Are you looking to make the best of your Tangerine account? Then you can’t afford to miss its competitive promotions.
Getting a bank account promotion with an online bank is usually a double bonus – you get to enjoy great rates and lower fees and always get paid to open the account. And Tangerine has proven to be one of the best online banks with promotions in Canada.
In this post, I discuss the current Tangerine promotions and offers on bank accounts, credit cards and mortgages. At the end, you’ll know how to earn between $350 to $5,000 from Tangerine.
Let’s get started!
Tangerine currently offers competitive promotions on savings accounts, chequing accounts, credit cards and mortgages.
Let’s take a closer look at each of the Tangerine offers below.
a. Tangerine Savings and Chequing Account Promotions
- Offer: 2.75% savings interest and $400 chequing account bonus
- Expiry date: August 18, 2022
When you open a Tangerine chequing and savings account by August 18, 2022, you will get the following promotions:
- 2.75% interest rate: This competitive rate applies to the Tangerine savings account, Tangerine USD savings account, TFSA, RSP and RIF accounts. The high-interest rate lasts up to five months after your registration.
- $400 cash bonus: This one-time offer applies to the Tangerine chequing account which has no fees for daily transactions.
So how do you qualify for these offers? Kindly follow the instructions below:
|2.50% interest rate eligibility||$300 cash bonus eligibility|
|– Become a Tangerine user by August 18, 2022, using EARNMORE as the promo code.|
– Sign-up for your first Tangerine savings account within 30 days of joining Tangerine Bank.
|– Open Tangerine chequing account|
– Add you payroll to your Tangerine chequing account
– Setup direct deposit to your chequing account within the first 60 days of signing up
– Keep receiving the direct deposit for up three consecutive months
b. Tangerine Credit Cards Promotions
- Offer: 10% extra cashback and 1.95% promotional balance transfer rate
- Expiry date: May 31, 2022
If you’re looking for a cashback credit card with competitive promotions, Tangerine got you covered with its two Mastercard branded cash back credit cards.
Whether you apply for the Tangerine World or Money-Back Credit Card, you will earn a 10% promotional cashback on the first $1,000 purchase when you apply for any of the cards by May 31, 202231, 2022.
The 10% promotional cashback serves as an extra cashback to the standard cashback of the Tangerine credit cards. The standard cashback ranges from 2% cashback on up to three shopping three purchases to 0.50% cashback on every other purchase.
In addition, the Tangerine no-fee credit cards come with an extremely low introductory balance transfer interest of 1.95% which lasts for your initial six months of card membership.
Learn more: Tangerine Credit Card Promotions
c. Tangerine Mortgage Promotions
- Offer: Up to $5,000
- Expiry date: May 31, 2022
Tangerine also offers mortgage promotions valued up to $5,000 for new users that sign up for $350,000 to $750,000+ mortgages.
The mortgage promotions comes in a form of cash back and it’s varies depending on your mortgage value as follows:
- $350,000 – $749,999 mortgage amount = $2,000 cashback
- $750,000 and above mortgage amount = $5,000
This is one of the highest mortgage cashbacks you will find in Canada at the moment. With this, you can easily boost your mortgage payment and pay off your loan faster.
To qualify for the Tangerine Mortgage promotion, you need to meet the following requirements:
- Get approved for $350,000 and above eligible mortgage by May 31, 2022
- Fund the mortgage within 120 days of approval
Once you meet the conditions for the offer, you will receive your mortgage cash back within 30 days through your Tangerine chequing account.
Related: Tangerine Mortgage Rates
Except you’re new to online banking in Canada, you have probably heard about Tangerine before now.
Formerly ING Direct Canada before it rebranded in 2014, Tangerine is one of the best Canadian online banks you need to know about for the following reasons:
- It has been in existence since 1997
- It is owned by Scotiabank, one of Canada’s Big 5 banks
- It has multiple banking products like the big banks with low fees and better rates
Besides the above promotions, Tangerine offers a $50 referral bonus for each person you refer to the bank.
It is also a CDIC-member bank so your deposits are covered up to $100,000 in each of the insured categories by CDIC.
Overall, Tangerine is worth checking out if you’re looking for cost-effective savings, spending, and investing solutions in Canada.
Tangerine Promotions vs Simplii Financial Promotions
Here’s a summary of the current Simplii Financial promotions:
- Offer: $350 bonus on chequing account, 2.20% interest on savings account, 10% cashback and 9.99% APR on credit card
- Expiry date: May 31, 2022 for chequing account and May 31, 2022, for savings account.
Simplii Financial has been in the Canadian online banking industry since 2017.
While it offers a wide range of banking products, it’s popular for its high promotional savings interest and chequing account bonus.
The Simplii savings promotional interest (2.20%) is relatively lower than the Tangerine savings promotion. However, its chequing account bonus is higher than the Tangerine bonus by $50.
All you need is to sign-up for the Simplii savings account by May 31, 2022, to earn the 2.20% high interest.
For the $350 cash bonus, you need to sign-up for the Simplii chequing account by May 31, 2022, and initiate at least $100 direct deposits for three months consecutively.
Besides the savings and chequing accounts promotions, Simplii Cashback Visa Card also comes with a 10% promotional cashback and 9.99% introductory purchases interest.
That is, the first $500 you spend at restaurants and bars within your first four months of membership, you will get a 10% promotional cashback with the card.
Tangerine Promotions vs Neo Financial Promotions
- Offer: 15% cashback
- Expiry date: N/A
Neo Financial is a leader in terms of cashback credit cards in Canada. Its Mastercard-branded cards welcome new users with up to 15% promotional cashback at partner locations, one of the highest you can find in Canada.
Note that the Neo Financial 15% promotional cashback is the average reward you will get when you make your first purchase at any Neo partner store.
Unlike other bank offers that entice you with attractive promos to cover their low standard rates, Neo’s standard cashback rates are also among the highest in Canada.
Below are the standard cashback rates of Neo tripartite Mastercards according to their monthly fees.
- Neo Standard Mastercard: Earns you 4% average cashback with no monthly fees.
- Neo Plus Mastercard: Earns you 5% average cashback with a $2.99 fee per month.
- Neo Ultra Mastercard: Earns you a 6% average cashback with an $8.99 fee per month.
Some FAQs on Tangerine Promotions
Does Tangerine have any promotions?
Yes, Tangerine has competitive promotions on savings accounts, chequing accounts, credit cards and mortgages.
What is Tangerine promo code?
The Tangerine promo code is EARNMORE. It gives you access to 2.75% on your Tangerine savings account, a $400 bonus on the Tangerine chequing account, 10% extra Cashback with a Tangerine credit card and up to $5,000 cashback on your Tangerine mortgage.
How do I get my Tangerine referral bonus?
You will earn a $50 referral bonus for each person that joins Tangerine using your referral code (also known as an Orange key).
Below is the step-by-step process on how to get a referral bonus with your Tangerine referral code.
- Login to your Tangerine account
- Navigate to the “My Tangerine” tab
- Copy and share your referral code
Your task ends there. Your referral will need to complete the following tasks to earn you the $50 bonus:
- Sign-up on Tangerine with your referral code
- Open a new Tangerine account
- Deposit a minimum of $250 in their Tangerine account
That is it. Tangerine will deposit you a $50 bonus once your referral completes the above tasks.
Is Tangerine a good bank?
Tangerine is obviously one of the best online banks in Canada. If you’re looking for an online bank with full-banking services, low fees, and competitive interest, you’ll find that Tangerine ticks all the boxes.
Final Thoughts on Tangerine Promotions
With competitive promotions across different banking products, you can make the most of your money with Tangerine.
If you choose to go with a combo, you should consider the Tangerine savings promo, Simplii chequing account promo and Neo Financial credit card promo.
Overall, the Tangerine Bank promotions are among the best in Canada and you can’t make the wrong choice with them.
Tangerine promotions rewards new clients with $300-$5,000 for chequing account and mortgage respectively