Tangerine Savings Account
As of October 22, 2026, the Tangerine Savings Account pays 4.50% for new clients for 5 months, then 0.30% base interest.
CDIC insuredRates verified October 22, 2026
Calculate your Tangerine interest
Conditions: New clients only; first 5 months (153 days) up to $1,000,000; offer ends Nov 30, 2026
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Key account terms
One of Canada's original online banks, known for great promo rates and no-fee daily banking.
- Monthly fee
- $0
- Minimum deposit
- $0
- Transactions
- Unlimited
- Transfer speed
- Instant (internal)
Prefer a locked guaranteed return? See Tangerine GIC rates →
Pros and considerations
What we like
- Backed by Scotiabank
- Free access to 3,500+ ABMs
- Simple, user-friendly app
- Automatic savings program
Watch out for
- Base rate is low outside promos
- No physical branches
- Customer service wait times
Frequently Asked Questions
Everything you need to know about Tangerine's savings rates, terms, and account features.
Who owns Tangerine?
Tangerine is a subsidiary of Scotiabank.
How do I deposit cash?
You can use Scotiabank ABMs to deposit cash for free.
Is Tangerine deposit-insured and safe?
Yes. With Tangerine, eligible deposits are insured up to $100,000 per category by the Canada Deposit Insurance Corporation (CDIC). This protection guarantees that your principal deposit and accumulated interest remain safe against institutional failure.
How is interest calculated and paid on the Tangerine Savings Account?
Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.
Can I withdraw my money from Tangerine at any time?
Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.
How is interest earned at Tangerine taxed in Canada?
In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). Tangerine will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.
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