My husband and I have had a Tangerine savings account for as long as I can remember.
I love having an online savings account that is separate from my chequing account because I can set-up automatic money transfers to store away savings automatically.
Having an automatic savings plan is pure magic, when it comes to saving up money. I know that if I don’t make saving automatic, it will likely not happen.
We “pay ourselves first” by automatically having money go into our savings account on Tangerine.
I set up multiple savings accounts on Tangerine to put aside money for various things. Here are some examples of the types of savings funds you can create:
- Emergency Fund
- Home & Auto Repairs
Our automatic savings plan has been crucial for the Christmas season. We automatically save $167/month so that by the time Christmas rolls around, we have $2,000 sitting in our Christmas fund just waiting to be put to good use.
Read more about how to not go into debt this Christmas here.
At our regular bank, we have to pay fees whenever we transfer money back and forth between our savings and chequing accounts. It really bugged me that I had to pay to move my own money. That’s no longer an issue with Tangerine.
Another thing I love about having a savings account with Tangerine, away from my regular bank, is that the money saved with Tangerine is not immediately accessible.
This is a good thing. When I need to make a withdrawl from Tangerine, it takes a few days, so impulse purchases are not an issue. Spending our savings money is always very intentional.
What I Love About The Tangerine Savings Account:
- It’s free, no fees!
- Easy to manage online
- Able to set-up numerous accounts to save for different things
- Able to set savings goals to see if you are on track
- Free transfers between your savings and chequing account
- 1% interest rate* (better than my regular bank!)
We also opened a tax-free savings account so that we could take advantage of the tax benefits on the interest we earned. Just a side note, make sure you do not exceed your maximum for the year, or CRA will be after you with a large penalty bill.
*Right now if you use this link to sign-up for a new account, you’ll earn 2.75%* interest for the first 6 months** on your first TFSA or Savings Account, now including US$ and RIF Savings Accounts.
Disclosure: post contains affiliate links.