Finance, Personal

Tangerine Promotions For 2022

A lot of Canadians today have switched over to online banks because of the low transaction costs, superfast payments and 24/7 access. 

And it even gets better if the bank also offers amazing promotions and rewards to its customers. Who wouldn’t take all that benefits? 

One of the leading online banks giving out such great deals today is Tangerine bank. And it’s quite interesting that their promotions are usually sweet-sounding like the bank’s name itself. 

At the moment, Tangerine bank is offering some competitive promotions that make it really stand apart from other Canadian banks. 

As a matter of fact, the current Tangerine promotions can get you up to 20% cash back on all your daily transactions for 60 days.

In this article, I will be discussing all the active Tangerine promotions and “juicy” offers on its chequing accounts, savings accounts, and credit cards.  

Let’s get into the details!

Tangerine Promotions

Current Tangerine Promotions

Tangerine Bank offers several promotions on its products and services. They offer promotions on their savings and chequing accounts, credit cards and mortgage.

However, as of the time of writing this article, the Tangerine promotions on mortgages have ended. 

The active promo offers are only available for credit cards, chequing accounts and savings accounts.

Let’s look at each of the active Tangerine promotional offers below so that you can understand how you can take advantage of them.

Tangerine Savings Account Promotion

Tangerine Bank offers one of the highest promotional interest rates you can get in Canada on its savings accounts.

New Tangerine savings accounts opened between 3rd November 2022 and 30th March 2023 are eligible for a 4.50% interest rate on all deposits. 

To be eligible for this offer, you are expected to:

  • Use the promo code “EARNMORE” when signing up to become a Tangerine user. 
  • Open a new Tangerine Savings account within 30 days of getting your Client Number.
  • Meet the other specified terms and conditions.

At this point, you are probably asking, what are the other terms and conditions attached to this Tangerine Savings account promotion?

Well, I’ll summarize it all for you in a few bullet points below.

  • The 4.50% interest rate applies to all deposits made into your new Tangerine Savings account for a period of 5 months (153 days).
  • The promotional rate is only applicable to a maximum of $1,000,000 deposit per new Tangerine Savings account.
  • Only deposits made into your eligible Tangerine savings account during the promotional period will get the 4.50% interest rate.
  • Eligible account types include the Tangerine RSP Savings account, Tangerine RIF savings account, Tangerine US$ savings account, Tangerine Tax-Free savings account and the regular Tangerine Savings account.
  • Only the primary account holders that are eligible clients will get this promotional interest rate. (i.e. 2nd owners of joint accounts are not included)
  • An eligible client can have multiple savings accounts that qualify for this promotional rate as long as the total deposit on all accounts is less than $1,000,000.
  • Excluded account types are Tangerine Chequing account, Tangerine Children’s Savings account, Tangerine TFSA Kick Start account, Tangerine US$ Business Savings account, and Tangerine Business Savings account. 

Tangerine Chequing Account Promotion

This promotion is only applicable when you make in-app purchases or online payments using the Visa Debit feature of your Client card.

Also, the promotion only applies to new chequing accounts opened between 3rd November 2022 and 30th March 2023.

To enjoy this cash bonus offer, you have to do the following:

  • Use the promo code “EARNMORE” when signing up to become a new Tangerine user. 
  • Open a new Tangerine chequing account within 30 days of getting your Client Number.
  • Request for a new Tangerine card (linked to your new chequing account).
  • Activate the card and begin to enjoy 20% cash back to a maximum of $400 on all your transactions for the next 60 days.

This Tangerine $400 cash-back promotion is subject to the following terms and conditions:

  • You only get 20% cash back or a maximum $400 bonus when you use the Visa Debit feature of your new Tangerine card.
  • The cashback only applies to transactions made within 60 days after your Tangerine card is activated.
  • Refunds, returns and other similar credit transactions are not eligible for the cash bonus
  • You only get the cash bonus when you use the Visa Debit feature of your card for online payments and online purchases on a merchant’s website. (examples include food delivery orders, ride-sharing services, streaming services, etc.)
  • Online bill payments made from the Tangerine website or mobile banking app do not qualify for the 20% cash bonus.
  • Recurring bill payments set up on a Tangerine account inside the mobile app or bank website do not qualify for the cash bonus
  • Other card transactions not covered by the promo include cash withdrawals, fees, interest charges, email money transfers, electronic funds transfers, and payments made using mobile wallets like Google Pay, Samsung Pay, or Apple pay. 
  • In-store debit purchases are also not covered by this 20% cash-back promo
  • If 20% of your eligible card transaction surpasses $400 within the promo period, you will still be paid only a $400 bonus. 

Tangerine Credit Card Promotion

Tangerine Bank offers you cash back on your daily purchases when you use a qualified Tangerine card.

This offer gives you an extra 15% back on credit card purchases within your first two months of getting a Tangerine World Mastercard. 

You can also transfer a balance you have on another credit card into a new Tangerine credit card and enjoy a promotional low interest rate of just 1.95% rate for 6 months. 

If you apply and get a new Tangerine World Mastercard by 18th November 2022, you get to enjoy the following:

  • Extra 15% back on up to $1,000 in purchases within your first two months. (meaning you get a maximum of $150 back)
  • 2% cash back reward on everyday purchases in 3 categories you choose. Also, you get 0.50% cash back on every other purchase outside those 3 categories.
  • Access to more than 1 million premium Wi-Fi hotspots all over the world powered by Boingo Wi-Fi for Mastercard Cardholders.
  • Other cashback offers from select merchants that give Mastercard Travel Rewards

For the 15% Tangerine Credit card promotion, the following terms and conditions apply:

  • Only new cards activated within 45 days of approval are eligible for the promo
  • Only cards with up to $1,000 net purchases will get the cashback within 60 days starting from the day of card activation
  • Card transactions not covered by the promo include insurance premiums, fees, interest, adjustments, refunds, returns, balance transfers and other cash-like transactions

And for the 1.95% balance transfer promo rate, the following terms and conditions apply:

  • The promo rate applies to all balance transfers done within the first 30 days of account opening. 
  • The 1.95% rate is applicable to newly-opened accounts for a period of 6 months from the date of the last balance transfer to the account.
  • If the 6 months promo period expired and you still owe an amount from your balance transfer, then a cash advance interest rate of 19.95% will be applied
  • A small 1% balance transfer fee is charged on each balance transfer amount to a new Tangerine credit card.
  • The 1% balance transfer fee is currently waived by Tangerine bank for residents of Quebec province during the promo offer period.

LEARN MORE: Tangerine Credit Card Promotions Review

Tangerine Refer a Friend Bonus

You can earn a referral bonus from Tangerine Bank when you invite someone to come and join the bank using your referral code.

This is a Tangerine bank promo that technically doesn’t have an expiration date for now. Yes, it’s an offer of $50 as a bonus to anyone who refers a friend or family member to join Tangerine bank. 

The good thing about this promo offer is that the two parties involved get the bonus. 

The referrer will get a $50 bonus and the new Tangerine customer who was referred will also get a $50 bonus as well. 

Meanwhile, the following terms and conditions apply to the Tangerine refer a friend bonus:

  • No expiry date. (i.e. the promo is ongoing throughout the year)
  • Existing Tangerine customers (referrer) only get paid when the person they referred (new Tangerine client) provides a correct Orange Key while signing up.
  • The referral (new Tangerine Client) should be someone who does not own any existing Tangerine account or an ING DIRECT.
  • The referred client must make a deposit or investment of at least $250 in a new Tangerine account within 60 days of signing up.
  • The new Tangerine client must maintain a minimum of $250 balance in their new Tangerine account for 60 consecutive days after signing up.

Please note that the Orange Key is simply your Tangerine bank referral code. Every Tangerine bank client gets this code upon signing up. 

Tangerine Mortgage Promotion

Just as I mentioned earlier, Tangerine bank is no longer offering any mortgage promotions or cashback deals for now. All such promotional offers ended in October 2022. 

However, Tangerine bank is still offering very competitive mortgage rates. Check the table below to see the current Tangerine mortgage rates.

Mortgage TermMortgage typeMortgage Rates
5-yearVariable5.75%
1-yearFixed5.99%
2-yearFixed5.84%
3-yearFixed5.62%
4-yearFixed5.61%
5-yearFixed5.59%
7-yearFixed6.09%
10-yearFixed6.49%

RELATED: 

How to Open a Tangerine Account

Now that you have gone through everything you need to to know about the Tangerine promotions you may probably be wondering how you can open an account with the bank.

The process of opening a Tangerine Bank account is very straightforward. You can easily open a fully-functional Tangerine bank account from the comfort of your home. 

I’m talking about doing all the paperwork completely from your mobile phone without having to talk to a live agent.

Tangerine bank has made life so easy by making its signup process completely digital. All you need is a mobile phone with an internet connection.

Follow these steps below to open a new Tangerine account from your phone:

  • Visit your App Store and download the Tangerine mobile app
  • Afternoon downloading the app, the next thing is to sign-up
  • Start the signup process by choosing ‘Sign up digitally
  • Fill the form displayed to you and follow the prompts
  • Remember to provide an Orange Key (referral code) if you are referred by a friend or family
  • Scan a valid Canadian driver’s license when requested
  • Take a selfie with a clear background and continue
  • Enter all other information requested
  • Provide a digital signature by using your hand or pen to make a signature on your phone screen
  • Submit and your account will be created if all the information are confirmed as valid

Bear in mind that Tangerine bank doesn’t store the images you provide during the signup process. They are only used for confirming your true identity. 

Final Thoughts

Tangerine has been offering some of the most competitive promotions in the industry for a while now. 

Now that you know all about the Tangerine Bank promotions, it’s time to make the most of your money. 

If you are looking to switch banks or open a new online bank account, you should definitely take advantage of these active Tangerine promotions.

If you are looking to make the most of your money, Tangerine is definitely worth considering. 

You should note, however, that Tangerine promotions are always changing. Therefore, keeping up to date with the latest promo is essential to getting the most out of your money. 

Thanks for reading and be sure to check back often for updated information on Tangerine Bank’s current promotions. 

If this article was helpful, please share it with your friends or family so they can also take advantage of these great deals.

FAQs on Tangerine Promotions

Is Tangerine a Canadian bank?

Yes. Tangerine is a fully-functional Canadian online bank. It was originally launched as ING Direct Canada in 1997 but was later acquired by Scotiabank in 2012. 

Does Tangerine have monthly fees?

The Tangerine No-fee chequing accounts have no monthly fee while still offering unlimited transactions at zero cost. Similarly, all Tangerine savings accounts do not have a monthly fee.

Does Tangerine require a minimum balance?

Not at all. All Tangerine Savings and Chequing accounts do not have a required minimum balance.

Is there a limit to Tangerine e-Transfer?

Yes. New and existing Tangerine bank accounts are limited to the following maximum e-Transfer limits:

  • $3,000 per 24-hour period
  • $10,000 per 7-day period
  • $20,000 per 30-day period

Does Tangerine have an inactivity fee?

Yes, Tangerine bank charges $10 as an inactivity fee after 1 year. 

This means that you will be charged $10 after your Tangerine account has been found to be inactive for 1 year.

Photo of author

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.

Leave a comment