Banking, Finance, Personal

Tangerine Joint Account Review For 2023

In this Tangerine joint bank account review, you will learn everything that the account entails. You will also learn about the two major joint accounts of Tangerine and their pros and cons. 

At the end of this review, you should be able to decide whether a Tangerine joint account is suitable for you and your couple or partner.

Photo credit: Tangerine

Let’s get started!

Overview of Tangerine Joint Accounts

Tangerine joint accounts are among the best joint accounts in Canada due to their competitive features.

The 5% promotional interest offered by the Tangerine joint savings account and the $400 cash bonus on the Tangerine joint chequing account make Tangerine a favorite choice for couples and partners.

Before we go into details of the Tangerine joint accounts, it’s important to understand the terms and conditions of the accounts. These are: 

  • Each account holder is to set their own PIN. 
  • Each joint account holder can execute transactions with the account without express authorization of the co-account holder (s).
  • In the event of the death of a joint account holder that lived in a province/territory other than Quebec, the surviving joint account holder(s) can withdraw any positive balance. But if the deceased joint account holder was from Quebec, the positive balance would be settled in line with the deceased joint Account holder’s estate.
  • Neither of the joint account holders can request the opening of another joint account with the same joint account holder(s) without their consent.
  • Tangerine may disclose your account information to the prospective joint account holder(s) before making it a joint account.
  • When a joint account holder dies in Quebec, spousal or former spousal joint Account holder(s) can declare their respective share of the account or risk the equal splitting of the account balance.
  • All account holders are equally responsible for the obligations of the account terms.

With the above understanding of Tangerine joint account terms, we can now go into the details of the main joint accounts of the bank.

Types of Tangerine Joint Account

Tangerine has a joint savings account, joint chequing account, joint GIC account, and a joint credit card.

For the purpose of this review, we’re going to focus on Tangerine joint savings and chequing accounts.

1. Tangerine Joint Savings Account 

The Tangerine joint savings account is a high-interest savings account that provides new clients with a 5% bonus rate for five months.

The bonus rate is applicable on up to $1 million in savings. Not many individuals could maximize the bonus rare within five months. But with a joint account, you could easily do so.

What also makes the Tangerine joint savings account suitable is that it doesn’t have monthly fees and a minimum balance. 

In what follows, we’re going to look at the pros and cons of the Tangerine joint savings account.

Pros of Tangerine Joint Savings Account

High welcome bonus rate

As noted earlier, Tangerine provides a 5% welcome bonus rate of 5% for up to 5 months.

This bonus rate is 5x higher than the Tangerine regular interest of 1%.

If you’re mainly concerned about short-term gains, then the bonus rate is made up for that. 

To claim the Tangerine bonus rate, you need to: 

  • Join Tangerine by July 17, 2023, using the promo code: EARNMORE 
  • Open your first Tangerine savings account within 30 days of becoming a Tangerine client 
No monthly fees

As with other online bank joint accounts, the Tangerine joint account doesn’t charge monthly fees.

Having monthly fees waived on a joint account will help you save more and achieve more faster.

No minimum balances

Unlike other joint accounts, the Tangerine joint savings account doesn’t require a minimum balance.

As a result, each joint account holder has the liberty to save any amount they can afford. 

Automated savings 

If you want to save on autopilot, the Tangerine joint savings account got you covered with an Automatic Savings Program (ASP).

With Tangerine ASP, you can set up joint savings goals and work with co-account holder(s) in achieving the goals automatically.

The program takes the stress of savings away by making automated deposits to your joint savings account.  

Cons of Tangerine Joint Savings Account 

Low regular rate

When the Tangerine bonus rate of 5% expires in five months, you will earn a lower regular interest rate of 1%.

Compared to the average savings interest at other online banks, the Tangerine regular rate is extremely low. It’s low even when compared to the interest rate of the big banks.

As a result, you don’t want to be tricked into signing up for the Tangerine savings account based on the temporal bonus rate.

While you can earn more within the promo period, you will earn low interest in the long term. 

NSF fee

Another turn-off on the Tangerine joint savings account is that it charges a higher Non-sufficient funds (NSF) fee of $45 per unsuccessful pre-authorized debit.

Several online banks waive the NSF fee as they have low operational costs. 

The presence of this fee at Tangerine should be of concern especially if you’re looking to cut the ridiculous common banking fees burning your finances.

Learn more about Tangerine high-interest savings account.

2. Tangerine Joint Chequing Account 

If you’re looking to open a chequing account with your spouse/partner for everyday banking, the Tangerine joint chequing account could be ideal.

The Tangerine joint chequing account is a no-fee chequing account that operates like other chequing accounts but with unique features.

As the account names profess, there are no regular banking fees on the Tangerine joint chequing account. In specific, you don’t have to worry about:

  • Monthly fees
  • Debit purchase fees
  • Interac e-Transfer fees
  • Pre-authorized payment and bill payment fees
  • First cheque order fee

Even more interesting is the fact that the account offers a welcome bonus of $400 cashback on your first 60 days of account opening. 

With up to 0.10% interest on balances, free ABM access, overdraft protection, Interac and Visa Debit Zero Liability protection, and Mobile and direct cheque deposit — the Tangerine joint chequing account is worth considering.

Let’s explore the pros and cons of the account to help you make informed decisions.

Pros of Tangerine Joint Chequing Account

Generous welcome bonus

Not many banks offer up to $400 worth of welcome bonuses. 

But that’s exactly what you achieve when you spend with your Tangerine client card within the first 60 days of opening the chequing account.

Whether you shop online or in-store, you will get 20% cash back on your purchases up to the maximum of a $400 cash bonus. 

To qualify for this generous welcome bonus, you need to:

  • Become a Tangerine client by July 17, 2023, using the promo code: EARNMORE
  • Open a Tangerine chequing account within 30 days of becoming a Tangerine client
  • Set up your payroll to your Tangerine chequing account
  • Initiate direct deposit to your chequing account within the initial 60 days of opening the account 
  • Receive three direct deposits in three consecutive months
Free Transactions

With the Tangerine joint chequing account, you don’t have to worry about regular everyday banking fees.

This is because the account offers you access to a lot of freebies such as:

  • Unlimited free debit purchases, pre-authorized payments, and bill payments
  • Unlimited free Interac e-Transfers 
  • Free Scotiabank ABM access (over 3,500 in Canada and over 44,000 worldwide)
Interest on balance

Not many chequing accounts offer interest on balances in Canada. 

Despite waiving fees on everyday banking, the Tangerine joint chequing account offers up to 0.10% interest on balances.

The exact interest you get depends on your balance as the interest range from 0.01% to 0.10% as shown below:

  • $0.00 – $49,999.99 = 0.01%
  • $50,000.00 – $99,999.99 = 0.05%
  • $100,000 or more = 0.10%

Mobile and direct cheque deposit

Every joint account holder can access a Tangerine Client Card. You can use this card to make online and in-store purchases anywhere Visa Debit is accepted. 

Also, you can easily make a cheque deposit to your Tangerine joint chequing account through the  Cheque-In feature on the Tangerine Mobile App.

Free cheques

When you order a chequebook (with 50 leaves) for the first time, Tangerine will not charge you a dime. 

However, you will be charged a $50 fee for each chequebook order.

Purchase protection 

The Tangerine joint chequing account also offers purchase protection to give you maximum comfort.

Even though each joint account holder has equal access to the account, some transactions may be unauthorized by either of the joint account holders.

When this happens, it means that your account is compromised. But instead of allowing you to bear the risk, Tangerine offers access to Interac and Visa Debit Zero Liability protection that covers you in case of unauthorized purchases from your joint account.

Overdraft protection

Finally, the joint chequing account comes with optional overdraft protection that helps you avoid Non-Sufficient Funds (NSF) fees when your balance is low for pre-authorized debit.

The overdraft protection cost $5 per use and has a 19% overdraft interest per annum.

Cons of Tangerine Joint Chequing Account 

NSF fee

As with the Tangerine joint savings account, the chequing account also charges a relatively higher NFS fee of $45 per every unsuccessful pre-authorized debit.

So if you’re concerned about fees, this could be a worthy turn-off.

Read More on Tangerine

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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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