We’re in 2020… why are you still paying monthly fees for your bank accounts? $10/month or more really adds up!?
Take a look:
1 year of bank fees at $10/month = $120
10 years of bank fees at $10/month = $1200
Don’t you have better things to use that money on?
There are so many options out there and many of the online banks offer the same perks as a big bank. ?
Personally, I’ve used Tangerine for over 4 years and I love it. ?
Tangerine offers
- Savings Accounts
- Tax-Free Savings Account
- RSP Savings Account
- US$ Savings Account
- RIF Savings Account
- GICs
- Guaranteed Investment
- RSP Guaranteed Investment
- Tax-Free Guaranteed Investment
- US$ Guaranteed Investment
- RIF Guaranteed Investment
- And Business Savings Account
This bank isn’t just an excellent savings’ vehicle. You can also use Tangerine to hold your investments. You can start investing with as little as $25, and access pre-made low-cost portfolios that follow an indexing strategy.
If you’re concerned about using an online bank… there is nothing to worry about. You still get access to 3,500 ABM (Scotiabank tellers) and you get no fees for daily transactions, and Free Interac e-Transfers®.
On top of all of this, Tangerine also offers a Money-Back Credit Card and a World Mastercard® so you can earn Money-Back Rewards on all of your everyday purchases with a Tangerine Credit Card.
One of the main reasons I love having a Tangerine account is because I can have multiple free accounts that helps me plan for my goals, and my future. It’s a very user-friendly platform which helps me stay organized.
By having multiple accounts, I can create an effective savings strategy and I don’t dip into my other goals. Having “money buckets” is one of the most effective money management tools that I use.
My commitment to the Ambitious Adulting community is to stay transparent so I will explain some of the “cons”
Tangerine Bank Cons
I definitely recommend Tangerine but here are a few of the limitations.
- It’s mostly online. If you like going into the bank and waiting in line to talk to a teller… this may not be the best option
- Getting bank drafts isn’t easy (but if you’re prepared, you’ll be fine). You only need bank drafts for huge purchases. In my case, I needed $50,000 for a downpayment but getting a bank draft is not immediate (like it is at a big bank). Drafts can be couriered to your mailing address or to one of the Tangerine Cafés within 2-3 business days at a cost of $10. If you have a tight closing deadline, plan accordingly.
Ultimately, Tangerine has been a useful tool in my financial journey and I’ve saved hundreds of dollars in bank fees. If you’re ready to make the switch, check out some of the current promos.
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