Tangerine has always had a Tangerine promotions or a Tangerine referral bonus for as long as I can remember. They also have very high promotional rates or ‘teaser rates’.

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I found that they have always offered $50 to $100 for depositing around $250 into a new account, but now they are offering $150 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 referral 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 2020 and 2021 is:

If you sign up for a Tangerine Savings Account and Chequing Account before August 31, 2021, and you can get bonus of $150 if you add your payroll.

If you open your first Tangerine Savings Account and Chequing Account within 30 days, you can earn 2.10% interest in your Tangerine Savings Account for the first 5 months.

The $150 is paid after the three months is up and you have completed your deposits.

Tangerine promotional interest in 2021 is a 2.10% rate on the first 5 months.

Tangerine also does joint accounts in Canada.

This 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

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The Tangerine Promo Code for 2020 or 2021 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 2.10% interest rate in your savings account and the $150 Tangerine bonus.

Using this promo code actually works out better than using a friend or family member’s Tangerine referral code, or Orange Key.

For the 2.10% 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).

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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 August 16, 2021, 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.

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

Tangerine MOrtgage Rates

Tangerine is different from other banks and mortgage providers in that they are totally transparent with their mortgage rates. What you see is what you get. You don’t have to negotiate or try and sweet talk the mortgage specialist at the bank to try and get a better rate.

Types of mortgages Tangerine offers:

Purchase
Refinance
Switch
Home equity line of credit

As of writing (May 2021) their 5 year fixed rate is 2.14%. Their 5 year variable rate is 1.35%.

Tangerine’s rates are guaranteed for 120 days.

You can apply for a Tangerine mortgage from the comfort of your own home. Once your application is submitted though, you will have a dedicated Mortgage Account Manager to support and guide you through the process.

Click here to apply for a Tangerine mortgage.

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 1.25*% for their chequing and savings account hybrid
Motive Financial Savvy Savings Account offers a non-promo rate of 1.25%
Canadian Tire Financial High Interest Savings offers a rate of 1.55%
LBC Digital Savings Account offers a non-promo rate of 1.20% up to a $500,000 deposit

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 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 when 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 to consider.

Do you like to move your money around to chase promotional interest rates?

What do you think of Tangerine Bank?

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 and a free dividend yield spreadsheet. Sign up for the 22,000+ word Young Money Bootcamp eCourse.