Are you considering closing your bank account with Tangerine Bank? If so, this article will help you out.
Many reasons may necessitate such a decision, which include moving to a new location, switching to a different bank or planning to open a joint account with your spouse.
The process of closing a Tangerine Bank may seem daunting but following the proper steps will ensure a smooth and successful closure.
This article will outline how to close your Tangerine Bank account properly and make the transition as seamless as possible.
So continue reading to find out!
Table of Contents
What to Do Before Closing a Tangerine Bank Account
Before closing a Tangerine bank account, there are a few things you should consider doing:
Set up a New Bank Account
Before closing your tangerine account, you should set up another account. You may decide to consolidate all of your accounts with Tangerine or may want to switch to a different bank.
However, when it’s time to find a new bank, you shouldn’t have to second-guess your decision. Ask yourself these questions.
- Which method do I use for my banking transactions: online, over the phone, or in person? And when making purchases, do I use cash or a card?
Knowing your financial needs and goals, you can confidently select a bank that meets your requirements.
Also, it is essential to consider the fees, interest rates, and services different banks offer before deciding.
For example, if you’re in the market for a mortgage or investment, you’ll want to choose a bank that offers these services.
Update Your Payment and Bank Information
After setting up an active account, another crucial step to follow is to update your payment and bank information.
List all the accounts or services that have your Tangerine account information on file and update them with your new account details.
Some of the essential information you will need to update are direct deposits and pre-authorized debits.
Examples of direct deposits and pre-authorized debits you’ll want to update include:
- paycheque
- pension
- monthly bills you pay automatically through your bank account.
Additionally, you should stop issuing cheques from your Tangerine account and wait for any issued cheques to clear before closing the account.
Empty Your Tangerine Account
It is time to transfer the remaining funds from your old account to your newly activated account.
You can perform the transfer yourself or have Tangerine handle it after deactivating the old account.
If you opt to perform the transfer yourself, it is advisable to do so on the first day of the month to avoid additional interest charges.
Note: It is advisable to download or print your account statement for the last six months. This will provide a comprehensive overview of your account activity and can be helpful in tax or financial planning purposes.
How to Close Tangerine Account
After completing the necessary preparations, you can proceed with closing your Tangerine account.
There are two ways of closing a Tangerine Bank account. You can either close a Tangerine Bank account online or by phone.
Let’s look at how you can close a Tangerine Bank account through the two ways below:
1. Online
To close your Tangerine Bank account online, log in to your Tangerine account through the official website or app. After you log in, follow the steps to close your account.
You should note however, that this option is only available for closing a single account.
2. By phone
Contact Tangerine’s 24/7 customer care service at 1-888-826-4374 to request the closure of your account.
During this call, you may be required to provide your account information and answer security questions to verify your identity.
Please have this information ready when you call to ensure a smooth and efficient process.
Note: Tangerine bank may ask for the reason behind your decision. Providing an honest and genuine response will help the bank understand how to improve its services.
However, Tangerine bank may also try to offer incentives to persuade you to reconsider closing your account.
It is important to remember that these incentives may be temporary and may not address the underlying issues that prompted you to consider closing your account.
Ultimately, the decision to close your Tangerine account should be based on what is best for your financial needs.
Fees for Closing a Tangerine Account
You will not incur fees when closing a Tangerine savings or chequing account. However, if your Tangerine account becomes inactive for a year, you will be charged a $10 inactivity fee.
Suppose you need to transfer a Tangerine Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). You should know that a $50 transfer fee applies.
Also, if you forget to update all pre-authorized debits, you will be charged a $45 Non-Sufficient Funds (NSF) fee.
Additionally, if your Tangerine account becomes dormant, you will be charged $20 per year for the first 2 to 9 years and $40 per year after 10 years of dormancy.
Ensure that your account remains active to avoid these fees. You can keep your account active by making regular transactions or contacting Tangerine to request an exemption from the inactivity fee.
Products Offered by Tangerine Bank
Tangerine offers various accounts and other financial products, each with distinct features and advantages.
It may be worthwhile to weigh the potential expenses and disruptions of switching to a different bank or financial provider.
It is also essential to explore alternative Tangerine accounts or services to decide if one of these options would be a better fit for you.
Here are some of the banking products offered by Tangerine Bank:
Tangerine Savings Account
One option to consider is the Tangerine Savings Account. The saving account is designed to provide Canadians with flexibility and a lucrative way to save and manage their money.
Tangerine savings accounts offer the following benefits:
- High savings interest rate and a cash bonus
- No monthly fee
- Zero minimum balance
- Automatic Savings Program (ASP)
LEARN MORE: Tangerine High-Interest Savings Account Review
Tangerine Tax-Free Savings Account
The Tangerine Tax-Free Savings Account is an account that allows you to earn a high-interest rate on your savings without paying any tax.
This account offers you the same benefits you can get with the Tangerine Savings account plus tax benefits.
You can save in the account without paying any monthly fees. The account also has no minimum balance requirement.
Tangerine RSP Savings Account
Tangerine registered retirement savings plan (RRSP) accounts allow you to save for retirement and take advantage of tax benefits.
Contributions to an RRSP are tax-deductible, which means you can reduce your taxable income and save money on taxes.
Tangerine’s RSP Savings Account offers a high-interest rate and no fees, making it a convenient and cost-effective way to save for retirement.
Tangerine RIF Savings Account
The Tangerine RIF Savings Account is another great account that allows you to save for retirement.
When you save for your retirement in the Tangerine RIF Savings Account, you have the option of withdrawing your funds anytime without paying any fees.
The account offers you a high-interest rate of up to 1.05% without charging monthly fees. There is also no minimum balance requirement.
This means that you can save as little as you want in the account without any worries.
Tangerine Money-Back Credit Card
Tangerine Money-Back Credit Card offers a unique rewards program that allows you to earn money back on your everyday purchases in the form of Cashback.
You can earn 2% Cashback on 10 categories of purchase, such as groceries, furniture, restaurants: E.t.c and 0.5% on all other purchases.
The card also charges a 1.95% interest rate on balance transfers and purchases for the first six months, which can help you save on interest charges.
Tangerine Investment
Tangerine offers a range of investment portfolios you can choose from, including mutual funds and exchange-traded funds (ETFs).
These investment options allow you to diversify your portfolio and earn higher investment returns.
Tangerine also offers professional portfolio management and personalized investment advice to help make informed decisions.
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Alternative to Tangerine Bank
Have you explored the various account options offered by Tangerine and have not found one that meets your needs? If so, you should consider other alternative banks.
Several other online banks in Canada offer a range of financial products and services. Here are some of the best options:
EQ Bank
The combination of high-interest rates, no fees, and convenient digital banking services make EQ Bank a popular choice among Canadians looking for an online bank. Other key features include:
- No account minimums or fees
- Option to set up automatic savings plans
- 24/7 customer service
Simplii Financial
Simplii Financial is another online bank you may want to consider. Several features make Simplii Financial one of the best online banks in Canada. Such features include:
- Competitive mortgage rate
- 24/7 customer service
- Option to set up personalized budgeting and savings goals
- A vast network of no-fee ATMs
The Bottom Line
As you can see, the process of closing a Tangerine Bank account is very straightforward.
All you have to do is follow the steps provided above, and boom – you’re on your way to a fresh start.
Hopefully, this article has helped in making the process of closing a Tangerine Bank account very simple for you.
If you’ve got some tips of your own, leave them in the comments below.
