Tangerine has always had a Tangerine promotions, a Tangerine promo code, or a Tangerine referral bonus for as long as I can remember. They also have very high promotional rates or ‘teaser rates’.
I found that they have always offered $50 to $100 for depositing around $250 into a new account, but now they are offering $200 cash for their no-fee chequing account. You have to be a new Tangerine client to qualify for this bonus.
Here is a list of the current Tangerine promotions and Tangerine promo codes so you can earn your well deserved cash bonus and Tangerine promotional interest rate.
The great thing is that the Tangerine Savings and Chequing account have zero bank fees and zero minimum deposit, so the only downside is your time moving your money around and arranging for payroll deposits. I’d say it is one of the best high interest savings accounts in Canada.
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Current Tangerine Promotions
The current Tangerine Savings Account Promotion for 2023 is:
If you sign up for a Tangerine Savings Account and Chequing Account before November 30, 2023, and you can get bonus of $400 from 20% cash back for online purchases and online bill payments if you spend within 60 days.
If you open your first Tangerine Savings Account and Chequing Account within 30 days, you can earn 6.00% interest in your Tangerine Savings Account for the first 5 months.
The $400 is paid after one month from the 60 days of cash back spending..
Tangerine promotional interest in 2023 is a 6.00% rate on the first 5 months. This drops to 0.10% afterwards.
Tangerine also does joint accounts in Canada.
The Tangerine Joint Account is only for the Tangerine Savings and Chequing Account, and not for the Tangerine GIC.
This includes the US dollar savings account, which is a great rate for US dollars.
Tangerine Promo Code
The Tangerine Promo Code for 2023 to use is EARNMORE, enter that code after signing up through this link.
If you use this EARNMORE promo code, you can qualify for the 6.00% interest rate in your savings account and the $400 Tangerine bonus.
Using this promo code actually works out better than using a friend or family member’s Tangerine referral code, or Orange Key. You can’t use both promo codes.
For the 5.00% interest rate, the good thing is that you can earn the promotional interest rate outside of the Tangerine Savings Account too.
For example, Tangerine accounts for the Tangerine TFSA, Tangerine RSP, RIF, and Tangerine US$ Savings Accounts are eligible. The promotional rate is only for 5 months and for deposits up to $1,000,000.
Related: The Best US Dollar Accounts in Canada
Tangerine Referral
Once you sign up for your own Tangerine account, Tangerine will give you an ORANGE KEY. You can find your Tangerine ORANGE KEY in the “Highlights” section of the main dashboard (just scroll down).
It is a unique alphanumeric promo code that you can share with friends and family- they can sign up for their own Tangerine account and you will get a $50 Tangerine referral bonus.
They have been paying this Tangerine referral bonus for years, however, in recent years, they have capped the maximum Tangerine referral bonus that you can get to $150 per year (this refreshes every year on January 1).
Each person that you refer will also earn themselves a $50 Tangerine referral bonus if they open an account with an initial deposit of at least $250 within 60 days of starting the account.
Here’s my review on the Tangerine Savings Account.
Related: Tangerine Investment Funds Review
Tangerine Credit Card
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.
Right now until January 31, 2024, there is a welcome bonus of 10% cash back for up to $1000 in purchases for the first two months, for the Tangerine Money-Back credit card.
This makes it $100 cash back.
It is one of the best 10% cash back cards in Canada.
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.
Related: Equifax vs Transunion, and Why the Difference Between Scores
A Non-Promo Alternative to Tangerine
If you’re not into chasing promotional high interest savings rates and moving your money around from online bank to online bank, there are other options for your money.
As of writing:
- EQ Bank Savings Plus Account offers a high non-promo rate of 2.50*% for their chequing and savings account hybrid
- Motive Financial Savvy Savings Account offers a non-promo rate of 4.10%
- Canadian Tire Financial High Interest Savings offers a rate of 3.50%
- LBC Digital Savings Account offers a non-promo rate of 3.00%
In summary, Tangerine has some great offerings and their interest rates are one of the highest in Canada.
Unfortunately though, they are promotional rates and thus tend to feel a bit gimmicky. Once the honeymoon period is over (5 months in this case), the Tangerine savings accounts rates drops down to an abysmal 0.10%.
However, if you’re into chasing promotional rates or promotional cash bonuses and relish getting a new iPad on RBC’s dime for example, you should check out this post on new bank account promotions in Canada that range from $300 cash to a free RBC iPad.
Online brokerages in Canada even offer promotions of up to $2000 cash back or free trades for a year.
Previously after the promotional interest rate ended (e.g. the five or six months were over), the interest rate went down to 1.25% or 1.05% however, recently I noticed that it is down to 0.10%, which isn’t very good.
If you’re still interested and plan to move your money out after they drop the rate down to 0.10%, you can sign up here.
Finally, here are some other no fee banking options in Canada and business bank account promotions to consider.
Do you like to move your money around to chase promotional interest rates?
What do you think of Tangerine Bank?
Which Tangerine promo code did you use?
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.