You can get a free bonus of $50 when you open an account with Tangerine with a balance of $100 using a promotion code like mine above.

Why are they doing that and heck, why am I doing this?

Tangerine wants to make you a customer so they are offering this promotion. I took them up on the offer and received the same bonus you can. It was a nice perk to make $50, but to be honest, I use their US dollar account as well because my brick-and-mortar bank charges money for that type. They are a convenient way of saving money--when you don't need the extra cash in your regular chequing account, transfer it over to your Tangerine savings account and let it earn better interest.

I put this site up here, because as you probably noticed, Tangerine doesn't offer a signup bonus unless you have a code, and by using my code, we both get a $50 bonus. It's win-win. Enter the promotion code when you are signing up, deposit $100, and you get the $50 bonus to do with as you see fit--transfer out, save, etc. When you get your Orange Key code when you sign up, send it to your friends so you can earn some referral money as well.

To get the bonus, enter the Orange Key 42741579S1 on the sign-up form. There are no obligations on what you do with your bonus, nor are there fees on their accounts. It's a good place to earn decent money on accounts that other banks would slowly siphon away with fees.

What kind of accounts does Tangerine have?

• No Fee Accounts
• Better interest and returns than the regular banks in Canada
  • Savings (US & Canadian $) accounts
  • Tax-free Savings accounts
  • THRIVE chequing
  • RRSPs
  • GICs

How To Get Started:

1. Sign-up at Tangerine's Website
2. Choose the type of account/product that is most useful to you
3. Enter the Orange Key 42741579S1 on the sign-up form.

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Chequing Out Tangerine

Tangerine (Formerly known as the bank called ING Direct), now owned by ScotiaBank, is not just about saving money at higher than normal interest rates. They do offer a chequing account option, which provides a good way to have the same payment flexibility other banks give. Their cheques are the only part that costs money, and their first cheque book is free.

They have quite a variety of features on their chequing accounts:

• Free bank machines access. Just because Tangerine doesn't have a branch on every corner doesn't mean you can't physically get at your money. ScotiaBank's machines are free for your use.
• They have a Swtich assistant tool that helps transfer your chequing accounts from your old bank to a new one. They suggest it will take as little as 15 minutes. Being as they are in the business of taking other "Big Bank's" business away, I would not doubt that is true.
• Overdraft - They do offer overdraft protection in case you need money to cover a shortfall. At this writing, it cost $5 in the month you went below zero balance and they charge 19% on the amount you use in the overdraft. However, this is better than their $25 NSF (Non-sufficient funds) fee.
• Alerts can be sent by email to you to indicate you are paying money (ie. cheques, transfers).
• 24/7 Support -- They provide round the clock banking support with real people so you are not left on your own no matter what the question or need.

So What's the Price of Nearly Free Chequing?

The interest rate is lower than their savings account. Don't expect a lot of interest for the flexibility and convenience of having a nearly free chequing account. The plus side? You don't pay them a fee every month for the pleasure of having a chequing account. So in reality you are earning a considerable chunk of money compared to "Big Bank" or "Brick and Mortar" bank chequing accounts.

If you consider the orange key bonus they offer, $50 worth of bonus is the interest for a year on over a $6000 deposit!

You're not reading wrong. It would take $6000 worth of deposit, at a rate of 0.8% compounded daily for a year to make $48. So just opening an account with the Orange key bonus code above is more than most well-wishing savings accounts earn in a year.

What else can you tell me?

We've looked into Tangerine's mobile banking and share some of our own experiences as well.