if needed.
Here are some joint account FAQ’s:
- Can you have a joint account on Tangerine?
- Yes you can, but it takes a bit of time to set it up and you can’t just do it by yourself online. You will need authorization from a Tangerine bank customer service representative.
- Which Tangerine accounts can be a joint Tangerine bank account?
- Any Tangerine non-registered account can be made into a joint account. For example, you can have a Tangerine savings account, a Tangerine chequing account, or a Tangerine GIC.
Tangerine Joint Chequing Account
The shared Tangerine Chequing Account works much the same as the individual account.
The features are:
- No fees for daily transactions
- Free access to over 3500 Scotiabank bank machines
- $0 minimum balance
- Visa Debit (basically can use your debit card where Visa is accepted)
Tangerine Joint Savings Account
Also, the shared Tangerine Savings Account works much the same as the individual Tangerine Savings Account.
- The Tangerine Savings Account interest rate is 1.00% (this is after the promotional rate)
- There are no fees for transactions
- $0 minimum balance
- Can save for your goals faster using Automatic Savings Program
Here’s how to set up a Tangerine joint account.
Tangerine Joint Account Setup
Here’s a step-by-step guide on how to open up a Tangerine account that you both have access to.
Previously, it was probably easier to do online, to change the registration type to single to joint, but now you have to contact Tangerine bank to add an authorized user and make your account a joint account.
Criteria for the co-ownedTangerine accounts are:
- The shared accounts cannot be registered accounts
- Up to 4 Tangerine clients can be joint account holders for a Tangerine Savings Account
- Up to 4 Tangerine clients can be joint account holders for a Tangerine GIC
- Up to 2 Tangerine clients can be joint account holders for a Tangerine Chequing Account
Each Account holder needs to first be a Tangerine Client already.
If you’re not a Tangerine client, you can sign up here.
It takes about 10 minutes to set up a Tangerine account. You will need your Social Insurance Number, employment information and a cheque to make your first deposit and verify your identity.
For more details on how to get $400 cash back and a promotional rate of 6.00% interest rate for the first five months, see this post on new bank account promotions.
Basically you use the Tangerine promo code EARNMORE.
There is another offer like using your friend’s Orange Key (like a Refer a Friend bonus) but that one won’t give you $400 like the EARNMORE promotion.
After you have your account set up, you can then add your joint account holder (up to 1 other for the chequing account and up to 3 others for the Tangerine Savings or GIC accounts).
Call Tangerine at 1-888-826-4374 to add the joint account holders.
You will need to have the banking account information for each account holder.
Each person on the Tangerine account will need to call Tangerine to complete the steps to add joint account holder.
You might need email or written consent from each account holder too.
The account holders each have their own Tangerine PIN.
Tangerine Joint Credit Card
Finally to complete the Tangerine Account “trifecta”, you could even get a co-owned Tangerine credit card.
Normally you would add a supplementary card if you had a joint credit card, but for tangerine you can add the other person as an “authorized user” (using the same method above, calling in to Tangerine).
Joint credit cards are useful especially if you want to earn points or cash back towards a unified purchase and it makes things easier to track household expenses, or easier when it is tax time if you have expenses to deduct, for example.
The Tangerine credit card is a great cash back card because it offers 2% cash back on two categories of your choice. For other purchases, it is 0.5% cash back.
With the Tangerine credit card, you can each sign up for your own credit card and make the other an authorized user (similar steps outlined above).
The result of this is that together, you can have 4 out of the 10 categories to get the 2% cash back. This is rather than only having two categories between the both of you if you only have one card.
Here are some of the categories for cash back:
- Recurring bill payments
- Drug store
- Home improvement
- Public transportation and parking
Right now until January 31, 2024, there is a welcome bonus of 10% cash back on up to $1000 in purchases for the first two months, for the Tangerine Money-Back credit card.
This makes it $100 cash back (or $200 cash back if you each apply)
The Tangerine Money-Back credit card is a good credit card since the annual income requirement is lower than other credit cards that offer 2% cash back.
The annual income requirement is $12,000.
Also, most importantly, the Tangerine Money Back credit card has no annual fee.
Here’s my review for more information about the Tangerine credit card.
I hope this post about shared Tangerine accounts helped clarify the confusion on how to this up.
You might also be interested in:
- Best high interest savings joint bank account
- Splitting Finances when there is income inequality
- Tangerine investment funds review
- Best US Dollar Accounts in Canada
- What is overdraft interest in Canada?
Do you have a shared Tangerine Account? What has your experience been like?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.